Note 10 - Segment Reporting by Geographic Area

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

10.

SEGMENT REPORTING BY GEOGRAPHIC AREA

The Company sells its products primarily to

one

customer in Europe. The

Company performs ongoing credit evaluations on its customers and generally does

not

require collateral. The Company operates in a single industry segment, production of gold and other precious metals including royalties from other non-affiliated Companies production of gold and other precious metals.

For the

three

and

six

months ending

June 30, 2017

and

2016,

the Company did

not

have any revenue.

The following summarizes identifiable assets by geographic area:

	June 30 ,		December 31,
	2017		2016
Armenia	$	2,522,691	$	2,519,911
United States		30,505		24,088
	$	2,553,196	$	2,543,999

The following summarizes operating losses before provision for income tax:

Net Loss table:
	Six Months Ended June 30, 201 7		Six Months Ended June 30, 201 6		Three Months Ended June 30, 201 7		Three Months Ended June 30, 201 6
Arm enia	$	626,707	$	455,585	$	303,060	$	233,404
United States		554,608		573,969		251,793		353,222
	$	1,181,315	$	1,029,554	$	554,853	$	586,626