0001493152-20-009744.txt : 20200522 0001493152-20-009744.hdr.sgml : 20200522 20200522172309 ACCESSION NUMBER: 0001493152-20-009744 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 82 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20200522 DATE AS OF CHANGE: 20200522 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INCEPTION MINING INC. CENTRAL INDEX KEY: 0001416090 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 352302128 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-55219 FILM NUMBER: 20907138 BUSINESS ADDRESS: STREET 1: 5330 SO 900 E STREET 2: STE 280 CITY: MURRAY STATE: UT ZIP: 84117 BUSINESS PHONE: 801-312-8113 MAIL ADDRESS: STREET 1: 5330 SO 900 E STREET 2: STE 280 CITY: MURRAY STATE: UT ZIP: 84117 FORMER COMPANY: FORMER CONFORMED NAME: GOLD AMERICAN MINING CORP. DATE OF NAME CHANGE: 20100628 FORMER COMPANY: FORMER CONFORMED NAME: SILVER AMERICA, INC. DATE OF NAME CHANGE: 20100310 FORMER COMPANY: FORMER CONFORMED NAME: GOLF ALLIANCE CORP DATE OF NAME CHANGE: 20080225 10-Q/A 1 form10q-a.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q/A

Amendment No. 1

 

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

 

For the quarterly period ended September 30, 2019

 

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

 

Commission File No. 000-55219

 

Inception Mining Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Nevada   35-2302128

(State or Other Jurisdiction of

Incorporation or Organization)

  

(IRS Employer

Identification Number)

     

5330 South 900 East, Suite 280

Murray, Utah

   84117
(Address of Principal Executive Offices)   (Zip Code)

 

801-312-8113

(Registrant’s telephone number, including area code)

 

Copies to:

Brunson Chandler & Jones, PLLC

175 South Main Street

Suite 1410

Salt Lake City, Utah 84111

(801) 303-5721

 

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 [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 [X] No [  ]

 

Indicate by checkmark 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-3 of the Exchange Act.

 

Large accelerated filer [  ] Accelerated filer [  ]
Non-accelerated filer [X] Smaller reporting company [X]
  Emerging growth company [X]

 

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 [X]

 

Securities registered to Section 12(b) of the Act: None.

 

As of November 14, 2019, there were 59,835,102 shares of the registrant’s common stock issued and outstanding.

 

 

 

   

 

 

EXPLANATORY NOTE

 

As used in this Quarterly Report on Form 10-Q, unless otherwise indicated, the terms “we,” “us,” “our” and “the Company” refer to Inception Mining, Inc., a Nevada corporation.

 

This Quarterly Report on Form 10-Q/A (“Form 10-Q/A”) is being filed as Amendment No. 1 to our Quarterly Report on Form 10-Q for the nine-month period ended September 30, 2019, which was filed with the Securities and Exchange Commission on November 14, 2019 (the “Original Filing”).

 

This Form 10-Q/A is being filed to:

 

  (a) Restate the consolidated financial statements for the three and nine-month periods ended September 30, 2019 to reflect revised valuations of derivative liabilities on convertible notes and the warrants issued with the convertible note;
     
  (b) Restate results disclosed for the above noted changes to the consolidated financial statements;

 

The restatements are being made in accordance with ASC 250, “Accounting Changes and Error Corrections.” The disclosure provision of ASC 250 requires a company that corrects an error to disclose that its previously issued financial statements have been restated, a description of the nature of the error, the effect of the correction on each financial statement line item and any per share amount affected for each prior period presented, and the cumulative effect on retained earnings (deficit) in the statement of financial position as of the beginning of the each period presented.

 

The effects of the adjustments on the Company’s previously issued September 30, 2019 consolidated financial statement affect the derivative liabilities account, the change in derivative liabilities account and the interest expense account. For more details on this adjustment, please refer to the restatement footnote (Note 17) in the consolidated financial statements.

 

The adjustments mentioned above reflect restatements due to revised valuations of derivative liabilities on convertible notes payable and warrants being recognized during the year, together with the change in the derivative liability. The adjustments to the derivative liabilities were caused by an error in the valuation method used to determine the valuation of the derivative liabilities.

 

For the convenience of the reader, this Form 10-Q/A sets forth the Original Filing in its entirety. However, this Form 10-Q/A only amends and restates the Items described above, and we have not modified or updated other disclosures presented in our Original Filing, with the exception of a few typographical errors in the original file. Accordingly, this Amendment No. 1 does not reflect events occurring after the filing of our Original Filing and does not modify or update those disclosures affected by subsequent events, except as specifically referenced herein. Information not affected by this restatement is unchanged and reflects the disclosures made at the time of the Original Filing on November 14, 2019.

 

   

 

 

INCEPTION MINING INC.

FORM 10-Q

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION  
   
Item 1. Financial Statements F-1
     
  Condensed Consolidated Balance Sheets as of September 30, 2019 (Unaudited - Restated) and December 31, 2018 F-1
     
  Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months ended September 30, 2019 (Restated) and 2018 (Unaudited) F-2
     
  Condensed Consolidated Statements of Stockholders’ Deficit for the Nine Months ended September 30, 2019 (Restated) and 2018 (Unaudited) F-3
     
  Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2019 (Restated) and 2018 (Unaudited) F-4
     
  Notes to Condensed Consolidated Financial Statements (Unaudited) F-5
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 3
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 8
     
Item 4. Controls and Procedures 9
     
PART II – OTHER INFORMATION  
   
Item 1. Legal Proceedings 10
     
Item 1A. Risk Factors 10
     
Item 2. Unregistered Sales of Equity Securities and use of Proceeds 10
     
Item 3. Defaults Upon Senior Securities 10
     
Item 4. Mine Safety Disclosures 11
     
Item 5. Other Information 11
     
Item 6. Exhibits 11
     
Signature Page 13

 

 2 

 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Inception Mining, Inc.

Condensed Consolidated Balance Sheets

 

   September 30, 2019   December 31, 2018 
   (Unaudited - Restated)     
ASSETS          
Current Assets          
Cash and cash equivalents  $209,544   $50,857 
Accounts receivable   83,270    5,548 
Inventories   1,081,399    570,614 
Prepaid expenses and other current assets   48,465    26,376 
Total Current Assets   1,422,678    653,395 
           
Property, plant and equipment, net   490,958    664,041 
Other assets   36,352    36,859 
Total Assets  $1,949,988   $1,354,295 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
Current Liabilities          
Accounts payable and accrued liabilities  $2,103,892   $1,631,997 
Accrued interest - related parties   7,374,643    6,647,300 
Secured borrowings, net   171,605    217,223 
Notes payable, net of debt discounts   60,000    60,000 
Notes payable - related parties   6,829,641    6,822,657 
Convertible notes payable, net of debt discounts   591,260    1,169,395 
Derivative liabilities   17,350,892    2,547,806 
Total Current Liabilities   34,481,933    19,096,378 
           
Long-term convertible notes payable, net of debt discount   1,056,734    - 
Mine reclamation obligation   337,886    341,845 
Total Liabilities   35,876,553    19,438,223 
           
Commitments and Contingencies   -    - 
           
Stockholders’ Deficit          
Preferred stock, $0.00001 par value; 10,000,000 shares authorized, 51 shares issued and outstanding   1    1 
Common stock, $0.00001 par value; 500,000,000 shares authorized, 59,435,102 and 54,093,505 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively   594    541 
Additional paid-in capital   5,270,550    4,490,866 
Accumulated deficit   (38,647,507)   (22,009,285)
Accumulated other comprehensive income - foreign currency translation   (541,945)   (557,134)
Total Controlling Interest   (33,918,307)   (18,075,011)
Non-Controlling Interest   (8,258)   (8,917)
Total Stockholders’ Deficit   (33,926,565)   (18,083,928)
Total Liabilities and Stockholders’ Deficit  $1,949,988   $1,354,295 

 

See accompanying notes to the condensed consolidated financial statements.

 

F-1 

 

 

Inception Mining, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

 

    For the Three Months Ended     For the Nine Months Ended  
   

September 30,

2019

    

September 30,

2018

    

September 30,

2019

    

September 30,

2018

  
    (Restated)           (Restated)        
Precious Metals Income   $ 1,853,730     $ 794,227     $ 3,876,937     $ 3,155,812  
                                 
Operating Expenses                                
Cost of sales     483,837       654,141       2,368,451       3,195,266  
General and administrative     562,243       646,716       1,743,704       1,623,506  
Depreciation and amortization     9,054       9,459       27,213       28,970  
Total Operating Expenses     1,055,134       1,310,316       4,139,368       4,847,742  
Income (Loss) from Operations     798,596       (516,089 )     (262,431 )     (1,691,930 )
                                 
Other Income/(Expenses)                                
Other income (expense)     2,051       771       3,485       2,790  
Change in derivative liability     3,079,105       (2,148,545 )     8,525,217       (1,372,972 )
Loss on extinguishment of debt     (303,150 )     (8,510 )     (410,120 )     (8,510 )
Interest expense     (1,238,479 )     (722,037 )     (24,493,714 )     (2,593,634 )
Total Other Income/(Expenses)     1,539,527       (2,878,321 )     (16,375,132 )     (3,972,326 )
                                 
Net Income (Loss) from Operations before Income Taxes     2,338,123       (3,394,410 )     (16,637,563 )     (5,664,256 )
Provision for Income Taxes     -       -       -       -  
NET INCOME (LOSS)     2,338,123       (3,394,410 )     (16,637,563 )     (5,664,256 )
NET INCOME (LOSS) - Non-Controlling Interest     (746 )     438       (659 )     871  
NET INCOME (LOSS) - Controlling Interest   $ 2,337,377     $ (3,393,972 )   $ (16,638,222 )   $ (5,663,385 )
                                 
Net income (loss) per share – Basic   $ 0.04     $ (0.06 )   $ (0.30 )   $ (0.11 )
Net income (loss) per share – Diluted   $ 0.00     $ (0.06 )   $ (0.30 )   $ (0.11 )
                                 
Weighted average number of shares outstanding during the period – Basic     58,284,979       53,617,945       56,122,353       53,335,657  
Weighted average number of shares outstanding during the period – Diluted     151,616,958       53,617,945       56,122,353       53,335,657  
                                 
Other Comprehensive Income (Loss)                                
Exchange differences arising on translating foreign operations     (22,354 )     (11,225 )     15,189       2,306  
Total Comprehensive Income (Loss)     2,315,769       (3,405,635 )     (16,622,374 )     (5,661,950 )
Total Comprehensive Income (Loss) - Non-Controlling Interest     (52 )     253       (69 )     (118 )
Total Comprehensive Income (Loss) - Controlling Interest   $ 2,315,717     $ (3,405,382 )   $ (16,622,443 )   $ (5,662,068 )

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

F-2 

 

 

Inception Mining, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Deficit

(Unaudited)

 

    Preferred stock     Common stock     Additional           Other     Non-     Total  
    ($0.00001 Par)     ($0.00001 Par)     Paid-in     Accumulated     Comprehensive     Controlling     Stockholders’  
    Shares     Amount     Shares     Amount     Capital     Deficit     Income     Interest     Deficiency  
Balance, December 31, 2018                51     $            1         54,093,505     $         541     $   4,490,866     $ (22,009,285 )   $ (557,134 )   $ (8,917 )   $ (18,083,928 )
Shares issued for services     -       -       650,000       6       122,844       -       -       -       122,850  
Shares issued for cash     -       -       375,000       4       48,746       -       -       -       48,750  
Shares issued with note payable     -       -       130,000       1       81,640       -       -       -       81,641  
Shares issued with settlement of A/P     -       -       100,000       1       11,999       -       -       -       12,000  
Foreign currency translation adjustment     -       -       -       -       -       -       37,347       -       37,347  
Net loss for the period     -       -       -       -       -       (3,786,657 )     -       (164 )     (3,786,821 )
Balance, March 31, 2019     51       1       55,348,505       553       4,756,095       (25,795,942 )     (519,787 )     (9,081 )     (21,568,161 )
Shares issued for services     -       -       500,000       5       123,965       -       -       -       123,970  
Foreign currency translation adjustment     -       -       -       -       -       -       196       -       196  
Net loss for the period - Restated     -       -       -       -       -       (15,188,942 )     -       77       (15,188,865 )
Balance, June 30, 2019 - Restated     51       1       55,848,505       558       4,880,060       (40,984,884 )     (519,591 )     (9,004 )     (36,632,860 )
Shares issued for services     -       -       600,000       6       61,994       -       -       -       62,000  
Shares issued for conversion of note payable     -       -       2,986,597       30       328,496       -       -       -       328,526  
Foreign currency translation adjustment     -       -       -       -       -       -       (22,354 )     -       (22,354 )
Net loss for the period - Restated     -       -       -       -       -       2,337,377       -       746       2,338,123  
Balance, September 30, 2019 - Restated     51     $ 1       59,435,102     $     594     $ 5,270,550     $ (38,647,507 )   $ (541,945 )   $         (8,258 )   $ (33,926,565 )
                                                                         
Balance, December 31, 2017     51     $ 1       52,183,761     $ 522     $ 3,992,407     $ (16,383,271 )   $ (555,635 )   $ (7,881 )   $ (12,953,857 )
Shares issued for services     -       -       816,385       8       221,980       -       -       -       221,988  
Shares issued for cash     -       -       250,000       3       27,497       -       -       -       27,500  
Foreign currency translation adjustment     -       -       -       -       -       -       5,214       -       5,214  
Net loss for the period     -       -       -       -       -       (1,484,472 )     -       (1,234 )     (1,485,706 )
Balance, March 31, 2018     51       1       53,250,146       533       4,241,884       (17,867,743 )     (550,421 )     (9,115 )     (14,184,861 )
Shares issued for services     -       -       100,000       1       16,009       -       -       -       16,010  
Shares issued with note payable     -       -       55,250       1       26,037       -       -       -       26,038  
Share cancellation     -       -       (36,364 )     (1 )     1       -       -       -       -  
Foreign currency translation adjustment     -       -       -       -       -       -       (548 )     -       (548 )
Net loss for the period     -       -       -       -       -       (784,283 )     -       143       (784,140 )
Balance, June 30, 2018     51       1       53,369,032       534       4,283,931       (18,652,026 )     (550,969 )     (8,972 )     (14,927,501 )
Shares issued for services     -       -       700,000       7       129,464       -       -       -       129,471  
Shares issued for cash     -       -       200,000       2       14,498       -       -       -       14,500  
Share cancellation     -       -       (450,000 )     (5 )     5       -       -       -       -  
Foreign currency translation adjustment     -       -       -       -       -       -       (2,360 )     -       (2,360 )
Net loss for the period     -       -       -       -       -       (3,394,630 )     -       220       (3,394,410 )
Balance, September 30, 2018     51     $ 1       53,819,032     $ 538     $ 4,427,898     $ (22,046,656 )   $ (553,329 )   $ (8,752 )   $ (18,180,300 )

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

F-3 

 

 

Inception Mining, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

   For the Nine Months Ended 
   September 30, 2019   September 30, 2018 
   (Restated)     
Cash Flows From Operating Activities:          
Net Loss  $(16,637,563)  $(5,664,256)
Adjustments to reconcile net loss to net cash provided by (used in) operations          
Depreciation and amortization expense   162,947    169,768 
Common stock issued for services   206,850    358,958 
Loss on extinguishment of debt   410,120    8,510 
Change in derivative liability   (8,525,217)   1,372,972 
Amortization of debt discount   22,160,347    1,032,159 
Changes in operating assets and liabilities:          
Decr (incr) in trade receivables   (109,660)   (4,625)
Decr (incr) inventories   (431,002)   860,145 
Decr (incr) prepaid expenses and other current assets   9,076    (12,469)
Incr (decr) accounts payable and accrued liabilities   520,821    421,286 
Incr (decr) accounts payable and accrued liabilities - related parties   1,550,921    1,482,342 
Incr (decr) secured borrowings   (45,618)   - 
Net Cash Provided By (Used In) Operating Activities   (727,978)   24,790 
           
Cash Flows From Investing Activities:          
Purchase of property and equipment   -    (19,994)
Net Cash Used In Investing Activities   -    (19,994)
           
Cash Flows From Financing Activities:          
Repayment of notes payable   -    (120,000)
Repayment of notes payable-related parties   (1,634,412)   (1,886,949)
Repayment of convertible notes payable   (2,722,414)   (895,000)
Proceeds from notes payable-related parties   1,119,000    1,478,200 
Proceeds from convertible notes payable   4,075,975    1,289,750 
Proceeds from secured borrowings   -    17,093 
Common stock issued with convertible note payable   -    26,038 
Proceeds from issuance of common stock   48,750    42,000 
Net Cash Provided by (Used in) Financing Activities   886,899    (48,868)
Effects of exchange rate changes on cash   (234)   8,257 
Net Increase / (Decrease) in Cash   158,687    (35,815)
Cash at Beginning of Period   50,857    51,800 
Cash at End of Period  $209,544   $15,985 
           
Supplemental disclosure of cash flow information:          
Cash paid for interest  $1,129,867   $684,609 
Cash paid for taxes  $-   $- 
           
Supplemental disclosure of non-cash investing and financing activities:          
Common stock issued for extinguishment of debt and accounts payable  $12,000   $16,009 
Common stock issued for note commitment fee  $17,550   $10,498 
Assets held to satisfy secured borrowings  $82,478   $- 
Recognition of debt discounts on convertible notes payable  $5,127,699   $984,743 
Note payable issued for conversion of accounts payable  $40,000   $- 
Warrants issued with convertible note payable  $1,711,394   $- 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

F-4 

 

 

Inception Mining, Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

September 30, 2019

 

1. Nature of Business

 

Inception Mining, Inc. (formerly known as Gold American Mining Corp.) was incorporated under the name of Golf Alliance Corporation and under the laws of the State of Nevada on July 2, 2007. Inception Mining, Inc. is a precious metal mineral acquisition, exploration and development company. Inception Development, Inc., its wholly owned subsidiary, was incorporated under the laws of the State of Idaho on January 28, 2013.

 

Golf Alliance Corporation pursued its original business plan to provide opportunities for golfers to play on private golf courses normally closed to them due to the membership requirements of the private clubs. During the year ended July 31, 2010, the Company decided to redirect its business focus toward precious metal mineral acquisition and exploration.

 

On March 5, 2010, the Company amended its articles of incorporation to (1) to change its name to Silver America, Inc. and (2) increased its authorized common stock from 100,000,000 to 500,000,000.

 

On June 23, 2010 the Company amended its articles of incorporation to change its name to Gold American Mining Corp.

 

On November 21, 2012, the Company implemented a 200 to 1 reverse stock split. Upon effectiveness of the stock split, each shareholder canceled 200 shares of common stock for every share of common stock owned as of November 21, 2012. This reverse stock split was effective on February 13, 2013. All share and per share references have been retroactively adjusted to reflect this 200 to 1 reverse stock split in the financial statements and in the notes to financial statements for all periods presented, to reflect the stock split as if it occurred on the first day of the first period presented.

 

On February 25, 2013, Gold American Mining Corp. and its majority shareholder (the “Majority Shareholder”), and its wholly-owned subsidiary, Inception Development Inc. (the “Subsidiary”), entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Inception Resources, LLC, a Utah corporation (“Inception Resources”), pursuant to which Inception purchased the U.P. and Burlington Gold Mine in consideration of 16,000,000 shares of common stock of Inception, the assumption of promissory notes in the amount of $950,000 and the assignment of a 3% net royalty. Inception Resources was an entity owned by and under the control of the majority shareholder. This transaction is deemed an asset purchase by entities under common control. The Asset Purchase Agreement closed on February 25, 2013 (the “Closing”). Inception was a “shell company” (as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended) immediately prior to our acquisition of the gold mine pursuant to the terms of the Asset Purchase Agreement. As a result of such acquisition, the Company’s operations are now focused on the ownership and operation of the mine acquired from Inception Resources. Consequently, the Company believes that acquisition has caused us to cease to be a shell company as it no longer has nominal operations.

 

On May 17, 2013, the Company amended its articles of incorporation to change its name to Inception Mining, Inc. (“Inception” or the “Company”).

 

On October 2, 2015, the Company consummated a merger with Clavo Rico Ltd. (“Clavo Rico”). Clavo Rico is a privately held Turks and Caicos company with principal operations in Honduras, Central America. Clavo Rico operates the Clavo Rico mining concession through its subsidiaries Compañía Minera Cerros del Sur, S.A de C.V. and Compañía Minera Clavo Rico, S.A. de C.V. and holds other mining concessions. Pursuant to the agreement, the Company issued of 240,225,901 shares of common stock of Inception and assumed promissory notes in the amount of $5,488,980 and accrued interest of $3,434,426. Under this merger agreement, there was a change in control and it has been treated for accounting purposes as a reverse recapitalization with Clavo Rico, Ltd. being the surviving entity. Its workings include several historical underground operations dating back to the early Mayan and Spanish occupation.

 

F-5 

 

 

The Company’s primary mine is located on the 200-hectare Clavo Rico Concession, located in southern Honduras. This mine was originally explored and exploited in the 16th century by the Spanish, and more recently has been operated by Compa ñí a Minera Cerros del Sur, S.A. de C.V. as a small family business. In 2003, Clavo Rico’s predecessor purchased a 20% interest and later increased its ownership to 99.9%.

 

2. Summary of Significant Accounting Policies

 

Going Concern - The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements, the Company incurred a net loss of $16,637,563 during the period ended September 30, 2019 and had a working capital deficit of $33,059,255 as of September 30, 2019. These factors among others indicate that the Company may be unable to continue as a going concern for a period of one year from the issuance of these financial statements.

 

The Company’s existence is dependent upon management’s ability to develop profitable operations and to obtain additional funding sources. There can be no assurance that the Company’s financing efforts will result in profitable operations or the resolution of the Company’s liquidity problems. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern.

 

Management is currently working to make changes that will result in profitable operations and to obtain additional funding sources to meet the Company’s need for cash during the next twelve months and beyond.

 

Principles of Consolidation - The accompanying consolidated financial statements include the accounts of Inception Mining, Inc. and its wholly owned subsidiaries, Inception Development, Corp., Clavo Rico Development Corp., Clavo Rico, Ltd. and Compañía Minera Cerros del Río, S.A. de C.V., and its controlling interest subsidiaries, Compañía Minera Cerros del Sur, S.A. de C.V. and Compañía Minera Clavo Rico, S.A. de C.V. (collectively, the “Company”). All intercompany accounts have been eliminated upon consolidation.

 

Basis of Presentation - The Company prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America.

 

Condensed Financial Statements - The interim consolidated financial statements included herein have been prepared by Inception Mining Inc. (“Inception Mining” or the “Company”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). Certain information and footnote disclosure normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These interim consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in this filing.

 

In the opinion of management, all adjustments have been made consisting of normal recurring adjustments and consolidating entries, necessary to present fairly the consolidated financial position of the Company and subsidiaries as of September 30, 2019, the results of its consolidated statements of operations and comprehensive loss for the three and nine-month periods ended September 30, 2019, and its consolidated cash flows for the three and nine-month periods ended September 30, 2019. The results of consolidated operations for the interim periods are not necessarily indicative of the results for the full year.

 

Cash and Cash Equivalents - The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At September 30, 2019 and December 31, 2018, the Company had no cash equivalents. The aggregate cash balance on deposit in these accounts is insured by the Federal Deposit Insurance Corporation up to $250,000. The Company has never experienced any losses in such accounts.

 

Inventories, Stockpiles and Mineralized Material on Leach Pads - Inventories, including stockpiles and mineralized material on leach pads are carried at the lower of cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. Write-downs of stockpiles, mineralized material on leach pads and inventories to net realizable value are reported as a component of costs applicable to mining revenue. Cost is comprised of production costs for mineralized material produced and processed. Production costs include the costs of materials, costs of processing, direct labor, mine site and processing facility overhead costs and depreciation, amortization and depletion.

 

Stockpiles - Stockpiles represent mineralized material that has been extracted from the mine and is available for further processing. Stockpiles are measured by estimating the number of tons added and removed from the stockpile. Stockpile tonnages are verified by periodic surveys. Costs are allocated to stockpiles based on relative values of material stockpiled and processed using current mining costs incurred up to the point of stockpiling the material, including applicable overhead, depreciation, and depletion relating to mining operations, and removed at each stockpile’s average cost per ton.

 

F-6 

 

 

Mineralized Material on Leach Pads - The Company utilizes a heap leaching process to recover gold from its mineralized material. Under this method, the mineralized material is placed on leach pads where it is treated with a chemical solution that dissolves the gold contained in the material. The resulting gold-bearing solution is further processed in a facility where the gold is recovered. Costs are added to mineralized material on leach pads based on current mining and processing costs, including applicable depreciation relating to mining and processing operations. Costs are transferred from mineralized material on leach pads to subsequent stages of in-process inventories as the gold-bearing solution is processed. The value of such transferred costs of mineralized material on leach pads is based on the average cost per estimated recoverable ounce of gold on the leach pad.

 

The estimates of recoverable gold on the leach pads are calculated from the quantities of material placed on the leach pads (measured tons added to the leach pads), the grade of material placed on the leach pads (based on assay data) and a recovery percentage.

 

Although the quantities of recoverable gold placed on the leach pads are reconciled by comparing the quantities and grades of material placed on leach pads to the quantities and grades quantities of gold actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis.

 

In-process Inventories - In-process inventories represent mineralized materials that are currently in the process of being converted to a saleable product through the absorption, desorption, recovery (ADR) process. The value of in-process material is measured based on assays of the material fed into the process and the projected recoveries of material. In-process inventories are valued at the average cost of the material fed into the process attributable to the source material coming from the mines, stockpiles and/or leach pads plus the in-process conversion costs, including applicable depreciation relating to the process facilities incurred to that point in the process.

 

Finished Goods Inventories - Finished goods inventories include gold that has been processed through the Company’s ADR facility and are valued at the average cost of their production.

 

Exploration and Development Costs - Costs of acquiring mining properties and any exploration and development costs are expensed as incurred unless proven and probable reserves exist and the property is a commercially mineable property in accordance with FASB ASC 930, Extractive Activities- Mining. Mine development costs incurred either to develop new gold and silver deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.

 

The Company capitalizes costs for mining properties by individual property and defers such costs for later amortization only if the prospects for economic productions are reasonably certain.

 

Capitalized costs are expensed in the period when the determination has been made that economic production does not appear reasonably certain.

 

Mineral Rights and Properties - We defer acquisition costs until we determine the viability of the property. Since we do not have proven and probable reserves as defined by Securities and Exchange Commission (“SEC”) Industry Guide 7, exploration expenditures are expensed as incurred. We expense care and maintenance costs as incurred.

 

F-7 

 

 

We review the carrying value of our mineral rights and properties for impairment whenever there are negative indicators of impairment. Our estimate of the gold price, mineralized materials, operating capital, and reclamation costs are subject to risks and uncertainties affecting the recoverability of our investment in the mineral claims and properties. Although we have made our best, most current estimate of these factors, it is possible that near term changes could adversely affect estimated net cash flows from our mineral claims and properties and possibly require future asset impairment write-downs.

 

Where estimates of future net operating cash flows are not available and where other conditions suggest impairment, we assess recoverability of carrying value from other means, including net cash flows generated by the sale of the asset. We use the units-of-production method to deplete the mineral rights and properties.

 

Settlement of Contracts in Company’s Equity – In accordance with ASC 815-40-25, the Company must meet certain requirements in order to report contracts as equity versus liabilities. These requirements must be met by the Company or the contracts need to be reported as liabilities. The Company has adopted the sequencing approach as guidance on contracts that permit partial net share settlement. The Company evaluates the contracts based on the earliest issuance date. Currently, using the sequencing approach, the Company has one convertible note and two warrant issuances that are reported as equity instead of liabilities.

 

Fair Value Measurements - The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the party’s own credit risk.

 

Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories:

 

Level 1: Quoted market prices in active markets for identical assets or liabilities.

 

Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

 

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined based on the lowest level input that is significant to the fair value measurement.

 

The carrying value of the Company’s cash, accounts payable, short-term borrowings (including convertible notes payable), and other current assets and liabilities approximate fair value because of their short-term maturity.

 

The Company recognizes its derivative liabilities as level 3 and values its derivatives using the methods discussed below. While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The primary assumptions that would significantly affect the fair values using the methods discussed below are that of volatility and market price of the underlying common stock of the Company.

 

Long-Lived Assets - We review the carrying amount of our long-lived assets for impairment whenever there are negative indicators of impairment. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is not considered recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flows.

 

F-8 

 

 

Properties, Plant and Equipment - We record properties, plant and equipment at historical cost. We provide depreciation and amortization in amounts sufficient to match the cost of depreciable assets to operations over their estimated service lives or productive value. We capitalize expenditures for improvements that significantly extend the useful life of an asset. We charge expenditures for maintenance and repairs to operations when incurred. Depreciation is computed using the straight-line method over estimated useful lives as follows:

 

  Building 7 to 15 years  
  Vehicles and equipment 3 to 7 years  
  Processing and laboratory 5 to 15 years  
  Furniture and fixtures 2 to 3 years  

 

Reclamation Liabilities and Asset Retirement Obligations - Minimum standards for site reclamation and closure have been established for us by various government agencies. Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation and abandonment costs. The Company reviews, on an annual basis, unless otherwise deemed necessary, the asset retirement obligation at each mine site.

 

Revenue Recognition - Effective January 1, 2018 we adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 606-10, Revenue from Contracts with Customers (“ASC 606-10”). The adoption of ASC 606-10 had no impact on prior year or previously disclosed amounts. In accordance with ASC 606-10, revenue is measured based on a consideration specified in a contract with a customer and recognized when we satisfy the performance obligation specified in each contract.

 

The Company generates revenue by selling gold and silver produced from its mining operations. The majority of the Company’s sales come from the sale of refined gold; however, the end product at the Company’s gold operations is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. Under the terms of the Company’s refining agreements, the doré bars are refined for a fee, and the Company’s share of the refined gold and silver is credited to its bullion account.

 

The Company recognizes revenue for gold and silver from doré production when it satisfies the performance obligation of transferring gold and silver inventory to the customer, which generally occurs upon transfer of gold and silver bullion credits as this is the point at which the customer obtains the ability to direct the use and obtain substantially all of the remaining benefits of ownership of the asset.

 

The Company generally recognizes the sale of gold bullion credits at the prevailing market price when gold bullion credits are delivered to the customer. The transaction price is determined based on the agreed upon market price and the number of ounces delivered. Payment is due upon delivery of gold bullion credits to the customer’s account.

 

As gold can be sold through numerous gold market traders worldwide, the Company is not economically dependent on a limited number of customers for the sale of its product.

 

Stock Issued For Goods and Services - Common and preferred shares issued for goods and services are valued based upon the fair market value of our common stock or the goods and services received, whichever is the most reliably measurable on the date of issue.

 

Stock-Based Compensation - For stock-based transactions, compensation expense is recognized over the requisite service period, which is generally the vesting period, based on the estimated fair value on the grant date of the award.

 

Income (Loss) per Common Share - Basic net income (loss) per common share is computed by dividing net income (loss), less the preferred stock dividends, by the weighted average number of common shares outstanding. Dilutive income (loss) per share includes any additional dilution from common stock equivalents, such as stock options and warrants, and convertible instruments, if the impact is not antidilutive. 93,331,979 common share equivalents have been included in the diluted loss per share calculation for the three-month period ended September 30, 2019. 9,885,966 common share equivalents were excluded from the three-month calculation because their effect would be anti-dilutive. 103,217,945 common share equivalents have been excluded from the diluted loss per share calculation for the nine-month period ended September 30, 2019 because it would be anti-dilutive.

 

The following tables summaries the changes in the net income per common share for the three-month period ended September 30, 2019:

 

Numerator  Three Months Ended September 30, 2019 
Net Income - Controlling Interest  $2,337,377 
Amortization of Debt Discounts   699,707 
Interest Expense   191,243 
Change in Derivative Liabilities   (3,079,105)
Adjusted Net Income - Controlling Interest  $149,222 

 

Denominator  Shares 
Basic Weighted Average Number of Shares Outstanding during Period   58,284,979 
Dilutive Shares   93,331,979 
Diluted Weighted Average Number of Shares Outstanding during Period   151,616,958 
      
Diluted Net Income per Share  $0.00 

 

F-9 

 

 

Other Comprehensive Loss – Other Comprehensive loss is made up of the exchange differences arising on translating foreign operations and the net loss for the six months ending September 30, 2019 and the year ended December 31, 2018.

 

Derivative Liabilities - Derivatives liabilities are recorded at fair value when issued and the subsequent change in fair value each period is recorded in other income (expense) in the consolidated statements of operations. We do not hold or issue any derivative financial instruments for speculative trading purposes.

 

Income Taxes - The Company’s income tax expense and deferred tax assets and liabilities reflect management’s best assessment of estimated future taxes to be paid. Significant judgments and estimates are required in determining the consolidated income tax expense.

 

Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Company’s ability to recover its deferred tax assets, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, the Company develops assumptions including the amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income, and are consistent with the plans and estimates that the Company is using to manage the underlying businesses. The Company provides a valuation allowance for deferred tax assets for which the Company does not consider realization of such deferred tax assets to be more likely than not.

 

Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on the Company’s results of operations, cash flows or financial position.

 

Business Segments – The Company operates in one segment and therefore segment information is not presented.

 

Use of Estimates – In preparing financial statements in conformity with generally accepted accounting principles, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenditures during the reported periods. Actual results could differ materially from those estimates. Estimates may include those pertaining to valuation of inventories and mineralized material on leach pads, the estimated useful lives and valuation of properties, plant and equipment, mineral rights and properties, deferred tax assets, convertible preferred stock, derivative assets and liabilities, reclamation liabilities, stock-based compensation and payments, and contingent liabilities.

 

Non-Controlling Interest Policy – Non-controlling interest (NCI) is the portion of equity ownership in a subsidiary not attributable to the parent company, who has a controlling interest and consolidates the subsidiary’s financial results with its own. The amount of equity relating to the non-controlling interest is separately identified in the equity section of the balance sheet and the amount of the net income (loss) relating to the non-controlling interest is separately identified on the statement of operations.

 

Recently Issued Accounting Pronouncements – From time to time, new accounting pronouncements are issued by FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.

 

F-10 

 

 

3. Inventories, Stockpiles and Mineralized Materials on Leach Pads

 

Inventories, stockpiles and mineralized materials on leach pads at September 30, 2019 and December 31, 2018 consisted of the following:

 

   September 30, 2019   December 31, 2018 
Supplies  $25,903   $87,230 
Mineralized Material on Leach Pads   163,310    247,213 
ADR Plant   308,401    40,642 
Finished Ore   583,785    195,528 
Total Inventories  $1,081,399   $570,613 

 

There were no stockpiles at September 30, 2019 and December 31, 2018.

 

4. Derivative Financial Instruments

 

The Company adopted the provisions of ASC subtopic 825-10, Financial Instruments (“ASC 825-10”) on January 1, 2008. ASC 825-10 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. ASC 825-10 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

 

The following table provides a summary of changes in fair value of the Company’s Level 3 financial liabilities as of September 30, 2019 and December 31, 2018:

 

  

Debt Derivative

Liabilities

 
Balance, December 31, 2017  $647,807 
Transfers in upon initial fair value of derivative liabilities   2,879,560 
Change in fair value of derivative liabilities and warrant liability   (979,561)
Transfers to permanent equity upon exercise of warrants   - 
Balance, December 31, 2018  $2,547,806 
Transfers in upon initial fair value of derivative liabilities   23,328,303 
Change in fair value of derivative liabilities and warrant liability   (8,525,217)
Transfers to permanent equity upon conversions   - 
Balance, September 30, 2019  $17,350,892 
Net gain for the period included in earnings relating to the liabilities held at September 30, 2019  $8,525,217 
Net gain for the period included in earnings relating to the liabilities held at December 31, 2018  $979,561 

 

Debt derivatives – The Company issued convertible promissory notes which are convertible into common stock, at holders’ option, at a discount to the market price of the Company’s common stock. The Company has identified the embedded derivatives related to these notes relating to certain anti-dilutive (reset) provisions. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of debenture and to fair value as of each subsequent reporting date.

 

At September 30, 2019, the Company marked to market the fair value of the debt derivatives and determined a fair value of $16,946,970. The Company recorded a gain from change in fair value of debt derivatives of $7,181,164 for the period ended September 30, 2019. The fair value of the embedded derivatives was determined using the Binomial Option Pricing Model and the Monte Carlo Valuation Model. The Binomial Option Pricing Model was based on the following assumptions: (1) dividend yield of 0%, (2) expected volatility of 244.93% through 274.69%, (3) weighted average risk-free interest rate of 1.63% through 1.88% (4) expected life of 0.34 through 1.64 years, and (5) the quoted market price of the Company’s common stock at each valuation date. The Monte Carlo Valuation Model was based on the following assumptions: (1) expected volatility of 244.0%, (2) weighted average risk-free interest rate of 1.67% and (3) expected life of 1.64 years.

 

F-11 

 

 

At December 31, 2018, the Company marked to market the fair value of the debt derivatives and determined a fair value of $2,511,226. The Company recorded a gain from change in fair value of debt derivatives of $953,390 for the year ended December 31, 2018. The fair value of the embedded derivatives was determined using Binomial Option Pricing Model based on the following assumptions: (1) dividend yield of 0%, (2) expected volatility of 203.03% to 306.25%, (3) weighted average risk-free interest rate of 2.45% to 2.63% (4) expected life of 0.27 to 1.59 years, and (5) the quoted market price of the Company’s common stock at each valuation date.

 

Based upon ASC 840-15-25 (EITF Issue 00-19, paragraph 11) the Company has adopted a sequencing approach regarding the application of ASC 815-40 to its outstanding convertible notes. Pursuant to the sequencing approach, the Company evaluates its contracts based upon earliest issuance date.

 

Warrant liabilities – During the year ended December 31, 2018, the Company issued warrants in conjunction with the issuance of three Crown Bridge Convertible Notes. These warrants contained certain reset provisions. The accounting treatment of derivative financial instruments required that the Company record fair value of the derivatives as of the inception date (issuance date) and to fair value as of each subsequent reporting date.

 

At September 30, 2019, the Company had a warrant liability of $403,922. The Company recorded a gain from change in fair value of warrant liability of $1,344,053 for the period ended September 30, 2019. The fair value of the embedded derivatives was determined using the Binomial Option Pricing Model and the Monte Carlo Valuation Model. The Binomial Option Pricing Model was based on the following assumptions: (1) dividend yield of 0%, (2) expected volatility of 210.75% to 226.32%, (3) weighted average risk-free interest rate of 1.55% to 1.56% (4) expected life of 2.86 to 4.07 years, and (5) the quoted market price of the Company’s common stock at each valuation date. The Monte Carlo Valuation Model was based on the following assumptions: (1) expected volatility of 211.5%, (2) weighted average risk-free interest rate of 1.59% and (3) expected life of 2.64 years.

 

At December 31, 2018, the Company had a warrant liability of $36,580. The Company recorded a gain from change in fair value of warrant liability of $26,171 for the year ended December 31, 2018.

 

5. Properties, Plant and Equipment, Net

 

Properties, plant and equipment at September 30, 2019 and December 31, 2018 consisted of the following:

 

   September 30, 2019   December 31, 2018 
Land  $267,601   $270,736 
Buildings   2,338,914    2,366,323 
Machinery and Equipment   945,882    956,669 
Office Equipment and Furniture   41,840    42,311 
Vehicles   84,146    85,132 
Construction in Process   7,491    11,277 
    3,685,874    3,732,448 
Less Accumulated Depreciation   (3,194,916)   (3,068,407)
Total Property, Plant and Equipment  $490,958   $664,041 

 

During the nine months ended September 30, 2019 and 2018, the Company recognized depreciation expense of $162,947 and $169,768, respectively. The following table summarizes the allocation of depreciation expense between cost of goods sold and general and administrative expenses.

 

Depreciation Allocation 

September 30, 2019

  

September 30, 2018

 
Cost of Goods Sold  $135,734   $140,798 
General and Administrative   27,213    28,970 
Total  $162,947   $169,768 

 

F-12 

 

 

6. Mine Reclamation Obligation

 

The Company is required to mitigate long-term environmental impacts by stabilizing, contouring, re-sloping, and re-vegetating various portions of our site after mining and mineral processing operations are completed. These reclamation efforts are conducted in accordance with plans reviewed and approved by the appropriate regulatory agencies.

 

The fair value of the long-term liability of $337,886 and $341,845 as of September 30, 2019 and December 31, 2018, respectively, for our obligation to reclaim our mine facility is based on our most recent reclamation plan, as revised, submitted and approved by the Honduran Institute of Geology and Mines (INHGEOMIN) and Ministry of Natural Resources and Environment (SERNA). Such costs are based on management’s current estimate of then expected amounts for the remediation work, assuming the work is performed in accordance with current laws and regulations and using a credit adjusted risk free rate of 18.00% and an inflation rate of 5.3%. It is reasonably possible that, due to uncertainties associated with the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology, the ultimate cost of reclamation and remediation could change in the future. We periodically review the accrued reclamation obligation for information indicating that our assumptions should change.

 

Changes to the asset retirement obligation were as follows:

 

   September 30, 2019   December 31, 2018 
Balance, Beginning of Year  $341,845   $352,713 
Liabilities incurred   -    - 
Disposal   -    - 
Change due to foreign currency translation   (3,959)   (10,868)
Balance, End of Year  $337,886   $341,845 

 

7. Accounts Payable and Accrued Liabilities

 

Accounts payable and accrued liabilities at September 30, 2019 and December 31, 2018 consisted of the following:

 

   September 30, 2019   December 31, 2018 
Accounts Payable  $681,096   $558,749 
Accrued Liabilities   415,394    394,017 
Accrued Salaries and Benefits   551,590    410,930 
Advances Payable   455,812    268,301 
Total Accrued Liabilities  $2,103,892   $1,631,997 

 

8. Secured Borrowings

 

On June 25, 2018, the Company entered into four new financing arrangements with third parties for a combined principal amount of $195,720. The terms of the arrangements require the Company to pay the combined principal balance plus a guaranteed return of no less than 10 percent, or $19,572, for a total expected remittance of $215,292. The maturity date of the notes is June 26, 2019. The terms of repayment allow the Company to remit to the lender a certain quantity of gold to satisfy the liability though the Company expects to liquidate gold held and satisfy the liability in cash. The Company reached agreements with the third parties to settle the financing arrangements as of June 26, 2019. The Company liquidated the gold held to satisfy the debt obligations. All four debt holders agreed to rollover all or portion of their funds into new financing agreements. The debt obligation of $36,532 that was being liquidated was paid in full in July 2019.

 

F-13 

 

 

On June 26, 2019, the Company entered into four new financing arrangements with third parties for a combined principal amount of $247,571. The terms of the arrangements require the Company to pay the combined principal balance plus a guaranteed return of no less than 10 percent, or $24,757, for a total expected remittance of $272,328. The maturity date of the notes is June 27, 2020. The terms of repayment allow the Company to remit to the lender a certain quantity of gold to satisfy the liability though the Company expects to liquidate gold held and satisfy the liability in cash. As of September 30, 2019, the Company held 60 ounces of gold, valued at a cost of $82,478, to satisfy the liabilities upon maturity leaving a net obligation of $171,605, which is recorded on the Company’s balance sheet as secured borrowings.

 

Secured Borrowings  September 30, 2019   December 31, 2018 
Secured obligations  $247,571   $225,005 
Guaranteed interest   24,757    22,500 
Deferred interest   (18,245)   (10,881)
    254,083    236,624 
Gold held as security   (82,478)   (19,401)
Secured Borrowings, net  $171,605   $217,223 

 

9. Notes Payable

 

Notes payable were comprised of the following as of September 30, 2019 and December 31, 2018:

 

Notes Payable  September 30, 2019   December 31, 2018 
Phil Zobrist  $60,000   $60,000 
Total Notes Payable   60,000    60,000 
Less Unamortized Discount   -    - 
Total Notes Payable, Net of Unamortized Debt Discount  $60,000   $60,000 

 

Phil Zobrist – On January 11, 2013, the Company issued an unsecured Promissory Note to Phil Zobrist in the principal amount of $60,000 (the “Note”) due on demand and bearing 0% per annum interest. The total net proceeds the Company received was $60,000. On October 2, 2015, the Company entered into a new convertible note with Phil Zobrist that matures on December 31, 2016 and bears 18% per annum interest. The Company agreed to accrue interest from inception of these Notes in the amount of $29,412 and charged this amount to interest expense during the year ended December 31, 2015. The Note is convertible into common stock, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP of the common stock during the 20 trading day period prior to conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed and the note was extended until December 31, 2018. The Company recognized a gain on the extinguishment of debt of $121,337 for the remaining derivative liability and of $11,842 for the remaining debt discount. As of September 30, 2019, the gross balance of the note was $60,000 and accrued interest was $72,582.

 

F-14 

 

 

10. Notes Payable – Related Parties

 

Notes payable – related parties were comprised of the following as of September 30, 2019 and December 31, 2018:

 

Notes Payable - Related Parties   Relationship   September 30, 2019     December 31, 2018  
Claymore Management   Affiliate - Controlled by Director   $ 185,000     $ 185,000  
Diamond 80, LLC   Immediate Family Member     -       49,000  
Francis E. Rich IRA   Immediate Family Member     100,000       100,000  
GAIA Ltd   Affiliate - Controlled by Director     1,150,000       1,150,000  
Legends Capital   Affiliate - Controlled by Director     765,000       765,000  
LWB Irrev Trust   Affiliate - Controlled by Director     1,101,000       1,101,000  
MDL Ventures   Affiliate - Controlled by Director     1,260,661       1,204,677  
Silverbrook Corporation   Affiliate - Controlled by Director     2,227,980       2,227,980  
WOC Energy LLC   Affiliate - Controlled by Director     40,000       40,000  
Total Notes Payable - Related Parties       $ 6,829,641     $ 6,822,657  

 

F-15 

 

 

Claymore Management – On March 18, 2011, the Company issued an unsecured Promissory Note to Claymore Management in the principal amount of $185,000 (the “Note”) due on demand and bore 0% per annum interest. The total net proceeds the Company received was $185,000. On October 2, 2015, the Company entered into a new convertible note with Claymore Management that matures on December 31, 2016 and bears 18% per annum interest. The Company agreed to accrue interest from March 18, 2011 in the amount of $151,355 and charged this amount to interest expense during the year ended December 31, 2015. The Note is convertible into common stock, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP of the common stock during the 20 trading day period prior to conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed and the note was extended until December 31, 2018. The Company recognized a gain on the extinguishment of debt of $448,369 for the remaining derivative liability and of $36,513 for the remaining debt discount. As of September 30, 2019, the gross balance of the note was $185,000 and accrued interest was $284,464.

 

D. D’Ambrosio – On January 4, 2019, the Company issued an unsecured Short-Term Promissory Note to D. D’Ambrosio in the principal amount of $125,000 (the “Note”) due on February 5, 2019 and bears a 5.00% interest rate. The Company made a payment of $131,250 towards the principal balance and accrued interest of $6,250 on February 13, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

D. D’Ambrosio – On February 19, 2019, the Company issued an unsecured Short-Term Promissory Note to D. D’Ambrosio in the principal amount of $100,000 (the “Note”) due on March 19, 2019 and bears a 5.00% interest rate. The Company made a payment of $105,000 towards the principal balance and accrued interest of $5,000 on March 8, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

D. D’Ambrosio – On March 14, 2019, the Company issued an unsecured Short-Term Promissory Note to D. D’Ambrosio in the principal amount of $100,000 (the “Note”) due on April 30, 2019 and bears a 5.00% interest rate. The Company made a payment of $105,000 towards the principal balance and accrued interest of $5,000 on April 5, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

D. D’Ambrosio – On April 9, 2019, the Company issued an unsecured Short-Term Promissory Note to D. D’Ambrosio in the principal amount of $122,000 (the “Note”) due on May 30, 2019 and bears a 5.00% interest rate. The Company made a payment of $128,100 towards the principal balance and accrued interest of $6,100 on May 21, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

D. D’Ambrosio – On June 14, 2019, the Company issued an unsecured Short-Term Promissory Note to D. D’Ambrosio in the principal amount of $182,000 (the “Note”) due on July 5, 2019 and bears a 5.00% interest rate. The Company made a payment of $191,100 towards the principal balance and accrued interest of $9,100 on May 21, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

D. D’Ambrosio – On July 12, 2019, the Company issued an unsecured Short-Term Promissory Note to D. D’Ambrosio in the principal amount of $150,000 (the “Note”) due on August 12, 2019 and bears a 5.00% interest rate. The Company made a payment of $157,500 towards the principal balance and accrued interest of $7,500 on July 25, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

F-16 

 

 

Diamond 80, LLC – On April 3, 2017, the Company issued an unsecured Short-Term Promissory Note to Diamond 80, LLC in the principal amount of $50,000 (the “Note”) due on December 31, 2018 and bears a 7.0% interest rate. The Company made a payment of $1,075 towards the principal balance of $1,000 and accrued interest of $75 on September 30, 2018. The Company made a payment of $49,000 towards the principal balance on May 21, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $44,700.

 

Francis E. Rich IRA – On February 14, 2013, the Company issued an unsecured Short-Term Promissory Note to Francis E. Rich IRA in the principal amount of 100,000 (the “Note”) due on February 14, 2020 and bears a 15.0% interest rate. As of September 30, 2019, the outstanding balance of the Note was $100,000 and accrued interest was $18,740.

 

GAIA Ltd. – Between December 2011 and October 2012, the Company issued seven unsecured Promissory Notes to GAIA Ltd. for a total principal amount of $1,150,000 (the “Notes”) due on demand and bearing 0% per annum interest. The total net proceeds the Company received was $1,150,000. On October 2, 2015, the Company entered into a new convertible note with GAIA Ltd. that matures on December 31, 2016 and bears 18% per annum interest. The Company agreed to accrue interest from inception of these Notes in the amount of $724,463 and charged this amount to interest expense during the year ended December 31, 2015. The Note is convertible into common stock, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP of the common stock during the 20 trading day period prior to conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed and the note was extended until December 31, 2018. The Company recognized a gain on the extinguishment of debt of $2,524,747 for the remaining derivative liability and of $226,974 for the remaining debt discount. As of September 30, 2019, the gross balance of the note was $1,150,000 and accrued interest was $1,551,896.

 

Legends Capital Group – Between October 2011 and September 2012, the Company issued eleven unsecured Promissory Notes to Legends Capital Group for a total principal amount of $765,000 (the “Notes”) due on demand and bearing 0% per annum interest. The total net proceeds the Company received was $765,000. On October 2, 2015, the Company entered into a new convertible note with Legends Capital Group that matures on December 31, 2016 and bears 18% per annum interest. The Company agreed to accrue interest from inception of these Notes in the amount of $504,806 and charged this amount to interest expense during the year ended December 31, 2015. The Note is convertible into common stock, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP of the common stock during the 20 trading day period prior to conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed and the note was extended until December 31, 2018. The Company recognized a gain on the extinguishment of debt of $2,564,130 for the remaining derivative liability and of $150,987 for the remaining debt discount. As of September 30, 2019, the gross balance of the note was $765,000 and accrued interest was $1,055,229.

 

Legends Capital Group – On May 16, 2017, the Company issued an unsecured Short-Term Promissory Note to Legends Capital Group in the principal amount of $100,000 (the “Note”) due on September 15, 2018 and bears a 7.0% interest rate. The Company made a payment of $50,000 towards the principal balance and accrued interest of $0 on June 27, 2018. The Company made a payment of $40,000 towards the principal balance on February 28, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

LW Briggs Irrevocable Trust – Between December 2010 and January 2013, the Company issued eight unsecured Promissory Notes to LW Briggs Irrevocable Trust for a total principal amount of $1,101,000 (the “Notes”) due on demand and bearing 0% per annum interest. The total net proceeds the Company received was $1,101,000. On October 2, 2015, the Company entered into a new convertible note with LW Briggs Irrevocable Trust that matures on December 31, 2016 and bears 18% per annum interest. The Company agreed to accrue interest from inception of these Notes in the amount of $814,784 and charged this amount to interest expense during the year ended December 31, 2015. The Note is convertible into common stock, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP of the common stock during the 20 trading day period prior to conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed and the note was extended until December 31, 2018. The Company recognized a gain on the extinguishment of debt of $2,564,130 for the remaining derivative liability and of $217,303 for the remaining debt discount. As of September 30, 2019, the gross balance of the note was $1,101,000 and accrued interest was $1,606,961.

 

F-17 

 

 

MDL Ventures – The Company entered into an unsecured convertible note payable agreement with MDL Ventures, LLC, which is 100% owned by a Company officer, effective October 1, 2014, due on December 31, 2016 and bears 18% per annum interest, due at maturity. Principal on the convertible note is convertible into common stock at the holder’s option at a price of the lower of $0.99 (0.18 pre-split) or 50% of the lowest three daily volume weighted average prices of the Company’s common stock during the 20 consecutive days prior to the date of conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed and the note was extended until December 31, 2018. The Company recognized a gain on the extinguishment of debt of $1,487,158 for the remaining derivative liability. As of September 30, 2019, the gross balance of the note was $1,260,661 and accrued interest was $0.

 

Pine Valley Investments, LLC – On May 7, 2019, the Company issued an unsecured Short-Term Promissory Note to Pine Valley Investments, LLC in the principal amount of $100,000 (the “Note”) due on May 21, 2019 and bears a 5.0% interest rate. The Company made a payment of $105,000 towards the principal balance and accrued interest of $5,000 on May 21, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

Silverbrook Corporation – Between March 2011 and February 2015, the Company issued 23 unsecured Promissory Notes to Silverbrook Corporation for a total principal amount of $2,227,980 (the “Notes”) due on demand and bearing 0% per annum interest. The total net proceeds the Company received was $2,227,980. On October 2, 2015, the Company entered into a new convertible note with Silverbrook Corporation that matures on December 31, 2016 and bears 18% per annum interest. The Company agreed to accrue interest from inception of these Notes in the amount of $1,209,606 and charged this amount to interest expense during the year ended December 31, 2015. The Note is convertible into common stock, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP of the common stock during the 20 trading day period prior to conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed and the note was extended until December 31, 2018. The Company recognized a gain on the extinguishment of debt of $4,656,189 for the remaining derivative liability and of $439,733 for the remaining debt discount. As of September 30, 2019, the gross balance of the note was $2,227,980 and accrued interest was $2,812,653.

 

WOC Energy, LLC – On November 6, 2017, the Company issued an unsecured Short-Term Promissory Note to WOC Energy, LLC in the principal amount of $40,000 (the “Note”) due on September 30, 2019 and bears a 4.0% interest rate. As of September 30, 2019, the outstanding balance of the Note was $40,000 and accrued interest was $0.

 

WOC Energy, LLC – On January 8, 2019, the Company issued an unsecured Short-Term Promissory Note to WOC Energy, LLC in the principal amount of $75,000 (the “Note”) due on January 11, 2019 and bears a 5.0% interest rate. The Company made a payment of $78,750 towards the principal balance and accrued interest of $3,750 on February 19, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

WOC Energy, LLC – On February 22, 2019, the Company issued an unsecured Short-Term Promissory Note to WOC Energy, LLC in the principal amount of $50,000 (the “Note”) due on March 31, 2019 and bears a 5.0% interest rate. The Company made a payment of $52,500 towards the principal balance and accrued interest of $2,500 on March 26, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

WOC Energy, LLC – On April 3, 2019, the Company issued an unsecured Short-Term Promissory Note to WOC Energy, LLC in the principal amount of $60,000 (the “Note”) due on May 10, 2019 and bears a 5.0% interest rate. The Company made a payment of $63,000 towards the principal balance and accrued interest of $3,000 on May 21, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

F-18 

 

 

WOC Energy, LLC – On April 16, 2019, the Company issued an unsecured Short-Term Promissory Note to WOC Energy, LLC in the principal amount of $55,000 (the “Note”) due on May 31, 2019 and bears a 5.0% interest rate. The Company made a payment of $57,750 towards the principal balance and accrued interest of $2,750 on May 21, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

WOC Energy, LLC – On May 1, 2019, the Company issued an unsecured Short-Term Promissory Note to WOC Energy, LLC in the principal amount of $40,000 (the “Note”) due on May 31, 2019 and bears a 5.0% interest rate. This note was a conversion of accounts payable due to the lender of $40,000. The Company made a payment of $12,000 towards the principal balance and accrued interest of $2,000 on July 10, 2019. The Company made a payment of $10,000 towards the principal balance on July 15, 2019. The Company made a payment of $11,000 towards the principal balance and accrued interest of $1,000 on August 28, 2019. The Company made a payment of $10,000 towards the principal balance on September 5, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

11. Convertible Notes Payable

 

Convertible notes payable were comprised of the following as of September 30, 2019 and December 31, 2018:

 

Convertible Notes Payable   September 30, 2019     December 31, 2018  
Adar Alef LLC   $ -     $ 105,000  
Antczak Polich Law LLC     387,980       430,000  
Auctus Fund     -       125,000  
Coolidge Capital     100,000       75,000  
Crossover Capital     -       82,894  
Crown Bridge Partners     55,000       55,000  
Discover Growth (“Investor”)     3,985,000       150,000  
Eagle Equities     -       103,000  
Ema Financial     75,000       75,000  
GS Capital Partners     -       300,000  
JS Investments     -       100,000  
Labrys Funding     -       300,000  
LG Capital Funding     -       100,000  
Morningview Financial     -       55,000  
Odyssey Funding     105,000       -  
Power Up Lending     -       116,000  
SBI Investments     -       110,000  
Scotia International     400,000       -  
Total Convertible Notes Payable     5,107,980       2,281,894  
Less Unamortized Discount     (3,459,986 )     (1,112,499 )
Total Convertible Notes Payable, Net of Unamortized Debt Discount     1,647,994       1,169,395  
Less Short-Term Convertible Notes Payable     (591,260 )     (1,169,395 )
Total Long-Term Convertible Notes Payable, Net of Unamortized Debt Discount   $ 1,056,734     $ -  

 

Adar Alef, LLC – On November 19, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Adar Alef, LLC (“Adar Alef”), in the principal amount of $105,000 (the “Note”) due on November 19, 2019 and bears 8% per annum interest, due at maturity. The total net proceeds the Company received was $100,000 (less an original issue discount (“OID”) of $5,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. On May 22, 2019, the Company paid $146,137 to pay off the principal balance of $105,000 and $41,137 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $92,918 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

F-19 

 

 

Antczak Polich Law, LLC – On August 1, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Antczak Polich Law, LLC (“Antczak”), in the principal amount of $300,000 (the “Note”) due on August 1, 2019 and bears 8% per annum interest, due at maturity. This Note was issued for $300,000 in legal fees due to Antczak for its services related to several legal issues handled for the Company. The Note is convertible into common stock, at holder’s option, at a fixed conversion price of $0.75 per share. As of September 30, 2019, the gross balance of the note was $300,000 and accrued interest was $29,984.

 

Antczak Polich Law, LLC – On December 1, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Antczak Polich Law, LLC (“Antczak”), in the principal amount of $130,000 (the “Note”) due on December 1, 2019 and bears 8% per annum interest, due at maturity. This Note was issued for $130,000 in legal fees due to Antczak for its services related to several legal issues handled for the Company. The Note is convertible into common stock, at holder’s option, at a fixed conversion price of $0.75 per share. During the nine months ended September 30, 2019, the Company made several payments amounting to $42,020. As of September 30, 2019, the gross balance of the note was $87,980 and accrued interest was $8,633.

 

Auctus Fund – On December 4, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Auctus Fund (“Auctus”), in the principal amount of $125,000 (the “Note”) due on September 4, 2019 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $112,250 (less an original issue discount (“OID”) of $12,750). The Note is convertible into common stock, at holder’s option, at a 50% discount of the lowest trading price of the common stock during the 25 trading day period prior to conversion. At any time after the closing date, if the Company’s common stock is not deliverable by DWAC, then an additional 10% discount will apply to all future conversions on this note. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 15% discount while the “Chill” is in effect. On May 23, 2019, the Company paid $171,475 to pay off the principal balance of $125,000 and $46,475 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $111,240 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Coolidge Capital, LLC – On November 7, 2018, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with Coolidge Capital, LLC. (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate amount of $75,000. The total net proceeds the Company received was $70,500 (less an original issue discount (“OID”) of $4,500). The Note has a maturity date of August 7, 2019 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12%) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of variable conversion price is 61% (39% discount) of the market price. Market price is the average of the lowest two trading prices in a ten trading day look back period. The company recognized a debt discount on this note of $4,500 which will be amortized over the life of the note. On May 3, 2019, the Company paid $105,000 to pay off the principal balance of $75,000 and $30,000 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $3,610 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

F-20 

 

 

Coolidge Capital, LLC – On May 10, 2019, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with Coolidge Capital, LLC. (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate amount of $100,000. The total net proceeds the Company received was $95,000 (less an original issue discount (“OID”) of $5,000). The Note has a maturity date of February 10, 2020 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12%) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of variable conversion price is 61% (39% discount) of the market price. Market price is the average of the lowest two trading prices in a ten trading day look back period. The company recognized a debt discount on this note of $5,000 which will be amortized over the life of the note. For the nine months ended September 30, 2019, the Company amortized $2,554 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $100,000 and accrued interest was $4,701.

 

Coventry Enterprises, LLC – On February 12, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to Coventry Enterprises, LLC (“Coventry”), in the principal amount of $50,000 (the “Note”) due on February 12, 2020 and bears 10% per annum interest, due at maturity. The total net proceeds the Company received was $47,500 (less an original issue discount (“OID”) of $2,500). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. On May 23, 2019, the Company paid $68,750 to pay off the principal balance of $50,000 and $18,750 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $50,000 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Crossover Capital Fund II, LLC – On July 10, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Crossover Capital Fund II, LLC (“Crossover Capital”), in the principal amount of $82,894 (the “Note”) due on April 10, 2019 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $75,000 (less an original issue discount (“OID”) of $7,894). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. On January 4, 2019, the Company paid $118,750 to pay off the principal balance of $82,894 and $35,856 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $30,253 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Crossover Capital Fund II, LLC – On May 3, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to Crossover Capital Fund II, LLC (“Crossover Capital”), in the principal amount of $80,500 (the “Note”) due on February 3, 2020 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $70,975 (less an original issue discount (“OID”) of $9,525). The Note is convertible into common stock, at holder’s option, at a 50% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. On May 22, 2019, the Company paid $93,161 to pay off the principal balance of $80,500 and $12,661 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $80,500 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

F-21 

 

 

Crown Bridge Partners – On October 25, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Crown Bridge Partners (“Crown Bridge”), in the principal amount of $55,000 (the “Note”) due on May 11, 2019 and bears 5% per annum interest, due at maturity. The total net proceeds the Company received was $47,000 (less an original issue discount (“OID”) of $8,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. If the conversion price drops below $0.15 per share, then the conversion price will be 50% of the trading price. The Company issued 100,000 warrants to purchase shares of common stock.in connection with this note. The warrants have a five year life and an exercise price of $0.75 per share. On April 18, 2019, the Company paid $83,738 to pay off the principal balance of $55,000 and $28,738 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $44,904 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Crown Bridge Partners – On April 18, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to Crown Bridge Partners (“Crown Bridge”), in the principal amount of $55,000 (the “Note”) due on April 18, 2020 and bears 5% per annum interest, due at maturity. The total net proceeds the Company received was $47,000 (less an original issue discount (“OID”) of $8,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. If the conversion price drops below $0.15 per share, then the conversion price will be 50% of the trading price. For the nine months ended September 30, 2019, the Company amortized $24,795 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $55,000 and accrued interest was $1,243.

 

Investor – On August 2, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Investor, in the principal amount of $150,000 (the “Note”) due on August 2, 2020 and bears 10% (24% default) per annum interest, due at maturity. The total net proceeds the Company received was $150,000. The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. If at any time while the note is outstanding, an event of default occurs, then an additional discount of 10% shall be factored into the variable conversion price until the note is no longer outstanding. On January 23, 2019, the Company paid $210,000 to pay off the principal balance of $150,000 and $60,000 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $119,015 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Investor – On May 20, 2019, the Company issued a secured Convertible Promissory Note (“Note”) to Investor, in the principal amount of $4,250,000 (the “Note”) due on May 20, 2021 and bears 10% (24% default) per annum interest, due at maturity. The total net proceeds the Company received was $3,000,000. The Note is convertible into common stock, at holder’s option, at 100% of market price less $0.01 per share. Market price means the mathematical average of the five lowest individually daily volume weighted average prices of the common stock from the period beginning on the issuance date and ending on the maturity date. The conversion price has a floor price of $0.01 per share of common stock. The Company issued 9,250,000 warrants to purchase shares of common stock in connection with this note. The warrants have a three-year life and an exercise price as follows: 3,750,000 at an exercise price of $0.40 per share, 3,000,000 at an exercise price of $0.50 per share and 2,500,000 at an exercise price of $0.60 per share. These warrants were valued at $1,711,394 and recorded by the Company as debt discount interest expense. The note has an early payoff penalty of 140% of the then outstanding face value. For the nine months ended September 30, 2019, the Company amortized $238,372 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $3,985,000 and accrued interest was $145,207.

 

Eagle Equities, LLC – On December 12, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Eagle Equities, LLC (“Eagle Equities”), in the principal amount of $103,000 (the “Note”) due on December 12, 2019 and bears 8% per annum interest, due at maturity. The total net proceeds the Company received was $100,000 (less an original issue discount (“OID”) of $3,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. On May 22, 2019, the Company paid $147,812 to pay off the principal balance of $103,000 and $44,812 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $97,638 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

F-22 

 

 

EMA Financial – On October 23, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to EMA Financial, in the principal amount of $75,000 (the “Note”) due on July 23, 2019 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $67,500 (less an original issue discount (“OID”) of $7,500). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. However, if the Company’s share price at any time loses the bid, then the conversion price may, in the Holder’s sole and absolute discretion, be reduced to a fixed conversion price of $0.00001 (if lower than the conversion price otherwise), and provided, that if on the date of delivery of the conversion shares to the Holder, or any date thereafter while conversion shares are held by the Holder, the closing bid price per share of common stock on the principal market on the trading day on which the common shares are traded is less than the sale price used to calculate the conversion price, then such conversion price shall be automatically reduced using the new low closing bid price and additional shares issued to the Holder. In the event the Company experiences a DTC “Chill” on its shares, or if the closing sale price at any time falls below $0.047, then the conversion price shall be decreased an additional 15% discount. At any time after the closing date, if the Company’s common stock is not deliverable by DWAC, then an additional 15% discount will apply to all future conversions on this note. On April 25, 2019, the Company paid $107,308 to pay off the principal balance of $75,000 and $32,308 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $56,044 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

EMA Financial – On May 1, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to EMA Financial, in the principal amount of $75,000 (the “Note”) due on February 1, 2020 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $67,500 (less an original issue discount (“OID”) of $7,500). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, or if the closing sale price at any time falls below $0.15, then the conversion price shall be decreased an additional 15% discount. At any time after the closing date, if the Company’s common stock is not deliverable by DWAC, then an additional 15% discount will apply to all future conversions on this note. For the nine months ended September 30, 2019, the Company amortized $40,761 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $75,000 and accrued interest was $3,748.

 

GS Capital Partners – On August 1, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to GS Capital Partners (“GS Capital”), in the principal amount of $100,000 (the “Note”) due on August 1, 2019 and bears 8% per annum interest, due at maturity. The total net proceeds the Company received was $95,000 (less an original issue discount (“OID”) of $5,000). The Note is convertible into common stock, at holder’s option, at a 42% discount of the lowest closing price of the common stock during the 12 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. On January 22, 2019, the Company paid $133,814 to pay off the principal balance of $100,000 and $33,814 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $57,515 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

GS Capital Partners – On November 28, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to GS Capital Partners (“GS Capital”), in the principal amount of $200,000 (the “Note”) due on November 28, 2019 and bears 8% per annum interest, due at maturity. The total net proceeds the Company received was $190,000 (less an original issue discount (“OID”) of $10,000). The Note is convertible into common stock, at holder’s option, at a 42% discount of the lowest closing price of the common stock during the 12 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. On May 23, 2019, the Company paid $267,890 to pay off the principal balance of $200,000 and $67,890 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $181,918 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

GS Capital Partners – On January 23, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to GS Capital Partners (“GS Capital”), in the principal amount of $100,000 (the “Note”) due on February 23, 2020 and bears 8% per annum interest, due at maturity. The total net proceeds the Company received was $95,000 (less an original issue discount (“OID”) of $5,000). The Note is convertible into common stock, at holder’s option, at a 42% discount of the lowest closing price of the common stock during the 12 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. For the nine months ended September 30, 2019, the Company amortized $100,000 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

F-23 

 

 

JSJ Investments – On November 9, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to JSJ Investments (“JSJ”), in the principal amount of $100,000 (the “Note”) due on November 9, 2019 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $98,000 (less an original issue discount (“OID”) of $2,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. On May 10, 2019, the Company paid $145,961 to pay off the principal balance of $100,000 and $45,961 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $85,753 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

JSJ Investments – On February 5, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to JSJ Investments (“JSJ”), in the principal amount of $100,000 (the “Note”) due on February 5, 2020 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $98,000 (less an original issue discount (“OID”) of $2,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. On May 23, 2019, the Company paid $138,452 to pay off the principal balance of $100,000 and $38,452 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $100,000 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Labrys Fund LP – On October 26, 2018, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with LABRYS FUND, LP (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate principal amount of $300,000. The Note has a maturity date of April 26, 2018 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12%) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The total net proceeds the Company received was $270,000 (less an original issue discount (“OID”) of $30,000). The Company has the right to prepay the Note, provided it makes a payment to the Purchaser as set forth in the Note within 180 days of its Issue Date. The transactions described above closed on October 26, 2018. In connection with the issuance of the Note, the Company issued to the Purchaser 1,362,398 shares of its common stock (the “Returnable Shares”) that shall be returned to the Company’s treasury if the Note is fully repaid and satisfied. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of $0.11 as set forth in the Note, subject to adjustment as set forth in the Note if the Note is in Default. The Default Note Conversion Price is a 45% discount of the lowest trading price of the common stock during the 30 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 15% discount on all future conversions. The Company issued 235,000 shares of common stock in connection with this note, which were valued at $28,200 and recorded as part of the debt discount. The Company recognized a debt discount on this note of $85,473 which will be amortized over the life of the note. On May 22, 2019, the Company paid $319,510 to pay off the principal balance of $300,000 and $19,510 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $54,477 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

F-24 

 

 

Labrys Fund LP – On January 14, 2019, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with LABRYS FUND, LP (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate principal amount of $282,000. The Note has a maturity date of July 14, 2019 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12%) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The total net proceeds the Company received was $250,000 (less an original issue discount (“OID”) of $32,000). The Company has the right to prepay the Note, provided it makes a payment to the Purchaser as set forth in the Note within 180 days of its Issue Date. The transactions described above closed on January 14, 2019. In connection with the issuance of the Note, the Company issued to the Purchaser 1,000,000 shares of its common stock (the “Returnable Shares”) that shall be returned to the Company’s treasury if the Note is fully repaid and satisfied. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of $0.11 as set forth in the Note, subject to adjustment as set forth in the Note if the Note is in Default. The Default Note Conversion Price is a 45% discount of the lowest trading price of the common stock during the 30 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 15% discount on all future conversions. The Company issued 130,000 shares of common stock in connection with this note, which were valued at $17,550 and recorded as part of the debt discount. The Company recognized a debt discount on this note of $113,641 which will be amortized over the life of the note. On May 22, 2019, the Company paid $293,867 to pay off the principal balance of $282,000 and $11,867 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $113,641 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

LG Capital Funding – On December 7, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to LG Capital Funding (“LG Cap”), in the principal amount of $100,000 (the “Note”) due on December 7, 2019 and bears 10% per annum interest, due at maturity. The total net proceeds the Company received was $85,000 (less an original issue discount (“OID”) of $15,000). The Note is convertible into common stock, at holder’s option, for the first 6 months at a fixed price of $0.18 per share and after that date at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount on all future conversions. The Company issued 39,473 shares of common stock in connection with this note, which were valued at $7,500 and recorded as part of the debt discount. The Company recognized a debt discount on this note of $22,500 which will be amortized over the life of the note. On May 23, 2019, the Company paid $146,252 to pay off the principal balance of $100,000 and $46,252 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $21,020 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Morningview Financial – On November 26, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Morningview Financial (“Morningview”), in the principal amount of $55,000 (the “Note”) due on November 26, 2019 and bears 10% per annum interest, due at maturity. The total net proceeds the Company received was $47,500 (less an original issue discount (“OID”) of $7,500). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. On May 23, 2019, the Company paid $78,546 to pay off the principal balance of $55,000 and $23,546 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $49,726 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Odyssey Capital Funding, LLC – On May 15, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to Odyssey Capital Funding, LLC (“Odyssey Capital”), in the principal amount of $105,000 (the “Note”) due on May 15, 2020 and bears 10% per annum interest, due at maturity. The total net proceeds the Company received was $100,000 (less an original issue discount (“OID”) of $5,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. For the nine months ended September 30, 2019, the Company amortized $39,590 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $105,000 and accrued interest was $3,970.

 

One 44 Capital, LLC – On January 28, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to One 44 Capital, LLC (“One 44”), in the principal amount of $100,000 (the “Note”) due on December 12, 2019 and bears 8% per annum interest, due at maturity. The total net proceeds the Company received was $95,000 (less an original issue discount (“OID”) of $5,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. For the nine months ended September 30, 2019, the Company amortized $100,000 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

F-25 

 

 

Power Up Lending Group – On July 12, 2018, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with POWER UP LENDING GROUP LTD. (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate amount of $53,000. The total net proceeds the Company received was $50,000 (less an original issue discount (“OID”) of $3,000). The Note has a maturity date of April 30, 2019 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12% - 22% default interest per annum) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of the greater of the fixed conversion price of or a variable conversion price as set forth in the Note. The fixed conversion price is $0.00009. The variable conversion price is 61% (39% discount) of the market price. Market price is the average of the lowest two trading prices in a ten trading day look back period. The company recognized a debt discount on this note of $3,000 which will be amortized over the life of the note. On January 14, 2019, the Company paid $75,855 to pay off the principal balance of $53,000 and $22,855 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $1,233 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Power Up Lending Group – On October 22, 2018, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with POWER UP LENDING GROUP LTD. (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate amount of $63,000. The total net proceeds the Company received was $60,000 (less an original issue discount (“OID”) of $3,000). The Note has a maturity date of July 30, 2019 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12% - 22% default interest per annum) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of the greater of the fixed conversion price of or a variable conversion price as set forth in the Note. The fixed conversion price is $0.00009. The variable conversion price is 61% (39% discount) of the market price. Market price is the average of the lowest two trading prices in a ten trading day look back period. The company recognized a debt discount on this note of $3,000 which will be amortized over the life of the note. On April 16, 2019, the Company paid $90,083 to pay off the principal balance of $63,000 and $27,083 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $2,253 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Power Up Lending Group – On January 11, 2019, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with POWER UP LENDING GROUP LTD. (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate amount of $53,000. The total net proceeds the Company received was $50,000 (less an original issue discount (“OID”) of $3,000). The Note has a maturity date of October 30, 2019 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12% - 22% default interest per annum) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of the greater of the fixed conversion price of or a variable conversion price as set forth in the Note. The fixed conversion price is $0.00009. The variable conversion price is 61% (39% discount) of the market price. Market price is the average of the lowest two trading prices in a ten trading day look back period. The company recognized a debt discount on this note of $3,000 which will be amortized over the life of the note. On May 22, 2019, the Company paid $67,353 to pay off the principal balance of $53,000 and $14,353 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $3,000 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

F-26 

 

 

Power Up Lending Group – On April 16, 2019, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with POWER UP LENDING GROUP LTD. (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate amount of $63,000. The total net proceeds the Company received was $60,000 (less an original issue discount (“OID”) of $3,000). The Note has a maturity date of February 28, 2020 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12% - 22% default interest per annum) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of the greater of the fixed conversion price of or a variable conversion price as set forth in the Note. The fixed conversion price is $0.00009. The variable conversion price is 61% (39% discount) of the market price. Market price is the average of the lowest two trading prices in a ten trading day look back period. The company recognized a debt discount on this note of $3,000 which will be amortized over the life of the note. On May 22, 2019, the Company paid $80,062 to pay off the principal balance of $63,000 and $17,062 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $3,000 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

SBI Investments – On December 17, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to SBI Investments, LLC (“SBI”), in the principal amount of $110,000 (the “Note”) due on June 17, 2019 and bears 8% per annum interest, due at maturity. The total net proceeds the Company received was $100,000 (less an original issue discount (“OID”) of $10,000). The Note is convertible into common stock, at holder’s option, at a 50% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. At any time after the closing date, if the Company’s common stock is not deliverable by DWAC, then an additional 10% discount will apply to all future conversions on this note. If at any time while the note is outstanding, an event of default occurs, then an additional discount of 15% shall be factored into the variable conversion price until the note is no longer outstanding. On May 23, 2019, the Company paid $147,827 to pay off the principal balance of $110,000 and $37,827 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $101,538 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Scotia International of Nevada, Inc. – On January 10, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to Scotia International of Nevada, Inc. (“Scotia”), in the principal amount of $400,000 (the “Note”) due on January 10, 2022 and bears 6% per annum interest, due at maturity. The Note was issued as part of a buyout agreement on the net smelter royalty due Scotia on the precious metals mined from the Company’s mining operation in Honduras. The Note is convertible into common stock, at holder’s option, at $0.50 per share as long as the Company’s common stock’s bid price is less than $0.75 per share. If the bid price is more than $0.75 per share, then Scotia may elect to convert at the average bid price of the common stock during the 10 trading day period prior to conversion. For the nine months ended September 30, 2019, the Company amortized $21,731 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $400,000 and accrued interest was $17,293.

 

F-27 

 

 

12. Stockholders’ Deficit

 

Common Stock

 

On January 14, 2019, in connection with the issuance of the Note to Labrys Fund LP, the Company issued to the Note Purchaser 130,000 shares of its common stock as commitment shares for the issuance of the note. These shares were valued at $0.135 per share for a total value of $17,550.

 

On February 5, 2019, 100,000 shares of common stock were issued to a member of the board of directors of the Company as part of a conversion agreement for consulting services. These shares were valued at $0.12 per share for a value of $12,000. The Company recognized a loss on this settlement of $5,000 and reduced payables by $7,000.

 

On March 12, 2019, 650,000 shares of common stock were issued to officers, former officers and members of the board of directors of the Company as payment for consulting services performed. These shares were valued at $0.189 per share for a value of $122,850.

 

On March 28, 2019, the Company issued 375,000 shares of common stock to Richard Bass Jr. for $48,750 in cash. These shares were valued at $0.13 per share.

 

On April 26, 2019, in connection with an extension of a Note to Labrys Fund LP, the Company issued to the Note Purchaser 300,000 shares of its common stock as an extension fee for the extension of the note. These shares were valued at $0.3399 per share for a total value of $101,970.

 

On June 1, 2019, the Company issued 200,000 shares of common stock pursuant to a consulting agreement. Per this agreement, the Company will issue 200,000 shares of common stock each month for 11 months. This stock was valued at $0.11 per share for a value of $22,000.

 

On July 1, 2019, the Company issued 200,000 shares of common stock pursuant to a consulting agreement. This stock was valued at $0.15 per share for a value of $30,000.

 

On July 29, 2019, the Company issued to a Note Holder 2,986,597 shares of its common stock under a conversion notice. The conversion was for $265,000 in principle. The shares were valued at $0.11 per share for a total value of $328,526. The Company recognized a loss of extinguishment of debt of $303,149 on this conversion.

 

On August 1, 2019, the Company issued 200,000 shares of common stock pursuant to a consulting agreement. This stock was valued at $0.08 per share for a value of $16,000.

 

On September 1, 2019, the Company issued 200,000 shares of common stock pursuant to a consulting agreement. This stock was valued at $0.08 per share for a value of $16,000.

 

Warrants

 

On May 20, 2019, the Company entered into a Note Purchase Agreement (the “Agreement”) with an investor (the “Investor”) through which the Investor purchased (i) a Senior Secured Redeemable Convertible Note (“Note”) with a face value of $4,250,000 that is convertible into shares of common stock of the Company and (ii) a warrant (“Warrant”) to purchase 9,250,000 shares of common stock of the Company. The warrant has a life of three years. The warrant is exercisable at the following prices – 3,750,000 shares of common stock at $0.40 per share, 3,000,000 shares of common stock at $0.50 per share and 2,500,000 shares of common stock at $0.60 per share. These warrants’ relative fair value, based on cash proceeds allocation, was $1,711,394, which has been recorded in warrant derivative liabilities. The Company re-valued the warrants at 09/30/19 for $383,827 and recorded a gain on the change in derivative liabilities of $1,327,567.

 

F-28 

 

 

The following tables summarize the warrant activity during the nine months ended September 30, 2019 and the year ended December 31, 2018:

 

Stock Warrants   Number of
Warrants		     Weighted
Average
Exercise Price		  
Balance at December 31, 2017     743,637     $ 1.27  
Granted     300,000       0.75  
Exercised     -       -  
Forfeited     -       -  
Balance at December 31, 2018     1,043,637       1.12  
Granted     9,250,000       0.49  
Exercised     -       -  
Forfeited     (680,000 )     0.90  
Balance at September 30, 2019     9,613,637     $ 0.53  

 

2019 Outstanding Warrants     Warrants Exercisable  
Range of
Exercise Price		     Number Outstanding at September 30, 2019     Weighted Average Remaining Contractual Life     Weighted Average Exercise Price     Number Exercisable at September 30, 2019     Weighted Average Exercise Price  
$ 0.40 - 2.00       9,613,637       2.65 years     $ 0.53       9,613,637     $ 0.53  

 

13. Related Party Transactions

 

Consulting Agreement – In February 2014, the Company entered into a consulting agreement with a stockholder/director. The Company agreed to pay $18,000 per month for twelve months. This agreement was renegotiated in October 2017 and the Company agreed to pay the stockholder/director $25,000 per month starting in October 2017. This agreement was superseded by an Employment Agreement as of July 1, 2018 (see Employment Agreements below). As of September 30, 2019, the Company owed $1,035,000 to the stockholder/director in accrued consulting fees.

 

Mr. Cluff currently serves as a director of the Company and has a separate agreement as a consultant of the Company effective as of October 2, 2015.

 

Employment Agreements – The Company has an employment agreement with its chief executive officer, Trent D’Ambrosio. The employment agreement was effective as of April 1, 2019 and provides for compensation of $300,000 annually.

 

Notes Payable – The Company took several short-term notes payable from related parties during the nine months ended September 30, 2019. The Company received $1,119,000 in cash from related parties and paid out $1,634,412 in cash to related parties on notes payable.

 

14. Commitments and Contingencies

 

Litigation

 

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business. Except as set forth below, we are currently not aware of any such pending or threatened legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition or operating results.

 

On January 26, 2017, the Company was served a copy of a complaint filed by Danzig Ltd. (“Danzig”) and Brett Bertolami (“Bertolami”) in the United States District Court for the Western District of North Carolina, Statesville Division. This matter was dismissed for lack of personal jurisdiction in an Order and Judgment dated March 28, 2018.

 

F-29 

 

 

On June 12, 2017, Danzig Ltd, filed an arbitration in Boston, Massachusetts, with the American Arbitration Association (AAA) against the Company and two if its officers and directors (Trent D’ Ambrosio and Michael Ahlin). Messrs. D’ Ambrosio and Ahlin were dismissed on the ground that they were not proper parties to the Arbitration. A hearing occurred the week of April 9, 2018. On October 24, 2018, a Final Award was issued dismissing all claims asserted by Danzig against Inception and awarding Inception $361,710.74 in fees and costs.

 

On July 20, 2017, Elliott Foxcroft filed an AAA arbitration in Salt Lake City, Utah, against the Company and two if its officers and directors (Trent D’ Ambrosio and Michael Ahlin). On November 16, 2018, Order No. 7 Dismissing Claims of Claimant [Foxcroft] with Prejudice Under AAA Rule 57, and Granting Motion to Dismiss [Inception’s] Counterclaims without Prejudice was entered. This concluded this arbitration as the claims asserted by Foxcroft against Inception were dismissed with prejudice, and Inception’s claims were dismissed without prejudice.

 

On August 22, 2017, the Company and two of its officers and directors (Trent D’ Ambrosio and Michael Ahlin) filed a complaint against Danzig Ltd., Elliott Foxcroft, and Brett Bertolami in the United States District Court, District of Utah, Central Division. On November 29, 2018 the United States District Court for the District of Utah entered an order denying Inception’s motion to dismiss Defendants’ Counterclaim but required the Defendants (Danzig, ltd, Bertalomi, and Foxcroft) to file a more definite statement of their claims by December 14, 2018. The ordered filing was not made and Inception filed another motion to dismiss. The dismissal of the counterclaim with prejudice was entered on January 15, 2019. A final Amended Judgment in a Civil Case was entered in the case on February 13, 2019 which also included confirmation of the order and award entered in the Boston and Salt Lake arbitrations, respectively.

 

One of the Company’s subsidiaries, Compañía Minera Clavo Rico, S.A. de C.V., has been served with notice of a labor dispute brought in Honduras by one of the Company’s former employees. The complaint alleges that the former employee was terminated from his position with the Company’s subsidiary and is entitled to certain statutory compensation. The Company has responded with its assertion that the employee voluntarily resigned and was not involuntarily terminated. The case was heard in Honduras by a labor judge and the Company has appealed the ruling in this case.

 

15. Concentrations

 

We generally sell a significant portion of our mineral production to a relatively small number of customers. For the nine months ended September 30, 2019, 100 percent of our consolidated product revenues were attributable to Cobra Oro de Honduras, A-Mark Precious Metals and to Asahi Refining, Inc., our current and only three customers as of September 30, 2019. We are not dependent upon any one purchaser and have alternative purchasers readily available at competitive market prices if there is a disruption in services or other events that cause us to search for other ways to sell our production.

 

The Company currently is producing all of its precious metals from one mine located in Honduras. This location has most of the Company’s fixed assets and inventories. It would cause considerable disruption to the Company’s operations and revenue if this mine was disrupted or closed.

 

16. Subsequent Events

 

Management has evaluated subsequent events, in accordance with FASB ASC Topic 855, “Subsequent Events,” through November 14, 2019, the date which the financial statements were available to be issued and there are no material subsequent events, except as noted below:

 

From October 1, 2019 through the date of this filing, the Company issued an additional 400,000 shares per a consulting agreement.

 

On September 27, 2019, the Company entered into an Agreement for the acquisition of the UP-Burlington Project. Pursuant to the Agreement, the potential acquirer paid a nonrefundable amount of $25,000 for access to the asset and the right to conduct due diligence for sixty days. Once the due diligence is completed, the potential acquirer has the option to purchase the UP-Burlington project for $475,000.

 

17. Restatement

 

The Company has restated the September 30, 2019 financial statements as originally presented in its 10-Q filed on November 14, 2019.

 

This Form 10-Q/A is being filed to:

 

  (a) Restate the consolidated financial statements for the three and nine-month periods ended September 30, 2019 to reflect revised valuations of derivative liabilities on convertible notes and the warrants issued with the convertible note;
     
  (b) Restate results disclosed for the above noted changes to the consolidated financial statements;

 

The restatements are being made in accordance with ASC 250, “Accounting Changes and Error Corrections.” The disclosure provision of ASC 250 requires a company that corrects an error to disclose that its previously issued financial statements have been restated, a description of the nature of the error, the effect of the correction on each financial statement line item and any per share amount affected for each prior period presented, and the cumulative effect on retained earnings (deficit) in the statement of financial position as of the beginning of the each period presented.

 

The changes and explanation of such are as follows:

 

Consolidated balance sheet as of September 30, 2019:

   Originally Reported   Restatement Adjustment   As Restated 
Derivative liabilities  $6,693,257   $10,657,635   $17,350,892 
Total current liabilities   23,824,298    10,657,635    34,481,933 
Total liabilities   25,218,918    10,657,635    35,876,553 
Additional paid-in capital   6,482,512    (1,211,962)   5,270,550 
Accumulated deficit   (29,201,834)   (9,445,673)   (38,647,507)
Total controlling interest   (23,260,672)   (10,657,635)   (33,918,307)
Total stockholders’ deficit  $(23,268,930)  $(10,657,635)  $(33,926,565)

 

Consolidated Statement of Operations and Comprehensive Loss for the nine-month period ended September 30, 2019:

 

   Originally Reported   Restatement Adjustment   As Restated 
Change in derivative liability  $687,140   $7,838,077   $8,525,217 
Loss on extinguishment of debt   (147,320)   (262,800)   (410,120)
Interest expense   (7,472,764)   (17,020,950)   (24,493,714)
Total other income (expense)   (6,929,459)   (9,445,673)   (16,375,132)
Loss from operations before income taxes   (7,191,890)   (9,445,673)   (16,637,563)
Net loss   (7,191,890)   (9,445,673)   (16,637,563)
Net loss - controlling interest   (7,192,549)   (9,445,673)   (16,638,222)
Net loss per share - basic and diluted   (0.13)   (0.17)   (0.30)
Total comprehensive loss   (7,176,701)   (9,445,673)   (16,622,374)
Total comprehensive loss - controlling interest  $(7,176,770)  $(9,445,673)  $(16,622,443)

 

Consolidated Statement of Operations and Comprehensive Loss for the three-month period ended September 30, 2019:

 

   Originally Reported   Restatement Adjustment   As Restated 
Change in derivative liability  $(558,863)  $3,637,968   $3,079,105 
Loss on extinguishment of debt   (40,350)   (262,800)   (303,150)
Interest expense   (1,238,479)   -    (1,238,479)
Total other income (expense)   (1,835,641)   3,375,168    1,539,527 
Income (loss) from operations before income taxes   (1,037,045)   3,375,168    2,338,123 
Net income (loss)   (1,037,045)   3,375,168    2,338,123 
Net income (loss) - controlling interest   (1,037,791)   3,375,168    2,337,377 
Net income (loss) per share - basic and diluted   (0.02)   0.06    0.04 
Total comprehensive income (loss)   (1,059,399)   3,375,168    2,315,769 
Total comprehensive income (loss) - controlling interest  $(1,059,451)  $3,374,968   $2,315,517 

 

The adjustments above reflect restatement due to revised valuations of derivative liabilities on convertible notes payable and warrants being recognized during the nine-month period, together with the change in the derivative liability during the three and nine-month periods.

  

F-30 

 

 

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

 

Forward Looking Statements

 

Except for historical information, the following Management’s Discussion and Analysis contains forward-looking statements based upon current expectations that involve certain risks and uncertainties. Such forward-looking statements include statements regarding, among other things, (a) discussions about mineral resources and mineralized material, (b) our projected sales and profitability, (c) our growth strategies, (d) anticipated trends in our industry, (e) our future financing plans, (f) our anticipated needs for working capital, (g) our lack of operational experience and (h) the benefits related to ownership of our common stock. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. This information may involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by any forward-looking statements. These statements may be found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Description of Business,” as well as in this Report generally. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including, without limitation, the risks outlined under “Risk Factors” and matters described in this Report generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this Report will in fact occur as projected. Therefore, the reader is advised that the following discussion should be considered in light of the discussion of risks and other factors contained in this report on Form 10-Q and in the Company’s other filings with the Securities and Exchange Commission. No statements contained in the following discussion should be construed as a guarantee or assurance of future performance or future results.

 

Introduction to Interim Consolidated Financial Statements.

 

The interim consolidated financial statements included herein have been prepared by Inception Mining Inc. (“Inception Mining” or the “Company”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). Certain information and footnote disclosure normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These interim consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in this filing.

 

In the opinion of management, all adjustments have been made consisting of normal recurring adjustments and consolidating entries, necessary to present fairly the consolidated financial position of the Company and subsidiaries as of September 30, 2019, the results of its consolidated statements of operations and comprehensive loss for the three and nine-month periods ended September 30, 2019, and its consolidated cash flows for the three and nine-month periods ended September 30, 2019. The results of consolidated operations for the interim periods are not necessarily indicative of the results for the full year.

 

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

 

Overview and Plan of Operation

 

We are a mining company that was formed in Nevada on July 2, 2007. As a mining company, we are engaged in the production of precious metals. Our activities are not limited to production and they also include production, acquisition, exploration, and development of mineral properties, primarily for gold, from owned mining properties. Inception Mining has acquired two projects, the UP and Burlington mine and the Clavo Rico mine, as further described below. Our target properties are those that have been the subject of historical exploration. We have generated revenue and are generating revenue from mining operations.

 

 3 

 

 

UP and Burlington Gold Mine

 

On February 25, 2013, the Company acquired certain real property and the associated exploration permits and mineral rights commonly known as the UP and Burlington Gold Mine (“UP and Burlington” or the “Mine”) pursuant to that certain asset purchase agreement entered between the Company, its majority shareholder (the “Majority Shareholder”), and its wholly-owned subsidiary, Inception Development Inc. (the “Subsidiary”) on one hand, and Inception Resources on the other hand, dated February 25, 2013 (the “Asset Purchase Agreement”). Accordingly, the Company owns and controls this property exclusively; there are no third parties who impose conditions of any kind on operations at this location. We are presently in the exploration stage at UP and Burlington. UP and Burlington contain two federal patented mining claims which Inception Resources acquired for the purpose of the exploration and potential development of gold on the 40 acres which comprises UP and Burlington. Production at this mine is subject to a 3% net smelter royalty, which may increase or decrease depending on the amount of gold produced.

 

Discovered in 1892, UP and Burlington is a private gold property that has been held unused in a family trust for the past 75 years. UP and Burlington is located in Lemhi County, Northwest of Salmon, Idaho, at an elevation of 7,994 feet. The UP and Burlington site is located six miles from the city of Salmon; is 0.6 miles away from the closest major road (Ridge Rd.); and is 1.56 miles away from the closest major power line. We believe Salmon, along with the surrounding County of Lemhi, provides an excellent infrastructure for our mine. Salmon has a population of 3,122 and Lemhi County has a population of 7,806. In September 2011, heavy maintenance and right-of-way repair was completed and a new road to UP and Burlington was constructed.

 

UP and Burlington’s two gold mining claims were brought to patent in 1900, which covers the Mine’s 40 acres. Subsequently, in 1989, a U.S. Forest Survey was performed on the UP and Burlington site confirming that the patented claims cover an area which is six hundred feet by three thousand feet (600’x3000’). The Mine’s patented claims remove the challenges associated when working on U.S. Forest lands, Bureau of Land Management (“BLM”), state or other property types. With our purchase of UP and Burlington, we have the benefit of working on private land, which requires only a hauling / road permit to commence significant operations.

 

The Company has obtained the necessary permitting, cut additional access roads, made surface improvements, and initiated surface mining on a 2,500 foot per day lighted vein for bulk sampling, vein definition and ore valuation. In Phase II, we plan to contract an underground mining and operations plan, expand portal development leveraging existing underground access, and implement underground mining to a depth based on optimizing costs versus processed ore value. There is no guarantee that we will be successful in implementing any stage of our plans.

 

Our plan includes the continuation of obtaining a Lemhi County Conditional Use Permit and an Idaho Department of Lands Surface Reclamation Bond. Since receiving the permitting for the U.S. Forest Service Access Road, the access road is now complete. In addition, we have contracts such as geotechnical contracts, mining contracts, toll processing contracts, and underground mine plan contracts.

 

The Company and its independent consultants are in the process of developing a detailed exploration-drilling program to confirm and expand mineralized zones in the Mine and collect additional environmental and technical data. The first phase began in 2013. The Company intends to continue drilling, metallurgical testing, engineering and environmental programs and studies and has updated the historic feasibility study and environmental permit applications.

 

We also plan to review opportunities and acquire additional mineral properties with current or historic precious and base metal mineralization with meaningful exploration potential.

 

 4 

 

 

Clavo Rico Mine

 

On October 2, 2015, the Company consummated a merger with Clavo Rico Ltd. (“Clavo Rico”). Clavo Rico is a privately held Turks and Caicos company with principal operations in Honduras, Central America. Clavo Rico operates the Clavo Rico mining concession through its subsidiaries Compañía Minera Cerros del Sur, S.A de C.V. and Compañía Minera Clavo Rico, S.A. de C.V. and holds other mining concessions. Its workings include several historical underground mining operations dating back to the early Mayan and Spanish occupation.

 

The Company’s primary mine is located on the 200-hectare Clavo Rico Concession, located in southern Honduras. This mine was originally explored and exploited in the 16th century by the Spanish, and more recently has been operated by Compañía Minera Cerros del Sur, S. de R.L. as a small family business. In 2003, Clavo Rico’s predecessor purchased a 20% interest and later increased its ownership to 99.9%. This company has since invested over five million dollars in the expansion and development of the mine and surrounding properties. Today, the Company operates this mine through exploration of surface-level material.

 

Mining operations begin by crushing extracted material to approximately 3/8-inch size pebbles, which is then mixed with additional material and loaded on the recovery pad for processing. The pebble material is sprinkled with a solution that leaches the gold from the rock, and the solution is collected and processed on-site at Clavo Rico’s own ADR plant. The doré bars that result from this process are shipped to the USA for refining.

 

Prior to the expansion, the mine had only been processing approximately less than 500 tons of extracted material per day. The current recovery operational increase has been sized to handle from 500 to 750 tons of extracted material per day on a recovery bed that has the capacity to receive up to 750,000 tons of material. The Company commenced full operations on January 1, 2012 and believes that sufficiently high gold content ore bodies have been located and blocked out to load the leach pad to capacity by the end of September 30, 2020.

 

The Company has engaged in preliminary drilling of this area and the resulting assays of samples indicate that the material should have grades in the range of 0-5 grams of gold per ton.

 

Results of Operations

 

Nine months ended September 30, 2019 compared to the Nine months ended September 30, 2018

 

We incurred a net loss of $16,637,563 for the nine-month period ended September 30, 2019, and a net loss of $5,664,256 for the nine-month period ended September 30, 2018. This change in our results over the two periods is primarily the result of the increase in interest expense and a change in derivative liabilities. The following table summarizes key items of comparison and their related increase (decrease) for the nine-month periods ended September 30, 2019 and 2018:

 

   Nine Months Ended September 30,   Increase/ 
   2019   2018   (Decrease) 
   (Restated)         
Revenues  $3,876,937   $3,155,812   $721,125 
Cost of Sales   2,368,451    3,195,266    (826,815)
General and Administrative   1,743,704    1,623,506    120,198 
Depreciation and Amortization Expenses   27,213    28,970    (1,757)
Total Operating Expenses   4,139,368    4,847,742    (708,374)
Income (Loss) from Operations   (262,431)   (1,691,930)   (1,429,499)
Other Income (expense)   3,485    2,790    (695)
Change in Derivative Liabilities   8,525,217    (1,372,972)   (9,898,189)
Loss on Extinguishment of Debt   (410,120)   (8,510)   401,610 
Interest Expense   (24,493,714)   (2,593,634)   21,900,080 
Income (Loss) from Operations Before Taxes   (16,637,563)   (5,664,256)   10,973,307 
Net Income (Loss)  $(16,637,563)  $(5,664,256)  $10,973,307 

 

Revenues increased because of the crusher problems that the mine has been working on fixing since the end of 2018 was resolved. Crushing production has been resolved so the mine began putting more material on the leach pad as capacity allows. The Company also entered an agreement with Corbra Oro to process sulfide ore for the Company, which contributed to the increase in revenues.

 

 5 

 

 

Cost of sales decreased because the write-down of the inventory in process during 2018.

 

General and administrative expenses increased based on increases in salaries and benefits and investor relations, accounting services and the cost of importing offset by decreases in legal and consulting fees.

 

Changes in derivative liabilities increased because of the valuation of these derivatives and the relation to the Company’s stock price increasing.

 

Interest expense increased because of the number of convertible notes that have been paid off during the prepayment penalty periods to avoid conversion of these notes by the Company and the interest expense related to note debt discounts recorded in excess of the note proceeds.

 

Three months ended September 30, 2019 compared to the Three months ended September 30, 2018

 

We had a net income of $2,337,377 for the three-month period ended September 30, 2019, and a net loss of $3,394,410 for the three-month period ended September 30, 2018. This change in our results over the two periods is primarily the result of an increase in interest expense and the change in derivative liabilities. The following table summarizes key items of comparison and their related increase (decrease) for the three-month periods ended September 30, 2019 and 2018:

 

   Three Months Ended September 30,   Increase/ 
   2019   2018   (Decrease) 
   (Restated)         
Revenues  $1,853,730   $794,227   $1,059,503 
Cost of Sales   483,837    654,141    (170,304)
General and Administrative   562,243    646,716    (84,473)
Depreciation and Amortization Expenses   9,054    9,459    (405)
Total Operating Expenses   1,055,134    1,310,316    (255,182)
Income (Loss) from Operations   798,596    (516,089)   (1,314,685)
Other Income (expense)   2,051    771    (1,280)
Change in Derivative Liabilities   3,079,105    (2,148,545)   (5,227,650)
Loss on Extinguishment of Debt   (303,150)   (8,510)   294,640 
Interest Expense   (1,238,479)   (722,037)   516,442 
Income (Loss) from Operations Before Taxes   2,338,123    (3,394,410)   (5,732,533)
Net Income (Loss)  $2,338,123   $(3,394,410)  $(5,732,533)

 

Revenues increased because of the crusher problems that the mine has been working on fixing since the end of 2018 was resolved. Crushing production has been resolved so the mine began putting more material on the leach pad as capacity allows. The Company has also began shipping ore to Cobra Oro per the sales agreement.

 

The decrease in the Cost of sales was due to increases in cyanide, geologist expenses and the increased cost of moving the sulfide ore under the Cobra Oro agreement, offset with decreases in cement, equipment rents and other expenses.

 

General and administrative expenses decreased based on increases in salaries and benefits and investor relations offset by decreases in legal and consulting fees.

 

Changes in derivative liabilities increased because of the valuation of these derivatives and the relation to the Company’s stock price increasing.

 

 6 

 

 

 

Interest expense increased because of the number of convertible notes that have been paid off during the prepayment penalty periods to avoid conversion of these notes by the Company and the interest expense related to note debt discounts recorded in excess of the note proceeds.

 

Liquidity and Capital Resources

 

Our balance sheet as of September 30, 2019 reflects assets of $1,949,988. We had cash in the amount of $209,544 and working capital deficit in the amount of $33,059,255 as of September 30, 2019. Thus, we do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.

 

Working Capital

 

   September 30, 2019   December 31, 2018 
   (Restated)     
Current assets  $1,422,678   $653,395 
Current liabilities   34,481,933    19,096,378 
Working capital deficit  $(33,059,255)  $(18,442,983)

 

We anticipate generating losses and, therefore, may be unable to continue operations in the future, if we don’t acquire additional capital and issue debt or equity or enter into a strategic arrangement with a third party.

 

Going Concern Consideration

 

As reflected in the accompanying unaudited condensed consolidated financial statements, the Company and has an accumulated deficit of $38,647,507. In addition, there is a working capital deficit of $33,059,255 as of September 30, 2019. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

   Nine Months Ended 
   September 30, 2019   September 30, 2018 
   (Restated)     
Net Cash Provided by (Used in) Operating Activities  $(727,978)  $24,790 
Net Cash Used in Investing Activities   -    (19,994)
Net Cash Provided by (Used in) Financing Activities   886,899    (48,868)
Effects of Exchange Rate Changes on Cash   (234)   8,257 
Net Increase (Decrease) in Cash  $158,687   $(35,815)

 

Operating Activities

 

Net cash flow used in operating activities during the nine months ended September 30, 2019 was $727,978, a decrease of $752,777 from the $24,790 net cash provided during the nine months ended September 30, 2018. This decrease in the cash provided by operating activities was primarily due to the decrease in inventories in 2018 that provided cash of over $900,000 to operations in that year.

 

Investing Activities

 

Investing activities during the nine months ended September 30, 2019 used $0, a decrease of $19,994 from the $19,994 used by investing activities during the nine months ended September 30, 2018. During the nine months ended September 30, 2019, the Company purchased $0 in fixed assets.

 

 7 

 

 

Financing Activities

 

Financing activities during the nine months ended September 30, 2019 provided $886,899, an increase of $935,767 from the $48,868 used in financing activities during the nine months ended September 30, 2018. During the nine months ended September 30, 2019, the Company received $1,119,000 in proceeds from notes payable - related parties, $4,075,975 in proceeds from convertible notes payable and $48,750 in proceeds from the sale of common stock. The Company made $1,634,412 in payments on notes payable – related parties and $2,722,414 in payments on convertible notes payable.

 

Critical Accounting Policies

 

Our financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles used in the United States. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management’s application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financials.

 

Costs of acquiring mining properties and any exploration and development costs are expensed as incurred unless proven and probable reserves exist and the property is a commercially mineable property. Mine development costs incurred either to develop new gold and silver deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.

 

The Company capitalizes costs for mining properties by individual property and defers such costs for later amortization only if the prospects for economic productions are reasonably certain. Capitalized costs are expensed in the period when the determination has been made that economic production does not appear reasonably certain.

 

Recent Accounting Pronouncements

 

For recent accounting pronouncements, please refer to the notes to financial statements in Part I, Item 1 of this Quarterly Report.

 

Off-Balance Sheet Arrangements

 

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As a smaller reporting company, we are not required to include disclosure under this item.

 

 8 

 

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures that are designed to ensure that material information required to be disclosed in our periodic reports filed under the Securities Exchange Act of 1934, as amended, or 1934 Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and to ensure that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer as appropriate, to allow timely decisions regarding required disclosure. We carried out an evaluation, under the supervision and with the participation of our management, including the principal executive officer and the principal financial officer (principal financial officer), of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13(a)-15(e) under the 1934 Act, as of the end of the period covered by this report. Based on this evaluation, because of the Company’s limited resources and limited number of employees, management concluded that our disclosure controls and procedures were not effective as of September 30, 2019.

 

Management’s Report on Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control over financial reporting is designed to provide reasonable assurances regarding the reliability of financial reporting and the preparation of the financial statements of the Company in accordance with U.S. generally accepted accounting principles, or GAAP. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate.

 

With the participation of our Chief Executive Officer and Chief Financial Officer, our management conducted an evaluation of the effectiveness of our internal control over financial reporting as of September 30, 2019 based on the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on our evaluation and the material weaknesses described below, management concluded that the Company’s internal controls were not effective based on financial reporting as of December 31, 2018 and September 30, 2019 based on the COSO framework criteria. Management has identified control deficiencies regarding the lack of segregation of duties, tax compliance issues and the need for a stronger internal control environment. Management of the Company believes that these material weaknesses are due to the small size of the Company’s accounting staff and reliance on outside consultants for external reporting. The small size of the Company’s accounting staff may prevent adequate controls in the future, such as segregation of duties, due to the cost/benefit of such remediation.

 

To mitigate the current limited resources and limited employees, we rely heavily on direct management oversight of transactions, along with the use of legal and outside accounting consultants. As we grow, we expect to increase our number of employees, which will enable us to implement adequate segregation of duties within the internal control framework.

 

These control deficiencies could result in a misstatement of account balances that would result in a reasonable possibility that a material misstatement to our consolidated financial statements may not be prevented or detected on a timely basis. Accordingly, we have determined that these control deficiencies as described above together constitute a material weakness.

 

In light of this material weakness, we performed additional analyses and procedures in order to conclude that our consolidated financial statements for the quarter ended September 30, 2019 included in this Quarterly Report on Form 10-Q were fairly stated in accordance with US GAAP. Accordingly, management believes that despite our material weaknesses, our consolidated financial statements for the quarter ended September 30, 2019 are fairly stated, in all material respects, in accordance with US GAAP.

 

This Quarterly Report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit us to provide only management’s report in this Quarterly Report on Form 10-Q.

 

 9 

 

 

Limitations on Effectiveness of Controls and Procedures

 

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include, but are not limited to, the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 

Changes in Internal Control Over Financial Reporting

 

There have been no changes in our internal control over financial reporting that occurred during the period covered by this Quarterly Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II – OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business. Except as set forth below, we are currently not aware of any such pending or threatened legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition or operating results.

 

One of the Company’s subsidiaries, Compañía Minera Clavo Rico, S.A. de C.V., has been served with notice of a labor dispute brought in Honduras by one of the Company’s former employees. The complaint alleges that the former employee was terminated from his position with the Company’s subsidiary and is entitled to certain statutory compensation. The Company has responded with its assertion that the employee voluntarily resigned and was not involuntarily terminated. The case was heard in Honduras by a labor judge and the Company has appealed the ruling in this case.

 

ITEM 1A. RISK FACTORS

 

As a smaller reporting company, we are not required to include disclosure under this item. We refer readers to our Form 10-K for additional risk factor disclosures.

 

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

 

The Company issued the following equity securities since July 1, 2019:

 

On July 29, 2019, the Company issued 2,986,597 shares of common stock to the Investor upon the conversion of $265,000 of principal amount, $53,072.60 in conversion premium pursuant to the conversion terms of the Notes. The issuance was made in reliance on the exemption from registration provided by Sections 3(a)(9) and 4(a)(2) of the Securities Act as the common stock was issued in exchange for debt securities of the Company held by each shareholder, there was no additional consideration for the exchange, there was no remuneration for the solicitation of the exchange, there was no general solicitation, and the transactions did not involve a public offering. The holders provided legal opinions pursuant to Rule 144 promulgated under Section 4(a)(1) of the Securities Act.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

 

 10 

 

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable as the Company conducts no mining operations in the U.S. or its territories.

 

ITEM 5. OTHER INFORMATION

 

On September 27, 2019, the Company entered into an Agreement for the acquisition of the UP-Burlington Project. Pursuant to the Agreement, the potential acquirer paid a nonrefundable amount of $25,000 for access to the asset and the right to conduct due diligence for sixty days. Once the due diligence is completed, the potential acquirer has the option to purchase the UP-Burlington project for $475,000.

 

ITEM 6. EXHIBITS

 

Exhibit Number   Exhibit Description
     
3.1   Articles of Incorporation (1)
     
3.2   Certificate of Amendment, effective March 5, 2010(2)
     
3.3   Certificate of Amendment, effective June 23, 2010(3)
     
3.4   Articles of Merger, effective May 17, 2013 (4)
     
3.5   Bylaws (1)
     
4.1   Form of Subscription Agreement entered by and between Inception Mining Inc. and Accredited Investors (5)
     
4.2   Letter Amendment dated November 1, 2013 to Promissory Note dated January 17, 2013 between Inception Resources, LLC and U.P and Burlington Development, LLC (8)
     
4.3   Securities Purchase Agreement with Typenex Co-Investment, LLC dated February 27, 2017(13)
     
4.4   Convertible Promissory Note issued to Typenex Co-Investment, LLC dated February 27, 2017(13)
     
4.5   Warrant to Purchase Shares of Common Stock issued to Labrys Fund LP dated March 7, 2017(13)

 

4.6   Convertible Promissory Note issued to Labrys Fund LP dated March 7, 2017(13)
     
4.7   Securities Purchase Agreement with Labrys Fund LP dated March 7, 2017 (13)
     
4.8   Convertible Promissory Note issued to Power Up Lending Group Ltd. on April 21, 2017(14)
     
4.9   Securities Purchase Agreement with Power Up Lending Group Ltd. dated April 21, 2017 (14)
     
10.1   Asset Purchase Agreement dated February 25, 2013, by and between Gold American, its majority shareholder Brett Bertolami, and its wholly-owned subsidiary, Inception Development Inc. on one hand, and Inception Resources, LLC on the other hand (6)
     
10.2   Employment Agreement by and between the Company and Michael Ahlin dated February 25, 2013 (6)
     
10.3   Employment Agreement by and between the Company and Whit Cluff dated February 25, 2013 (6)
     
10.4   Employment Agreement by and between the Company and Brian Brewer dated February 25, 2013 (6)

 

 11 

 

 

10.5   Employment Agreement with Michael Ahlin dated August 1, 2015 (11)
     
10.6   Consulting Agreement by and between the Company and Michael Ahlin dated January 1, 2018 (13)
     
10.8   Debt Exchange Agreement by and between Gold American Mining Corp. and Brett Bertolami dated February 25, 2013 (6)
     
10.9   Agreement by and between Crawford Cattle Company LLC, as seller, and, Inception Mining Inc., as Buyer dated as of August 30, 2013 (7)
     
10.10   Agreement and Plan of Merger dated August 4, 2015 (11)
     
10.11   Addendum to Agreement and Plan of Merger (11)
     
10.12   List of Subsidiaries (12)
     
10.13   Joint Venture Agreement with Corpus Mining and Exploration, LTD dated as of October 1, 2018. (15)
     
10.14   Employment Agreement with Trent D’Ambrosio (16)
     
10.15   Note Purchase Agreement (16)
     
10.16   Senior Secured Redeemable Convertible Note (16)
     
10.17   Warrant (16)
     
31.1*   Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2*   Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1*   Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
32.2*   Certification of Chief Financial Officers pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

*   Filed herewith.
     
(1)   Incorporated by reference from Form SB-2 filed with the SEC on October 31, 2007.
     
(2)   Incorporated by reference from Form 8-K filed with the SEC on March 10, 2010.
     
(3)   Incorporated by reference from Form 8-K filed with the SEC on June 28, 2010.
     
(4)   Incorporated by reference from Form 10-Q filed with the SEC on May 20, 2013.
     
(5)   Incorporated by reference from Form 8-K filed with the SEC on August 5, 2013.
     
(6)   Incorporated by reference from Form 8-K filed with the SEC on March 1, 2013.
     
(7)   Incorporated by reference from Form 8-K filed with the SEC on September 6, 2013.
     
(8)   Incorporated by reference from Form 10-Q filed with the SEC on June 20, 2014.
     
(9)   Incorporated by reference from Form 8-K filed with the SEC on March 12, 2014.
     
(10)   Incorporated by reference from Form 8-K filed with the SEC on October 7, 2014.
     
(11)   Incorporated by reference from Form 8-K filed with the SEC on October 7, 2015.
     
(12)   Incorporated by reference from the Form 10-K filed with the SEC on May 3, 2016.
     
(13)   Incorporated by reference from the Form 10-K filed with the SEC on April 17, 2017.
     
(14)   Incorporated by reference from the Form 10-Q filed with the SEC on May 16, 2017.
     
(15)   Incorporated by reference from the Form 8-K filed with the SEC on October 19, 2018.
     
(16)   Incorporated by reference from the Form S-1 filed with the SEC on June 3, 2019.

 

 12 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  INCEPTION MINING INC.
     
Date: May 22, 2020 By: /s/ Trent D’Ambrosio
  Name:  Trent D’Ambrosio
  Title: Chief Executive Officer (Principal Executive Officer)
    Chief Financial Officer (Principal Financial and Accounting Officer)

 

 13 

 EX-31.1 2 ex31-1.htm

 

Exhibit 31.1

 

OFFICER’S CERTIFICATE

PURSUANT TO SECTION 302

 

I, Trent D’Ambrosio, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q/A of Inception Mining Inc.;
   
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. I am 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my 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;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my 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. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors 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: May 22, 2020 By: /s/ Trent D’Ambrosio
  Name:  Trent D’Ambrosio
  Title: Chief Executive Officer (Principal Executive Officer)

 

   

 

 EX-31.2 3 ex31-2.htm

 

Exhibit 31.2

 

OFFICER’S CERTIFICATE

PURSUANT TO SECTION 302

 

I, Trent D’Ambrosio, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q/A of Inception Mining Inc.;
   
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. I am 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my 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;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my 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. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors 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: May 22, 2020 By: /s/ Trent D’Ambrosio
  Name:  Trent D’Ambrosio
  Title: Chief Financial Officer (Principal Accounting Officer)

 

   

 

 EX-32.1 4 ex32-1.htm

 

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

 

In connection with the Quarterly Report on Form 10-Q/A of Inception Mining Inc. (the “Company”) for the period ended September 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Trent D’Ambrosio, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
   
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: May 22, 2020 By: /s/ Trent D’Ambrosio
  Name:  Trent D’Ambrosio
  Title: Chief Executive Officer (Principal Executive Officer)

 

   

 

 EX-32.2 5 ex32-2.htm

 

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

 

In connection with the Quarterly Report on Form 10-Q/A of Inception Mining Inc. (the “Company”) for the period ended September 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Trent D’Ambrosio, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
   
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: May 22, 2020 By: /s/ Trent D’Ambrosio
  Name:  Trent D’Ambrosio
  Title: Chief Financial Officer (Principal Accounting Officer)

 

   

 

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The Note has a maturity date of August 7, 2019 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12%) per annum from the date on which the Note is issued (the &#8220;Issue Date&#8221;) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company&#8217;s common stock, par value $0.0001 per share (the &#8220;Common Stock&#8221;) at a conversion price of variable conversion price is 61% (39% discount) of the market price. 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(the &#8220;Purchaser&#8221;), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the &#8220;Note&#8221;) in the aggregate amount of $100,000. The total net proceeds the Company received was $95,000 (less an original issue discount (&#8220;OID&#8221;) of $5,000). The Note has a maturity date of February 10, 2020 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12%) per annum from the date on which the Note is issued (the &#8220;Issue Date&#8221;) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. 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In the event the Company experiences a DTC &#8220;Chill&#8221; on its shares, the conversion price shall be decreased an additional 10% discount while the &#8220;Chill&#8221; is in effect. On May 22, 2019, the Company paid $93,161 to pay off the principal balance of $80,500 and $12,661 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $80,500 of debt discount to current period operations as interest expense. 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The conversion price has a floor price of $0.01 per share of common stock. The Company issued 9,250,000 warrants to purchase shares of common stock in connection with this note. The warrants have a three-year life and an exercise price as follows: 3,750,000 at an exercise price of $0.40 per share, 3,000,000 at an exercise price of $0.50 per share and 2,500,000 at an exercise price of $0.60 per share. These warrants were valued at $1,711,394 and recorded by the Company as debt discount interest expense. The note has an early payoff penalty of 140% of the then outstanding face value. For the nine months ended September 30, 2019, the Company amortized $238,372 of debt discount to current period operations as interest expense. 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However, if the Company&#8217;s share price at any time loses the bid, then the conversion price may, in the Holder&#8217;s sole and absolute discretion, be reduced to a fixed conversion price of $0.00001 (if lower than the conversion price otherwise), and provided, that if on the date of delivery of the conversion shares to the Holder, or any date thereafter while conversion shares are held by the Holder, the closing bid price per share of common stock on the principal market on the trading day on which the common shares are traded is less than the sale price used to calculate the conversion price, then such conversion price shall be automatically reduced using the new low closing bid price and additional shares issued to the Holder. In the event the Company experiences a DTC &#8220;Chill&#8221; on its shares, or if the closing sale price at any time falls below $0.047, then the conversion price shall be decreased an additional 15% discount. 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In the event the Company experiences a DTC &#8220;Chill&#8221; on its shares, or if the closing sale price at any time falls below $0.15, then the conversion price shall be decreased an additional 15% discount. At any time after the closing date, if the Company&#8217;s common stock is not deliverable by DWAC, then an additional 15% discount will apply to all future conversions on this note. For the nine months ended September 30, 2019, the Company amortized $40,761 of debt discount to current period operations as interest expense. 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Inventories, Stockpiles and Mineralized Materials on Leach Pads (Tables)
 9 Months Ended
Sep. 30, 2019
Inventory Disclosure [Abstract]  
Schedule of Inventories

Inventories, stockpiles and mineralized materials on leach pads at September 30, 2019 and December 31, 2018 consisted of the following:

 

    September 30, 2019     December 31, 2018  
Supplies   $ 25,903     $ 87,230  
Mineralized Material on Leach Pads     163,310       247,213  
ADR Plant     308,401       40,642  
Finished Ore     583,785       195,528  
Total Inventories   $ 1,081,399     $ 570,613  
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Subsequent Events
 9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

16. Subsequent Events

 

Management has evaluated subsequent events, in accordance with FASB ASC Topic 855, “Subsequent Events,” through November 14, 2019, the date which the financial statements were available to be issued and there are no material subsequent events, except as noted below:

 

From October 1, 2019 through the date of this filing, the Company issued an additional 400,000 shares per a consulting agreement.

 

On September 27, 2019, the Company entered into an Agreement for the acquisition of the UP-Burlington Project. Pursuant to the Agreement, the potential acquirer paid a nonrefundable amount of $25,000 for access to the asset and the right to conduct due diligence for sixty days. Once the due diligence is completed, the potential acquirer has the option to purchase the UP-Burlington project for $475,000.
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Derivative Financial Instruments (Details Narrative)
 9 Months Ended 12 Months Ended
Sep. 30, 2019
USD ($)
Dec. 31, 2018
USD ($)
Fair value derivative liability $ 16,946,970 $ 2,511,226
Warrant liability 20,094 36,580
Gain from change in fair value of warrant liability 383,827 26,171
Debt Derivative Liability [Member]    
Gain from change in fair value of debt derivatives $ 7,181,164 $ 953,390
Debt Derivative Liability [Member] | Binomial Option Pricing Model [Member] | Measurement Input, Expected Dividend Rate [Member]    
Fair value of assumptions, percentage 0.00 0.00
Debt Derivative Liability [Member] | Binomial Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member]    
Fair value of assumptions, percentage 244.93 203.03
Debt Derivative Liability [Member] | Binomial Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member]    
Fair value of assumptions, percentage 274.69 306.25
Debt Derivative Liability [Member] | Binomial Option Pricing Model [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]    
Fair value of assumptions, percentage 1.63 2.45
Debt Derivative Liability [Member] | Binomial Option Pricing Model [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]    
Fair value of assumptions, percentage 1.88 2.63
Debt Derivative Liability [Member] | Binomial Option Pricing Model [Member] | Measurement Input, Expected Term [Member] | Minimum [Member]    
Fair value of assumptions, expected life 4 months 2 days 3 months 8 days
Debt Derivative Liability [Member] | Binomial Option Pricing Model [Member] | Measurement Input, Expected Term [Member] | Maximum [Member]    
Fair value of assumptions, expected life 1 year 7 months 21 days 1 year 7 months 2 days
Debt Derivative Liability [Member] | Monte Carlo Valuation Model [Member] | Measurement Input, Price Volatility [Member]    
Fair value of assumptions, percentage 244.0  
Debt Derivative Liability [Member] | Monte Carlo Valuation Model [Member] | Measurement Input, Risk Free Interest Rate [Member]    
Fair value of assumptions, percentage 1.67  
Debt Derivative Liability [Member] | Monte Carlo Valuation Model [Member] | Measurement Input, Expected Term [Member]    
Fair value of assumptions, expected life 1 year 7 months 21 days  
Warrant Liability [Member]    
Warrant liability $ 403,922  
Gain from change in fair value of warrant liability $ 1,344,053  
Warrant Liability [Member] | Binomial Option Pricing Model [Member] | Measurement Input, Expected Dividend Rate [Member]    
Fair value of assumptions, percentage 0.00  
Warrant Liability [Member] | Binomial Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member]    
Fair value of assumptions, percentage 210.75  
Warrant Liability [Member] | Binomial Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member]    
Fair value of assumptions, percentage 226.32  
Warrant Liability [Member] | Binomial Option Pricing Model [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]    
Fair value of assumptions, percentage 1.55  
Warrant Liability [Member] | Binomial Option Pricing Model [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]    
Fair value of assumptions, percentage 1.56  
Warrant Liability [Member] | Binomial Option Pricing Model [Member] | Measurement Input, Expected Term [Member] | Minimum [Member]    
Fair value of assumptions, expected life 2 years 10 months 10 days  
Warrant Liability [Member] | Binomial Option Pricing Model [Member] | Measurement Input, Expected Term [Member] | Maximum [Member]    
Fair value of assumptions, expected life 4 years 26 days  
Warrant Liability [Member] | Monte Carlo Valuation Model [Member] | Measurement Input, Price Volatility [Member]    
Fair value of assumptions, percentage 211.5  
Warrant Liability [Member] | Monte Carlo Valuation Model [Member] | Measurement Input, Risk Free Interest Rate [Member]    
Fair value of assumptions, percentage 1.59  
Warrant Liability [Member] | Monte Carlo Valuation Model [Member] | Measurement Input, Expected Term [Member]    
Fair value of assumptions, expected life 2 years 7 months 21 days  
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Properties, Plant and Equipment, Net - Summary of Allocation of Depreciation Expense (Details) - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Depreciation expense $ 162,947 $ 169,768
Cost of Goods Sold [Member]    
Depreciation expense 135,734 140,798
General and Administrative [Member]    
Depreciation expense $ 27,213 $ 28,970
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A0#% @ XXJV4-&H4ABW> M(=(& !4 ( !4+\! &EM:6DM,C Q.3 Y,S!?;&%B+GAM;%!+ M 0(4 Q0 ( ..*ME!5[*4T%E( #.:!0 5 " 3HX @!I J;6EI+3(P,3DP.3,P7W!R92YX;6Q02P4& 8 !@"* 0 @XH" end XML 17 R64.htm IDEA: XBRL DOCUMENT v3.20.1
Concentrations (Details Narrative)
 9 Months Ended
Sep. 30, 2019
Sales Revenue, Net [Member] | A-Mark Precious Metals [Member]  
Concentrations risk percentage 100.00%

XML 18 R60.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Deficit - Schedule of Warrants (Details) - Warrant [Member] - $ / shares
 9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Number of Warrants, Beginning Balance 1,043,637 743,637
Number of Warrants, Granted 9,250,000 300,000
Number of Warrants, Exercised
Number of Warrants, Forfeited (680,000)
Number of Warrants, Ending Balance 9,613,637 1,043,637
Weighted Average Exercise Price, Beginning Balance $ 1.12 $ 1.27
Weighted Average Exercise Price, Granted 0.49 0.75
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Forfeited 0.90
Weighted Average Exercise Price, Ending Balance $ 0.53 $ 1.12
XML 19 R56.htm IDEA: XBRL DOCUMENT v3.20.1
Notes Payable - Related Parties - Schedule of Notes Payable Related Parties (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Note payable - related party $ 6,829,641 $ 6,822,657
Claymore Management [Member]    
Relationship Affiliate - Controlled by Director Affiliate - Controlled by Director
Note payable - related party $ 185,000 $ 185,000
Diamond 80, LLC [Member]    
Relationship Immediate Family Member Immediate Family Member
Note payable - related party $ 49,000
Francis E. Rich IRA [Member]    
Relationship Immediate Family Member Immediate Family Member
Note payable - related party $ 100,000 $ 100,000
GAIA Ltd. [Member]    
Relationship Affiliate - Controlled by Director Affiliate - Controlled by Director
Note payable - related party $ 1,150,000 $ 1,150,000
Legends Capital [Member]    
Relationship Affiliate - Controlled by Director Affiliate - Controlled by Director
Note payable - related party $ 765,000 $ 765,000
LW Briggs Irrevocable Trust [Member]    
Relationship Affiliate - Controlled by Director Affiliate - Controlled by Director
Note payable - related party $ 1,101,000 $ 1,101,000
MDL Ventures, LLC [Member]    
Relationship Affiliate - Controlled by Director Affiliate - Controlled by Director
Note payable - related party $ 1,260,661 $ 1,204,677
Silverbrook Corporation [Member]    
Relationship Affiliate - Controlled by Director Affiliate - Controlled by Director
Note payable - related party $ 2,227,980 $ 2,227,980
WOC Energy, LLC [Member]    
Relationship Affiliate - Controlled by Director Affiliate - Controlled by Director
Note payable - related party $ 40,000 $ 40,000
XML 20 R52.htm IDEA: XBRL DOCUMENT v3.20.1
Secured Borrowings - Schedule of Secured Borrowings (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Debt Disclosure [Abstract]    
Secured obligations $ 247,571 $ 225,005
Guaranteed interest 24,757 22,500
Deferred interest (18,245) (10,881)
Secured Borrowings, gross 254,083 236,624
Gold held as security (82,478) (19,401)
Secured Borrowings, net $ 171,605 $ 217,223
XML 21 R4.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Precious Metals Income $ 1,853,730 $ 794,227 $ 3,876,937 $ 3,155,812
Operating Expenses        
Cost of sales 483,837 654,141 2,368,451 3,195,266
General and administrative 562,243 646,716 1,743,704 1,623,506
Depreciation and amortization 9,054 9,459 27,213 28,970
Total Operating Expenses 1,055,134 1,310,316 4,139,368 4,847,742
Income (Loss) from Operations 798,596 (516,089) (262,431) (1,691,930)
Other Income/(Expenses)        
Other income (expense) 2,051 771 3,485 2,790
Change in derivative liability 3,079,105 (2,148,545) 8,525,217 (1,372,972)
Loss on extinguishment of debt (303,150) (8,510) (410,120) (8,510)
Interest expense (1,238,479) (722,037) (24,493,714) (2,593,634)
Total Other Income/(Expenses) 1,539,527 (2,878,321) (16,375,132) (3,972,326)
Net Income (Loss) from Operations before Income Taxes 2,338,123 (3,394,410) (16,637,563) (5,664,256)
Provision for Income Taxes
NET INCOME (LOSS) 2,338,123 (3,394,410) (16,637,563) (5,664,256)
NET INCOME (LOSS) - Non-Controlling Interest (746) 438 (659) 871
NET INCOME (LOSS) - Controlling Interest $ 2,337,377 $ (3,393,972) $ (16,638,222) $ (5,663,385)
Net income (loss) per share - Basic $ 0.04 $ (0.06) $ (0.30) $ (0.11)
Net income (loss) per share - Diluted $ 0.00 $ (0.06) $ (0.30) $ (0.11)
Weighted average number of shares outstanding during the period - Basic 58,284,979 53,617,945 56,122,353 53,335,657
Weighted average number of shares outstanding during the period - Diluted 151,616,958 53,617,945 56,122,353 53,335,657
Other Comprehensive Income (Loss)        
Exchange differences arising on translating foreign operations $ (22,354) $ (11,225) $ 15,189 $ 2,306
Total Comprehensive Income (Loss) 2,315,769 (3,405,635) (16,622,374) (5,661,950)
Total Comprehensive Income (Loss) - Non-Controlling Interest (52) 253 (69) (118)
Total Comprehensive Income (Loss) - Controlling Interest $ 2,315,717 $ (3,405,382) $ (16,622,443) $ (5,662,068)
XML 22 R8.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

 

Going Concern - The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements, the Company incurred a net loss of $16,637,563 during the period ended September 30, 2019 and had a working capital deficit of $33,059,255 as of September 30, 2019. These factors among others indicate that the Company may be unable to continue as a going concern for a period of one year from the issuance of these financial statements.

 

The Company’s existence is dependent upon management’s ability to develop profitable operations and to obtain additional funding sources. There can be no assurance that the Company’s financing efforts will result in profitable operations or the resolution of the Company’s liquidity problems. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern.

 

Management is currently working to make changes that will result in profitable operations and to obtain additional funding sources to meet the Company’s need for cash during the next twelve months and beyond.

 

Principles of Consolidation - The accompanying consolidated financial statements include the accounts of Inception Mining, Inc. and its wholly owned subsidiaries, Inception Development, Corp., Clavo Rico Development Corp., Clavo Rico, Ltd. and Compañía Minera Cerros del Río, S.A. de C.V., and its controlling interest subsidiaries, Compañía Minera Cerros del Sur, S.A. de C.V. and Compañía Minera Clavo Rico, S.A. de C.V. (collectively, the “Company”). All intercompany accounts have been eliminated upon consolidation.

 

Basis of Presentation - The Company prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America.

 

Condensed Financial Statements - The interim consolidated financial statements included herein have been prepared by Inception Mining Inc. (“Inception Mining” or the “Company”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). Certain information and footnote disclosure normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These interim consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in this filing.

 

In the opinion of management, all adjustments have been made consisting of normal recurring adjustments and consolidating entries, necessary to present fairly the consolidated financial position of the Company and subsidiaries as of September 30, 2019, the results of its consolidated statements of operations and comprehensive loss for the three and nine-month periods ended September 30, 2019, and its consolidated cash flows for the three and nine-month periods ended September 30, 2019. The results of consolidated operations for the interim periods are not necessarily indicative of the results for the full year.

 

Cash and Cash Equivalents - The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At September 30, 2019 and December 31, 2018, the Company had no cash equivalents. The aggregate cash balance on deposit in these accounts is insured by the Federal Deposit Insurance Corporation up to $250,000. The Company has never experienced any losses in such accounts.

 

Inventories, Stockpiles and Mineralized Material on Leach Pads - Inventories, including stockpiles and mineralized material on leach pads are carried at the lower of cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. Write-downs of stockpiles, mineralized material on leach pads and inventories to net realizable value are reported as a component of costs applicable to mining revenue. Cost is comprised of production costs for mineralized material produced and processed. Production costs include the costs of materials, costs of processing, direct labor, mine site and processing facility overhead costs and depreciation, amortization and depletion.

 

Stockpiles - Stockpiles represent mineralized material that has been extracted from the mine and is available for further processing. Stockpiles are measured by estimating the number of tons added and removed from the stockpile. Stockpile tonnages are verified by periodic surveys. Costs are allocated to stockpiles based on relative values of material stockpiled and processed using current mining costs incurred up to the point of stockpiling the material, including applicable overhead, depreciation, and depletion relating to mining operations, and removed at each stockpile’s average cost per ton.

 

Mineralized Material on Leach Pads - The Company utilizes a heap leaching process to recover gold from its mineralized material. Under this method, the mineralized material is placed on leach pads where it is treated with a chemical solution that dissolves the gold contained in the material. The resulting gold-bearing solution is further processed in a facility where the gold is recovered. Costs are added to mineralized material on leach pads based on current mining and processing costs, including applicable depreciation relating to mining and processing operations. Costs are transferred from mineralized material on leach pads to subsequent stages of in-process inventories as the gold-bearing solution is processed. The value of such transferred costs of mineralized material on leach pads is based on the average cost per estimated recoverable ounce of gold on the leach pad.

 

The estimates of recoverable gold on the leach pads are calculated from the quantities of material placed on the leach pads (measured tons added to the leach pads), the grade of material placed on the leach pads (based on assay data) and a recovery percentage.

 

Although the quantities of recoverable gold placed on the leach pads are reconciled by comparing the quantities and grades of material placed on leach pads to the quantities and grades quantities of gold actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis.

 

In-process Inventories - In-process inventories represent mineralized materials that are currently in the process of being converted to a saleable product through the absorption, desorption, recovery (ADR) process. The value of in-process material is measured based on assays of the material fed into the process and the projected recoveries of material. In-process inventories are valued at the average cost of the material fed into the process attributable to the source material coming from the mines, stockpiles and/or leach pads plus the in-process conversion costs, including applicable depreciation relating to the process facilities incurred to that point in the process.

 

Finished Goods Inventories - Finished goods inventories include gold that has been processed through the Company’s ADR facility and are valued at the average cost of their production.

 

Exploration and Development Costs - Costs of acquiring mining properties and any exploration and development costs are expensed as incurred unless proven and probable reserves exist and the property is a commercially mineable property in accordance with FASB ASC 930, Extractive Activities- Mining. Mine development costs incurred either to develop new gold and silver deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.

 

The Company capitalizes costs for mining properties by individual property and defers such costs for later amortization only if the prospects for economic productions are reasonably certain.

 

Capitalized costs are expensed in the period when the determination has been made that economic production does not appear reasonably certain.

 

Mineral Rights and Properties - We defer acquisition costs until we determine the viability of the property. Since we do not have proven and probable reserves as defined by Securities and Exchange Commission (“SEC”) Industry Guide 7, exploration expenditures are expensed as incurred. We expense care and maintenance costs as incurred.

 

We review the carrying value of our mineral rights and properties for impairment whenever there are negative indicators of impairment. Our estimate of the gold price, mineralized materials, operating capital, and reclamation costs are subject to risks and uncertainties affecting the recoverability of our investment in the mineral claims and properties. Although we have made our best, most current estimate of these factors, it is possible that near term changes could adversely affect estimated net cash flows from our mineral claims and properties and possibly require future asset impairment write-downs.

 

Where estimates of future net operating cash flows are not available and where other conditions suggest impairment, we assess recoverability of carrying value from other means, including net cash flows generated by the sale of the asset. We use the units-of-production method to deplete the mineral rights and properties.

 

Settlement of Contracts in Company’s Equity – In accordance with ASC 815-40-25, the Company must meet certain requirements in order to report contracts as equity versus liabilities. These requirements must be met by the Company or the contracts need to be reported as liabilities. The Company has adopted the sequencing approach as guidance on contracts that permit partial net share settlement. The Company evaluates the contracts based on the earliest issuance date. Currently, using the sequencing approach, the Company has one convertible note and two warrant issuances that are reported as equity instead of liabilities.

 

Fair Value Measurements - The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the party’s own credit risk.

 

Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories:

 

Level 1: Quoted market prices in active markets for identical assets or liabilities.

 

Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

 

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined based on the lowest level input that is significant to the fair value measurement.

 

The carrying value of the Company’s cash, accounts payable, short-term borrowings (including convertible notes payable), and other current assets and liabilities approximate fair value because of their short-term maturity.

 

The Company recognizes its derivative liabilities as level 3 and values its derivatives using the methods discussed below. While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The primary assumptions that would significantly affect the fair values using the methods discussed below are that of volatility and market price of the underlying common stock of the Company.

 

Long-Lived Assets - We review the carrying amount of our long-lived assets for impairment whenever there are negative indicators of impairment. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is not considered recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flows.

 

Properties, Plant and Equipment - We record properties, plant and equipment at historical cost. We provide depreciation and amortization in amounts sufficient to match the cost of depreciable assets to operations over their estimated service lives or productive value. We capitalize expenditures for improvements that significantly extend the useful life of an asset. We charge expenditures for maintenance and repairs to operations when incurred. Depreciation is computed using the straight-line method over estimated useful lives as follows:

 

  Building 7 to 15 years  
  Vehicles and equipment 3 to 7 years  
  Processing and laboratory 5 to 15 years  
  Furniture and fixtures 2 to 3 years  

 

Reclamation Liabilities and Asset Retirement Obligations - Minimum standards for site reclamation and closure have been established for us by various government agencies. Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation and abandonment costs. The Company reviews, on an annual basis, unless otherwise deemed necessary, the asset retirement obligation at each mine site.

 

Revenue Recognition - Effective January 1, 2018 we adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 606-10, Revenue from Contracts with Customers (“ASC 606-10”). The adoption of ASC 606-10 had no impact on prior year or previously disclosed amounts. In accordance with ASC 606-10, revenue is measured based on a consideration specified in a contract with a customer and recognized when we satisfy the performance obligation specified in each contract.

 

The Company generates revenue by selling gold and silver produced from its mining operations. The majority of the Company’s sales come from the sale of refined gold; however, the end product at the Company’s gold operations is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. Under the terms of the Company’s refining agreements, the doré bars are refined for a fee, and the Company’s share of the refined gold and silver is credited to its bullion account.

 

The Company recognizes revenue for gold and silver from doré production when it satisfies the performance obligation of transferring gold and silver inventory to the customer, which generally occurs upon transfer of gold and silver bullion credits as this is the point at which the customer obtains the ability to direct the use and obtain substantially all of the remaining benefits of ownership of the asset.

 

The Company generally recognizes the sale of gold bullion credits at the prevailing market price when gold bullion credits are delivered to the customer. The transaction price is determined based on the agreed upon market price and the number of ounces delivered. Payment is due upon delivery of gold bullion credits to the customer’s account.

 

As gold can be sold through numerous gold market traders worldwide, the Company is not economically dependent on a limited number of customers for the sale of its product.

 

Stock Issued For Goods and Services - Common and preferred shares issued for goods and services are valued based upon the fair market value of our common stock or the goods and services received, whichever is the most reliably measurable on the date of issue.

 

Stock-Based Compensation - For stock-based transactions, compensation expense is recognized over the requisite service period, which is generally the vesting period, based on the estimated fair value on the grant date of the award.

 

Income (Loss) per Common Share - Basic net income (loss) per common share is computed by dividing net income (loss), less the preferred stock dividends, by the weighted average number of common shares outstanding. Dilutive income (loss) per share includes any additional dilution from common stock equivalents, such as stock options and warrants, and convertible instruments, if the impact is not antidilutive. 93,331,979 common share equivalents have been included in the diluted loss per share calculation for the three-month period ended September 30, 2019. 9,885,966 common share equivalents were excluded from the three-month calculation because their effect would be anti-dilutive. 103,217,945 common share equivalents have been excluded from the diluted loss per share calculation for the nine-month period ended September 30, 2019 because it would be anti-dilutive.

 

The following tables summaries the changes in the net income per common share for the three-month period ended September 30, 2019:

 

Numerator   Three Months Ended September 30, 2019  
Net Income - Controlling Interest   $ 2,337,377  
Amortization of Debt Discounts     699,707  
Interest Expense     191,243  
Change in Derivative Liabilities     (3,079,105 )
Adjusted Net Income - Controlling Interest   $ 149,222  

 

Denominator   Shares  
Basic Weighted Average Number of Shares Outstanding during Period     58,284,979  
Dilutive Shares     93,331,979  
Diluted Weighted Average Number of Shares Outstanding during Period     151,616,958  
         
Diluted Net Income per Share   $ 0.00  

 

Other Comprehensive Loss – Other Comprehensive loss is made up of the exchange differences arising on translating foreign operations and the net loss for the six months ending September 30, 2019 and the year ended December 31, 2018.

 

Derivative Liabilities - Derivatives liabilities are recorded at fair value when issued and the subsequent change in fair value each period is recorded in other income (expense) in the consolidated statements of operations. We do not hold or issue any derivative financial instruments for speculative trading purposes.

 

Income Taxes - The Company’s income tax expense and deferred tax assets and liabilities reflect management’s best assessment of estimated future taxes to be paid. Significant judgments and estimates are required in determining the consolidated income tax expense.

 

Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Company’s ability to recover its deferred tax assets, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, the Company develops assumptions including the amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income, and are consistent with the plans and estimates that the Company is using to manage the underlying businesses. The Company provides a valuation allowance for deferred tax assets for which the Company does not consider realization of such deferred tax assets to be more likely than not.

 

Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on the Company’s results of operations, cash flows or financial position.

 

Business Segments – The Company operates in one segment and therefore segment information is not presented.

 

Use of Estimates – In preparing financial statements in conformity with generally accepted accounting principles, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenditures during the reported periods. Actual results could differ materially from those estimates. Estimates may include those pertaining to valuation of inventories and mineralized material on leach pads, the estimated useful lives and valuation of properties, plant and equipment, mineral rights and properties, deferred tax assets, convertible preferred stock, derivative assets and liabilities, reclamation liabilities, stock-based compensation and payments, and contingent liabilities.

 

Non-Controlling Interest Policy – Non-controlling interest (NCI) is the portion of equity ownership in a subsidiary not attributable to the parent company, who has a controlling interest and consolidates the subsidiary’s financial results with its own. The amount of equity relating to the non-controlling interest is separately identified in the equity section of the balance sheet and the amount of the net income (loss) relating to the non-controlling interest is separately identified on the statement of operations.

 

Recently Issued Accounting Pronouncements – From time to time, new accounting pronouncements are issued by FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.
XML 23 R18.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Deficit
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Stockholders' Deficit

12. Stockholders’ Deficit

 

Common Stock

 

On January 14, 2019, in connection with the issuance of the Note to Labrys Fund LP, the Company issued to the Note Purchaser 130,000 shares of its common stock as commitment shares for the issuance of the note. These shares were valued at $0.135 per share for a total value of $17,550.

 

On February 5, 2019, 100,000 shares of common stock were issued to a member of the board of directors of the Company as part of a conversion agreement for consulting services. These shares were valued at $0.12 per share for a value of $12,000. The Company recognized a loss on this settlement of $5,000 and reduced payables by $7,000.

 

On March 12, 2019, 650,000 shares of common stock were issued to officers, former officers and members of the board of directors of the Company as payment for consulting services performed. These shares were valued at $0.189 per share for a value of $122,850.

 

On March 28, 2019, the Company issued 375,000 shares of common stock to Richard Bass Jr. for $48,750 in cash. These shares were valued at $0.13 per share.

 

On April 26, 2019, in connection with an extension of a Note to Labrys Fund LP, the Company issued to the Note Purchaser 300,000 shares of its common stock as an extension fee for the extension of the note. These shares were valued at $0.3399 per share for a total value of $101,970.

 

On June 1, 2019, the Company issued 200,000 shares of common stock pursuant to a consulting agreement. Per this agreement, the Company will issue 200,000 shares of common stock each month for 11 months. This stock was valued at $0.11 per share for a value of $22,000.

 

On July 1, 2019, the Company issued 200,000 shares of common stock pursuant to a consulting agreement. This stock was valued at $0.15 per share for a value of $30,000.

 

On July 29, 2019, the Company issued to a Note Holder 2,986,597 shares of its common stock under a conversion notice. The conversion was for $265,000 in principle. The shares were valued at $0.11 per share for a total value of $328,526. The Company recognized a loss of extinguishment of debt of $303,149 on this conversion.

 

On August 1, 2019, the Company issued 200,000 shares of common stock pursuant to a consulting agreement. This stock was valued at $0.08 per share for a value of $16,000.

 

On September 1, 2019, the Company issued 200,000 shares of common stock pursuant to a consulting agreement. This stock was valued at $0.08 per share for a value of $16,000.

 

Warrants

 

On May 20, 2019, the Company entered into a Note Purchase Agreement (the “Agreement”) with an investor (the “Investor”) through which the Investor purchased (i) a Senior Secured Redeemable Convertible Note (“Note”) with a face value of $4,250,000 that is convertible into shares of common stock of the Company and (ii) a warrant (“Warrant”) to purchase 9,250,000 shares of common stock of the Company. The warrant has a life of three years. The warrant is exercisable at the following prices – 3,750,000 shares of common stock at $0.40 per share, 3,000,000 shares of common stock at $0.50 per share and 2,500,000 shares of common stock at $0.60 per share. These warrants’ relative fair value, based on cash proceeds allocation, was $1,711,394, which has been recorded in warrant derivative liabilities. The Company re-valued the warrants at 09/30/19 for $383,827 and recorded a gain on the change in derivative liabilities of $1,327,567.

 

The following tables summarize the warrant activity during the nine months ended September 30, 2019 and the year ended December 31, 2018:

 

Stock Warrants   Number of
Warrants		     Weighted
Average
Exercise Price		  
Balance at December 31, 2017     743,637     $ 1.27  
Granted     300,000       0.75  
Exercised     -       -  
Forfeited     -       -  
Balance at December 31, 2018     1,043,637       1.12  
Granted     9,250,000       0.49  
Exercised     -       -  
Forfeited     (680,000 )     0.90  
Balance at September 30, 2019     9,613,637     $ 0.53  

 

2019 Outstanding Warrants     Warrants Exercisable  
Range of
Exercise Price		     Number Outstanding at September 30, 2019     Weighted Average Remaining Contractual Life     Weighted Average Exercise Price     Number Exercisable at September 30, 2019     Weighted Average Exercise Price  
$ 0.40 - 2.00       9,613,637       2.65 years     $ 0.53       9,613,637     $ 0.53  
                                             
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.20.1
Secured Borrowings
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Secured Borrowings

8. Secured Borrowings

 

On June 25, 2018, the Company entered into four new financing arrangements with third parties for a combined principal amount of $195,720. The terms of the arrangements require the Company to pay the combined principal balance plus a guaranteed return of no less than 10 percent, or $19,572, for a total expected remittance of $215,292. The maturity date of the notes is June 26, 2019. The terms of repayment allow the Company to remit to the lender a certain quantity of gold to satisfy the liability though the Company expects to liquidate gold held and satisfy the liability in cash. The Company reached agreements with the third parties to settle the financing arrangements as of June 26, 2019. The Company liquidated the gold held to satisfy the debt obligations. All four debt holders agreed to rollover all or portion of their funds into new financing agreements. The debt obligation of $36,532 that was being liquidated was paid in full in July 2019.

 

On June 26, 2019, the Company entered into four new financing arrangements with third parties for a combined principal amount of $247,571. The terms of the arrangements require the Company to pay the combined principal balance plus a guaranteed return of no less than 10 percent, or $24,757, for a total expected remittance of $272,328. The maturity date of the notes is June 27, 2020. The terms of repayment allow the Company to remit to the lender a certain quantity of gold to satisfy the liability though the Company expects to liquidate gold held and satisfy the liability in cash. As of September 30, 2019, the Company held 60 ounces of gold, valued at a cost of $82,478, to satisfy the liabilities upon maturity leaving a net obligation of $171,605, which is recorded on the Company’s balance sheet as secured borrowings.

 

Secured Borrowings   September 30, 2019     December 31, 2018  
Secured obligations   $ 247,571     $ 225,005  
Guaranteed interest     24,757       22,500  
Deferred interest     (18,245 )     (10,881 )
      254,083       236,624  
Gold held as security     (82,478 )     (19,401 )
Secured Borrowings, net   $ 171,605     $ 217,223  
XML 25 R10.htm IDEA: XBRL DOCUMENT v3.20.1
Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments

4. Derivative Financial Instruments

 

The Company adopted the provisions of ASC subtopic 825-10, Financial Instruments (“ASC 825-10”) on January 1, 2008. ASC 825-10 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. ASC 825-10 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

 

The following table provides a summary of changes in fair value of the Company’s Level 3 financial liabilities as of September 30, 2019 and December 31, 2018:

 

   

Debt Derivative

Liabilities

  
Balance, December 31, 2017   $ 647,807  
Transfers in upon initial fair value of derivative liabilities     2,879,560  
Change in fair value of derivative liabilities and warrant liability     (979,561 )
Transfers to permanent equity upon exercise of warrants     -  
Balance, December 31, 2018   $ 2,547,806  
Transfers in upon initial fair value of derivative liabilities     23,328,303  
Change in fair value of derivative liabilities and warrant liability     (8,525,217 )
Transfers to permanent equity upon conversions     -  
Balance, September 30, 2019   $ 17,350,892  
Net gain for the period included in earnings relating to the liabilities held at September 30, 2019   $ 8,525,217  
Net gain for the period included in earnings relating to the liabilities held at December 31, 2018   $ 979,561  

 

Debt derivatives – The Company issued convertible promissory notes which are convertible into common stock, at holders’ option, at a discount to the market price of the Company’s common stock. The Company has identified the embedded derivatives related to these notes relating to certain anti-dilutive (reset) provisions. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of debenture and to fair value as of each subsequent reporting date.

 

At September 30, 2019, the Company marked to market the fair value of the debt derivatives and determined a fair value of $16,946,970. The Company recorded a gain from change in fair value of debt derivatives of $7,181,164 for the period ended September 30, 2019. The fair value of the embedded derivatives was determined using the Binomial Option Pricing Model and the Monte Carlo Valuation Model. The Binomial Option Pricing Model was based on the following assumptions: (1) dividend yield of 0%, (2) expected volatility of 244.93% through 274.69%, (3) weighted average risk-free interest rate of 1.63% through 1.88% (4) expected life of 0.34 through 1.64 years, and (5) the quoted market price of the Company’s common stock at each valuation date. The Monte Carlo Valuation Model was based on the following assumptions: (1) expected volatility of 244.0%, (2) weighted average risk-free interest rate of 1.67% and (3) expected life of 1.64 years.

 

At December 31, 2018, the Company marked to market the fair value of the debt derivatives and determined a fair value of $2,511,226. The Company recorded a gain from change in fair value of debt derivatives of $953,390 for the year ended December 31, 2018. The fair value of the embedded derivatives was determined using Binomial Option Pricing Model based on the following assumptions: (1) dividend yield of 0%, (2) expected volatility of 203.03% to 306.25%, (3) weighted average risk-free interest rate of 2.45% to 2.63% (4) expected life of 0.27 to 1.59 years, and (5) the quoted market price of the Company’s common stock at each valuation date.

 

Based upon ASC 840-15-25 (EITF Issue 00-19, paragraph 11) the Company has adopted a sequencing approach regarding the application of ASC 815-40 to its outstanding convertible notes. Pursuant to the sequencing approach, the Company evaluates its contracts based upon earliest issuance date.

 

Warrant liabilities – During the year ended December 31, 2018, the Company issued warrants in conjunction with the issuance of three Crown Bridge Convertible Notes. These warrants contained certain reset provisions. The accounting treatment of derivative financial instruments required that the Company record fair value of the derivatives as of the inception date (issuance date) and to fair value as of each subsequent reporting date.

 

At September 30, 2019, the Company had a warrant liability of $403,922. The Company recorded a gain from change in fair value of warrant liability of $1,344,053 for the period ended September 30, 2019. The fair value of the embedded derivatives was determined using the Binomial Option Pricing Model and the Monte Carlo Valuation Model. The Binomial Option Pricing Model was based on the following assumptions: (1) dividend yield of 0%, (2) expected volatility of 210.75% to 226.32%, (3) weighted average risk-free interest rate of 1.55% to 1.56% (4) expected life of 2.86 to 4.07 years, and (5) the quoted market price of the Company’s common stock at each valuation date. The Monte Carlo Valuation Model was based on the following assumptions: (1) expected volatility of 211.5%, (2) weighted average risk-free interest rate of 1.59% and (3) expected life of 2.64 years.

 

At December 31, 2018, the Company had a warrant liability of $36,580. The Company recorded a gain from change in fair value of warrant liability of $26,171 for the year ended December 31, 2018.
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Notes Payable - Related Parties (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Notes Payable Related Parties

Notes payable – related parties were comprised of the following as of September 30, 2019 and December 31, 2018:

 

Notes Payable - Related Parties   Relationship   September 30, 2019     December 31, 2018  
Claymore Management   Affiliate - Controlled by Director   $ 185,000     $ 185,000  
Diamond 80, LLC   Immediate Family Member     -       49,000  
Francis E. Rich IRA   Immediate Family Member     100,000       100,000  
GAIA Ltd   Affiliate - Controlled by Director     1,150,000       1,150,000  
Legends Capital   Affiliate - Controlled by Director     765,000       765,000  
LWB Irrev Trust   Affiliate - Controlled by Director     1,101,000       1,101,000  
MDL Ventures   Affiliate - Controlled by Director     1,260,661       1,204,677  
Silverbrook Corporation   Affiliate - Controlled by Director     2,227,980       2,227,980  
WOC Energy LLC   Affiliate - Controlled by Director     40,000       40,000  
Total Notes Payable - Related Parties       $ 6,829,641     $ 6,822,657  
XML 28 R37.htm IDEA: XBRL DOCUMENT v3.20.1
Nature of Business (Details Narrative) - USD ($)
 9 Months Ended
Oct. 02, 2015
Feb. 25, 2013
Feb. 13, 2013
Nov. 21, 2012
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Mar. 05, 2010
Dec. 31, 2003
Common stock authorized         500,000,000   500,000,000 100,000,000  
Reverse stock split description     200 to 1 reverse stock split 200 to 1 reverse stock split          
Cancellation of stock split shares, description       Upon effectiveness of the stock split, each shareholder canceled 200 shares of common stock for every share of common stock owned as of November 21, 2012.          
Description of equity interests issued or issuable to acquire the entity   Inception purchased the U.P. and Burlington Gold Mine in consideration of 16,000,000 shares of common stock of Inception, the assumption of promissory notes in the amount of $950,000 and the assignment of a 3% net royalty.              
Stock issued during period for consideration of acquisition, shares   16,000,000              
Promissory note issued to related party   $ 950,000              
Percentage of net royalty   3.00%              
Shares issued for conversion of debt         $ 12,000 $ 16,009      
Percentage of equity ownership interest rate                 99.90%
Clavo Rico Ltd [Member]                  
Shares issued for conversion of debt, shares 240,225,901                
Shares issued for conversion of debt $ 5,488,980                
Accrued interest $ 3,434,426                
Percentage of equity ownership interest rate                 20.00%
Maximum [Member]                  
Common stock authorized               500,000,000  
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Convertible Notes Payable (Details Narrative)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
May 24, 2019
USD ($)
May 23, 2019
USD ($)
May 22, 2019
USD ($)
May 22, 2019
USD ($)
May 22, 2019
USD ($)
May 20, 2019
USD ($)
May 15, 2019
USD ($)
Number
May 11, 2019
USD ($)
$ / shares
May 03, 2019
USD ($)
May 03, 2019
USD ($)
Number
May 02, 2019
USD ($)
Number
Apr. 25, 2019
USD ($)
Apr. 18, 2019
USD ($)
Number
Apr. 16, 2019
USD ($)
Feb. 12, 2019
USD ($)
Number
Feb. 05, 2019
USD ($)
Number
Jan. 23, 2019
USD ($)
Jan. 23, 2019
USD ($)
Number
Jan. 22, 2019
USD ($)
Jan. 14, 2019
USD ($)
$ / shares
Jan. 14, 2019
USD ($)
Number
$ / shares
shares
Jan. 11, 2019
USD ($)
Number
$ / shares
Jan. 10, 2019
USD ($)
Number
$ / shares
Jan. 04, 2019
USD ($)
Dec. 17, 2018
USD ($)
Number
Dec. 12, 2018
USD ($)
Number
Dec. 07, 2018
USD ($)
Number
shares
Dec. 04, 2018
USD ($)
Number
Dec. 01, 2018
USD ($)
$ / shares
Nov. 28, 2018
USD ($)
Number
Nov. 26, 2018
USD ($)
Number
Nov. 19, 2018
USD ($)
Number
Nov. 09, 2018
USD ($)
Number
Nov. 07, 2018
USD ($)
$ / shares
Oct. 26, 2018
USD ($)
$ / shares
shares
Oct. 25, 2018
USD ($)
Number
$ / shares
shares
Oct. 23, 2018
USD ($)
Number
$ / shares
Oct. 22, 2018
USD ($)
Number
$ / shares
Aug. 01, 2018
USD ($)
Number
Jul. 12, 2018
USD ($)
Number
$ / shares
Jul. 10, 2018
USD ($)
Number
Jul. 02, 2018
USD ($)
$ / shares
May 23, 2018
USD ($)
May 22, 2018
USD ($)
Aug. 02, 2018
USD ($)
Number
Sep. 30, 2019
USD ($)
$ / shares
Mar. 31, 2019
USD ($)
shares
Sep. 30, 2018
USD ($)
shares
Mar. 31, 2018
USD ($)
shares
Sep. 30, 2019
USD ($)
$ / shares
Sep. 30, 2018
USD ($)
Jan. 28, 2019
USD ($)
Number
Dec. 31, 2018
USD ($)
$ / shares
Apr. 18, 2018
USD ($)
Amortized debt discount                                                                                           $ 699,707       $ 22,160,347 $ 1,032,159      
Common stock par value | $ / shares                                                                                           $ 0.00001       $ 0.00001     $ 0.00001  
Interest expense                                                                                           $ 191,243                
Payments of convertible notes payable                                                                                                   $ 2,722,414 $ 895,000      
Number of commom stock shares issued, value                                                                                             $ 48,750 $ 14,500 $ 27,500          
Common Stock [Member]                                                                                                            
Number of common stock shares issued | shares                                                                                             375,000 200,000 250,000          
Number of commom stock shares issued, value                                                                                             $ 4 $ 2 $ 3          
Convertible Notes Payable [Member]                                                                                                            
Aggregate principal amount           $ 4,250,000                                                                                                
Debt discount                                                                                           3,459,986       3,459,986     $ 1,112,499  
Unsecured Convertible Promissory Note [Member] | Investor [Member]                                                                                                            
Aggregate principal amount           $ 4,250,000                     $ 150,000 $ 150,000                                                     $ 150,000 4,250,000       4,250,000        
Debt instruments maturity date           May 20, 2021                                                                             Aug. 02, 2020                  
Debt instruments interest rate                                                                                         10.00%                  
Proceeds from debt                                                                                         $ 150,000         $ 3,000,000        
Lowest trading price of common stock, percentage                                                                                         0.40                  
Trading days | Number                                                                                         20                  
Description on conversion price                                                                                         If at any time while the note is outstanding, an event of default occurs, then an additional discount of 10% shall be factored into the variable conversion price until the note is no longer outstanding.         Investor - On May 20, 2019, the Company issued a secured Convertible Promissory Note ("Note") to Investor, in the principal amount of $4,250,000 (the "Note") due on May 20, 2021 and bears 10% (24% default) per annum interest, due at maturity. The total net proceeds the Company received was $3,000,000. The Note is convertible into common stock, at holder's option, at 100% of market price less $0.01 per share. Market price means the mathematical average of the five lowest individually daily volume weighted average prices of the common stock from the period beginning on the issuance date and ending on the maturity date. The conversion price has a floor price of $0.01 per share of common stock. The Company issued 9,250,000 warrants to purchase shares of common stock in connection with this note. The warrants have a three-year life and an exercise price as follows: 3,750,000 at an exercise price of $0.40 per share, 3,000,000 at an exercise price of $0.50 per share and 2,500,000 at an exercise price of $0.60 per share. These warrants were valued at $1,711,394 and recorded by the Company as debt discount interest expense. The note has an early payoff penalty of 140% of the then outstanding face value. For the nine months ended September 30, 2019, the Company amortized $238,372 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $3,985,000 and accrued interest was $145,207.        
Amortized debt discount                                                                                                   $ 238,372        
Gross balance note                                                                                           3,985,000       3,985,000        
Accrued interest                                                                                           145,207       145,207        
Payments of convertible notes payable                                 210,000                                                                          
Accrued interest and prepayment penalty                                 60,000 60,000                                                                        
Debt default interest rate           24.00%                                                                             24.00%                  
Debt discount interest expense           $ 1,711,394                                                                                                
Unsecured Convertible Promissory Note [Member] | Investor [Member]                                                                                                            
Amortized debt discount                                                                                                   119,015        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Unsecured Convertible Promissory Note [Member] | Adar Alef, LLC [Member]                                                                                                            
Aggregate principal amount     $ 146,137 $ 146,137 $ 146,137                                                     $ 105,000                                            
Debt instruments maturity date                                                               Nov. 19, 2019                                            
Debt instruments interest rate                                                               8.00%                                            
Proceeds from debt                                                               $ 100,000                                            
Debt discount                                                               $ 5,000                                            
Lowest trading price of common stock, percentage                                                               0.40                                            
Trading days | Number                                                               20                                            
Description on conversion price                                                               In the event the Company experiences a DTC "Chill" on its shares, the conversion price shall be decreased an additional 10% discount while the "Chill" is in effect.                                            
Amortized debt discount                                                                                                   92,918        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Payments of convertible notes payable     105,000                                                                                                      
Accrued interest and prepayment penalty     41,137 41,137 41,137                                                                                                  
Unsecured Convertible Promissory Note [Member] | Antczak Polich Law, LLC [Member]                                                                                                            
Aggregate principal amount                                                         $ 130,000                         $ 300,000                        
Debt instruments maturity date                                                         Dec. 01, 2019                         Aug. 01, 2019                        
Debt instruments interest rate                                                         8.00%                         8.00%                        
Gross balance note                                                                                           300,000       300,000        
Accrued interest                                                                                           29,984       29,984        
Legal fees                                                         $ 1,300,000                         $ 300,000                        
Debt instruments conversion price per share | $ / shares                                                         $ 0.75                         $ 0.75                        
Unsecured Convertible Promissory Note [Member] | Auctus Fund [Member]                                                                                                            
Aggregate principal amount   $ 171,475                                                   $ 125,000                                                    
Debt instruments maturity date                                                       Sep. 04, 2019                                                    
Debt instruments interest rate                                                       12.00%                                                    
Proceeds from debt                                                       $ 112,250                                                    
Debt discount                                                       $ 12,750                                                    
Lowest trading price of common stock, percentage                                                       0.50                                                    
Trading days | Number                                                       25                                                    
Description on conversion price                                                       At any time after the closing date, if the Company's common stock is not deliverable by DWAC, then an additional 10% discount will apply to all future conversions on this note. In the event the Company experiences a DTC "Chill" on its shares, the conversion price shall be decreased an additional 15% discount while the "Chill" is in effect.                                                    
Amortized debt discount                                                                                                   111,240        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Payments of convertible notes payable $ 125,000                                                                                                          
Accrued interest and prepayment penalty   46,475                                                                                                        
Unsecured Convertible Promissory Note [Member] | Coventry Enterprises, LLC [Member]                                                                                                            
Aggregate principal amount   68,750                         $ 50,000                                                                              
Debt instruments maturity date                             Feb. 12, 2020                                                                              
Debt instruments interest rate                             10.00%                                                                              
Proceeds from debt                             $ 47,500                                                                              
Debt discount                             $ 2,500                                                                              
Lowest trading price of common stock, percentage                             0.40                                                                              
Trading days | Number                             20                                                                              
Description on conversion price                             In the event the Company experiences a DTC "Chill" on its shares, the conversion price shall be decreased an additional 10% discount while the "Chill" is in effect.                                                                              
Amortized debt discount                                                                                                   50,000        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Payments of convertible notes payable   50,000                                                                                                        
Accrued interest and prepayment penalty   18,750                                                                                                        
Unsecured Convertible Promissory Note [Member] | Crossover Capital Fund II, LLC [Member]                                                                                                            
Aggregate principal amount                                               $ 82,894                                 $ 82,894                          
Debt instruments maturity date                                                                                 Apr. 10, 2019                          
Debt instruments interest rate                                                                                 12.00%                          
Proceeds from debt                                                                                 $ 75,000                          
Debt discount                                                                                 $ 7,894                          
Lowest trading price of common stock, percentage                                                                                 0.40                          
Trading days | Number                                                                                 20                          
Description on conversion price                                                                                 In the event the Company experiences a DTC "Chill" on its shares, the conversion price shall be decreased an additional 10% discount while the "Chill" is in effect                          
Amortized debt discount                                                                                                   30,253        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Payments of convertible notes payable                                               118,750                                                            
Accrued interest and prepayment penalty                                               $ 35,856                                                            
Unsecured Convertible Promissory Note [Member] | Crossover Capital Fund II, LLC 1 [Member]                                                                                                            
Aggregate principal amount     80,500 80,500 80,500       $ 80,500 $ 80,500                                                                                        
Debt instruments maturity date                   Feb. 03, 2020                                                                                        
Debt instruments interest rate                 12.00% 12.00%                                                                                        
Proceeds from debt                   $ 70,975                                                                                        
Debt discount                 $ 9,525 $ 9,525                                                                                        
Lowest trading price of common stock, percentage                   0.50                                                                                        
Trading days | Number                   20                                                                                        
Description on conversion price                   In the event the Company experiences a DTC "Chill" on its shares, the conversion price shall be decreased an additional 10% discount while the "Chill" is in effect.                                                                                        
Amortized debt discount                                                                                                   80,500        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Payments of convertible notes payable         93,161                                                                                                  
Accrued interest and prepayment penalty     12,661 12,661 12,661                                                                                                  
Unsecured Convertible Promissory Note [Member] | Crown Bridge Partners [Member]                                                                                                            
Aggregate principal amount                         $ 55,000                                             $ 55,000                                    
Debt instruments maturity date                                                                       May 11, 2019                                    
Debt instruments interest rate                                                                       5.00%                                    
Proceeds from debt                                                                       $ 47,000                                    
Debt discount                                                                       $ 8,000                                    
Lowest trading price of common stock, percentage                                                                       0.40                                    
Trading days | Number                                                                       20                                    
Description on conversion price                                                                       If the conversion price drops below $0.15 per share, then the conversion price will be 50% of the trading price.                                    
Amortized debt discount                                                                                                   44,904        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Payments of convertible notes payable                         83,738                                                                                  
Accrued interest and prepayment penalty                         $ 28,738                                                                                  
Number shares warrant purchase | shares                                                                       100,000                                    
Warrant exercise price | $ / shares                                                                       $ 0.75                                    
Unsecured Convertible Promissory Note [Member] | Crown Bridge Partners 1 [Member]                                                                                                            
Aggregate principal amount                                                                                                           $ 55,000
Debt instruments maturity date                         Apr. 18, 2020                                                                                  
Debt instruments interest rate                                                                                                           5.00%
Proceeds from debt                         $ 47,000                                                                                  
Debt discount                                                                                                           $ 8,000
Lowest trading price of common stock, percentage                         0.40                                                                                  
Trading days | Number                         20                                                                                  
Description on conversion price                         If the conversion price drops below $0.15 per share, then the conversion price will be 50% of the trading price.                                                                                  
Amortized debt discount                                                                                                   24,795        
Gross balance note                                                                                           55,000       55,000        
Accrued interest                                                                                           1,243       1,243        
Unsecured Convertible Promissory Note [Member] | Eagle Equities, LLC [Member]                                                                                                            
Aggregate principal amount                                                   $ 103,000                                   $ 103,000                    
Debt instruments maturity date                                                   Dec. 12, 2019                                                        
Debt instruments interest rate                                                   8.00%                                                        
Proceeds from debt                                                   $ 100,000                                                        
Debt discount                                                   $ 3,000                                                        
Lowest trading price of common stock, percentage                                                   0.40                                                        
Trading days | Number                                                   20                                                        
Description on conversion price                                                   In the event the Company experiences a DTC "Chill" on its shares, the conversion price shall be decreased an additional 10% discount while the "Chill" is in effect.                                                        
Amortized debt discount                                                                                                   97,638        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Payments of convertible notes payable                                                                                       147,812                    
Accrued interest and prepayment penalty                                                                                       $ 44,812                    
Unsecured Convertible Promissory Note [Member] | EMA Financial [Member]                                                                                                            
Aggregate principal amount                       $ 75,000                                                 $ 75,000                                  
Debt instruments maturity date                                                                         Jul. 23, 2019                                  
Debt instruments interest rate                                                                         12.00%                                  
Proceeds from debt                                                                         $ 67,500                                  
Debt discount                                                                         $ 7,500                                  
Lowest trading price of common stock, percentage                                                                         0.40                                  
Trading days | Number                                                                         20                                  
Description on conversion price                                                                         In the event the Company experiences a DTC "Chill" on its shares, or if the closing sale price at any time falls below $0.047, then the conversion price shall be decreased an additional 15% discount.In the event the Company experiences a DTC "Chill" on its shares, or if the closing sale price at any time falls below $0.047, then the conversion price shall be decreased an additional 15% discount. At any time after the closing date, if the Company's common stock is not deliverable by DWAC, then an additional 15% discount will apply to all future conversions on this note.                                  
Amortized debt discount                                                                                                   56,044        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Debt instruments conversion price per share | $ / shares                                                                         $ 0.00001                                  
Payments of convertible notes payable                       107,308                                                                                    
Accrued interest and prepayment penalty                       $ 32,308                                                                                    
Unsecured Convertible Promissory Note [Member] | EMA Financial 1 [Member]                                                                                                            
Aggregate principal amount                     $ 75,000                                                                                      
Debt instruments maturity date                     Feb. 01, 2020                                                                                      
Debt instruments interest rate                     12.00%                                                                                      
Proceeds from debt                     $ 67,500                                                                                      
Debt discount                     $ 7,500                                                                                      
Lowest trading price of common stock, percentage                     0.40                                                                                      
Trading days | Number                     20                                                                                      
Description on conversion price                     In the event the Company experiences a DTC "Chill" on its shares, or if the closing sale price at any time falls below $0.15, then the conversion price shall be decreased an additional 15% discount. At any time after the closing date, if the Company's common stock is not deliverable by DWAC, then an additional 15% discount will apply to all future conversions on this note.                                                                                      
Amortized debt discount                                                                                                   40,761        
Gross balance note                                                                                           75,000       75,000        
Accrued interest                                                                                           3,748       3,748        
Unsecured Convertible Promissory Note [Member] | GS Capital Partners [Member]                                                                                                            
Aggregate principal amount                                 $ 100,000 $ 100,000 $ 100,000                     $ 200,000                 $ 100,000       $ 200,000                      
Debt instruments maturity date                                   Feb. 23, 2020                       Nov. 28, 2019                 Aug. 01, 2019                              
Debt instruments interest rate                                 8.00% 8.00%                       8.00%                 8.00%                              
Proceeds from debt                                   $ 95,000                       $ 190,000                 $ 95,000                              
Debt discount                                 $ 5,000 $ 5,000                       $ 10,000                 $ 5,000                              
Lowest trading price of common stock, percentage                                   0.42                       0.42                 0.42                              
Trading days | Number                                   12                       12                 12                              
Description on conversion price                                   In the event the Company experiences a DTC "Chill" on its shares, the conversion price shall be decreased an additional 10% discount while the "Chill" is in effect.                       In the event the Company experiences a DTC "Chill" on its shares, the conversion price shall be decreased an additional 10% discount while the "Chill" is in effect.                 In the event the Company experiences a DTC "Chill" on its shares, the conversion price shall be decreased an additional 10% discount while the "Chill" is in effect.                              
Amortized debt discount                                                                                                   57,515        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Payments of convertible notes payable                                     133,814                                               267,890                      
Accrued interest and prepayment penalty                                     $ 33,814                                               $ 67,890                      
Unsecured Convertible Promissory Note [Member] | JSJ Investments [Member]                                                                                                            
Aggregate principal amount               $ 100,000               $ 100,000                                 $ 100,000                                          
Debt instruments maturity date                                                                 Nov. 09, 2019                                          
Debt instruments interest rate                               12.00%                                 12.00%                                          
Proceeds from debt                                                                 $ 98,000                                          
Debt discount                               $ 2,000                                 $ 2,000                                          
Lowest trading price of common stock, percentage                                                                 0.40                                          
Trading days | Number                                                                 20                                          
Amortized debt discount                                                                                                   85,753        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Payments of convertible notes payable               145,961                                                                                            
Accrued interest and prepayment penalty               45,961                                                                                            
Unsecured Convertible Promissory Note [Member] | SBI Investments [Member]                                                                                                            
Aggregate principal amount   110,000                                             $ 110,000                                                          
Debt instruments maturity date                                                 Jun. 17, 2019                                                          
Debt instruments interest rate                                                 8.00%                                                          
Proceeds from debt                                                 $ 100,000                                                          
Debt discount                                                 $ 10,000                                                          
Lowest trading price of common stock, percentage                                                 0.50                                                          
Trading days | Number                                                 20                                                          
Description on conversion price                                                 At any time after the closing date, if the Company's common stock is not deliverable by DWAC, then an additional 10% discount will apply to all future conversions on this note. If at any time while the note is outstanding, an event of default occurs, then an additional discount of 15% shall be factored into the variable conversion price until the note is no longer outstanding.                                                          
Amortized debt discount                                                                                                   101,538        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Payments of convertible notes payable   147,827                                                                                                        
Accrued interest and prepayment penalty   37,827                                                                                                        
Unsecured Convertible Promissory Note [Member] | Scotia International of Nevada, Inc [Member]                                                                                                            
Aggregate principal amount                                             $ 400,000                                                              
Debt instruments maturity date                                             Jan. 10, 2022                                                              
Debt instruments interest rate                                             6.00%                                                              
Trading days | Number                                             10                                                              
Amortized debt discount                                                                                                   21,731        
Gross balance note                                                                                           400,000       400,000        
Accrued interest                                                                                           17,293       17,293        
Debt instruments conversion price per share | $ / shares                                             $ 0.50                                                              
Unsecured Convertible Promissory Note [Member] | Scotia International of Nevada, Inc [Member] | Minimum [Member]                                                                                                            
Debt instruments conversion price per share | $ / shares                                             0.75                                                              
Unsecured Convertible Promissory Note [Member] | Scotia International of Nevada, Inc [Member] | Maximum [Member]                                                                                                            
Debt instruments conversion price per share | $ / shares                                             $ 0.75                                                              
Unsecured Convertible Promissory Note One [Member] | Antczak Polich Law, LLC [Member]                                                                                                            
Gross balance note                                                                                           87,980       87,980        
Accrued interest                                                                                           8,633       8,633        
Legal fees                                                                                                   42,020        
Unsecured Convertible Promissory Note One [Member] | GS Capital Partners [Member]                                                                                                            
Amortized debt discount                                                                                                   181,918        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Unsecured Convertible Promissory Note One [Member] | JSJ Investments [Member]                                                                                                            
Aggregate principal amount   100,000                                                                                                        
Amortized debt discount                                                                                                   100,000        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Payments of convertible notes payable   138,452                                                                                                        
Accrued interest and prepayment penalty   38,452                                                                                                        
Securities Purchase Agreement [Member] | Coolidge Capital, LLC [Member]                                                                                                            
Aggregate principal amount                 105,000 $ 105,000                                               $ 75,000                                        
Debt instruments maturity date                                                                   Aug. 07, 2019                                        
Debt instruments interest rate                                                                   12.00%                                        
Proceeds from debt                                                                   $ 70,500                                        
Debt discount                                                                   $ 4,500                                        
Description on conversion price                                                                   The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company's common stock, par value $0.0001 per share (the "Common Stock") at a conversion price of variable conversion price is 61% (39% discount) of the market price.                                        
Amortized debt discount                                                                   $ 4,500                               3,610        
Gross balance note                                                                   $ 75,000                       0       0        
Accrued interest                                                                                           0       0        
Common stock par value | $ / shares                                                                   $ 0.0001                                        
Payments of convertible notes payable                 75,000                                                                                          
Accrued interest and prepayment penalty                 $ 30,000 $ 30,000                                                                                        
Securities Purchase Agreement [Member] | Coolidge Capital, LLC [Member] | Convertible Notes Payable [Member]                                                                                                            
Aggregate principal amount               $ 100,000                                                                           100,000       100,000        
Debt instruments maturity date               Feb. 10, 2020                                                                                            
Debt instruments interest rate               12.00%                                                                                            
Proceeds from debt               $ 95,000                                                                                            
Debt discount               $ 5,000                                                                                            
Description on conversion price               The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company's common stock, par value $0.0001 per share (the "Common Stock") at a conversion price of variable conversion price is 61% (39% discount) of the market price.                                                                                            
Amortized debt discount               $ 5,000                                                                                   2,554        
Accrued interest                                                                                           4,701       4,701        
Common stock par value | $ / shares               $ 0.0001                                                                                            
Securities Purchase Agreement [Member] | Labrys Fund LP One [Member]                                                                                                            
Aggregate principal amount     282,000 282,000 282,000                                                           $ 300,000                                      
Debt instruments maturity date                                                                     Apr. 26, 2018                                      
Debt instruments interest rate                                                                     12.00%                                      
Proceeds from debt                                                                     $ 270,000                                      
Debt discount                                                                     $ 30,000                                      
Description on conversion price                                                                     The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the Issue Date into shares of the Company's common stock, par value $0.0001 per share (the "Common Stock") at a conversion price of $0.11 as set forth in the Note, subject to adjustment as set forth in the Note if the Note is in Default. The Default Note Conversion Price is a 45% discount of the lowest trading price of the common stock during the 30 trading day period prior to conversion. In the event the Company experiences a DTC "Chill" on its shares, the conversion price shall be decreased an additional 15% discount on all future conversions.                                      
Amortized debt discount                                                                     $ 85,473                             113,641        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Common stock par value | $ / shares                                                                     $ 0.0001                                      
Payments of convertible notes payable     293,867                                                                                                      
Accrued interest and prepayment penalty     11,867 11,867 11,867                                                                                                  
Number of common stock shares issued | shares                                                                     1,362,398                                      
Securities Purchase Agreement [Member] | Labrys Fund LP One [Member] | Common Stock [Member]                                                                                                            
Amortized debt discount                                                                     $ 28,200                                      
Number of common stock shares issued | shares                                                                     235,000                                      
Securities Purchase Agreement [Member] | Labrys Fund LP [Member]                                                                                                            
Aggregate principal amount     300,000 300,000 300,000                             $ 282,000 $ 282,000                                                                  
Debt instruments maturity date                                         Jul. 14, 2019                                                                  
Debt instruments interest rate                                       12.00% 12.00%                                                                  
Proceeds from debt                                         $ 250,000                                                                  
Debt discount                                       $ 32,000 $ 32,000                                                                  
Lowest trading price of common stock, percentage                                         0.45                                                                  
Trading days | Number                                         30                                                                  
Description on conversion price                                         In the event the Company experiences a DTC "Chill" on its shares, the conversion price shall be decreased an additional 15% discount on all future conversions.                                                                  
Amortized debt discount                                         $ 113,641                                                         54,477        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Debt instruments conversion price per share | $ / shares                                       $ 0.11 $ 0.11                                                                  
Common stock par value | $ / shares                                       $ 0.0001 $ 0.0001                                                                  
Payments of convertible notes payable       319,510                                                                                                    
Accrued interest and prepayment penalty     19,510 19,510 19,510                                                                                                  
Number of common stock shares issued | shares                                         1,000,000                                                                  
Conversion price percentage                                         15.00%                                                                  
Number of commom stock shares issued, value                                         $ 17,550                                                                  
Securities Purchase Agreement [Member] | Labrys Fund LP [Member] | Commitment Shares [Member]                                                                                                            
Number of common stock shares issued | shares                                         130,000                                                                  
Securities Purchase Agreement [Member] | Power Up Lending Group LTD [Member] | Convertible Promissory Note [Member]                                                                                                            
Aggregate principal amount                                                                                                       $ 100,000    
Debt instruments maturity date                                                                                                       Dec. 12, 2019    
Debt instruments interest rate                                                                                                       8.00%    
Proceeds from debt                                                                                                       $ 95,000    
Debt discount                                                                                                       $ 5,000    
Lowest trading price of common stock, percentage                                                                                                       0.40    
Trading days | Number                                                                                                       20    
Amortized debt discount                                                                                                   100,000        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Market price discount percentage                                                                                                       10.00%    
Securities Purchase Agreement [Member] | Power Up Lending Group LTD [Member] | Convertible Promissory Note Two [Member]                                                                                                            
Aggregate principal amount                                       $ 53,000 $ 53,000                                     $ 53,000                            
Debt instruments maturity date                                                                               Apr. 30, 2019                            
Proceeds from debt                                                                               $ 50,000                            
Debt discount                                                                               $ 3,000                            
Trading days | Number                                                                               3                            
Amortized debt discount                                                                                                   1,233        
Gross balance note                                                                                           0       0        
Accrued interest                                       22,855 $ 22,855                                                 0       0        
Debt instruments conversion price per share | $ / shares                                                                               $ 0.00009                            
Common stock par value | $ / shares                                                                               $ 0.0001                            
Payments of convertible notes payable                                       $ 75,855                                                                    
Conversion price percentage                                                                               61.00%                            
Market price discount percentage                                                                               39.00%                            
Securities Purchase Agreement [Member] | Power Up Lending Group LTD [Member] | Convertible Promissory Note Two [Member] | Minimum [Member]                                                                                                            
Debt instruments interest rate                                                                               12.00%                            
Securities Purchase Agreement [Member] | Power Up Lending Group LTD [Member] | Convertible Promissory Note Two [Member] | Maximum [Member]                                                                                                            
Debt instruments interest rate                                                                               22.00%                            
Securities Purchase Agreement [Member] | Power Up Lending Group LTD [Member] | Convertible Promissory Note Three [Member]                                                                                                            
Aggregate principal amount                           $ 63,000                                               $ 63,000                                
Debt instruments maturity date                                                                           Jul. 30, 2019                                
Proceeds from debt                           90,083                                               $ 60,000                                
Debt discount                           3,000                                               $ 3,000               2,253       $ 2,253        
Trading days | Number                                                                           3                                
Description on conversion price                                                                                                   Power Up Lending Group - On April 16, 2019, the Company entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with POWER UP LENDING GROUP LTD. (the "Purchaser"), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the "Note") in the aggregate amount of $63,000. The total net proceeds the Company received was $60,000 (less an original issue discount ("OID") of $3,000). The Note has a maturity date of February 28, 2020 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12% - 22% default interest per annum) per annum from the date on which the Note is issued (the "Issue Date") until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company's common stock, par value $0.0001 per share (the "Common Stock") at a conversion price of the greater of the fixed conversion price of or a variable conversion price as set forth in the Note. The fixed conversion price is $0.00009. The variable conversion price is 61% (39% discount) of the market price. Market price is the average of the lowest two trading prices in a ten trading day look back period. The company recognized a debt discount on this note of $3,000 which will be amortized over the life of the note. On May 22, 2019, the Company paid $80,062 to pay off the principal balance of $63,000 and $17,062 in accrued interest and prepayment penalty. For the six months ended June 30, 2019, the Company amortized $3,000 of debt discount to current period operations as interest expense. As of June 30, 2019, the gross balance of the note was $0 and accrued interest was $0.        
Gross balance note                                                                                           0       $ 0        
Accrued interest                           $ 27,083                                                               0       0        
Debt instruments conversion price per share | $ / shares                                                                           $ 0.00009                                
Common stock par value | $ / shares                                                                           $ 0.0001                                
Conversion price percentage                                                                           61.00%                                
Market price discount percentage                                                                           39.00%                                
Securities Purchase Agreement [Member] | Power Up Lending Group LTD [Member] | Convertible Promissory Note Three [Member] | Minimum [Member]                                                                                                            
Debt instruments interest rate                                                                           12.00%                                
Securities Purchase Agreement [Member] | Power Up Lending Group LTD [Member] | Convertible Promissory Note Three [Member] | Maximum [Member]                                                                                                            
Debt instruments interest rate                                                                           22.00%                                
Securities Purchase Agreement [Member] | Power Up Lending Group LTD [Member] | Convertible Promissory Note Three [Member]                                                                                                            
Aggregate principal amount                                                                                           63,000       63,000        
Debt discount                                                                                           3,000       3,000        
Accrued interest                                                                                           $ 17,062       $ 17,062        
Debt instruments conversion price per share | $ / shares                                                                                           $ 0       $ 0        
Common stock par value | $ / shares                                                                                           $ 0       $ 0        
Securities Purchase Agreement [Member] | Power Up Lending Group [Member]                                                                                                            
Aggregate principal amount                                           $ 53,000                                                                
Debt instruments maturity date                                           Oct. 30, 2019                                                                
Proceeds from debt                                           $ 50,000                                                                
Debt discount                                           $ 3,000                                                                
Trading days | Number                                           3                                                                
Amortized debt discount                                           $ 3,000                                                       $ 3,000        
Gross balance note                                                                                           $ 0       0        
Accrued interest                                                                                           0       0        
Debt instruments conversion price per share | $ / shares                                           $ 0.00009                                                                
Common stock par value | $ / shares                                           $ 0.0001                                                                
Conversion price percentage                                           61.00%                                                                
Market price discount percentage                                           39.00%                                                                
Securities Purchase Agreement [Member] | Power Up Lending Group [Member] | Minimum [Member]                                                                                                            
Debt instruments interest rate                                           12.00%                                                                
Securities Purchase Agreement [Member] | Power Up Lending Group [Member] | Maximum [Member]                                                                                                            
Aggregate principal amount     53,000 53,000 53,000                                                                                                  
Debt instruments interest rate                                           22.00%                                                                
Payments of convertible notes payable         67,353                                                                                                  
Accrued interest and prepayment penalty     $ 14,353 $ 14,353 $ 14,353                                                                                                  
Unsecured Convertible Promissory Note Two [Member] | GS Capital Partners [Member]                                                                                                            
Amortized debt discount                                                                                                   100,000        
Unsecured Convertible Promissory Note Two [Member] | GS Capital Partners [Member]                                                                                                            
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Unsecured Convertible Promissory Note Two [Member] | JSJ Investments [Member]                                                                                                            
Debt instruments maturity date                               Feb. 05, 2020                                                                            
Proceeds from debt                               $ 98,000                                                                            
Lowest trading price of common stock, percentage                               0.40                                                                            
Trading days | Number                               20                                                                            
Unsecured Convertible Promissory Note [Member] | LG Capital Funding [Member]                                                                                                            
Aggregate principal amount   100,000                                                 $ 100,000                                                      
Debt instruments maturity date                                                     Dec. 07, 2019                                                      
Debt instruments interest rate                                                     10.00%                                                      
Proceeds from debt                                                     $ 85,000                                                      
Debt discount                                                     $ 15,000                                                      
Lowest trading price of common stock, percentage                                                     0.40                                                      
Trading days | Number                                                     20                                                      
Description on conversion price                                                     The Note is convertible into common stock, at holder's option, for the first 6 months at a fixed price of $0.18 per share and after that date at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion                                                      
Amortized debt discount                                                     $ 22,500                                             21,020        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Payments of convertible notes payable   146,252                                                                                                        
Accrued interest and prepayment penalty   46,252                                                                                                        
Unsecured Convertible Promissory Note [Member] | LG Capital Funding [Member] | Common Stock [Member]                                                                                                            
Amortized debt discount                                                     $ 7,500                                                      
Number of common stock shares issued | shares                                                     39,473                                                      
Unsecured Convertible Promissory Note [Member] | Morningview Financial [Member]                                                                                                            
Aggregate principal amount   $ 55,000                                                         $ 55,000                                              
Debt instruments maturity date                                                             Nov. 26, 2019                                              
Debt instruments interest rate   10.00%                                                         10.00%                                              
Proceeds from debt                                                             $ 47,500                                              
Debt discount                                                             $ 7,500                                              
Lowest trading price of common stock, percentage                                                             0.40                                              
Trading days | Number                                                             20                                              
Amortized debt discount                                                                                                   49,726        
Gross balance note                                                                                           0       0        
Accrued interest                                                                                           0       0        
Payments of convertible notes payable   $ 78,546                                                                                                        
Accrued interest and prepayment penalty   $ 23,546                                                                                                        
Unsecured Convertible Promissory Note [Member] | Odyssey Capital Funding, LLC [Member]                                                                                                            
Aggregate principal amount             $ 105,000                                                                             105,000       105,000        
Debt instruments maturity date             May 15, 2020                                                                                              
Debt instruments interest rate             10.00%                                                                                              
Proceeds from debt             $ 100,000                                                                                              
Debt discount             $ 5,000                                                                                              
Lowest trading price of common stock, percentage             0.40                                                                                              
Trading days | Number             20                                                                                              
Description on conversion price             In the event the Company experiences a DTC "Chill" on its shares, the conversion price shall be decreased an additional 10% discount while the "Chill" is in effect.                                                                                              
Amortized debt discount                                                                                                   39,590        
Accrued interest and prepayment penalty                                                                                           $ 3,970       $ 3,970        
XML 30 R53.htm IDEA: XBRL DOCUMENT v3.20.1
Notes Payable (Details Narrative)
 3 Months Ended 9 Months Ended 12 Months Ended
Oct. 02, 2015
Feb. 13, 2013
Jan. 11, 2013
USD ($)
Nov. 21, 2012
Sep. 30, 2019
USD ($)
$ / shares
Sep. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
$ / shares
Sep. 30, 2018
USD ($)
Dec. 31, 2018
USD ($)
Number
Dec. 31, 2015
USD ($)
Reverse stock split   200 to 1 reverse stock split   200 to 1 reverse stock split            
Gain on extinguishment of debt         $ (303,150) $ (8,510) $ (410,120) $ (8,510)    
Phil Zobrist [Member] | Unsecured Promissory Note [Member]                    
Unsecured short-term promissory note     $ 60,000              
Debt instruments interest rate 18.00%   0.00%              
Proceeds from debt     $ 60,000              
Debt instruments maturity date Dec. 31, 2016                  
Accrued interest         $ 72,582   $ 72,582     $ 29,412
Debt instruments conversion price per share | $ / shares         $ 0.99   $ 0.99      
Reverse stock split                 0.18 Pre-split  
Percentage of debt discount                 50.00%  
Number of conversion trading days | Number                 20  
Gain on extinguishment of debt                 $ 121,337  
Derivative liability         $ 11,842   $ 11,842      
Outstanding balance         $ 60,000   $ 60,000      
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Inventories, Stockpiles and Mineralized Materials on Leach Pads
 9 Months Ended
Sep. 30, 2019
Inventory Disclosure [Abstract]  
Inventories, Stockpiles and Mineralized Materials on Leach Pads

3. Inventories, Stockpiles and Mineralized Materials on Leach Pads

 

Inventories, stockpiles and mineralized materials on leach pads at September 30, 2019 and December 31, 2018 consisted of the following:

 

    September 30, 2019     December 31, 2018  
Supplies   $ 25,903     $ 87,230  
Mineralized Material on Leach Pads     163,310       247,213  
ADR Plant     308,401       40,642  
Finished Ore     583,785       195,528  
Total Inventories   $ 1,081,399     $ 570,613  

 

There were no stockpiles at September 30, 2019 and December 31, 2018.
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Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Other Comprehensive Income [Member]
Non-controlling Interest [Member]
Total
Balance at Dec. 31, 2017 $ 1 $ 522 $ 3,992,407 $ (16,383,271) $ (555,635) $ (7,881) $ (12,953,857)
Balance, shares at Dec. 31, 2017 51 52,183,761          
Shares issued for services $ 8 221,980 221,988
Shares issued for services, shares 816,385          
Shares issued for cash $ 3 27,497 27,500
Shares issued for cash, shares 250,000          
Foreign currency translation adjustment 5,214 5,214
Net loss (1,484,472) (1,234) (1,485,706)
Balance at Mar. 31, 2018 $ 1 $ 533 4,241,884 (17,867,743) (550,421) (9,115) (14,184,861)
Balance, shares at Mar. 31, 2018 51 53,250,146          
Balance at Dec. 31, 2017 $ 1 $ 522 3,992,407 (16,383,271) (555,635) (7,881) (12,953,857)
Balance, shares at Dec. 31, 2017 51 52,183,761          
Net loss             (5,664,256)
Balance at Sep. 30, 2018 $ 1 $ 538 4,427,898 (22,046,656) (553,329) (8,752) (18,180,300)
Balance, shares at Sep. 30, 2018 51 53,819,032          
Balance at Mar. 31, 2018 $ 1 $ 533 4,241,884 (17,867,743) (550,421) (9,115) (14,184,861)
Balance, shares at Mar. 31, 2018 51 53,250,146          
Shares issued for services $ 1 16,009 16,010
Shares issued for services, shares 100,000          
Shares issued with note payable $ 1 26,037 26,038
Shares issued with note payable, shares 55,250          
Foreign currency translation adjustment (548) (548)
Share cancellation $ (1) 1
Share cancellation, shares (36,364)          
Net loss (784,283) 143 (784,140)
Balance at Jun. 30, 2018 $ 1 $ 534 4,283,931 (18,652,026) (550,969) (8,972) (14,927,501)
Balance, shares at Jun. 30, 2018 51 53,369,032          
Shares issued for services $ 7 129,464 129,471
Shares issued for services, shares 700,000          
Shares issued for cash $ 2 14,498 14,500
Shares issued for cash, shares 200,000          
Foreign currency translation adjustment (2,360) (2,360)
Share cancellation $ (5) 5
Share cancellation, shares (450,000)          
Net loss (3,394,630) 220 (3,394,410)
Balance at Sep. 30, 2018 $ 1 $ 538 4,427,898 (22,046,656) (553,329) (8,752) (18,180,300)
Balance, shares at Sep. 30, 2018 51 53,819,032          
Balance at Dec. 31, 2018 $ 1 $ 541 4,490,866 (22,009,285) (557,134) (8,917) (18,083,928)
Balance, shares at Dec. 31, 2018 51 54,093,505          
Shares issued for services $ 6 122,844 122,850
Shares issued for services, shares 650,000          
Shares issued for cash $ 4 48,746 48,750
Shares issued for cash, shares 375,000          
Shares issued with note payable $ 1 81,640 81,641
Shares issued with note payable, shares 130,000          
Shares issued with settlement of A/P $ 1 11,999 12,000
Shares issued with settlement of A/P, shares 100,000          
Foreign currency translation adjustment 37,347 37,347
Net loss (3,786,657) (164) (3,786,821)
Balance at Mar. 31, 2019 $ 1 $ 553 4,756,095 (25,795,942) (519,787) (9,081) (21,568,161)
Balance, shares at Mar. 31, 2019 51 55,348,505          
Balance at Dec. 31, 2018 $ 1 $ 541 4,490,866 (22,009,285) (557,134) (8,917) (18,083,928)
Balance, shares at Dec. 31, 2018 51 54,093,505          
Net loss             (16,637,563)
Balance at Sep. 30, 2019 $ 1 $ 594 5,270,550 (38,647,507) (541,945) (8,258) (33,926,565)
Balance, shares at Sep. 30, 2019 51 59,435,102          
Balance at Mar. 31, 2019 $ 1 $ 553 4,756,095 (25,795,942) (519,787) (9,081) (21,568,161)
Balance, shares at Mar. 31, 2019 51 55,348,505          
Shares issued for services $ 5 123,965 123,970
Shares issued for services, shares 500,000          
Foreign currency translation adjustment 196 196
Net loss (15,188,942) 77 (15,188,865)
Balance at Jun. 30, 2019 $ 1 $ 558 4,880,060 (40,984,884) (519,591) (9,004) (36,632,860)
Balance, shares at Jun. 30, 2019 51 55,848,505          
Shares issued for services $ 6 61,994 62,000
Shares issued for services, shares 600,000          
Foreign currency translation adjustment (22,354) (22,354)
Shares issued for conversion of note payable $ 30 328,496 328,526
Shares issued for conversion of note payable, shares 2,986,597          
Net loss 2,337,377 746 2,338,123
Balance at Sep. 30, 2019 $ 1 $ 594 $ 5,270,550 $ (38,647,507) $ (541,945) $ (8,258) $ (33,926,565)
Balance, shares at Sep. 30, 2019 51 59,435,102          
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Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2019
Nov. 14, 2019
Document And Entity Information    
Entity Registrant Name INCEPTION MINING INC.  
Entity Central Index Key 0001416090  
Document Type 10-Q/A  
Document Period End Date Sep. 30, 2019  
Amendment Flag true  
Amendment Description Amendment No.1  
Current Fiscal Year End Date --12-31  
Entity's Reporting Status Current Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business Flag true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   59,835,102
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2019  
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Notes Payable
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Notes Payable

9. Notes Payable

 

Notes payable were comprised of the following as of September 30, 2019 and December 31, 2018:

 

Notes Payable   September 30, 2019     December 31, 2018  
Phil Zobrist   $ 60,000     $ 60,000  
Total Notes Payable     60,000       60,000  
Less Unamortized Discount     -       -  
Total Notes Payable, Net of Unamortized Debt Discount   $ 60,000     $ 60,000  

 

Phil Zobrist – On January 11, 2013, the Company issued an unsecured Promissory Note to Phil Zobrist in the principal amount of $60,000 (the “Note”) due on demand and bearing 0% per annum interest. The total net proceeds the Company received was $60,000. On October 2, 2015, the Company entered into a new convertible note with Phil Zobrist that matures on December 31, 2016 and bears 18% per annum interest. The Company agreed to accrue interest from inception of these Notes in the amount of $29,412 and charged this amount to interest expense during the year ended December 31, 2015. The Note is convertible into common stock, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP of the common stock during the 20 trading day period prior to conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed and the note was extended until December 31, 2018. The Company recognized a gain on the extinguishment of debt of $121,337 for the remaining derivative liability and of $11,842 for the remaining debt discount. As of September 30, 2019, the gross balance of the note was $60,000 and accrued interest was $72,582.
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Properties, Plant and Equipment, Net
 9 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
Properties, Plant and Equipment, Net

5. Properties, Plant and Equipment, Net

 

Properties, plant and equipment at September 30, 2019 and December 31, 2018 consisted of the following:

 

    September 30, 2019     December 31, 2018  
Land   $ 267,601     $ 270,736  
Buildings     2,338,914       2,366,323  
Machinery and Equipment     945,882       956,669  
Office Equipment and Furniture     41,840       42,311  
Vehicles     84,146       85,132  
Construction in Process     7,491       11,277  
      3,685,874       3,732,448  
Less Accumulated Depreciation     (3,194,916 )     (3,068,407 )
Total Property, Plant and Equipment   $ 490,958     $ 664,041  

 

During the nine months ended September 30, 2019 and 2018, the Company recognized depreciation expense of $162,947 and $169,768, respectively. The following table summarizes the allocation of depreciation expense between cost of goods sold and general and administrative expenses.

 

Depreciation Allocation   September 30, 2019     September 30, 2018  
Cost of Goods Sold   $ 135,734     $ 140,798  
General and Administrative     27,213       28,970  
Total   $ 162,947     $ 169,768  
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Related Party Transactions
 9 Months Ended
Sep. 30, 2019
Related Party Transactions [Abstract]  
Related Party Transactions

13. Related Party Transactions

 

Consulting Agreement – In February 2014, the Company entered into a consulting agreement with a stockholder/director. The Company agreed to pay $18,000 per month for twelve months. This agreement was renegotiated in October 2017 and the Company agreed to pay the stockholder/director $25,000 per month starting in October 2017. This agreement was superseded by an Employment Agreement as of July 1, 2018 (see Employment Agreements below). As of September 30, 2019, the Company owed $1,035,000 to the stockholder/director in accrued consulting fees.

 

Mr. Cluff currently serves as a director of the Company and has a separate agreement as a consultant of the Company effective as of October 2, 2015.

 

Employment Agreements – The Company has an employment agreement with its chief executive officer, Trent D’Ambrosio. The employment agreement was effective as of April 1, 2019 and provides for compensation of $300,000 annually.

 

Notes Payable – The Company took several short-term notes payable from related parties during the nine months ended September 30, 2019. The Company received $1,119,000 in cash from related parties and paid out $1,634,412 in cash to related parties on notes payable.
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Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Notes Payable

Notes payable were comprised of the following as of September 30, 2019 and December 31, 2018:

 

Notes Payable   September 30, 2019     December 31, 2018  
Phil Zobrist   $ 60,000     $ 60,000  
Total Notes Payable     60,000       60,000  
Less Unamortized Discount     -       -  
Total Notes Payable, Net of Unamortized Debt Discount   $ 60,000     $ 60,000  
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Restatement (Tables)
 9 Months Ended
Sep. 30, 2019
Accounting Changes and Error Corrections [Abstract]  
Schedule of Restatement

Consolidated balance sheet as of September 30, 2019:

    Originally Reported     Restatement Adjustment     As Restated  
Derivative liabilities   $ 6,693,257     $ 10,657,635     $ 17,350,892  
Total current liabilities     23,824,298       10,657,635       34,481,933  
Total liabilities     25,218,918       10,657,635       35,876,553  
Additional paid-in capital     6,482,512       (1,211,962 )     5,270,550  
Accumulated deficit     (29,201,834 )     (9,445,673 )     (38,647,507 )
Total controlling interest     (23,260,672 )     (10,657,635 )     (33,918,307 )
Total stockholders’ deficit   $ (23,268,930 )   $ (10,657,635 )   $ (33,926,565 )

 

Consolidated Statement of Operations and Comprehensive Loss for the nine-month period ended September 30, 2019:

 

    Originally Reported     Restatement Adjustment     As Restated  
Change in derivative liability   $ 687,140     $ 7,838,077     $ 8,525,217  
Loss on extinguishment of debt     (147,320 )     (262,800 )     (410,120 )
Interest expense     (7,472,764 )     (17,020,950 )     (24,493,714 )
Total other income (expense)     (6,929,459 )     (9,445,673 )     (16,375,132 )
Loss from operations before income taxes     (7,191,890 )     (9,445,673 )     (16,637,563 )
Net loss     (7,191,890 )     (9,445,673 )     (16,637,563 )
Net loss - controlling interest     (7,192,549 )     (9,445,673 )     (16,638,222 )
Net loss per share - basic and diluted     (0.13 )     (0.17 )     (0.30 )
Total comprehensive loss     (7,176,701 )     (9,445,673 )     (16,622,374 )
Total comprehensive loss - controlling interest   $ (7,176,770 )   $ (9,445,673 )   $ (16,622,443 )

 

Consolidated Statement of Operations and Comprehensive Loss for the three-month period ended September 30, 2019:

 

    Originally Reported     Restatement Adjustment     As Restated  
Change in derivative liability   $ (558,863 )   $ 3,637,968     $ 3,079,105  
Loss on extinguishment of debt     (40,350 )     (262,800 )     (303,150 )
Interest expense     (1,238,479 )     -       (1,238,479 )
Total other income (expense)     (1,835,641 )     3,375,168       1,539,527  
Income (loss) from operations before income taxes     (1,037,045 )     3,375,168       2,338,123  
Net income (loss)     (1,037,045 )     3,375,168       2,338,123  
Net income (loss) - controlling interest     (1,037,791 )     3,375,168       2,337,377  
Net income (loss) per share - basic and diluted     (0.02 )     0.06       0.04  
Total comprehensive income (loss)     (1,059,399 )     3,375,168       2,315,769  
Total comprehensive income (loss) - controlling interest   $ (1,059,451 )   $ 3,374,968     $ 2,315,517  
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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Changes in Fair Value of Level 3 Financial Liabilities

The following table provides a summary of changes in fair value of the Company’s Level 3 financial liabilities as of September 30, 2019 and December 31, 2018:

 

   

Debt Derivative

Liabilities

  
Balance, December 31, 2017   $ 647,807  
Transfers in upon initial fair value of derivative liabilities     2,879,560  
Change in fair value of derivative liabilities and warrant liability     (979,561 )
Transfers to permanent equity upon exercise of warrants     -  
Balance, December 31, 2018   $ 2,547,806  
Transfers in upon initial fair value of derivative liabilities     23,328,303  
Change in fair value of derivative liabilities and warrant liability     (8,525,217 )
Transfers to permanent equity upon conversions     -  
Balance, September 30, 2019   $ 17,350,892  
Net gain for the period included in earnings relating to the liabilities held at September 30, 2019   $ 8,525,217  
Net gain for the period included in earnings relating to the liabilities held at December 31, 2018   $ 979,561  
XML 41 R23.htm IDEA: XBRL DOCUMENT v3.20.1
Restatement
 9 Months Ended
Sep. 30, 2019
Accounting Changes and Error Corrections [Abstract]  
Restatement

17. Restatement

 

The Company has restated the September 30, 2019 financial statements as originally presented in its 10-Q filed on November 14, 2019.

 

This Form 10-Q/A is being filed to:

 

  (a) Restate the consolidated financial statements for the three and nine-month periods ended September 30, 2019 to reflect revised valuations of derivative liabilities on convertible notes and the warrants issued with the convertible note;
     
  (b) Restate results disclosed for the above noted changes to the consolidated financial statements;

 

The restatements are being made in accordance with ASC 250, “Accounting Changes and Error Corrections.” The disclosure provision of ASC 250 requires a company that corrects an error to disclose that its previously issued financial statements have been restated, a description of the nature of the error, the effect of the correction on each financial statement line item and any per share amount affected for each prior period presented, and the cumulative effect on retained earnings (deficit) in the statement of financial position as of the beginning of the each period presented.

 

The changes and explanation of such are as follows:

 

Consolidated balance sheet as of September 30, 2019:

    Originally Reported     Restatement Adjustment     As Restated  
Derivative liabilities   $ 6,693,257     $ 10,657,635     $ 17,350,892  
Total current liabilities     23,824,298       10,657,635       34,481,933  
Total liabilities     25,218,918       10,657,635       35,876,553  
Additional paid-in capital     6,482,512       (1,211,962 )     5,270,550  
Accumulated deficit     (29,201,834 )     (9,445,673 )     (38,647,507 )
Total controlling interest     (23,260,672 )     (10,657,635 )     (33,918,307 )
Total stockholders’ deficit   $ (23,268,930 )   $ (10,657,635 )   $ (33,926,565 )

 

Consolidated Statement of Operations and Comprehensive Loss for the nine-month period ended September 30, 2019:

 

    Originally Reported     Restatement Adjustment     As Restated  
Change in derivative liability   $ 687,140     $ 7,838,077     $ 8,525,217  
Loss on extinguishment of debt     (147,320 )     (262,800 )     (410,120 )
Interest expense     (7,472,764 )     (17,020,950 )     (24,493,714 )
Total other income (expense)     (6,929,459 )     (9,445,673 )     (16,375,132 )
Loss from operations before income taxes     (7,191,890 )     (9,445,673 )     (16,637,563 )
Net loss     (7,191,890 )     (9,445,673 )     (16,637,563 )
Net loss - controlling interest     (7,192,549 )     (9,445,673 )     (16,638,222 )
Net loss per share - basic and diluted     (0.13 )     (0.17 )     (0.30 )
Total comprehensive loss     (7,176,701 )     (9,445,673 )     (16,622,374 )
Total comprehensive loss - controlling interest   $ (7,176,770 )   $ (9,445,673 )   $ (16,622,443 )

 

Consolidated Statement of Operations and Comprehensive Loss for the three-month period ended September 30, 2019:

 

    Originally Reported     Restatement Adjustment     As Restated  
Change in derivative liability   $ (558,863 )   $ 3,637,968     $ 3,079,105  
Loss on extinguishment of debt     (40,350 )     (262,800 )     (303,150 )
Interest expense     (1,238,479 )     -       (1,238,479 )
Total other income (expense)     (1,835,641 )     3,375,168       1,539,527  
Income (loss) from operations before income taxes     (1,037,045 )     3,375,168       2,338,123  
Net income (loss)     (1,037,045 )     3,375,168       2,338,123  
Net income (loss) - controlling interest     (1,037,791 )     3,375,168       2,337,377  
Net income (loss) per share - basic and diluted     (0.02 )     0.06       0.04  
Total comprehensive income (loss)     (1,059,399 )     3,375,168       2,315,769  
Total comprehensive income (loss) - controlling interest   $ (1,059,451 )   $ 3,374,968     $ 2,315,517  

 

The adjustments above reflect restatement due to revised valuations of derivative liabilities on convertible notes payable and warrants being recognized during the nine-month period, together with the change in the derivative liability during the three and nine-month periods.
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XML 44 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 45 R46.htm IDEA: XBRL DOCUMENT v3.20.1
Properties, Plant and Equipment, Net - Schedule of Properties and Equipment (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Property, Plant and Equipment [Abstract]    
Land $ 267,601 $ 270,736
Buildings 2,338,914 2,366,323
Machinery and Equipment 945,882 956,669
Office Equipment and Furniture 41,840 42,311
Vehicles 84,146 85,132
Construction in Process 7,491 11,277
Total Property, Plant and Equipment 3,685,874 3,732,448
Less Accumulated Depreciation (3,194,916) (3,068,407)
Total Property, Plant and Equipment $ 490,958 $ 664,041
XML 46 R65.htm IDEA: XBRL DOCUMENT v3.20.1
Subsequent Events (Details Narrative) - USD ($)
Oct. 01, 2019
Sep. 27, 2019
UP-Burlington Project [Member]    
Non-refundable amount   $ 25,000
Option to purchase UP-Burlington project   $ 475,000
Subsequent Event [Member] | Consulting Agreement [Member]    
Common stock issued during the period 400,000  
XML 47 R61.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Deficit - Schedule of Warrants Activity (Details) - Warrant [Member]
 9 Months Ended
Sep. 30, 2019
$ / shares
shares
Outstanding Warrants, Range of Exercise Price Minimum $ 0.40
Outstanding Warrants, Range of Exercise Price Maximum $ 2.00
Number of Warrants, Ending Balance | shares 9,613,637
Weighted Average Remaining Contractual Life 2 years 7 months 24 days
Warrants Outstanding, Weighted Average Exercise Price $ 0.53
Number of Warrants Exercisable Ending Balance | shares 9,613,637
Warrants Exercisable, Weighted Average Exercise Price $ 0.53
XML 48 R7.htm IDEA: XBRL DOCUMENT v3.20.1
Nature of Business
 9 Months Ended
Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business

1. Nature of Business

 

Inception Mining, Inc. (formerly known as Gold American Mining Corp.) was incorporated under the name of Golf Alliance Corporation and under the laws of the State of Nevada on July 2, 2007. Inception Mining, Inc. is a precious metal mineral acquisition, exploration and development company. Inception Development, Inc., its wholly owned subsidiary, was incorporated under the laws of the State of Idaho on January 28, 2013.

 

Golf Alliance Corporation pursued its original business plan to provide opportunities for golfers to play on private golf courses normally closed to them due to the membership requirements of the private clubs. During the year ended July 31, 2010, the Company decided to redirect its business focus toward precious metal mineral acquisition and exploration.

 

On March 5, 2010, the Company amended its articles of incorporation to (1) to change its name to Silver America, Inc. and (2) increased its authorized common stock from 100,000,000 to 500,000,000.

 

On June 23, 2010 the Company amended its articles of incorporation to change its name to Gold American Mining Corp.

 

On November 21, 2012, the Company implemented a 200 to 1 reverse stock split. Upon effectiveness of the stock split, each shareholder canceled 200 shares of common stock for every share of common stock owned as of November 21, 2012. This reverse stock split was effective on February 13, 2013. All share and per share references have been retroactively adjusted to reflect this 200 to 1 reverse stock split in the financial statements and in the notes to financial statements for all periods presented, to reflect the stock split as if it occurred on the first day of the first period presented.

 

On February 25, 2013, Gold American Mining Corp. and its majority shareholder (the “Majority Shareholder”), and its wholly-owned subsidiary, Inception Development Inc. (the “Subsidiary”), entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Inception Resources, LLC, a Utah corporation (“Inception Resources”), pursuant to which Inception purchased the U.P. and Burlington Gold Mine in consideration of 16,000,000 shares of common stock of Inception, the assumption of promissory notes in the amount of $950,000 and the assignment of a 3% net royalty. Inception Resources was an entity owned by and under the control of the majority shareholder. This transaction is deemed an asset purchase by entities under common control. The Asset Purchase Agreement closed on February 25, 2013 (the “Closing”). Inception was a “shell company” (as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended) immediately prior to our acquisition of the gold mine pursuant to the terms of the Asset Purchase Agreement. As a result of such acquisition, the Company’s operations are now focused on the ownership and operation of the mine acquired from Inception Resources. Consequently, the Company believes that acquisition has caused us to cease to be a shell company as it no longer has nominal operations.

 

On May 17, 2013, the Company amended its articles of incorporation to change its name to Inception Mining, Inc. (“Inception” or the “Company”).

 

On October 2, 2015, the Company consummated a merger with Clavo Rico Ltd. (“Clavo Rico”). Clavo Rico is a privately held Turks and Caicos company with principal operations in Honduras, Central America. Clavo Rico operates the Clavo Rico mining concession through its subsidiaries Compañía Minera Cerros del Sur, S.A de C.V. and Compañía Minera Clavo Rico, S.A. de C.V. and holds other mining concessions. Pursuant to the agreement, the Company issued of 240,225,901 shares of common stock of Inception and assumed promissory notes in the amount of $5,488,980 and accrued interest of $3,434,426. Under this merger agreement, there was a change in control and it has been treated for accounting purposes as a reverse recapitalization with Clavo Rico, Ltd. being the surviving entity. Its workings include several historical underground operations dating back to the early Mayan and Spanish occupation.

 

The Company’s primary mine is located on the 200-hectare Clavo Rico Concession, located in southern Honduras. This mine was originally explored and exploited in the 16th century by the Spanish, and more recently has been operated by Compa ñí a Minera Cerros del Sur, S.A. de C.V. as a small family business. In 2003, Clavo Rico’s predecessor purchased a 20% interest and later increased its ownership to 99.9%.
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2019
Dec. 31, 2018
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.00001 $ 0.00001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 51 51
Preferred stock, shares outstanding 51 51
Common stock, par value $ 0.00001 $ 0.00001
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 59,435,102 54,093,505
Common stock, shares outstanding 59,435,102 54,093,505
XML 50 R59.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Deficit (Details Narrative) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 01, 2019
Aug. 01, 2019
Jul. 29, 2019
Jul. 02, 2019
Jun. 01, 2019
May 20, 2019
Apr. 26, 2019
Mar. 28, 2019
Mar. 12, 2019
Feb. 05, 2019
Jan. 14, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Number of common stock shares cancelled and repurchased during the period, value                                    
Number of common stock shares issued for services, value                       $ 62,000 $ 123,970 $ 122,850 129,471 $ 16,010 $ 221,988      
Loss on settlement                       (303,150)     (8,510)     $ (410,120) $ (8,510)  
Number of common stock shares issued, value                           $ 48,750 $ 14,500   $ 27,500      
Common stock issued was converted value                       $ 328,526                
Re-valued the warrants                                   383,827   $ 26,171
Gain on change in derivative liabilities                                   $ 1,327,567    
Convertible Notes Payable [Member]                                        
Aggregate principal amount           $ 4,250,000                            
Labrys Fund LP [Member]                                        
Issued shares per share price             $ 0.3399                          
Number of common stock shares issued for services             300,000                          
Number of common stock shares issued for services, value             $ 101,970                          
Officers Former Officers and Member Board of Directors [Member]                                        
Issued shares per share price                 $ 0.189                      
Number of common stock shares issued for services                 650,000                      
Number of common stock shares issued for services, value                 $ 122,850                      
Richard Bass Jr [Member]                                        
Issued shares per share price               $ 0.13                        
Number of common stock shares issued               375,000                        
Number of common stock shares issued, value               $ 48,750                        
Note Holder [Member]                                        
Issued shares per share price     $ 0.11                                  
Number of common stock shares cancelled and repurchased during the period, value     $ 328,526                                  
Loss on settlement     $ 303,149                                  
Common stock issued was converted     2,986,597                                  
Common stock issued was converted value     $ 265,000                                  
Consulting Agreement [Member]                                        
Issued shares per share price $ 0.08 $ 0.08     $ 0.11         $ 0.12                    
Number of common stock shares issued for services 200,000 200,000     200,000         100,000                    
Number of common stock shares issued for services, value $ 16,000 $ 16,000     $ 22,000         $ 12,000                    
Loss on settlement                   5,000                    
Reduction payable                   $ 7,000                    
Consulting Agreement 1 [Member]                                        
Issued shares per share price       $ 0.15                                
Number of common stock shares issued for services       200,000                                
Number of common stock shares issued for services, value       $ 30,000                                
Note Purchase Agreement [Member] | Investor [Member] | Warrant [Member]                                        
Number of common stock shares issued           3,000,000                            
Number of common stock shares issued, value           $ 1,711,394                            
Number shares warrant purchase           9,250,000                            
Exercise of warrant           3,750,000                            
Warrant term           3 years                            
Warrant exercise price           $ 0.60                            
Warrant issuance description           On May 20, 2019, the Company entered into a Note Purchase Agreement (the "Agreement") with an investor (the "Investor") through which the Investor purchased (i) a Senior Secured Redeemable Convertible Note ("Note") with a face value of $4,250,000 that is convertible into shares of common stock of the Company and (ii) a warrant ("Warrant") to purchase 9,250,000 shares of common stock of the Company. The warrant has a life of three years. The warrant is exercisable at the following prices - 3,750,000 shares of common stock at $0.40 per share, 3,000,000 shares of common stock at $0.50 per share and 2,500,000 shares of common stock at $0.60 per share. These warrants' relative fair value, based on cash proceeds allocation was $1,711,394, which has been recorded in warrant derivative liabilities.                            
Labrys Fund LP [Member]                                        
Number of common stock shares cancelled and repurchased during the period                     130,000                  
Issued shares per share price                     $ 0.135                  
Number of common stock shares cancelled and repurchased during the period, value                     $ 17,550                  
XML 51 R55.htm IDEA: XBRL DOCUMENT v3.20.1
Notes Payable - Related Parties (Details Narrative)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 05, 2019
USD ($)
Aug. 28, 2019
USD ($)
Jul. 25, 2019
USD ($)
Jul. 15, 2019
USD ($)
Jul. 10, 2019
USD ($)
May 21, 2019
USD ($)
May 21, 2019
USD ($)
Apr. 05, 2019
USD ($)
Mar. 26, 2019
USD ($)
Mar. 08, 2019
USD ($)
Feb. 28, 2019
USD ($)
Feb. 21, 2019
Feb. 19, 2019
USD ($)
Feb. 13, 2019
USD ($)
Jan. 08, 2019
USD ($)
Sep. 30, 2018
USD ($)
Jun. 27, 2018
USD ($)
May 16, 2018
Nov. 06, 2017
USD ($)
Apr. 03, 2017
USD ($)
Oct. 02, 2016
Oct. 02, 2016
Oct. 01, 2016
Oct. 01, 2016
Oct. 02, 2015
Oct. 01, 2014
Feb. 14, 2013
USD ($)
Feb. 13, 2013
Nov. 21, 2012
Mar. 18, 2011
USD ($)
Sep. 30, 2019
USD ($)
$ / shares
Sep. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
Number
$ / shares
Sep. 30, 2018
USD ($)
Dec. 31, 2015
USD ($)
Jul. 12, 2019
USD ($)
Jun. 14, 2019
USD ($)
May 07, 2019
USD ($)
May 01, 2019
USD ($)
Apr. 16, 2019
USD ($)
Apr. 09, 2019
USD ($)
Apr. 03, 2019
USD ($)
Mar. 14, 2019
USD ($)
Feb. 22, 2019
USD ($)
Jan. 04, 2019
USD ($)
May 16, 2017
USD ($)
Feb. 25, 2013
USD ($)
Dec. 31, 2003
Interest expense                                                             $ 191,243                                  
Reverse stock split                                                       200 to 1 reverse stock split 200 to 1 reverse stock split                                      
Gain on extinguishment of debt                                                             (303,150) $ (8,510) $ (410,120) $ (8,510)                            
Amortized debt discount                                                             $ 699,707   $ 22,160,347 1,032,159                            
Notes payable - related parties outstanding balance                                                                                             $ 950,000  
Ownership percentage                                                                                               99.90%
MDL Ventures, LLC [Member] | Unsecured Convertible Note Payable Agreement [Member]                                                                                                
Debt interest rate                                                   18.00%                                            
Debt maturity date                                                   Dec. 31, 2016                                            
Debt instruments conversion price per share | $ / shares                                                             $ 0.99   $ 0.99                              
Reverse stock split                                                                 0.18 Pre-split                              
Percentage of discount to average common stock period prior to conversion                                                                 50.00%                              
Number of conversion trading days | Number                                                                 20                              
Gain on extinguishment of debt                                                                 $ 1,487,158                              
Gross balance notes                                                             $ 1,260,661   1,260,661                              
Accrued interest on note                                                             $ 0   $ 0                              
Debt extended date                                             Dec. 31, 2018                                                  
Ownership percentage                                                   100.00%                                            
Claymore Management [Member]                                                                                                
Unsecured promissory note                                                           $ 185,000                                    
Debt interest rate                                                 18.00%         0.00%                                    
Proceeds from debt                                                           $ 185,000                                    
Debt maturity date                                                 Dec. 31, 2016                                              
Interest expense                                                                     $ 151,355                          
Debt instruments conversion price per share | $ / shares                                                             $ 0.99   $ 0.99                              
Reverse stock split                                                                 0.18 Pre-split                              
Percentage of discount to average common stock period prior to conversion                                                                 50.00%                              
Number of conversion trading days | Number                                                                 20                              
Gain on extinguishment of debt                                                                 $ 448,369                              
Amortized debt discount                                                                 36,513                              
Gross balance notes                                                             $ 185,000   185,000                              
Accrued interest on note                                                             284,464   284,464                              
Unsecured Short-Term Promissory Note Due on February 5, 2019 [Member]                                                                                                
Unsecured promissory note                                                             0   0                       $ 125,000      
Debt interest rate                                                                                         5.00%      
Debt maturity date                           Feb. 13, 2019                                                                    
Accrued interest on note                           $ 6,250                                 0   0                              
Debt instrument principal payment                           $ 131,250                                                                    
Unsecured Short-Term Promissory Note Due on March 19, 2019 [Member]                                                                                                
Unsecured promissory note                         $ 100,000                                                                      
Debt interest rate                         5.00%                                                                      
Debt maturity date                   Mar. 08, 2019                                                                            
Debt instrument principal payment                   $ 105,000                                                                            
Unsecured Short-Term Promissory Note Due on March 19, 2019 [Member]                                                                                                
Unsecured promissory note                                                             0   0                              
Accrued interest on note                   $ 5,000                                         0   0                              
Unsecured Short-Term Promissory Note Due on April 30, 2019 [Member]                                                                                                
Unsecured promissory note                                                             0   0                   $ 100,000          
Debt interest rate                                                                                     5.00%          
Debt maturity date               Apr. 30, 2019                                                                                
Accrued interest on note               $ 5,000                                             0   0                              
Debt instrument principal payment               $ 105,000                                                                                
Unsecured Short-Term Promissory Note Due on May 30, 2019 [Member]                                                                                                
Unsecured promissory note                                                             0   0               $ 122,000              
Debt interest rate                                                                                 5.00%              
Debt maturity date           May 30, 2019                                                                                    
Accrued interest on note           $ 6,100 $ 6,100                                               0   0                              
Debt instrument principal payment           128,100                                                                                    
Unsecured Short-Term Promissory Note Due on July 5, 2019 [Member]                                                                                                
Unsecured promissory note                                                             0   0       $ 182,000                      
Debt interest rate                                                                         5.00%                      
Debt maturity date             Jul. 05, 2019                                                                                  
Accrued interest on note           $ 9,100 $ 9,100                                               0   0                              
Debt instrument principal payment             191,100                                                                                  
Unsecured Short-Term Promissory Note Due on July 25, 2019 [Member]                                                                                                
Unsecured promissory note                                                             0   0     $ 150,000                        
Debt interest rate                                                                       5.00%                        
Debt maturity date     Aug. 12, 2019                                                                                          
Accrued interest on note     $ 7,500                                                       0   0                              
Debt instrument principal payment     $ 157,500                                                                                          
Unsecured Short-Term Promissory Note [Member] | Legends Capital Group [Member]                                                                                                
Unsecured promissory note                                                                                           $ 100,000    
Debt interest rate                                                                                           7.00%    
Debt maturity date                                   Sep. 15, 2018                                                            
Accrued interest on note                                 $ 0                           0   0                              
Debt instrument principal payment                     $ 40,000           $ 50,000                                                              
Notes payable - related parties outstanding balance                                                             0   0                              
Unsecured Short-Term Promissory Note [Member] | WOC Energy, LLC [Member]                                                                                                
Unsecured promissory note                             $ 75,000       $ 40,000                                                          
Debt interest rate                             5.00%       4.00%                                                          
Debt maturity date                             Jan. 16, 2019       Sep. 30, 2019                                                          
Accrued interest on note                                                             0   0                              
Notes payable - related parties outstanding balance                                                             40,000   40,000                              
Unsecured Short-Term Promissory Note [Member] | Diamond 80, LLC [Member]                                                                                                
Unsecured promissory note                                       $ 50,000                                                        
Debt interest rate                                       7.00%                                                        
Debt maturity date                                       Dec. 31, 2018                                                        
Accrued interest on note                               $ 75                             46,700 75 46,700 75                            
Debt instrument principal payment                               1,075       $ 49,000                                                        
Notes payable - related parties outstanding balance                               $ 1,000                             44,700 $ 1,000 44,700 $ 1,000                            
Unsecured Short-Term Promissory Note [Member] | GAIA Ltd. [Member] | December 2011 and October 2012 [Member]                                                                                                
Unsecured promissory note                                                             $ 1,150,000   $ 1,150,000                              
Debt interest rate                                                             0.00%   0.00%                              
Proceeds from debt                                                                 $ 1,150,000                              
Unsecured Short-Term Promissory Note [Member] | Director [Member] | WOC Energy, LLC [Member]                                                                                                
Accrued interest on note                         $ 3,750                                   $ 0   0                              
Debt instrument principal payment                         $ 78,750                                                                      
Notes payable - related parties outstanding balance                                                             0   0                              
Unsecured Short-Term Promissory Note [Member] | Francis E. Rich IRA [Member]                                                                                                
Unsecured promissory note                                                     $ 100,000                                          
Debt interest rate                                                     30.00%                                          
Debt maturity date                                                     Feb. 20, 2020                                          
Accrued interest on note                                                             18,740   18,740                              
Notes payable - related parties outstanding balance                                                             $ 100,000   $ 100,000                              
New Convertible Note [Member] | GAIA Ltd. [Member]                                                                                                
Debt interest rate                                                 18.00%                                              
Debt maturity date                                         Dec. 31, 2016       Dec. 31, 2016                                              
Interest expense                                                                     724,463                          
Debt instruments conversion price per share | $ / shares                                                             $ 0.99   $ 0.99                              
Reverse stock split                                                                 0.18 Pre-split                              
Percentage of discount to average common stock period prior to conversion                                                                 50.00%                              
Number of conversion trading days | Number                                                                 20                              
Gain on extinguishment of debt                                                                 $ 2,524,747                              
Amortized debt discount                                                                 226,974                              
Gross balance notes                                                             $ 1,150,000   1,150,000                              
Accrued interest on note                                                             $ 1,551,896   $ 1,551,896                              
Unsecured Promissory Note [Member] | Legends Capital Group [Member]                                                                                                
Debt interest rate                                                 18.00%                                              
Interest expense                                                                     504,806                          
Debt extended date                                             Dec. 31, 2018                                                  
Unsecured Promissory Note [Member] | Legends Capital [Member]                                                                                                
Debt instruments conversion price per share | $ / shares                                                             $ 0.99   $ 0.99                              
Reverse stock split                                                                 0.18 Pre-split                              
Percentage of discount to average common stock period prior to conversion                                                                 50.00%                              
Number of conversion trading days | Number                                                                 20                              
Gain on extinguishment of debt                                                                 $ 2,564,130                              
Amortized debt discount                                                                 150,987                              
Gross balance notes                                                             $ 765,000   765,000                              
Accrued interest on note                                                             $ 1,055,229   $ 1,055,229                              
Unsecured Promissory Note [Member] | LW Briggs Irrevocable Trust [Member]                                                                                                
Debt interest rate                                                 18.00%                                              
Debt maturity date                                                 Dec. 31, 2016                                              
Interest expense                                                                     814,784                          
Debt instruments conversion price per share | $ / shares                                                             $ 0.99   $ 0.99                              
Reverse stock split                                                                 0.18 Pre-split                              
Percentage of discount to average common stock period prior to conversion                                                                 50.00%                              
Number of conversion trading days | Number                                                                 20                              
Gain on extinguishment of debt                                                                 $ 2,564,130                              
Amortized debt discount                                                                 217,303                              
Gross balance notes                                                             $ 1,101,000   1,101,000                              
Accrued interest on note                                                             $ 1,606,961   $ 1,606,961                              
Debt extended date                                               Dec. 31, 2018                                                
Unsecured Promissory Note [Member] | Silverbrook Corporation [Member]                                                                                                
Debt interest rate                                                 18.00%                                              
Debt maturity date                                                 Dec. 31, 2016                                              
Interest expense                                                                     $ 1,209,606                          
Debt instruments conversion price per share | $ / shares                                                             $ 0.99   $ 0.99                              
Reverse stock split                                                                 0.18 Pre-split                              
Percentage of discount to average common stock period prior to conversion                                                                 50.00%                              
Number of conversion trading days | Number                                                                 20                              
Gain on extinguishment of debt                                                                 $ 4,656,189                              
Amortized debt discount                                                                 439,733                              
Gross balance notes                                                             $ 2,227,980   2,227,980                              
Accrued interest on note                                                             2,812,653   2,812,653                              
Debt extended date                                           Dec. 31, 2018                                                    
Unsecured Promissory Note [Member] | October 2011 and September 2012 [Member] | Legends Capital Group [Member]                                                                                                
Unsecured promissory note                                                             $ 765,000   $ 765,000                              
Debt interest rate                                                             0.00%   0.00%                              
Proceeds from debt                                                                 $ 765,000                              
Unsecured Promissory Note [Member] | December 2010 and January 2013 [Member] | LW Briggs Irrevocable Trust [Member]                                                                                                
Unsecured promissory note                                                             $ 1,101,000   $ 1,101,000                              
Debt interest rate                                                             0.00%   0.00%                              
Proceeds from debt                                                                 $ 1,101,000                              
Unsecured Promissory Note [Member] | March 2011 and February 2015 [Member] | Silverbrook Corporation [Member]                                                                                                
Unsecured promissory note                                                             $ 2,227,980   $ 2,227,980                              
Debt interest rate                                                             0.00%   0.00%                              
Proceeds from debt                                                                 $ 2,227,980                              
Unsecured Short-Term Promissory Note Due on May 21, 2019 [Member] | Pine Valley Investments, LLC [Member]                                                                                                
Unsecured promissory note                                                             $ 0   0         $ 100,000                    
Debt interest rate                                                                           5.00%                    
Debt maturity date           May 21, 2019                                                                                    
Accrued interest on note           $ 5,000 5,000                                               0   0                              
Debt instrument principal payment           $ 105,000                                                                                    
Unsecured Short-Term Promissory Note One [Member] | WOC Energy, LLC [Member]                                                                                                
Unsecured promissory note                                                                                       $ 50,000        
Debt interest rate                                                                                       5.00%        
Debt maturity date                       Mar. 31, 2019                                                                        
Accrued interest on note                 $ 2,500                                           0   0                              
Debt instrument principal payment                 $ 52,500                                                                              
Notes payable - related parties outstanding balance                                                             0   0                              
Unsecured Short-Term Promissory Note Due on May 10, 2019 [Member] | WOC Energy, LLC [Member]                                                                                                
Unsecured promissory note                                                             0   0                 $ 60,000            
Debt interest rate                                                                                   5.00%            
Debt maturity date           May 10, 2019                                                                                    
Accrued interest on note           $ 3,000 3,000                                               0   0                              
Debt instrument principal payment           63,000                                                                                    
Unsecured Short-Term Promissory Note Due on May 31, 2019 [Member] | WOC Energy, LLC [Member]                                                                                                
Unsecured promissory note           $ 0 0                                                                 $ 55,000                
Debt interest rate                                                                               5.00%                
Debt maturity date           May 31, 2019                                                                                    
Accrued interest on note           $ 0 $ 0                                               2,750   2,750                              
Debt instrument principal payment           $ 57,750                                                                                    
Unsecured Short-Term Promissory Note Due on May 31, 2019 (2) [Member] | WOC Energy, LLC [Member]                                                                                                
Unsecured promissory note                                                             0   $ 0           $ 40,000                  
Debt interest rate                                                                             5.00%                  
Debt maturity date                                                                 May 31, 2019                              
Accrued interest on note   $ 1,000     $ 2,000                                                   $ 0   $ 0                              
Debt instrument principal payment $ 10,000 $ 11,000   $ 10,000 $ 12,000                                                       $ 40,000                              
XML 52 R51.htm IDEA: XBRL DOCUMENT v3.20.1
Secured Borrowings (Details Narrative)
Jun. 26, 2019
USD ($)
Jun. 25, 2018
USD ($)
Sep. 30, 2019
USD ($)
Number
Jul. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Ounces of gold | Number     60    
Gold held cost     $ 82,478   $ 19,401
Secured borrowings     $ 171,605   $ 217,223
Four New Arrangements [Member]          
Debt instrument face amount $ 247,571 $ 195,720      
Debt instrument description The terms of the arrangements require the Company to pay the combined principal balance plus a guaranteed return of no less than 10 percent, or $24,757, for a total expected remittance of $272,328. The terms of the arrangements require the Company to pay the combined principal balance plus a guaranteed return of no less than 10 percent, or $19,572, for a total expected remittance of $215,292.      
Guaranteed return, percent 10.00% 10.00%      
Guaranteed return, amount $ 24,757 $ 19,572      
Payments of expected remittance $ 272,328 $ 215,292      
Debt instrument, maturity date Jun. 27, 2020 Jun. 26, 2019      
Debt obligation       $ 36,532  
XML 53 R30.htm IDEA: XBRL DOCUMENT v3.20.1
Accounts Payable and Accrued Liabilities (Tables)
 9 Months Ended
Sep. 30, 2019
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities at September 30, 2019 and December 31, 2018 consisted of the following:

 

    September 30, 2019     December 31, 2018  
Accounts Payable   $ 681,096     $ 558,749  
Accrued Liabilities     415,395       394,017  
Accrued Salaries and Benefits     551,590       410,930  
Advances Payable     455,812       268,301  
Total Accrued Liabilities   $ 2,103,893     $ 1,631,997  
XML 54 R34.htm IDEA: XBRL DOCUMENT v3.20.1
Convertible Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Convertible Notes Payable

Convertible notes payable were comprised of the following as of September 30, 2019 and December 31, 2018:

 

Convertible Notes Payable   September 30, 2019     December 31, 2018  
Adar Alef LLC   $ -     $ 105,000  
Antczak Polich Law LLC     387,980       430,000  
Auctus Fund     -       125,000  
Coolidge Capital     100,000       75,000  
Crossover Capital     -       82,894  
Crown Bridge Partners     55,000       55,000  
Discover Growth (”Investor”)     3,985,000       150,000  
Eagle Equities     -       103,000  
Ema Financial     75,000       75,000  
GS Capital Partners     -       300,000  
JS Investments     -       100,000  
Labrys Funding     -       300,000  
LG Capital Funding     -       100,000  
Morningview Financial     -       55,000  
Odyssey Funding     105,000       -  
Power Up Lending     -       116,000  
SBI Investments     -       110,000  
Scotia International     400,000       -  
Total Convertible Notes Payable     5,107,980       2,281,894  
Less Unamortized Discount     (3,459,986 )     (1,112,499 )
Total Convertible Notes Payable, Net of Unamortized Debt Discount     1,647,994       1,169,395  
Less Short-Term Convertible Notes Payable     (591,260 )     (1,169,395 )
Total Long-Term Convertible Notes Payable, Net of Unamortized Debt Discount   $ 1,056,734     $ -  
XML 55 R38.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies (Details Narrative)
 3 Months Ended 9 Months Ended
Sep. 30, 2019
USD ($)
shares
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Mar. 31, 2018
USD ($)
Sep. 30, 2019
USD ($)
Segment
shares
Sep. 30, 2018
USD ($)
Dec. 31, 2018
USD ($)
Accounting Policies [Abstract]                  
Net loss $ (2,338,123) $ 15,188,865 $ 3,786,821 $ 3,394,410 $ 784,140 $ 1,485,706 $ 16,637,563 $ 5,664,256  
Working capital deficit 33,059,255           33,059,255    
Cash equivalents            
Cash deposit insured by FDIC $ 250,000           $ 250,000   $ 250,000
Market standard percentage gold             9995.00%    
Common share equivalents diluted income per share | shares 93,331,979           103,217,945    
Common share equivalents were excluded anti-dilutive | shares 9,885,966                
Number of operating segment | Segment             1    
XML 56 R17.htm IDEA: XBRL DOCUMENT v3.20.1
Convertible Notes Payable
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Convertible Notes Payable

11. Convertible Notes Payable

 

Convertible notes payable were comprised of the following as of September 30, 2019 and December 31, 2018:

 

Convertible Notes Payable   September 30, 2019     December 31, 2018  
Adar Alef LLC   $ -     $ 105,000  
Antczak Polich Law LLC     387,980       430,000  
Auctus Fund     -       125,000  
Coolidge Capital     100,000       75,000  
Crossover Capital     -       82,894  
Crown Bridge Partners     55,000       55,000  
Discover Growth (“Investor”)     3,985,000       150,000  
Eagle Equities     -       103,000  
Ema Financial     75,000       75,000  
GS Capital Partners     -       300,000  
JS Investments     -       100,000  
Labrys Funding     -       300,000  
LG Capital Funding     -       100,000  
Morningview Financial     -       55,000  
Odyssey Funding     105,000       -  
Power Up Lending     -       116,000  
SBI Investments     -       110,000  
Scotia International     400,000       -  
Total Convertible Notes Payable     5,107,980       2,281,894  
Less Unamortized Discount     (3,459,986 )     (1,112,499 )
Total Convertible Notes Payable, Net of Unamortized Debt Discount     1,647,994       1,169,395  
Less Short-Term Convertible Notes Payable     (591,260 )     (1,169,395 )
Total Long-Term Convertible Notes Payable, Net of Unamortized Debt Discount   $ 1,056,734     $ -  

 

Adar Alef, LLC – On November 19, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Adar Alef, LLC (“Adar Alef”), in the principal amount of $105,000 (the “Note”) due on November 19, 2019 and bears 8% per annum interest, due at maturity. The total net proceeds the Company received was $100,000 (less an original issue discount (“OID”) of $5,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. On May 22, 2019, the Company paid $146,137 to pay off the principal balance of $105,000 and $41,137 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $92,918 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Antczak Polich Law, LLC – On August 1, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Antczak Polich Law, LLC (“Antczak”), in the principal amount of $300,000 (the “Note”) due on August 1, 2019 and bears 8% per annum interest, due at maturity. This Note was issued for $300,000 in legal fees due to Antczak for its services related to several legal issues handled for the Company. The Note is convertible into common stock, at holder’s option, at a fixed conversion price of $0.75 per share. As of September 30, 2019, the gross balance of the note was $300,000 and accrued interest was $29,984.

 

Antczak Polich Law, LLC – On December 1, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Antczak Polich Law, LLC (“Antczak”), in the principal amount of $130,000 (the “Note”) due on December 1, 2019 and bears 8% per annum interest, due at maturity. This Note was issued for $130,000 in legal fees due to Antczak for its services related to several legal issues handled for the Company. The Note is convertible into common stock, at holder’s option, at a fixed conversion price of $0.75 per share. During the nine months ended September 30, 2019, the Company made several payments amounting to $42,020. As of September 30, 2019, the gross balance of the note was $87,980 and accrued interest was $8,633.

 

Auctus Fund – On December 4, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Auctus Fund (“Auctus”), in the principal amount of $125,000 (the “Note”) due on September 4, 2019 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $112,250 (less an original issue discount (“OID”) of $12,750). The Note is convertible into common stock, at holder’s option, at a 50% discount of the lowest trading price of the common stock during the 25 trading day period prior to conversion. At any time after the closing date, if the Company’s common stock is not deliverable by DWAC, then an additional 10% discount will apply to all future conversions on this note. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 15% discount while the “Chill” is in effect. On May 23, 2019, the Company paid $171,475 to pay off the principal balance of $125,000 and $46,475 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $111,240 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Coolidge Capital, LLC – On November 7, 2018, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with Coolidge Capital, LLC. (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate amount of $75,000. The total net proceeds the Company received was $70,500 (less an original issue discount (“OID”) of $4,500). The Note has a maturity date of August 7, 2019 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12%) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of variable conversion price is 61% (39% discount) of the market price. Market price is the average of the lowest two trading prices in a ten trading day look back period. The company recognized a debt discount on this note of $4,500 which will be amortized over the life of the note. On May 3, 2019, the Company paid $105,000 to pay off the principal balance of $75,000 and $30,000 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $3,610 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Coolidge Capital, LLC – On May 10, 2019, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with Coolidge Capital, LLC. (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate amount of $100,000. The total net proceeds the Company received was $95,000 (less an original issue discount (“OID”) of $5,000). The Note has a maturity date of February 10, 2020 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12%) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of variable conversion price is 61% (39% discount) of the market price. Market price is the average of the lowest two trading prices in a ten trading day look back period. The company recognized a debt discount on this note of $5,000 which will be amortized over the life of the note. For the nine months ended September 30, 2019, the Company amortized $2,554 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $100,000 and accrued interest was $4,701.

 

Coventry Enterprises, LLC – On February 12, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to Coventry Enterprises, LLC (“Coventry”), in the principal amount of $50,000 (the “Note”) due on February 12, 2020 and bears 10% per annum interest, due at maturity. The total net proceeds the Company received was $47,500 (less an original issue discount (“OID”) of $2,500). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. On May 23, 2019, the Company paid $68,750 to pay off the principal balance of $50,000 and $18,750 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $50,000 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Crossover Capital Fund II, LLC – On July 10, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Crossover Capital Fund II, LLC (“Crossover Capital”), in the principal amount of $82,894 (the “Note”) due on April 10, 2019 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $75,000 (less an original issue discount (“OID”) of $7,894). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. On January 4, 2019, the Company paid $118,750 to pay off the principal balance of $82,894 and $35,856 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $30,253 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Crossover Capital Fund II, LLC – On May 3, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to Crossover Capital Fund II, LLC (“Crossover Capital”), in the principal amount of $80,500 (the “Note”) due on February 3, 2020 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $70,975 (less an original issue discount (“OID”) of $9,525). The Note is convertible into common stock, at holder’s option, at a 50% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. On May 22, 2019, the Company paid $93,161 to pay off the principal balance of $80,500 and $12,661 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $80,500 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Crown Bridge Partners – On October 25, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Crown Bridge Partners (“Crown Bridge”), in the principal amount of $55,000 (the “Note”) due on May 11, 2019 and bears 5% per annum interest, due at maturity. The total net proceeds the Company received was $47,000 (less an original issue discount (“OID”) of $8,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. If the conversion price drops below $0.15 per share, then the conversion price will be 50% of the trading price. The Company issued 100,000 warrants to purchase shares of common stock.in connection with this note. The warrants have a five year life and an exercise price of $0.75 per share. On April 18, 2019, the Company paid $83,738 to pay off the principal balance of $55,000 and $28,738 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $44,904 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Crown Bridge Partners – On April 18, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to Crown Bridge Partners (“Crown Bridge”), in the principal amount of $55,000 (the “Note”) due on April 18, 2020 and bears 5% per annum interest, due at maturity. The total net proceeds the Company received was $47,000 (less an original issue discount (“OID”) of $8,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. If the conversion price drops below $0.15 per share, then the conversion price will be 50% of the trading price. For the nine months ended September 30, 2019, the Company amortized $24,795 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $55,000 and accrued interest was $1,243.

 

Investor – On August 2, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Investor, in the principal amount of $150,000 (the “Note”) due on August 2, 2020 and bears 10% (24% default) per annum interest, due at maturity. The total net proceeds the Company received was $150,000. The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. If at any time while the note is outstanding, an event of default occurs, then an additional discount of 10% shall be factored into the variable conversion price until the note is no longer outstanding. On January 23, 2019, the Company paid $210,000 to pay off the principal balance of $150,000 and $60,000 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $119,015 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Investor – On May 20, 2019, the Company issued a secured Convertible Promissory Note (“Note”) to Investor, in the principal amount of $4,250,000 (the “Note”) due on May 20, 2021 and bears 10% (24% default) per annum interest, due at maturity. The total net proceeds the Company received was $3,000,000. The Note is convertible into common stock, at holder’s option, at 100% of market price less $0.01 per share. Market price means the mathematical average of the five lowest individually daily volume weighted average prices of the common stock from the period beginning on the issuance date and ending on the maturity date. The conversion price has a floor price of $0.01 per share of common stock. The Company issued 9,250,000 warrants to purchase shares of common stock in connection with this note. The warrants have a three-year life and an exercise price as follows: 3,750,000 at an exercise price of $0.40 per share, 3,000,000 at an exercise price of $0.50 per share and 2,500,000 at an exercise price of $0.60 per share. These warrants were valued at $1,711,394 and recorded by the Company as debt discount interest expense. The note has an early payoff penalty of 140% of the then outstanding face value. For the nine months ended September 30, 2019, the Company amortized $238,372 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $3,985,000 and accrued interest was $145,207.

 

Eagle Equities, LLC – On December 12, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Eagle Equities, LLC (“Eagle Equities”), in the principal amount of $103,000 (the “Note”) due on December 12, 2019 and bears 8% per annum interest, due at maturity. The total net proceeds the Company received was $100,000 (less an original issue discount (“OID”) of $3,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. On May 22, 2019, the Company paid $147,812 to pay off the principal balance of $103,000 and $44,812 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $97,638 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

EMA Financial – On October 23, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to EMA Financial, in the principal amount of $75,000 (the “Note”) due on July 23, 2019 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $67,500 (less an original issue discount (“OID”) of $7,500). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. However, if the Company’s share price at any time loses the bid, then the conversion price may, in the Holder’s sole and absolute discretion, be reduced to a fixed conversion price of $0.00001 (if lower than the conversion price otherwise), and provided, that if on the date of delivery of the conversion shares to the Holder, or any date thereafter while conversion shares are held by the Holder, the closing bid price per share of common stock on the principal market on the trading day on which the common shares are traded is less than the sale price used to calculate the conversion price, then such conversion price shall be automatically reduced using the new low closing bid price and additional shares issued to the Holder. In the event the Company experiences a DTC “Chill” on its shares, or if the closing sale price at any time falls below $0.047, then the conversion price shall be decreased an additional 15% discount. At any time after the closing date, if the Company’s common stock is not deliverable by DWAC, then an additional 15% discount will apply to all future conversions on this note. On April 25, 2019, the Company paid $107,308 to pay off the principal balance of $75,000 and $32,308 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $56,044 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

EMA Financial – On May 1, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to EMA Financial, in the principal amount of $75,000 (the “Note”) due on February 1, 2020 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $67,500 (less an original issue discount (“OID”) of $7,500). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, or if the closing sale price at any time falls below $0.15, then the conversion price shall be decreased an additional 15% discount. At any time after the closing date, if the Company’s common stock is not deliverable by DWAC, then an additional 15% discount will apply to all future conversions on this note. For the nine months ended September 30, 2019, the Company amortized $40,761 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $75,000 and accrued interest was $3,748.

 

GS Capital Partners – On August 1, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to GS Capital Partners (“GS Capital”), in the principal amount of $100,000 (the “Note”) due on August 1, 2019 and bears 8% per annum interest, due at maturity. The total net proceeds the Company received was $95,000 (less an original issue discount (“OID”) of $5,000). The Note is convertible into common stock, at holder’s option, at a 42% discount of the lowest closing price of the common stock during the 12 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. On January 22, 2019, the Company paid $133,814 to pay off the principal balance of $100,000 and $33,814 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $57,515 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

GS Capital Partners – On November 28, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to GS Capital Partners (“GS Capital”), in the principal amount of $200,000 (the “Note”) due on November 28, 2019 and bears 8% per annum interest, due at maturity. The total net proceeds the Company received was $190,000 (less an original issue discount (“OID”) of $10,000). The Note is convertible into common stock, at holder’s option, at a 42% discount of the lowest closing price of the common stock during the 12 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. On May 23, 2019, the Company paid $267,890 to pay off the principal balance of $200,000 and $67,890 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $181,918 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

GS Capital Partners – On January 23, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to GS Capital Partners (“GS Capital”), in the principal amount of $100,000 (the “Note”) due on February 23, 2020 and bears 8% per annum interest, due at maturity. The total net proceeds the Company received was $95,000 (less an original issue discount (“OID”) of $5,000). The Note is convertible into common stock, at holder’s option, at a 42% discount of the lowest closing price of the common stock during the 12 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. For the nine months ended September 30, 2019, the Company amortized $100,000 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

JSJ Investments – On November 9, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to JSJ Investments (“JSJ”), in the principal amount of $100,000 (the “Note”) due on November 9, 2019 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $98,000 (less an original issue discount (“OID”) of $2,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. On May 10, 2019, the Company paid $145,961 to pay off the principal balance of $100,000 and $45,961 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $85,753 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

JSJ Investments – On February 5, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to JSJ Investments (“JSJ”), in the principal amount of $100,000 (the “Note”) due on February 5, 2020 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $98,000 (less an original issue discount (“OID”) of $2,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. On May 23, 2019, the Company paid $138,452 to pay off the principal balance of $100,000 and $38,452 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $100,000 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Labrys Fund LP – On October 26, 2018, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with LABRYS FUND, LP (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate principal amount of $300,000. The Note has a maturity date of April 26, 2018 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12%) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The total net proceeds the Company received was $270,000 (less an original issue discount (“OID”) of $30,000). The Company has the right to prepay the Note, provided it makes a payment to the Purchaser as set forth in the Note within 180 days of its Issue Date. The transactions described above closed on October 26, 2018. In connection with the issuance of the Note, the Company issued to the Purchaser 1,362,398 shares of its common stock (the “Returnable Shares”) that shall be returned to the Company’s treasury if the Note is fully repaid and satisfied. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of $0.11 as set forth in the Note, subject to adjustment as set forth in the Note if the Note is in Default. The Default Note Conversion Price is a 45% discount of the lowest trading price of the common stock during the 30 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 15% discount on all future conversions. The Company issued 235,000 shares of common stock in connection with this note, which were valued at $28,200 and recorded as part of the debt discount. The Company recognized a debt discount on this note of $85,473 which will be amortized over the life of the note. On May 22, 2019, the Company paid $319,510 to pay off the principal balance of $300,000 and $19,510 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $54,477 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Labrys Fund LP – On January 14, 2019, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with LABRYS FUND, LP (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate principal amount of $282,000. The Note has a maturity date of July 14, 2019 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12%) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The total net proceeds the Company received was $250,000 (less an original issue discount (“OID”) of $32,000). The Company has the right to prepay the Note, provided it makes a payment to the Purchaser as set forth in the Note within 180 days of its Issue Date. The transactions described above closed on January 14, 2019. In connection with the issuance of the Note, the Company issued to the Purchaser 1,000,000 shares of its common stock (the “Returnable Shares”) that shall be returned to the Company’s treasury if the Note is fully repaid and satisfied. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of $0.11 as set forth in the Note, subject to adjustment as set forth in the Note if the Note is in Default. The Default Note Conversion Price is a 45% discount of the lowest trading price of the common stock during the 30 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 15% discount on all future conversions. The Company issued 130,000 shares of common stock in connection with this note, which were valued at $17,550 and recorded as part of the debt discount. The Company recognized a debt discount on this note of $113,641 which will be amortized over the life of the note. On May 22, 2019, the Company paid $293,867 to pay off the principal balance of $282,000 and $11,867 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $113,641 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

LG Capital Funding – On December 7, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to LG Capital Funding (“LG Cap”), in the principal amount of $100,000 (the “Note”) due on December 7, 2019 and bears 10% per annum interest, due at maturity. The total net proceeds the Company received was $85,000 (less an original issue discount (“OID”) of $15,000). The Note is convertible into common stock, at holder’s option, for the first 6 months at a fixed price of $0.18 per share and after that date at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount on all future conversions. The Company issued 39,473 shares of common stock in connection with this note, which were valued at $7,500 and recorded as part of the debt discount. The Company recognized a debt discount on this note of $22,500 which will be amortized over the life of the note. On May 23, 2019, the Company paid $146,252 to pay off the principal balance of $100,000 and $46,252 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $21,020 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Morningview Financial – On November 26, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to Morningview Financial (“Morningview”), in the principal amount of $55,000 (the “Note”) due on November 26, 2019 and bears 10% per annum interest, due at maturity. The total net proceeds the Company received was $47,500 (less an original issue discount (“OID”) of $7,500). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. On May 23, 2019, the Company paid $78,546 to pay off the principal balance of $55,000 and $23,546 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $49,726 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Odyssey Capital Funding, LLC – On May 15, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to Odyssey Capital Funding, LLC (“Odyssey Capital”), in the principal amount of $105,000 (the “Note”) due on May 15, 2020 and bears 10% per annum interest, due at maturity. The total net proceeds the Company received was $100,000 (less an original issue discount (“OID”) of $5,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. For the nine months ended September 30, 2019, the Company amortized $39,590 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $105,000 and accrued interest was $3,970.

 

One 44 Capital, LLC – On January 28, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to One 44 Capital, LLC (“One 44”), in the principal amount of $100,000 (the “Note”) due on December 12, 2019 and bears 8% per annum interest, due at maturity. The total net proceeds the Company received was $95,000 (less an original issue discount (“OID”) of $5,000). The Note is convertible into common stock, at holder’s option, at a 40% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased an additional 10% discount while the “Chill” is in effect. For the nine months ended September 30, 2019, the Company amortized $100,000 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Power Up Lending Group – On July 12, 2018, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with POWER UP LENDING GROUP LTD. (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate amount of $53,000. The total net proceeds the Company received was $50,000 (less an original issue discount (“OID”) of $3,000). The Note has a maturity date of April 30, 2019 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12% - 22% default interest per annum) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of the greater of the fixed conversion price of or a variable conversion price as set forth in the Note. The fixed conversion price is $0.00009. The variable conversion price is 61% (39% discount) of the market price. Market price is the average of the lowest two trading prices in a ten trading day look back period. The company recognized a debt discount on this note of $3,000 which will be amortized over the life of the note. On January 14, 2019, the Company paid $75,855 to pay off the principal balance of $53,000 and $22,855 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $1,233 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Power Up Lending Group – On October 22, 2018, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with POWER UP LENDING GROUP LTD. (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate amount of $63,000. The total net proceeds the Company received was $60,000 (less an original issue discount (“OID”) of $3,000). The Note has a maturity date of July 30, 2019 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12% - 22% default interest per annum) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of the greater of the fixed conversion price of or a variable conversion price as set forth in the Note. The fixed conversion price is $0.00009. The variable conversion price is 61% (39% discount) of the market price. Market price is the average of the lowest two trading prices in a ten trading day look back period. The company recognized a debt discount on this note of $3,000 which will be amortized over the life of the note. On April 16, 2019, the Company paid $90,083 to pay off the principal balance of $63,000 and $27,083 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $2,253 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Power Up Lending Group – On January 11, 2019, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with POWER UP LENDING GROUP LTD. (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate amount of $53,000. The total net proceeds the Company received was $50,000 (less an original issue discount (“OID”) of $3,000). The Note has a maturity date of October 30, 2019 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12% - 22% default interest per annum) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of the greater of the fixed conversion price of or a variable conversion price as set forth in the Note. The fixed conversion price is $0.00009. The variable conversion price is 61% (39% discount) of the market price. Market price is the average of the lowest two trading prices in a ten trading day look back period. The company recognized a debt discount on this note of $3,000 which will be amortized over the life of the note. On May 22, 2019, the Company paid $67,353 to pay off the principal balance of $53,000 and $14,353 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $3,000 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Power Up Lending Group – On April 16, 2019, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with POWER UP LENDING GROUP LTD. (the “Purchaser”), pursuant to which the Company issued to the Purchaser a Convertible Promissory Note (the “Note”) in the aggregate amount of $63,000. The total net proceeds the Company received was $60,000 (less an original issue discount (“OID”) of $3,000). The Note has a maturity date of February 28, 2020 and the Company has agreed to pay interest on the unpaid principal balance of the Note at the rate of twelve percent (12% - 22% default interest per annum) per annum from the date on which the Note is issued (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. The Company may prepay the Note in whole provided that the Purchaser be given written notice not more than three (3) Trading Days. The outstanding principal amount of the Note (if any) is convertible at any time and from time to time at the election of the Purchaser during the period beginning on the date that is 180 days following the Issue Date into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of the greater of the fixed conversion price of or a variable conversion price as set forth in the Note. The fixed conversion price is $0.00009. The variable conversion price is 61% (39% discount) of the market price. Market price is the average of the lowest two trading prices in a ten trading day look back period. The company recognized a debt discount on this note of $3,000 which will be amortized over the life of the note. On May 22, 2019, the Company paid $80,062 to pay off the principal balance of $63,000 and $17,062 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $3,000 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

SBI Investments – On December 17, 2018, the Company issued an unsecured Convertible Promissory Note (“Note”) to SBI Investments, LLC (“SBI”), in the principal amount of $110,000 (the “Note”) due on June 17, 2019 and bears 8% per annum interest, due at maturity. The total net proceeds the Company received was $100,000 (less an original issue discount (“OID”) of $10,000). The Note is convertible into common stock, at holder’s option, at a 50% discount of the lowest trading price of the common stock during the 20 trading day period prior to conversion. At any time after the closing date, if the Company’s common stock is not deliverable by DWAC, then an additional 10% discount will apply to all future conversions on this note. If at any time while the note is outstanding, an event of default occurs, then an additional discount of 15% shall be factored into the variable conversion price until the note is no longer outstanding. On May 23, 2019, the Company paid $147,827 to pay off the principal balance of $110,000 and $37,827 in accrued interest and prepayment penalty. For the nine months ended September 30, 2019, the Company amortized $101,538 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $0 and accrued interest was $0.

 

Scotia International of Nevada, Inc. – On January 10, 2019, the Company issued an unsecured Convertible Promissory Note (“Note”) to Scotia International of Nevada, Inc. (“Scotia”), in the principal amount of $400,000 (the “Note”) due on January 10, 2022 and bears 6% per annum interest, due at maturity. The Note was issued as part of a buyout agreement on the net smelter royalty due Scotia on the precious metals mined from the Company’s mining operation in Honduras. The Note is convertible into common stock, at holder’s option, at $0.50 per share as long as the Company’s common stock’s bid price is less than $0.75 per share. If the bid price is more than $0.75 per share, then Scotia may elect to convert at the average bid price of the common stock during the 10 trading day period prior to conversion. For the nine months ended September 30, 2019, the Company amortized $21,731 of debt discount to current period operations as interest expense. As of September 30, 2019, the gross balance of the note was $400,000 and accrued interest was $17,293.
XML 57 R13.htm IDEA: XBRL DOCUMENT v3.20.1
Accounts Payable and Accrued Liabilities
 9 Months Ended
Sep. 30, 2019
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Liabilities

7. Accounts Payable and Accrued Liabilities

 

Accounts payable and accrued liabilities at September 30, 2019 and December 31, 2018 consisted of the following:

 

    September 30, 2019     December 31, 2018  
Accounts Payable   $ 681,096     $ 558,749  
Accrued Liabilities     415,395       394,017  
Accrued Salaries and Benefits     551,590       410,930  
Advances Payable     455,812       268,301  
Total Accrued Liabilities   $ 2,103,893     $ 1,631,997  
XML 58 R29.htm IDEA: XBRL DOCUMENT v3.20.1
Mine Reclamation Obligation (Tables)
 9 Months Ended
Sep. 30, 2019
Mine Reclamation Obligation  
Schedule of Changes in Assets Retirement Obligation

Changes to the asset retirement obligation were as follows:

 

    September 30, 2019     December 31, 2018  
Balance, Beginning of Year   $ 341,845     $ 352,713  
Liabilities incurred     -       -  
Disposal     -       -  
Change due to foreign currency translation     (3,959 )     (10,868 )
Balance, End of Year   $ 337,886     $ 341,845  
XML 59 R25.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Schedule of Property and Equipment Useful Lives

Depreciation is computed using the straight-line method over estimated useful lives as follows:

 

Building   7 to 15 years
Vehicles and equipment   3 to 7 years
Processing and laboratory   5 to 15 years
Furniture and fixtures   2 to 3 years
Schedule of Net Income Per Common Stock

The following tables summaries the changes in the net income per common share for the three-month period ended September 30, 2019:

 

Numerator   Three Months Ended September 30, 2019  
Net Income - Controlling Interest   $ 2,337,377  
Amortization of Debt Discounts     699,707  
Interest Expense     191,243  
Change in Derivative Liabilities     (3,079,105 )
Adjusted Net Income - Controlling Interest   $ 149,222  

 

Denominator   Shares  
Basic Weighted Average Number of Shares Outstanding during Period     58,284,979  
Dilutive Shares     93,331,979  
Diluted Weighted Average Number of Shares Outstanding during Period     151,616,958  
         
Diluted Net Income per Share   $ 0.00  
XML 60 R21.htm IDEA: XBRL DOCUMENT v3.20.1
Concentrations
 9 Months Ended
Sep. 30, 2019
Risks and Uncertainties [Abstract]  
Concentrations

15. Concentrations

 

We generally sell a significant portion of our mineral production to a relatively small number of customers. For the nine months ended September 30, 2019, 100 percent of our consolidated product revenues were attributable to Cobra Oro de Honduras, A-Mark Precious Metals and to Asahi Refining, Inc., our current and only three customers as of September 30, 2019. We are not dependent upon any one purchaser and have alternative purchasers readily available at competitive market prices if there is a disruption in services or other events that cause us to search for other ways to sell our production.

 

The Company currently is producing all of its precious metals from one mine located in Honduras. This location has most of the Company’s fixed assets and inventories. It would cause considerable disruption to the Company’s operations and revenue if this mine was disrupted or closed.
XML 61 R63.htm IDEA: XBRL DOCUMENT v3.20.1
Commitments and Contingencies (Details Narrative)
Oct. 24, 2018
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Granting attorneys' fees and costs $ 361,711
XML 62 R40.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies - Schedule of Net Income Per Common Stock (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Accounting Policies [Abstract]        
Net Income - Controlling Interest $ 2,337,377 $ (3,393,972) $ (16,638,222) $ (5,663,385)
Amortization of Debt Discounts 699,707   22,160,347 1,032,159
Interest Expense 191,243      
Change in Derivative Liabilities (3,079,105) $ 2,148,545 $ (8,525,217) $ 1,372,972
Adjusted Net Income - Controlling Interest $ 149,222      
Basic Weighted Average Number of Shares Outstanding during Period 58,284,979 53,617,945 56,122,353 53,335,657
Dilutive Shares 93,331,979      
Diluted Weighted Average Number of Shares Outstanding during Period 151,616,958 53,617,945 56,122,353 53,335,657
Diluted Net Income per Share $ 0.00 $ (0.06) $ (0.30) $ (0.11)
XML 63 R44.htm IDEA: XBRL DOCUMENT v3.20.1
Derivative Financial Instruments - Summary of Changes in Fair Value of Level 3 Financial Liabilities (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Net gain for the period included in earnings relating to the liabilities held $ 16,946,970 $ 2,511,226
Fair Value, Inputs, Level 3 [Member]    
Derivative liabilities, beginning balances 2,547,806 647,807
Transfers in upon initial fair value of derivative liabilities 23,328,303 2,879,560
Change in fair value of derivative liabilities and warrant liability (8,525,217) (979,561)
Transfers to permanent equity upon conversions
Derivative liabilities, ending balances 17,350,892 2,547,806
Net gain for the period included in earnings relating to the liabilities held $ 8,525,217 $ 979,561
XML 64 R48.htm IDEA: XBRL DOCUMENT v3.20.1
Mine Reclamation Obligation (Details Narrative) - USD ($)
 9 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Mine reclamation obligation $ 337,886 $ 341,845
Inflation Rate [Member]    
Inflation rate 5.30%  
Measurement Input, Risk Free Interest Rate [Member]    
Fair value of assumptions, percentage 18.00%  
XML 66 R24.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Going Concern

Going Concern - The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements, the Company incurred a net loss of $16,637,563 during the period ended September 30, 2019 and had a working capital deficit of $33,059,255 as of September 30, 2019. These factors among others indicate that the Company may be unable to continue as a going concern for a period of one year from the issuance of these financial statements.

 

The Company’s existence is dependent upon management’s ability to develop profitable operations and to obtain additional funding sources. There can be no assurance that the Company’s financing efforts will result in profitable operations or the resolution of the Company’s liquidity problems. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern.

 

Management is currently working to make changes that will result in profitable operations and to obtain additional funding sources to meet the Company’s need for cash during the next twelve months and beyond.
Principles of Consolidation

Principles of Consolidation - The accompanying consolidated financial statements include the accounts of Inception Mining, Inc. and its wholly owned subsidiaries, Inception Development, Corp., Clavo Rico Development Corp., Clavo Rico, Ltd. and Compañía Minera Cerros del Río, S.A. de C.V., and its controlling interest subsidiaries, Compañía Minera Cerros del Sur, S.A. de C.V. and Compañía Minera Clavo Rico, S.A. de C.V. (collectively, the “Company”). All intercompany accounts have been eliminated upon consolidation.
Basis of Presentation

Basis of Presentation - The Company prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America.
Condensed Financial Statements

Condensed Financial Statements - The interim consolidated financial statements included herein have been prepared by Inception Mining Inc. (“Inception Mining” or the “Company”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). Certain information and footnote disclosure normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These interim consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in this filing.

 

In the opinion of management, all adjustments have been made consisting of normal recurring adjustments and consolidating entries, necessary to present fairly the consolidated financial position of the Company and subsidiaries as of September 30, 2019, the results of its consolidated statements of operations and comprehensive loss for the three and nine-month periods ended September 30, 2019, and its consolidated cash flows for the three and nine-month periods ended September 30, 2019. The results of consolidated operations for the interim periods are not necessarily indicative of the results for the full year.
Cash and Cash Equivalents

Cash and Cash Equivalents - The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At September 30, 2019 and December 31, 2018, the Company had no cash equivalents. The aggregate cash balance on deposit in these accounts is insured by the Federal Deposit Insurance Corporation up to $250,000. The Company has never experienced any losses in such accounts.
Inventories, Stockpiles and Mineralized Material on Leach Pads

Inventories, Stockpiles and Mineralized Material on Leach Pads - Inventories, including stockpiles and mineralized material on leach pads are carried at the lower of cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. Write-downs of stockpiles, mineralized material on leach pads and inventories to net realizable value are reported as a component of costs applicable to mining revenue. Cost is comprised of production costs for mineralized material produced and processed. Production costs include the costs of materials, costs of processing, direct labor, mine site and processing facility overhead costs and depreciation, amortization and depletion.

 

Stockpiles - Stockpiles represent mineralized material that has been extracted from the mine and is available for further processing. Stockpiles are measured by estimating the number of tons added and removed from the stockpile. Stockpile tonnages are verified by periodic surveys. Costs are allocated to stockpiles based on relative values of material stockpiled and processed using current mining costs incurred up to the point of stockpiling the material, including applicable overhead, depreciation, and depletion relating to mining operations, and removed at each stockpile’s average cost per ton.

 

Mineralized Material on Leach Pads - The Company utilizes a heap leaching process to recover gold from its mineralized material. Under this method, the mineralized material is placed on leach pads where it is treated with a chemical solution that dissolves the gold contained in the material. The resulting gold-bearing solution is further processed in a facility where the gold is recovered. Costs are added to mineralized material on leach pads based on current mining and processing costs, including applicable depreciation relating to mining and processing operations. Costs are transferred from mineralized material on leach pads to subsequent stages of in-process inventories as the gold-bearing solution is processed. The value of such transferred costs of mineralized material on leach pads is based on the average cost per estimated recoverable ounce of gold on the leach pad.

 

The estimates of recoverable gold on the leach pads are calculated from the quantities of material placed on the leach pads (measured tons added to the leach pads), the grade of material placed on the leach pads (based on assay data) and a recovery percentage.

 

Although the quantities of recoverable gold placed on the leach pads are reconciled by comparing the quantities and grades of material placed on leach pads to the quantities and grades quantities of gold actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis.

 

In-process Inventories - In-process inventories represent mineralized materials that are currently in the process of being converted to a saleable product through the absorption, desorption, recovery (ADR) process. The value of in-process material is measured based on assays of the material fed into the process and the projected recoveries of material. In-process inventories are valued at the average cost of the material fed into the process attributable to the source material coming from the mines, stockpiles and/or leach pads plus the in-process conversion costs, including applicable depreciation relating to the process facilities incurred to that point in the process.

 

Finished Goods Inventories - Finished goods inventories include gold that has been processed through the Company’s ADR facility and are valued at the average cost of their production.
Exploration and Development Costs

Exploration and Development Costs - Costs of acquiring mining properties and any exploration and development costs are expensed as incurred unless proven and probable reserves exist and the property is a commercially mineable property in accordance with FASB ASC 930, Extractive Activities- Mining. Mine development costs incurred either to develop new gold and silver deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.

 

The Company capitalizes costs for mining properties by individual property and defers such costs for later amortization only if the prospects for economic productions are reasonably certain.

 

Capitalized costs are expensed in the period when the determination has been made that economic production does not appear reasonably certain.
Mineral Rights and Properties

Mineral Rights and Properties - We defer acquisition costs until we determine the viability of the property. Since we do not have proven and probable reserves as defined by Securities and Exchange Commission (“SEC”) Industry Guide 7, exploration expenditures are expensed as incurred. We expense care and maintenance costs as incurred.

 

We review the carrying value of our mineral rights and properties for impairment whenever there are negative indicators of impairment. Our estimate of the gold price, mineralized materials, operating capital, and reclamation costs are subject to risks and uncertainties affecting the recoverability of our investment in the mineral claims and properties. Although we have made our best, most current estimate of these factors, it is possible that near term changes could adversely affect estimated net cash flows from our mineral claims and properties and possibly require future asset impairment write-downs.

 

Where estimates of future net operating cash flows are not available and where other conditions suggest impairment, we assess recoverability of carrying value from other means, including net cash flows generated by the sale of the asset. We use the units-of-production method to deplete the mineral rights and properties.
Settlement of Contracts in Company's Equity

Settlement of Contracts in Company’s Equity – In accordance with ASC 815-40-25, the Company must meet certain requirements in order to report contracts as equity versus liabilities. These requirements must be met by the Company or the contracts need to be reported as liabilities. The Company has adopted the sequencing approach as guidance on contracts that permit partial net share settlement. The Company evaluates the contracts based on the earliest issuance date. Currently, using the sequencing approach, the Company has one convertible note and two warrant issuances that are reported as equity instead of liabilities.
Fair Value Measurements

Fair Value Measurements - The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the party’s own credit risk.

 

Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories:

 

Level 1: Quoted market prices in active markets for identical assets or liabilities.

 

Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

 

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined based on the lowest level input that is significant to the fair value measurement.

 

The carrying value of the Company’s cash, accounts payable, short-term borrowings (including convertible notes payable), and other current assets and liabilities approximate fair value because of their short-term maturity.

 

The Company recognizes its derivative liabilities as level 3 and values its derivatives using the methods discussed below. While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The primary assumptions that would significantly affect the fair values using the methods discussed below are that of volatility and market price of the underlying common stock of the Company.
Long-Lived Assets

Long-Lived Assets - We review the carrying amount of our long-lived assets for impairment whenever there are negative indicators of impairment. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is not considered recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flows.
Properties, Plant and Equipment

Properties, Plant and Equipment - We record properties, plant and equipment at historical cost. We provide depreciation and amortization in amounts sufficient to match the cost of depreciable assets to operations over their estimated service lives or productive value. We capitalize expenditures for improvements that significantly extend the useful life of an asset. We charge expenditures for maintenance and repairs to operations when incurred. Depreciation is computed using the straight-line method over estimated useful lives as follows:

 

Building   7 to 15 years
Vehicles and equipment   3 to 7 years
Processing and laboratory   5 to 15 years
Furniture and fixtures   2 to 3 years
Reclamation Liabilities and Asset Retirement Obligations

Reclamation Liabilities and Asset Retirement Obligations - Minimum standards for site reclamation and closure have been established for us by various government agencies. Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation and abandonment costs. The Company reviews, on an annual basis, unless otherwise deemed necessary, the asset retirement obligation at each mine site.
Revenue Recognition

Revenue Recognition - Effective January 1, 2018 we adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 606-10, Revenue from Contracts with Customers (“ASC 606-10”). The adoption of ASC 606-10 had no impact on prior year or previously disclosed amounts. In accordance with ASC 606-10, revenue is measured based on a consideration specified in a contract with a customer and recognized when we satisfy the performance obligation specified in each contract.

 

The Company generates revenue by selling gold and silver produced from its mining operations. The majority of the Company’s sales come from the sale of refined gold; however, the end product at the Company’s gold operations is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. Under the terms of the Company’s refining agreements, the doré bars are refined for a fee, and the Company’s share of the refined gold and silver is credited to its bullion account.

 

The Company recognizes revenue for gold and silver from doré production when it satisfies the performance obligation of transferring gold and silver inventory to the customer, which generally occurs upon transfer of gold and silver bullion credits as this is the point at which the customer obtains the ability to direct the use and obtain substantially all of the remaining benefits of ownership of the asset.

 

The Company generally recognizes the sale of gold bullion credits at the prevailing market price when gold bullion credits are delivered to the customer. The transaction price is determined based on the agreed upon market price and the number of ounces delivered. Payment is due upon delivery of gold bullion credits to the customer’s account.

 

As gold can be sold through numerous gold market traders worldwide, the Company is not economically dependent on a limited number of customers for the sale of its product.
Stock Issued for Goods and Services

Stock Issued For Goods and Services - Common and preferred shares issued for goods and services are valued based upon the fair market value of our common stock or the goods and services received, whichever is the most reliably measurable on the date of issue.
Stock-Based Compensation

Stock-Based Compensation - For stock-based transactions, compensation expense is recognized over the requisite service period, which is generally the vesting period, based on the estimated fair value on the grant date of the award.
Income (Loss) Per Common Share

Income (Loss) per Common Share - Basic net income (loss) per common share is computed by dividing net income (loss), less the preferred stock dividends, by the weighted average number of common shares outstanding. Dilutive income (loss) per share includes any additional dilution from common stock equivalents, such as stock options and warrants, and convertible instruments, if the impact is not antidilutive. 93,331,979 common share equivalents have been included in the diluted loss per share calculation for the three-month period ended September 30, 2019. 9,885,966 common share equivalents were excluded from the three-month calculation because their effect would be anti-dilutive. 103,217,945 common share equivalents have been excluded from the diluted loss per share calculation for the nine-month period ended September 30, 2019 because it would be anti-dilutive.

 

The following tables summaries the changes in the net income per common share for the three-month period ended September 30, 2019:

 

Numerator   Three Months Ended September 30, 2019  
Net Income - Controlling Interest   $ 2,337,377  
Amortization of Debt Discounts     699,707  
Interest Expense     191,243  
Change in Derivative Liabilities     (3,079,105 )
Adjusted Net Income - Controlling Interest   $ 149,222  

 

Denominator   Shares  
Basic Weighted Average Number of Shares Outstanding during Period     58,284,979  
Dilutive Shares     93,331,979  
Diluted Weighted Average Number of Shares Outstanding during Period     151,616,958  
         
Diluted Net Income per Share   $ 0.00  
Other Comprehensive Loss

Other Comprehensive Loss – Other Comprehensive loss is made up of the exchange differences arising on translating foreign operations and the net loss for the six months ending September 30, 2019 and the year ended December 31, 2018.
Derivative Liabilities

Derivative Liabilities - Derivatives liabilities are recorded at fair value when issued and the subsequent change in fair value each period is recorded in other income (expense) in the consolidated statements of operations. We do not hold or issue any derivative financial instruments for speculative trading purposes.
Income Taxes

Income Taxes - The Company’s income tax expense and deferred tax assets and liabilities reflect management’s best assessment of estimated future taxes to be paid. Significant judgments and estimates are required in determining the consolidated income tax expense.

 

Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Company’s ability to recover its deferred tax assets, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, the Company develops assumptions including the amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income, and are consistent with the plans and estimates that the Company is using to manage the underlying businesses. The Company provides a valuation allowance for deferred tax assets for which the Company does not consider realization of such deferred tax assets to be more likely than not.

 

Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on the Company’s results of operations, cash flows or financial position.
Business Segments

Business Segments – The Company operates in one segment and therefore segment information is not presented.
Use of Estimates

Use of Estimates – In preparing financial statements in conformity with generally accepted accounting principles, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenditures during the reported periods. Actual results could differ materially from those estimates. Estimates may include those pertaining to valuation of inventories and mineralized material on leach pads, the estimated useful lives and valuation of properties, plant and equipment, mineral rights and properties, deferred tax assets, convertible preferred stock, derivative assets and liabilities, reclamation liabilities, stock-based compensation and payments, and contingent liabilities.
Non-Controlling Interest Policy

Non-Controlling Interest Policy – Non-controlling interest (NCI) is the portion of equity ownership in a subsidiary not attributable to the parent company, who has a controlling interest and consolidates the subsidiary’s financial results with its own. The amount of equity relating to the non-controlling interest is separately identified in the equity section of the balance sheet and the amount of the net income (loss) relating to the non-controlling interest is separately identified on the statement of operations.
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements – From time to time, new accounting pronouncements are issued by FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.
XML 67 R20.htm IDEA: XBRL DOCUMENT v3.20.1
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

14. Commitments and Contingencies

 

Litigation

 

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business. Except as set forth below, we are currently not aware of any such pending or threatened legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition or operating results.

 

On January 26, 2017, the Company was served a copy of a complaint filed by Danzig Ltd. (“Danzig”) and Brett Bertolami (“Bertolami”) in the United States District Court for the Western District of North Carolina, Statesville Division. This matter was dismissed for lack of personal jurisdiction in an Order and Judgment dated March 28, 2018.

 

On June 12, 2017, Danzig Ltd, filed an arbitration in Boston, Massachusetts, with the American Arbitration Association (AAA) against the Company and two if its officers and directors (Trent D’ Ambrosio and Michael Ahlin). Messrs. D’ Ambrosio and Ahlin were dismissed on the ground that they were not proper parties to the Arbitration. A hearing occurred the week of April 9, 2018. On October 24, 2018, a Final Award was issued dismissing all claims asserted by Danzig against Inception and awarding Inception $361,710.74 in fees and costs.

 

On July 20, 2017, Elliott Foxcroft filed an AAA arbitration in Salt Lake City, Utah, against the Company and two if its officers and directors (Trent D’ Ambrosio and Michael Ahlin). On November 16, 2018, Order No. 7 Dismissing Claims of Claimant [Foxcroft] with Prejudice Under AAA Rule 57, and Granting Motion to Dismiss [Inception’s] Counterclaims without Prejudice was entered. This concluded this arbitration as the claims asserted by Foxcroft against Inception were dismissed with prejudice, and Inception’s claims were dismissed without prejudice.

 

On August 22, 2017, the Company and two of its officers and directors (Trent D’ Ambrosio and Michael Ahlin) filed a complaint against Danzig Ltd., Elliott Foxcroft, and Brett Bertolami in the United States District Court, District of Utah, Central Division. On November 29, 2018 the United States District Court for the District of Utah entered an order denying Inception’s motion to dismiss Defendants’ Counterclaim but required the Defendants (Danzig, ltd, Bertalomi, and Foxcroft) to file a more definite statement of their claims by December 14, 2018. The ordered filing was not made and Inception filed another motion to dismiss. The dismissal of the counterclaim with prejudice was entered on January 15, 2019. A final Amended Judgment in a Civil Case was entered in the case on February 13, 2019 which also included confirmation of the order and award entered in the Boston and Salt Lake arbitrations, respectively.

 

One of the Company’s subsidiaries, Compañía Minera Clavo Rico, S.A. de C.V., has been served with notice of a labor dispute brought in Honduras by one of the Company’s former employees. The complaint alleges that the former employee was terminated from his position with the Company’s subsidiary and is entitled to certain statutory compensation. The Company has responded with its assertion that the employee voluntarily resigned and was not involuntarily terminated. The case was heard in Honduras by a labor judge and the Company has appealed the ruling in this case.
XML 68 R28.htm IDEA: XBRL DOCUMENT v3.20.1
Properties, Plant and Equipment, Net (Tables)
 9 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
Schedule of Properties and Equipment

Properties, plant and equipment at September 30, 2019 and December 31, 2018 consisted of the following:

 

    September 30, 2019     December 31, 2018  
Land   $ 267,601     $ 270,736  
Buildings     2,338,914       2,366,323  
Machinery and Equipment     945,882       956,669  
Office Equipment and Furniture     41,840       42,311  
Vehicles     84,146       85,132  
Construction in Process     7,491       11,277  
      3,685,874       3,732,448  
Less Accumulated Depreciation     (3,194,916 )     (3,068,407 )
Total Property, Plant and Equipment   $ 490,958     $ 664,041  
Summary of Allocation of Depreciation Expense

The following table summarizes the allocation of depreciation expense between cost of goods sold and general and administrative expenses.

 

Depreciation Allocation   September 30, 2019     September 30, 2018  
Cost of Goods Sold   $ 135,734     $ 140,798  
General and Administrative     27,213       28,970  
Total   $ 162,947     $ 169,768  
XML 69 R66.htm IDEA: XBRL DOCUMENT v3.20.1
Restatement - Schedule of Restatement (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Dec. 31, 2017
Derivative liabilities $ 17,350,892           $ 17,350,892   $ 2,547,806  
Total current liabilities 34,481,933           34,481,933   19,096,378  
Total liabilities 35,876,553           35,876,553   19,438,223  
Additional paid-in capital 5,270,550           5,270,550   4,490,866  
Accumulated deficit (38,647,507)           (38,647,507)   (22,009,285)  
Total controlling interest (33,918,307)           (33,918,307)   (18,075,011)  
Total stockholders' deficit (33,926,565) $ (36,632,860) $ (21,568,161) $ (18,180,300) $ (14,927,501) $ (14,184,861) (33,926,565) $ (18,180,300) $ (18,083,928) $ (12,953,857)
Change in derivative liability 3,079,105     (2,148,545)     8,525,217 (1,372,972)    
Loss on extinguishment of debt (303,150)     (8,510)     (410,120) (8,510)    
Interest expense (1,238,479)     (722,037)     (24,493,714) (2,593,634)    
Total other income (expense) 1,539,527     (2,878,321)     (16,375,132) (3,972,326)    
Income (loss) from operations before income taxes 2,338,123     (3,394,410)     (16,637,563) (5,664,256)    
Net income (loss) 2,338,123 $ (15,188,865) $ (3,786,821) (3,394,410) $ (784,140) $ (1,485,706) (16,637,563) (5,664,256)    
Net income (loss) - controlling interest $ 2,337,377     (3,393,972)     $ (16,638,222) (5,663,385)    
Net income (loss) per share - basic and diluted $ 0.04           $ (0.30)      
Total comprehensive income (loss) $ 2,315,769     (3,405,635)     $ (16,622,374) (5,661,950)    
Total comprehensive income (loss) - controlling interest 2,315,717     $ (3,405,382)     (16,622,443) $ (5,662,068)    
Originally Reported [Member]                    
Derivative liabilities 6,693,257           6,693,257      
Total current liabilities 23,824,298           23,824,298      
Total liabilities 25,218,918           25,218,918      
Additional paid-in capital 6,482,512           6,482,512      
Accumulated deficit (29,201,834)           (29,201,834)      
Total controlling interest (23,260,672)           (23,260,672)      
Total stockholders' deficit (23,268,930)           (23,268,930)      
Change in derivative liability (558,863)           687,140      
Loss on extinguishment of debt (40,350)           (147,320)      
Interest expense (1,238,479)           (7,472,764)      
Total other income (expense) (1,835,641)           (6,929,459)      
Income (loss) from operations before income taxes (1,037,045)           (7,191,890)      
Net income (loss) (1,037,045)           (7,191,890)      
Net income (loss) - controlling interest $ (1,037,791)           $ (7,192,549)      
Net income (loss) per share - basic and diluted $ (0.02)           $ (0.13)      
Total comprehensive income (loss) $ (1,059,399)           $ (7,176,701)      
Total comprehensive income (loss) - controlling interest (1,059,451)           (7,176,770)      
Restatement Adjustment [Member]                    
Derivative liabilities 10,657,635           10,657,635      
Total current liabilities 10,657,635           10,657,635      
Total liabilities 10,657,635           10,657,635      
Additional paid-in capital (1,211,962)           (1,211,962)      
Accumulated deficit (9,445,673)           (9,445,673)      
Total controlling interest (10,657,635)           (10,657,635)      
Total stockholders' deficit (10,657,635)           (10,657,635)      
Change in derivative liability 3,637,968           7,838,077      
Loss on extinguishment of debt (262,800)           (262,800)      
Interest expense           (17,020,950)      
Total other income (expense) 3,375,168           (9,445,673)      
Income (loss) from operations before income taxes 3,375,168           (9,445,673)      
Net income (loss) 3,375,168           (9,445,673)      
Net income (loss) - controlling interest $ 3,375,168           $ (9,445,673)      
Net income (loss) per share - basic and diluted $ 0.06           $ (0.17)      
Total comprehensive income (loss) $ 3,375,168           $ (9,445,673)      
Total comprehensive income (loss) - controlling interest $ 3,374,968           $ (9,445,673)      
XML 70 R62.htm IDEA: XBRL DOCUMENT v3.20.1
Related Party Transactions (Details Narrative) - USD ($)
 1 Months Ended
Apr. 02, 2019
Oct. 31, 2017
Feb. 28, 2014
Sep. 30, 2019
Notes Payable [Member]        
Due from related parties       $ 1,119,000
Due to related parties       1,634,412
Employment Agreement [Member] | Board of Directors [Member]        
Share based compensation $ 300,000      
Stockholder/Director [Member]        
Accrued consulting fees       $ 1,035,000
Consulting Services [Member]        
Payment of consulting fees per month   $ 25,000 $ 18,000  
Lease term     12 months  
XML 71 R49.htm IDEA: XBRL DOCUMENT v3.20.1
Mine Reclamation Obligation - Schedule of Changes in Assets Retirement Obligation (Details) - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Mine Reclamation Obligation    
Balance, Beginning of Year $ 341,845 $ 352,713
Liabilities incurred
Disposal
Change due to foreign currency translation (3,959) (10,868)
Balance, End of Year $ 337,886 $ 341,845
XML 72 R41.htm IDEA: XBRL DOCUMENT v3.20.1
Inventories, Stockpiles and Mineralized Materials on Leach Pads (Details Narrative) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Inventory Disclosure [Abstract]    
Stockpiles
XML 73 R45.htm IDEA: XBRL DOCUMENT v3.20.1
Properties, Plant and Equipment, Net (Details Narrative) - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Property, Plant and Equipment [Abstract]    
Depreciation expense $ 162,947 $ 169,768
XML 74 R6.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Cash Flows From Operating Activities:              
Net Loss $ 2,338,123 $ (3,786,821) $ (3,394,410) $ (1,485,706) $ (16,637,563) $ (5,664,256)  
Adjustments to reconcile net loss to net cash provided by (used in) operations              
Depreciation and amortization expense         162,947 169,768  
Common stock issued for services         206,850 358,958  
Loss on extinguishment of debt 303,150   8,510   410,120 8,510  
Change in derivative liability         (8,525,217) 1,372,972  
Amortization of debt discount 699,707       22,160,347 1,032,159  
Changes in operating assets and liabilities:              
Decr (incr) in trade receivables         (109,660) (4,625)  
Decr (incr) inventories         (431,002) 860,145  
Decr (incr) prepaid expenses and other current assets         9,076 (12,469)  
Incr (decr) accounts payable and accrued liabilities         520,821 421,286  
Incr (decr) accounts payable and accrued liabilities - related parties         1,550,921 1,482,342  
Incr (decr) secured borrowings         (45,618)  
Net Cash Provided By (Used In) Operating Activities         (727,978) 24,790  
Cash Flows From Investing Activities:              
Purchase of property and equipment         (19,994)  
Net Cash Used In Investing Activities         (19,994)  
Cash Flows From Financing Activities:              
Repayment of notes payable         (120,000)  
Repayment of notes payable-related parties         (1,634,412) (1,886,949)  
Repayment of convertible notes payable         (2,722,414) (895,000)  
Proceeds from notes payable-related parties         1,119,000 1,478,200  
Proceeds from convertible notes payable         4,075,975 1,289,750  
Proceeds from secured borrowings         17,093  
Common stock issued with convertible note payable         26,038  
Proceeds from issuance of common stock         48,750 42,000  
Net Cash Provided by (Used in) Financing Activities         886,899 (48,868)  
Effects of exchange rate changes on cash         (234) 8,257  
Net Increase / (Decrease) in Cash         158,687 (35,815)  
Cash at Beginning of Period   $ 50,857   $ 51,800 50,857 51,800 $ 51,800
Cash at End of Period $ 209,544   $ 15,985   209,544 15,985 $ 50,857
Supplemental disclosure of cash flow information:              
Cash paid for interest         1,129,867 684,609  
Cash paid for taxes          
Supplemental disclosure of non-cash investing and financing activities:              
Common stock issued for extinguishment of debt and accounts payable         12,000 16,009  
Common stock issued for note commitment fee         17,550 10,498  
Assets held to satisfy secured borrowings         82,478  
Recognition of debt discounts on convertible notes payable         5,127,699 984,743  
Note payable issued for conversion of accounts payable         40,000  
Warrants issued with convertible note payable         $ 1,711,394  
XML 75 R2.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current Assets    
Cash and cash equivalents $ 209,544 $ 50,857
Accounts receivable 83,270 5,548
Inventories 1,081,399 570,614
Prepaid expenses and other current assets 48,465 26,376
Total Current Assets 1,422,678 653,395
Property, plant and equipment, net 490,958 664,041
Other assets 36,352 36,859
Total Assets 1,949,988 1,354,295
Current Liabilities    
Accounts payable and accrued liabilities 2,103,892 1,631,997
Accrued interest - related parties 7,374,643 6,647,300
Secured borrowings, net 171,605 217,223
Notes payable, net of debt discounts 60,000 60,000
Notes payable - related parties 6,829,641 6,822,657
Convertible notes payable, net of debt discounts 591,260 1,169,395
Derivative liabilities 17,350,892 2,547,806
Total Current Liabilities 34,481,933 19,096,378
Long-term convertible notes payable, net of debt discount 1,056,734
Mine reclamation obligation 337,886 341,845
Total Liabilities 35,876,553 19,438,223
Commitments and Contingencies
Stockholders' Deficit    
Preferred stock, $0.00001 par value; 10,000,000 shares authorized, 51 shares issued and outstanding 1 1
Common stock, $0.00001 par value; 500,000,000 shares authorized, 59,435,102 and 54,093,505 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively 594 541
Additional paid-in capital 5,270,550 4,490,866
Accumulated deficit (38,647,507) (22,009,285)
Accumulated other comprehensive income - foreign currency translation (541,945) (557,134)
Total Controlling Interest (33,918,307) (18,075,011)
Non-Controlling Interest (8,258) (8,917)
Total Stockholders' Deficit (33,926,565) (18,083,928)
Total Liabilities and Stockholders' Deficit $ 1,949,988 $ 1,354,295
XML 76 R54.htm IDEA: XBRL DOCUMENT v3.20.1
Notes Payable - Schedule of Notes Payable (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Total Notes Payable, Net of Unamortized Debt Discount $ 60,000 $ 60,000
Phil Zobrist [Member]    
Total Notes Payable 60,000 60,000
Notes Payable [Member]    
Total Notes Payable 60,000 60,000
Less Unamortized Discount
Total Notes Payable, Net of Unamortized Debt Discount $ 60,000 $ 60,000
XML 77 R50.htm IDEA: XBRL DOCUMENT v3.20.1
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Payables and Accruals [Abstract]    
Accounts Payable $ 681,096 $ 558,749
Accrued Liabilities 415,394 394,017
Accrued Salaries and Benefits 551,590 410,930
Advances Payable 455,812 268,301
Total Accrued Liabilities $ 2,103,892 $ 1,631,997
XML 78 R58.htm IDEA: XBRL DOCUMENT v3.20.1
Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Less Short-Term Convertible Notes Payable $ (591,260) $ (1,169,395)
Total Long-Term Convertible Notes Payable, Net of Unamortized Debt Discount 1,056,734
Adar Alef, LLC [Member]    
Total Convertible notes payable 105,000
Antczak Polich Law, LLC [Member]    
Total Convertible notes payable 387,980 430,000
Auctus Fund [Member]    
Total Convertible notes payable 125,000
Coolidge Capital [Member]    
Total Convertible notes payable 100,000 75,000
Crossover Capital [Member]    
Total Convertible notes payable 82,894
Crown Bridge Partners [Member]    
Total Convertible notes payable 55,000 55,000
Discover Growth (Investor) [Member]    
Total Convertible notes payable 3,985,000 150,000
Eagle Equities [Member]    
Total Convertible notes payable 103,000
EMA Financial [Member]    
Total Convertible notes payable 75,000 75,000
GS Capital Partners [Member]    
Total Convertible notes payable 300,000
JS Investments [Member]    
Total Convertible notes payable 100,000
Labrys Funding [Member]    
Total Convertible notes payable 300,000
LG Capital Funding [Member]    
Total Convertible notes payable 100,000
Morningview Financial [Member]    
Total Convertible notes payable 55,000
Odyssey Funding [Member]    
Total Convertible notes payable 105,000
Power Up Lending [Member]    
Total Convertible notes payable 116,000
SBI Investments [Member]    
Total Convertible notes payable 110,000
Scotia International [Member]    
Total Convertible notes payable 400,000
Convertible Notes Payable [Member]    
Total Convertible notes payable 5,107,980 2,281,894
Less Unamortized Discount (3,459,986) (1,112,499)
Total Convertible Notes Payable, Net of Unamortized Debt Discount 1,647,994 1,169,395
Less Short-Term Convertible Notes Payable (591,260) (1,169,395)
Total Long-Term Convertible Notes Payable, Net of Unamortized Debt Discount $ 1,056,734
XML 79 R39.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies - Schedule of Property and Equipment Useful Lives (Details)
 9 Months Ended
Sep. 30, 2019
Building [Member] | Minimum [Member]  
Properties, plant and equipment useful lives 7 years
Building [Member] | Maximum [Member]  
Properties, plant and equipment useful lives 15 years
Vehicles and Equipment [Member] | Minimum [Member]  
Properties, plant and equipment useful lives 3 years
Vehicles and Equipment [Member] | Maximum [Member]  
Properties, plant and equipment useful lives 7 years
Processing and Laboratory [Member] | Minimum [Member]  
Properties, plant and equipment useful lives 5 years
Processing and Laboratory [Member] | Maximum [Member]  
Properties, plant and equipment useful lives 15 years
Furniture and Fixtures [Member] | Minimum [Member]  
Properties, plant and equipment useful lives 2 years
Furniture and Fixtures [Member] | Maximum [Member]  
Properties, plant and equipment useful lives 3 years
XML 80 R31.htm IDEA: XBRL DOCUMENT v3.20.1
Secured Borrowings (Tables)
 9 Months Ended
Sep. 30, 2019
Secured Borrowings Abstract  
Schedule of Secured Borrowings

Secured Borrowings   September 30, 2019     December 31, 2018  
Secured obligations   $ 247,571     $ 225,005  
Guaranteed interest     24,757       22,500  
Deferred interest     (18,245 )     (10,881 )
      254,083       236,624  
Gold held as security     (82,478 )     (19,401 )
Secured Borrowings, net   $ 171,605     $ 217,223  
XML 81 R35.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Deficit (Tables)
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Schedule of Warrants

The following tables summarize the warrant activity during the nine months ended September 30, 2019 and the year ended December 31, 2018:

 

Stock Warrants   Number of Warrants     Weighted Average Exercise Price  
Balance at December 31, 2017     743,637     $ 1.27  
Granted     300,000       0.75  
Exercised     -       -  
Forfeited     -       -  
Balance at December 31, 2018     1,043,637       1.12  
Granted     9,250,000       0.49  
Exercised     -       -  
Forfeited     (680,000 )     0.90  
Balance at September 30, 2019     9,613,637     $ 0.53  
Schedule of Warrants Activity

2019 Outstanding Warrants     Warrants Exercisable  
Range of
Exercise Price		     Number Outstanding at September 30, 2019     Weighted Average Remaining Contractual Life     Weighted Average Exercise Price     Number Exercisable at September 30, 2019     Weighted Average Exercise Price  
$ 0.40 - 2.00       9,613,637       2.65 years     $ 0.53       9,613,637     $ 0.53  
XML 82 R16.htm IDEA: XBRL DOCUMENT v3.20.1
Notes Payable - Related Parties
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Notes Payable Related Parties

10. Notes Payable – Related Parties

 

Notes payable – related parties were comprised of the following as of September 30, 2019 and December 31, 2018:

 

Notes Payable - Related Parties   Relationship   September 30, 2019     December 31, 2018  
Claymore Management   Affiliate - Controlled by Director   $ 185,000     $ 185,000  
Diamond 80, LLC   Immediate Family Member     -       49,000  
Francis E. Rich IRA   Immediate Family Member     100,000       100,000  
GAIA Ltd   Affiliate - Controlled by Director     1,150,000       1,150,000  
Legends Capital   Affiliate - Controlled by Director     765,000       765,000  
LWB Irrev Trust   Affiliate - Controlled by Director     1,101,000       1,101,000  
MDL Ventures   Affiliate - Controlled by Director     1,260,661       1,204,677  
Silverbrook Corporation   Affiliate - Controlled by Director     2,227,980       2,227,980  
WOC Energy LLC   Affiliate - Controlled by Director     40,000       40,000  
Total Notes Payable - Related Parties       $ 6,829,641     $ 6,822,657  

 

Claymore Management – On March 18, 2011, the Company issued an unsecured Promissory Note to Claymore Management in the principal amount of $185,000 (the “Note”) due on demand and bore 0% per annum interest. The total net proceeds the Company received was $185,000. On October 2, 2015, the Company entered into a new convertible note with Claymore Management that matures on December 31, 2016 and bears 18% per annum interest. The Company agreed to accrue interest from March 18, 2011 in the amount of $151,355 and charged this amount to interest expense during the year ended December 31, 2015. The Note is convertible into common stock, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP of the common stock during the 20 trading day period prior to conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed and the note was extended until December 31, 2018. The Company recognized a gain on the extinguishment of debt of $448,369 for the remaining derivative liability and of $36,513 for the remaining debt discount. As of September 30, 2019, the gross balance of the note was $185,000 and accrued interest was $284,464.

 

D. D’Ambrosio – On January 4, 2019, the Company issued an unsecured Short-Term Promissory Note to D. D’Ambrosio in the principal amount of $125,000 (the “Note”) due on February 5, 2019 and bears a 5.00% interest rate. The Company made a payment of $131,250 towards the principal balance and accrued interest of $6,250 on February 13, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

D. D’Ambrosio – On February 19, 2019, the Company issued an unsecured Short-Term Promissory Note to D. D’Ambrosio in the principal amount of $100,000 (the “Note”) due on March 19, 2019 and bears a 5.00% interest rate. The Company made a payment of $105,000 towards the principal balance and accrued interest of $5,000 on March 8, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

D. D’Ambrosio – On March 14, 2019, the Company issued an unsecured Short-Term Promissory Note to D. D’Ambrosio in the principal amount of $100,000 (the “Note”) due on April 30, 2019 and bears a 5.00% interest rate. The Company made a payment of $105,000 towards the principal balance and accrued interest of $5,000 on April 5, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

D. D’Ambrosio – On April 9, 2019, the Company issued an unsecured Short-Term Promissory Note to D. D’Ambrosio in the principal amount of $122,000 (the “Note”) due on May 30, 2019 and bears a 5.00% interest rate. The Company made a payment of $128,100 towards the principal balance and accrued interest of $6,100 on May 21, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

D. D’Ambrosio – On June 14, 2019, the Company issued an unsecured Short-Term Promissory Note to D. D’Ambrosio in the principal amount of $182,000 (the “Note”) due on July 5, 2019 and bears a 5.00% interest rate. The Company made a payment of $191,100 towards the principal balance and accrued interest of $9,100 on May 21, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

D. D’Ambrosio – On July 15, 2019, the Company issued an unsecured Short-Term Promissory Note to D. D’Ambrosio in the principal amount of $150,000 (the “Note”) due on August 12, 2019 and bears a 5.00% interest rate. The Company made a payment of $157,500 towards the principal balance and accrued interest of $7,500 on July 25, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

Diamond 80, LLC – On April 3, 2017, the Company issued an unsecured Short-Term Promissory Note to Diamond 80, LLC in the principal amount of $50,000 (the “Note”) due on December 31, 2018 and bears a 7.0% interest rate. The Company made a payment of $1,075 towards the principal balance of $1,000 and accrued interest of $75 on September 30, 2018. The Company made a payment of $49,000 towards the principal balance on May 21, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $44,700.

 

Francis E. Rich IRA – On February 14, 2013, the Company issued an unsecured Short-Term Promissory Note to Francis E. Rich IRA in the principal amount of 100,000 (the “Note”) due on February 20, 2020 and bears a 15.0% interest rate. As of September 30, 2019, the outstanding balance of the Note was $100,000 and accrued interest was $18,740.

 

GAIA Ltd. – Between December 2011 and October 2012, the Company issued seven unsecured Promissory Notes to GAIA Ltd. for a total principal amount of $1,150,000 (the “Notes”) due on demand and bearing 0% per annum interest. The total net proceeds the Company received was $1,150,000. On October 2, 2015, the Company entered into a new convertible note with GAIA Ltd. that matures on December 31, 2016 and bears 18% per annum interest. The Company agreed to accrue interest from inception of these Notes in the amount of $724,463 and charged this amount to interest expense during the year ended December 31, 2015. The Note is convertible into common stock, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP of the common stock during the 20 trading day period prior to conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed and the note was extended until December 31, 2018. The Company recognized a gain on the extinguishment of debt of $2,524,747 for the remaining derivative liability and of $226,974 for the remaining debt discount. As of September 30, 2019, the gross balance of the note was $1,150,000 and accrued interest was $1,551,896.

 

Legends Capital Group – Between October 2011 and September 2012, the Company issued eleven unsecured Promissory Notes to Legends Capital Group for a total principal amount of $765,000 (the “Notes”) due on demand and bearing 0% per annum interest. The total net proceeds the Company received was $765,000. On October 2, 2015, the Company entered into a new convertible note with Legends Capital Group that matures on December 31, 2016 and bears 18% per annum interest. The Company agreed to accrue interest from inception of these Notes in the amount of $504,806 and charged this amount to interest expense during the year ended December 31, 2015. The Note is convertible into common stock, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP of the common stock during the 20 trading day period prior to conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed and the note was extended until December 31, 2018. The Company recognized a gain on the extinguishment of debt of $2,564,130 for the remaining derivative liability and of $150,987 for the remaining debt discount. As of September 30, 2019, the gross balance of the note was $765,000 and accrued interest was $1,055,229.

 

Legends Capital Group – On May 16, 2017, the Company issued an unsecured Short-Term Promissory Note to Legends Capital Group in the principal amount of $100,000 (the “Note”) due on September 15, 2018 and bears a 7.0% interest rate. The Company made a payment of $50,000 towards the principal balance and accrued interest of $0 on June 27, 2018. The Company made a payment of $40,000 towards the principal balance on February 28, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

LW Briggs Irrevocable Trust – Between December 2010 and January 2013, the Company issued eight unsecured Promissory Notes to LW Briggs Irrevocable Trust for a total principal amount of $1,101,000 (the “Notes”) due on demand and bearing 0% per annum interest. The total net proceeds the Company received was $1,101,000. On October 2, 2015, the Company entered into a new convertible note with LW Briggs Irrevocable Trust that matures on December 31, 2016 and bears 18% per annum interest. The Company agreed to accrue interest from inception of these Notes in the amount of $814,784 and charged this amount to interest expense during the year ended December 31, 2015. The Note is convertible into common stock, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP of the common stock during the 20 trading day period prior to conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed and the note was extended until December 31, 2018. The Company recognized a gain on the extinguishment of debt of $2,564,130 for the remaining derivative liability and of $217,303 for the remaining debt discount. As of September 30, 2019, the gross balance of the note was $1,101,000 and accrued interest was $1,606,961.

 

MDL Ventures – The Company entered into an unsecured convertible note payable agreement with MDL Ventures, LLC, which is 100% owned by a Company officer, effective October 1, 2014, due on December 31, 2016 and bears 18% per annum interest, due at maturity. Principal on the convertible note is convertible into common stock at the holder’s option at a price of the lower of $0.99 (0.18 pre-split) or 50% of the lowest three daily volume weighted average prices of the Company’s common stock during the 20 consecutive days prior to the date of conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed and the note was extended until December 31, 2018. The Company recognized a gain on the extinguishment of debt of $1,487,158 for the remaining derivative liability. As of September 30, 2019, the gross balance of the note was $1,260,661 and accrued interest was $0.

 

Pine Valley Investments, LLC – On May 7, 2019, the Company issued an unsecured Short-Term Promissory Note to Pine Valley Investments, LLC in the principal amount of $100,000 (the “Note”) due on May 21, 2019 and bears a 5.0% interest rate. The Company made a payment of $105,000 towards the principal balance and accrued interest of $5,000 on May 21, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

Silverbrook Corporation – Between March 2011 and February 2015, the Company issued 23 unsecured Promissory Notes to Silverbrook Corporation for a total principal amount of $2,227,980 (the “Notes”) due on demand and bearing 0% per annum interest. The total net proceeds the Company received was $2,227,980. On October 2, 2015, the Company entered into a new convertible note with Silverbrook Corporation that matures on December 31, 2016 and bears 18% per annum interest. The Company agreed to accrue interest from inception of these Notes in the amount of $1,209,606 and charged this amount to interest expense during the year ended December 31, 2015. The Note is convertible into common stock, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP of the common stock during the 20 trading day period prior to conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed and the note was extended until December 31, 2018. The Company recognized a gain on the extinguishment of debt of $4,656,189 for the remaining derivative liability and of $439,733 for the remaining debt discount. As of September 30, 2019, the gross balance of the note was $2,227,980 and accrued interest was $2,812,653.

 

WOC Energy, LLC – On November 6, 2017, the Company issued an unsecured Short-Term Promissory Note to WOC Energy, LLC in the principal amount of $40,000 (the “Note”) due on September 30, 2019 and bears a 4.0% interest rate. As of September 30, 2019, the outstanding balance of the Note was $40,000 and accrued interest was $0.

 

WOC Energy, LLC – On January 8, 2019, the Company issued an unsecured Short-Term Promissory Note to WOC Energy, LLC in the principal amount of $75,000 (the “Note”) due on January 11, 2019 and bears a 5.0% interest rate. The Company made a payment of $78,750 towards the principal balance and accrued interest of $3,750 on February 19, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

WOC Energy, LLC – On February 22, 2019, the Company issued an unsecured Short-Term Promissory Note to WOC Energy, LLC in the principal amount of $50,000 (the “Note”) due on March 31, 2019 and bears a 5.0% interest rate. The Company made a payment of $52,500 towards the principal balance and accrued interest of $2,500 on March 26, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

WOC Energy, LLC – On April 3, 2019, the Company issued an unsecured Short-Term Promissory Note to WOC Energy, LLC in the principal amount of $60,000 (the “Note”) due on May 10, 2019 and bears a 5.0% interest rate. The Company made a payment of $63,000 towards the principal balance and accrued interest of $3,000 on May 21, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

WOC Energy, LLC – On April 16, 2019, the Company issued an unsecured Short-Term Promissory Note to WOC Energy, LLC in the principal amount of $55,000 (the “Note”) due on May 31, 2019 and bears a 5.0% interest rate. The Company made a payment of $57,750 towards the principal balance and accrued interest of $2,750 on May 21, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.

 

WOC Energy, LLC – On May 1, 2019, the Company issued an unsecured Short-Term Promissory Note to WOC Energy, LLC in the principal amount of $40,000 (the “Note”) due on May 31, 2019 and bears a 5.0% interest rate. This note was a conversion of accounts payable due to the lender of $40,000. The Company made a payment of $12,000 towards the principal balance and accrued interest of $2,000 on July 10, 2019. The Company made a payment of $10,000 towards the principal balance on July 15, 2019. The Company made a payment of $11,000 towards the principal balance and accrued interest of $1,000 on August 28, 2019. The Company made a payment of $10,000 towards the principal balance on September 5, 2019. As of September 30, 2019, the outstanding balance of the Note was $0 and accrued interest was $0.
XML 83 R12.htm IDEA: XBRL DOCUMENT v3.20.1
Mine Reclamation Obligation
 9 Months Ended
Sep. 30, 2019
Mine Reclamation Obligation  
Mine Reclamation Obligation

6. Mine Reclamation Obligation

 

The Company is required to mitigate long-term environmental impacts by stabilizing, contouring, re-sloping, and re-vegetating various portions of our site after mining and mineral processing operations are completed. These reclamation efforts are conducted in accordance with plans reviewed and approved by the appropriate regulatory agencies.

 

The fair value of the long-term liability of $337,886 and $341,845 as of September 30, 2019 and December 31, 2018, respectively, for our obligation to reclaim our mine facility is based on our most recent reclamation plan, as revised, submitted and approved by the Honduran Institute of Geology and Mines (INHGEOMIN) and Ministry of Natural Resources and Environment (SERNA). Such costs are based on management’s current estimate of then expected amounts for the remediation work, assuming the work is performed in accordance with current laws and regulations and using a credit adjusted risk free rate of 18.00% and an inflation rate of 5.3%. It is reasonably possible that, due to uncertainties associated with the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology, the ultimate cost of reclamation and remediation could change in the future. We periodically review the accrued reclamation obligation for information indicating that our assumptions should change.

 

Changes to the asset retirement obligation were as follows:

 

    September 30, 2019     December 31, 2018  
Balance, Beginning of Year   $ 341,845     $ 352,713  
Liabilities incurred     -       -  
Disposal     -       -  
Change due to foreign currency translation     (3,959 )     (10,868 )
Balance, End of Year   $ 337,886     $ 341,845  

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Inventories, Stockpiles and Mineralized Materials on Leach Pads - Schedule of Inventories (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Inventory Disclosure [Abstract]    
Supplies $ 25,903 $ 87,230
Mineralized Material on Leach Pads 163,310 247,213
ADR Plant 308,401 40,642
Finished Ore 583,785 195,528
Total Inventories $ 1,081,399 $ 570,614