9 unchanged sentences
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act.
−Removed: Our internal control system was designed 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 in the United States of America.
+Added: Our internal control system was designed 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 in the United States.
Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorizations of management of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.
9 unchanged sentences
OT HER INFORMATION
+Added: During the fiscal quarter ended December 31, 2024, none of our directors or officers informed us of the adoption, modification or
+Added: termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in
+Added: Regulation S-K, Item 408
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
1 unchanged sentence
DIRECTORS, EXEC UTIVE OFFICERS AND CORPORATE GOVERNANCE
−Removed: The Company has a code of business conduct and ethics that applies to all employees, officers and directors.
−Removed: The code of business conduct and ethics includes the Company’s insider trading policies and procedures, which are reasonably designed to promote compliance with insider trading laws, rules and regulations.
−Removed: The code of business conduct and ethics is available on our website at www.dynaresource.com and we will post any amendments to, or waivers from, the code of ethics on that website.
−Removed: The following table lists the names and ages of the executive officers and directors of the Company as of December 31, 2023.
−Removed: The directors will continue to serve until the next annual shareholders meeting, or until their successors are elected and qualified.
−Removed: All officers serve at the discretion of the Board of Directors and Chief Executive Officer.
−Removed: (“K.D.”) Diepholz
−Removed: Chairman of The Board of Directors
−Removed: Las Colinas Blvd
−Removed: Chief Executive Officer, President, Acting Chief
−Removed: Suite 1910 North Tower
−Removed: Financial Officer and Treasurer
−Removed: Irving, Texas 75039
−Removed: Jose Vargas Lugo (1)
−Removed: Director of Operations - México
−Removed: Enrique Dunant Y5 de Mayo #963
−Removed: Fracc, Los Parques
−Removed: Guamuchil, Sin CP 81460
−Removed: General Manager at San Jose de Gracía
−Removed: Sierra Grande #134
−Removed: Fraccionamiento Lomas de
−Removed: Mazatlán, Sinaloa 82110
−Removed: Independent Director, Chairman of the Compensation
−Removed: December 2016
−Removed: Las Colinas Blvd
−Removed: Suite 1901 North Tower
−Removed: Independent Director, Chairman of the Audit Committee
−Removed: Las Colinas Blvd.
−Removed: and Chairman of the Nominating Committee
−Removed: Suite 1910 North Tower
−Removed: Independent Director
−Removed: Las Colinas Blvd.
−Removed: Suite 1910 North Tower
−Removed: Irving, Texas 75039
−Removed: Ronald Vail (1)
−Removed: Independent Director
−Removed: Las Colinas Blvd.
−Removed: Suite 1910 North Tower
−Removed: Irving, Texas 75039
−Removed: (1) Effective February 16, 2024, the Company appointed Dr.
−Removed: Quinton Hennigh and Mr.
−Removed: Brent Omland as Directors to the Board of Directors of the Company;
−Removed: and the Company accepted the resignations of Dr.
−Removed: Jose Vargas Lugo and Mr.
−Removed: Ronald Vail from the Company’s Board of Directors in order to make the two board seats available.
−Removed: Vargas Lugo will remain in his position with the Company as Director of Operations – Mexico, and Mr.
−Removed: Vail became a non-voting Board observer.
−Removed: (“K.D.”) Diepholz.
−Removed: Diepholz has been involved in the resource sectors, primarily as an investor/entrepreneur, since 1980.
−Removed: He founded KWD Properties Corp.
−Removed: an Oil and Gas exploration and production company in 1983 and served as an executive manager to this Oil and Gas concern, and as a General partner to several limited partnerships.
−Removed: Diepholz has served in a variety of capacities with DynaResource, Inc.
−Removed: from 1994 to the present, and has served as Chairman of the Board, President, CEO, CFO, and Treasurer for more than the past 20 years.
−Removed: Diepholz has special skills in the areas of negotiation, business development, project planning and management, corporate financing, acquisition analysis, investment program interpretation and structuring, and executive management.
−Removed: Diepholz has been instrumental to the Company in the negotiations of the following:
−Removed: the acquisition of 24.9% Net Profits Interest in the San José de Gracía in 1995; the acquisition of an additional 25% interest in San José de Gracía in
−Removed: 1998; the acquisition and consolidation of 100% of the rights to the San José de Gracía from prior owners, culminating in March 2000; the acquisition and consolidation of several outstanding Concessions at the San José de Gracía from previous Mexican owners during 2000- 2003; the direction and management of the test mining and pilot mill operations at San José de Gracía during 2003-2006; the negotiation of the Stock Purchase/Earn In Agreement in 2006; the negotiation of the surface rights agreement with the Santa Maria Ejido in 2013; the negotiation of the financing agreement with Golden Post Rail, LLC, and the general financing of, and the general management of the Company since inception.
−Removed: In addition to his roles with the Company, Mr.
−Removed: Diepholz serves as Chairman and CEO of DynaResource Nevada, Inc., an affiliated company, and as President of DynaNevada de México, a wholly owned subsidiary of DynaResource Nevada Inc.
−Removed: Diepholz is also the current President of the following subsidiaries of the Company in México:
−Removed: DynaResource de México, Mineras de DynaResource, and DynaResource Operaciones.
−Removed: Mladosich brings over 30 years of direct experience in the mining industry in Mexico to DynaResource.
−Removed: He has worked for Companies such as:
−Removed: Campania Mineras de Cananea, Campania Minera Hecla (Hecla Mining), Campania Minera Pangea (now owed by McEwen Mining), Campania Minera Dolores (Minefinders), Minera Alamos de Sonora, and Campania Minera Pena de Bernal (Starcore International Mines).
−Removed: Mladosich has also provided consulting services to companies such as Minefinders, Pan American Silver and Scorpio.
−Removed: Mladosich is a proven and successful manager in Mexico with experience in the following areas:
−Removed: general management, underground and open pit operations, process plant recovery and optimization, construction, exploration, logistics, permitting, environmental, and plant and pit design.
−Removed: Mladosich holds a B.S.
−Removed: degree from the University of Sonora, where he was awarded First of the Class 6 times; and Mr.
−Removed: Mladosich studied 1 year of metallurgy in the Master’s Degree work program at the University.
−Removed: Mladosich speaks fluent Spanish and English and has studied French under the French Embassy Program in Mexico..
−Removed: Jose Vargas Lugo .
−Removed: Vargas is a licensed physician who graduated from the Universidad Nacional Autonoma de México (UNAM) and is a 4th year law student at Universidad Autonoma de Sinaloa (UAS).
−Removed: Vargas commenced his involvement with the mining business with Minera Industrial Peñoles as a Medical Assistant to the Mining Services Division of Peñoles in Fresnillo, Zacatecas.
−Removed: Since 1993, Dr.
−Removed: Vargas has been a supplier of industrial goods and services in and around the municipalities of Sinaloa de Leyva and Mocorito Sinaloa.
−Removed: Vargas has worked with companies such as Compañia Minera El Rosarito, which was conducting operations at San Jose de Gracía during the period 1993 – 1995.
−Removed: Vargas later provided services and supplies to Mineras Finesterre at San Jose de Gracía, and to Minera Pangea, which was owned by Queenstake Resources, then Nevada Pacific, and now US.
−Removed: Vargas began working with DynaResource de México in spring 2000; as it commenced activities to acquire and consolidate the San Jose de Gracía District.
−Removed: Over more than the past 10 years, Dr.
−Removed: Vargas has proven to be an integral part of the Company’s activities at San Jose de Gracía and in Sinaloa State, involved in all facets of the Company’s business.
−Removed: Vargas has proven instrumental in the areas of public relations, community relations, governmental affairs, environmental matters, and overall management of the company’s business activities in México.
−Removed: Wasserman is a Partner with Wasserman, Bryan, Landry & Honold, LLP Law firm, Perrysburg Ohio.
−Removed: He is a stockholder of the Company and brings the following credentials to the Board of Directors:
−Removed: University of Detroit (PHB); Ohio State University, Law School (JD) – Graduate work in business administration; University of Toledo – Undergraduate and Graduate work in business administration; Admitted to practice before Ohio Supreme Court, U.S.
−Removed: Supreme Court, U.S.
−Removed: District Court for Northern District of Ohio, Sixth Circuit U.S.
−Removed: Court of Appeals; Member, Ohio State, Lucas County, Ohio (past President) and Toledo, Ohio Bar Associations; Board Member, Corporate and Board Secretary, Blue Water Satellite, Inc.; Board Member, TechTol of Toledo, Inc.; Member and current chair of the City of Waterville, Ohio Planning Commission; Member of the ten year Plan Committee of Waterville, Ohio; Member, Past Board Member, Secretary Treasurer and President of Toledo, Ohio Rotary; Past Assistant District Governor, Area 4 of District 6600 of Rotary International; Member of Timberlake Investments, LLC, an investment LLC; Board Member, Victory Center of Toledo, Ohio; Member, Succession Committee, DynaResource, Inc.; Member/Managing Partner/Member, numerous LLCs/Partnerships for real estate developments and investments.
−Removed: Wasserman has been employed with the Ohio Attorney General office, as Special Counsel and with Ohio Bureau of Unemployment, as Hearing Officer; and as a Former Acting Judge, Maumee, Ohio Municipal Court Past Toledo Ohio Exchange Club Member (President).
−Removed: Wasserman was selected one of Jaycees Top Ten Young men of Toledo, Ohio; was Co Author – Management Considerations of a Business Entity in the Environment of Chapter XI Reorganization Proceedings Under the New Federal Bankruptcy Code published in Midwest Business Administration Association; was an Expert witness in real estate mandamus case:
−Removed: Lucas County Common Pleas Court, State ex rel Ad Hoc Committee of Waterville Citizens for Initiative and Referendum Petitions, Etc., Realtor vs.
−Removed: City of Waterville and Dale Knepper, Clerk of Council, City of Waterville, Respondents, Case No.
−Removed: CI-2013-1137.
−Removed: Petrini brings over 40 years of extensive international project and manufacturing experience to the Board of DynaResource, Inc.
−Removed: During his 40+ years with The Dow Chemical Company, Houston, Texas, Mr.
−Removed: Petrini was the engineering sponsor, advisor and led the project development for several international mega projects totally over $50 billion USD.
−Removed: In his latest role for Dow, he was responsible for the project development of mega project growth opportunities in Latin America.
−Removed: Previously, Mr.
−Removed: Petrini was responsible for Global Construction Management and Global Capital Procurement for Dow with offices and personnel located throughout the world.
−Removed: In addition, he was the Plant Manager for several production units and led the respective business management teams.
−Removed: Petrini earned his civil engineering degree from The University of Michigan and is a registered licensed professional engineer.
−Removed: He holds dual citizenship in the US and EU.
−Removed: Rose is a Partner at Cross Tie Capital, Ltd, a Texas family investment office with a focus on alternative assets.
−Removed: Through this role, Mr.
−Removed: Rose serves in various operating roles of Cross Tie’s portfolio companies, including Chief Operating Officer of Horton World Solutions, a thermoplastic composites manufacturing company, and Managing Partner of KMO Burger, LLC, a quick-serve restaurant holding company.
−Removed: He is also responsible for investment origination, asset management and disposition oversight of Cross Tie’s holdings.
−Removed: Rose has extensive experience in private investments, in a variety of asset classes and a broad array of investment structures.
−Removed: He is also a member of the firm’s investment committee.
−Removed: Rose is a graduate of Texas Christian University in Fort Worth, Texas.
−Removed: Rose is the appointee to the Board of Directors by Golden Post, LLC., the holder of the Series C convertible preferred shares.
−Removed: Ronald Vail .
−Removed: Vail graduated from the University of Toledo with degrees in Commercial Studies and Business Administration.
−Removed: While at the University he participated in student government.
−Removed: He started working for United Parcel Service the week before he started at the University and was there for nearly 40 years.
−Removed: He held hourly positions as a loader/unloaded and delivery driver before going into management.
−Removed: Vail held positions in Human Resources to include Employment, Safety, and Benefits.
−Removed: He later became Employment Manager and then Human Resource Manager in two UPS Districts.
−Removed: In the early 1980’s he transferred to a Divisional Operations Manager.
−Removed: Assignments included major Sorting Facilities Divisions, an over-the-road FE, and then several delivery operations.
−Removed: Vail taught UPS National Schools and was on loan to The Southern Christian Leadership Conference for five weeks.
−Removed: He went on to coordinate UPS’s Management by Commitment (MBC) method of managing used by all functions and levels of management in the organization.
−Removed: He held this position for several years both Regionally and Nationally and coordinated teams around the country working on Service, Cost, and Production concerns.
−Removed: Vail was VP of Vail Products, a specialty hospital bed business the family developed, built, and distributed out of Toledo.
−Removed: Since retiring in 2002, Mr.
−Removed: Vail devotes time to The University of Toledo fund-raising, and mentoring student athletes.
−Removed: Quinton Hennigh.
−Removed: Hennigh is an exploration geologist with 33 years’ experience, predominantly in the gold industry.
−Removed: He holds a M.Sc.
−Removed: in geology and geochemistry from the Colorado School of Mines.
−Removed: Early in his career, he explored for gold for major mining companies including Homestake Mining Company, Newcrest Mining Ltd., and Newmont Mining Corporation.
−Removed: Beginning in 2007, Dr.
−Removed: Hennigh shifted focus to the junior mining space where he has worked for several successful gold explorers, notably Gold Canyon Resources where he led the discovery of the 5.2 million ounce Springpole gold deposit, Ontario.
−Removed: Currently, Dr.
−Removed: Hennigh is Technical and Geologic Director to Crescat Capital and is CEO of private miner, San Cristobal Mining.
−Removed: On February 19, 2024, the Company issued 400,000 stock option awards to Mr.
−Removed: Hennigh at an exercise price of $5.00 per share, with such options vesting in 25% increments on each of the first four anniversaries of the date of the award.
−Removed: Brent Omland.
−Removed: Omland is a mining executive with 20 years of experience in the mining and metals trading industry.
−Removed: Omland is a graduate of the University of British Columbia and a Canadian CPA.
−Removed: Omland has also worked in finance roles for Teck Resources and in senior finance roles for an integrated lead mining and smelting group based in Australia (Ivernia/Enirgi Metals).
−Removed: He also serves on the Board of Directors for Dore Copper Mining Corp, Galantas Gold Corporation and Nicola Mining Inc., all listed on the TSX-v.
−Removed: Omland was elected pursuant to the terms of the Stock Purchase Agreement (the "Stock Purchase Agreement”) dated August 2, 2023, by and between the Company and Ocean Partners Holdings Limited ("Ocean Partners”) filed as Exhibit 10.2 to the Company’s Form 8-K filed with the SEC on August 10, 2023, which is incorporated herein by reference.
−Removed: Omland is the co-CEO of Ocean Partners, which purchases gold produced by the Company pursuant to that certain Gold Concentrate Purchase Agreement dated February 1, 2021, as amended (the "Offtake Agreement”), by and between the Company’s affiliate, DynaResource de Mexico, SA de CV, and an affiliate of Ocean Partners, MK Metal Trading Mexico SA de CV, a copy of which was filed as Exhibit 10.1 to the Company’s Form 8-K filed with the SEC on August 10, 2023, which is incorporated herein by reference.
−Removed: In 2023, Ocean Partners paid the Company $35.3 million under the Offtake Agreement.
−Removed: Involvement in Certain Legal Proceedings
−Removed: To the knowledge of the Company, none of the events specified in Regulation S-K, Item 401(f), has occurred during the past 10 years that are material to an evaluation of the ability or integrity of any director, executive officer, or person nominated to become a director or executive officer of the Company.
+Added: The information required by this item is incorporated herein by reference to our Proxy Statement with respect to our 2025 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the end of the fiscal year covered by this Annual Report on Form 10-K.
EXEC UTIVE COMPENSATION
−Removed: The following officers earned the following compensation for the years ended December 31, 2023 and 2022:
−Removed: Name and Principal Position
−Removed: Total Compensation
−Removed: (“K.D.”) Diepholz
−Removed: CEO and President
−Removed: Jose Vargas Lugo
−Removed: Director of Operations - Mexico
−Removed: GM of SJG Project
−Removed: (1) The CEO’s bonus for the year ended December 31, 2023 is to be determined at an upcoming meeting of the Compensation Committee and will be reported on Form 8-K.
−Removed: (2 ) Compensation amounts paid to these executives were denominated in pesos and therefore varies from his employment agreement due to exchange rate differences.
−Removed: (3) Represents payroll tax paid on behalf of the recipient in lieu of bonus.
−Removed: (4) 2023 bonuses have been approved by the compensation committee to the paid in 2024.
−Removed: In December 2022, the Compensation Committee approved restricted stock awards to employees, directors and consultants of the Company.
−Removed: The stock awards approved were issued to each of the individuals/entities and vested 25% immediately and the remainder vest 25% each years on December 31 for the next three years, subject to resignation or termination provisions.
−Removed: Each of the above named executive officers signed three-year employment agreements with the Company in July 2023 with customary terms and change of control provisions.
−Removed: The following directors received the following compensation for the years ended December 31, 2023 and 2022:
−Removed: Name of Director
−Removed: Independent Director
−Removed: Independent Director
−Removed: Ronald Vail (1)
−Removed: Independent Director
−Removed: Independent Director
−Removed: Vail was appointed to the board of directors in April 2023 and his compensation was prorated for his length of service in 2023.
−Removed: Beginning in calendar year 2023 at the recommendation of an outside valuation consultant, the Compensation Committee approved cash compensation to the non-employee directors of $100,000 per year for service on the Company’s Board of Directors and all committees thereof.
−Removed: As of December 31, 2023 there was $25,000 in annual board compensation accrued but not paid for each of the independent directors.
−Removed: Stock Issued to Officers and Directors
−Removed: The Compensation Committee approved restricted stock awards to employees, directors and consultants of the Company.
−Removed: The stock awards approved were issued to each of the individuals/entities and vested 25% immediately and the remainder vest 25% each year on December 28 for the next three years, subject to resignation or termination provisions.
−Removed: The awards totaled 1,500,000 shares of which 1,175,000 were awarded to officers and/or directors.
−Removed: The Compensation Committee approved stock awards to employees, directors and consultants of the Company.
−Removed: The stock awards approved, issued and vested 25% immediately and the remainder vest 25% each year on December 28 for the next three years, subject to resignation or termination provisions.
−Removed: Officers and directors received the following restricted stock during the year ended December 31, 2022.
−Removed: No stock was issued for compensation during the year ended December 31, 2023.
−Removed: Name of Officer/Director
−Removed: Number of Restricted
−Removed: Common Stock Shares
−Removed: Koy W (“K.D.”) Diephotz
−Removed: Jose Vargas Lugo
−Removed: John Wasserman
−Removed: The following presents the market value of outstanding equity awards for the Company’s named executive officers as of December 31, 2023:
−Removed: Name of Named Executive Officer
−Removed: Unvested Shares
−Removed: Outstanding Equity Awards
−Removed: at December 31, 2023
−Removed: Koy W (“K.D.”) Diephotz
−Removed: Restricted Stock
−Removed: Restricted Stock
−Removed: Jose Vargas Lugo
−Removed: Restricted Stock
−Removed: Board Committees
−Removed: Although the Company is not a listed issuer and therefore not subject to the requirements pertaining to audit and compensation committees in Exchange Act Rules 10A-3 and 10C-1, the Company has established the following three committees of its Board of Directors:
−Removed: • Audit Committee.
−Removed: The Company’s Audit Committee Charter requires the Audit Committee to consist of at least three directors, all of whom are determined by the Board of Directors to be “independent” under the definition adopted by NASDAQ.
−Removed: The Company’s Audit Committee, as of December 31, 2023, consisted of independent directors Phillip Rose (Chair), Dale Petrini, Ronald Vail and John Wasserman.
−Removed: • Compensation Committee .
−Removed: The Company’s Compensation Committee Charter requires the Compensation Committee to consist of at least three directors, all of whom are determined by the Board of Directors to be “independent” under the definition adopted by NASDAQ.
−Removed: The Company’s Compensation Committee, as of December 31, 2023, consisted of independent directors Dale Petrini (Chair), Phillip Rose, Ronald Vail and John Wasserman.
−Removed: • Nominating Committee.
−Removed: The Company’s Nominating Committee Charter requires the Nominating Committee to consist of at least three directors, all of whom are determined by the Board of Directors to be “independent” under the definition adopted by NASDAQ, plus K.D.
−Removed: Diepholz for as long as he serves as the Company’s CEO.
−Removed: The Company’s Audit Committee, as of December 31, 2023, consisted of independent directors Phillip Rose (Chair), Dale Petrini, Ronald Vail, and John Wasserman, and K.D.
+Added: The information required by this item is incorporated herein by reference to our Proxy Statement with respect to our 2025 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the end of the fiscal year covered by this Annual Report on Form 10-K.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
−Removed: The following table sets forth the amount and nature of beneficial ownership of each of the executive officers and directors of the Company and each person known to be a beneficial owner of more than five percent of the issued and outstanding shares of common stock of the Company as of December 31, 2023.
−Removed: The following table sets forth the information based on 22,246,654 (1) common shares issued and outstanding as of December 31, 2023.
−Removed: Beneficial Owner
−Removed: Shares Beneficially Owned
−Removed: Percent of Outstanding
−Removed: (“K.D.”) Diepholz
−Removed: Gareth Nichol
−Removed: Jose Vargas Lugo
−Removed: All Officers, Directors and Beneficial Owners as a group (9 persons)
−Removed: (1) Does not include 1,734,992 shares of common stock issuable upon the conversion of 1,734,992 shares of Series C Senior Convertible Preferred Stock, which are currently convertible or 783,976 shares of common stock issuable upon the exercise of a cashless warrant which is currently exercisable.
−Removed: (2) Does not include 500,000 shares of common stock issuable upon the conversion of 500,000 shares of Series D Senior Convertible Preferred Stock, which are currently convertible.
−Removed: (3) Does not include 50,000 shares of common stock issuable upon the conversion of 50,000 shares of Series D Senior Convertible Preferred Stock, which are currently convertible..
−Removed: (4) Does not include 100,000 shares of common stock issuable upon the conversion of 100,000 shares of Series D Senior Convertible Preferred Stock, which are currently convertible or 62,718 shares of common stock issuable upon the exercise of a cashless warrant which is currently exercisable.
−Removed: Equity Compensation Plans
−Removed: As of December 31, 2023, the Company has a restricted stock award plan that the Compensation Committee approved in 2022 for employees, directors, and consultants of the Company.
−Removed: Plan Category
−Removed: Number of Securities to be Issued Upon Exercise of Options, Warrants or Rights
−Removed: Weighted Average exercise Price of Outstanding Options, Warrants or Rights
−Removed: Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans
−Removed: 2022 Equity Compensation Plan (Approved by security holders in 2023 annual meeting)
−Removed: On February 19, 2024, the Board of Directors approved the DynaResource, Inc.
−Removed: 2024 Equity Incentive Plan (the “Plan”), which the Company intends to submit for stockholder approval at the 2024 annual meeting of stockholders.
−Removed: Pursuant to the Plan, the Company may issue various types of equity incentives, including stock options, restricted stock, and stock appreciation rights, to employees, directors, and consultants.
−Removed: The Plan has a term of 10 years and provides for the issuance of no more than an aggregate 2,700,000 shares of common stock over the life of the Plan.
−Removed: The Plan is administered by the Compensation Committee of the Board of Directors.
−Removed: PREFERRED SHARES (SERIES C)
−Removed: Preferred Series
−Removed: Beneficial Owner
−Removed: Golden Post Rail LLC
−Removed: 1110 Post Oak Place
−Removed: Westlake, Texas 76262
−Removed: PREFERRED SHARES (SERIES D)
−Removed: Preferred Series
−Removed: Beneficial Owner
−Removed: Houston, TX 77027
−Removed: Gareth Nichol
−Removed: 5 Greenwood Rd
−Removed: Greenwood Village, CO 80111
−Removed: 6766 Pine Circle Toledo, OH 43617
+Added: The information required by this item is incorporated herein by reference to our Proxy Statement with respect to our 2025 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the end of the fiscal year covered by this Annual Report on Form 10-K.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Director Independence.
−Removed: The Board of Directors has determined that Dale Petrini, Phillip Rose, John Wasserman and Ronald Vail are independent directors under the definition adopted by NASDAQ in its listing rules.
−Removed: Quinton Hennigh and Brent Omland, who were appointed as Directors to the Board of Directors of the Company on February 16, 2024 are also determined to be independent directors under the definition adopted by NASDAQ.
−Removed: The Company is not aware of any other material relationships or related transactions between the Company and any officers, directors or holders of more than five percent of any class of outstanding securities of the issuer.
−Removed: PRINCIPAL ACCOUNTING FEES AND SERVICES
−Removed: Our independent registered public accounting firm is Davidson & Company LLP, Vancouver, BC , Auditor Firm ID:
−Removed: (1) Audit Fees
−Removed: The aggregate fees billed for professional services rendered by our auditors, for the audit of the registrant's annual consolidated financial statements and review of the consolidated financial statements included in the registrant's Form 10-K and Form 10-Q(s) or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements, for fiscal years 2023 and 2022 was $218,696 and $130,748, respectively.
−Removed: (2) Audit Related Fees - None.
−Removed: (3) Tax Fees - None.
−Removed: (4) All Other Fees - None.
−Removed: (5) Audit Committee Policies and Procedures
−Removed: The Audit Committee has policies and procedures requiring pre-approval by the Audit Committee of the engagement of the Company’s independent auditor to perform audit services, as well as permissible non-audit services.
−Removed: AUDIT SERVICES:
−Removed: The terms and fees for the Company’s annual audit are subject to the specific pre-approval of the Audit Committee.
−Removed: Audit services include the annual financial statement audit, required quarterly reviews, subsidiary audits and other procedures required to be performed by the auditor to form an opinion on our financial statements, and such other procedures including information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control.
−Removed: Other audit services may also include statutory audits or financial audits for subsidiaries and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or used in connection with securities offerings.
−Removed: AUDIT RELATED SERVICES:
−Removed: Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of our financial statements or that are traditionally performed by the independent auditor.
−Removed: Audit-related services are subject to the specific pre-approval of the Audit Committee.
−Removed: Audit-related services include, among others, due diligence services relating to potential business acquisitions/dispositions;
−Removed: accounting consultations relating to accounting, financial reporting or disclosure matters not classified as audit services;
−Removed: assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities;
−Removed: financial audits of employee benefit plans;
−Removed: agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters;
−Removed: and assistance with internal control reporting requirements.
−Removed: TAX SERVICES :
−Removed: Tax services are subject to the specific pre-approval of the Audit Committee.
−Removed: The Audit Committee will not approve the retention of the independent auditor in connection with a transaction the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported by the Internal Revenue Code and related regulations.
−Removed: ALL OTHER SERVICES:
−Removed: Pre-approval by the Audit Committee is required for those permissible non-audit services that it believes are routine and recurring services, would not impair the independence of the auditor and are consistent with the SEC’s rules on auditor independence.
−Removed: (6) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant's engagement to audit the registrant's consolidated financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
−Removed: Not applicable.
+Added: The information required by this item is incorporated herein by reference to our Proxy Statement with respect to our 2025 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the end of the fiscal year covered by this Annual Report on Form 10-K.
+Added: The information required by this item is incorporated herein by reference to our Proxy Statement with respect to our 2025 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the end of the fiscal year covered by this Annual Report on Form 10-K.
EXHIBITS AND F INANCIAL STATEMENT SCHEDULES
8 unchanged sentences
Certificate of Amendment to the Certificate of Incorporation of the Company as filed with the Delaware Secretary of State on July 15, 2020 (incorporated by reference from the Current Report on Form 8 K filed with the SEC on July 2, 2020, Exhibit 3.1, File No.
−Removed: First Amendment to the Amended and Restated Bylaws of the Company of the Company dated June 29, 2015 (incorporated by reference from the Current Report on Form 8-K filed with the SEC on December 23, 2015, Exhibit 3.1, File No.
−Removed: Certificate of Elimination of the Series B Convertible Preferred Stock (incorporated by reference from the Current Report of Form 8-K filed with the SEC on July 2, 2015, Exhibit 3.1.
−Removed: Certificate of Designation, filed with the Secretary of State of the State of Delaware on June 29, 2015 (incorporated by reference from the Current Report of Form 8-K filed with the SEC on July 2, 2015, Exhibit 3.2.
−Removed: Registration Rights Agreement (incorporated by reference from the Current Report of Form 8-K filed with the SEC on July 2, 2015, Exhibit 3.4.
−Removed: Certificate of Amendment to Certificate of Designations of the Powers, Preferences and relative, participating, optional and Other Special Rights of Preferred Stock and Qualifications, Limitations and Restrictions thereof of Series C Senior Convertible Preferred Stock (incorporated by reference from the Current Report of Form 8-K filed with the SEC on July 16, 2020, Exhibit 3.2.
−Removed: Certificate of Increase (incorporated by reference from the Current Report of Form 8-K filed with the SEC on July 2, 2015, Exhibit 3.31.
−Removed: Certificate of Designations (incorporated by reference from the Current Report of Form 8-K filed with the SEC on July 2, 2015, Exhibit 3.2.
−Removed: Description of Capital Stock (incorporated by reference from the Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 24, 2022, File No.
−Removed: Promissory Note – Series I (incorporated by reference from the Current Report on Form 8-K filed with the SEC on April 30, 2015, Exhibit 4.1, File No.
−Removed: Promissory Note – Series I Amendment (incorporated by reference from the Current Report on Form 8-K filed with the SEC on April 30, 2015, Exhibit 4.2, File No.
−Removed: Promissory Note – Series II (incorporated by reference from the Current Report on Form 8-K filed with the SEC on April 30, 2015, Exhibit 4.3, File No.
−Removed: Promissory Note – Series II Amendment (incorporated by reference from the Current Report on Form 8-K filed with the SEC on April 30, 2015, Exhibit 4.4, File No.
−Removed: Promissory Note (incorporated by reference from the Current Report on Form 8-K filed with the SEC on May 8, 2015, Exhibit 4.1, File No.
−Removed: Common Stock Purchase Warrant issued by the Company in connection with June 2015 financing (incorporated by reference from the Current Report of Form 8-K filed with the SEC on July 2, 2015, Exhibit 3.3.
−Removed: Convertible Promissory Note with Golden Post Rail, LLC (incorporated by reference from the Current Report of Form 8-K filed with the SEC on May 20, 2020, Exhibit 4.1.
−Removed: Convertible Promissory Note with other Purchasers (incorporated by reference from the Current Report of Form 8-K filed with the SEC on May 20, 2020, Exhibit 4.2.
−Removed: Common Stock Purchase Warrant with Golden Post Rail, LLC (incorporated by reference from the Current Report of Form 8-K filed with the SEC on May 20, 2020, Exhibit 4.3.
−Removed: Common Stock Purchase Warrant with other Purchasers (incorporated by reference from the Current Report of Form 8-K filed with the SEC on May 20, 2020, Exhibit 4.4.
−Removed: Amendment to the June 30, 2015 Warrant (incorporated by reference from the Current Report of Form 8-K filed with the SEC on May 20, 2020, Exhibit 4.5.
+Added: First Amendment to the Amended and Restated Bylaws of the Company dated June 29, 2015 (incorporated by reference from the Current Report on Form 8-K filed with the SEC on December 23, 2015, Exhibit 3.1, File No.
+Added: Certificate of Elimination of the Series B Convertible Preferred Stock (incorporated by reference to Form 8-K filed with the SEC on July 2, 2015, Exhibit 3.1.
+Added: Certificate of Designation, filed with the Secretary of State of the State of Delaware on June 29, 2015 (incorporated by reference to Form 8-K filed with the SEC on July 2, 2015, Exhibit 3.2.
+Added: Registration Rights Agreement (incorporated by reference to Form 8-K filed with the SEC on July 2, 2015, Exhibit 3.4.
+Added: Certificate of Amendment to Certificate of Designations of the Powers, Preferences and relative, participating, optional and Other Special Rights of Preferred Stock and Qualifications, Limitations and Restrictions thereof of Series C Senior Convertible Preferred Stock (incorporated by reference to Form 8-K filed with the SEC on July 16, 2020, Exhibit 3.2.
+Added: Certificate of Increase (incorporated by reference to Form 8-K filed with the SEC on July 2, 2015, Exhibit 3.31.
+Added: Certificate of Designations (incorporated by reference to Form 8-K filed with the SEC on July 2, 2015, Exhibit 3.2.
+Added: Certificate of Amendment of DynaResource, Inc.
+Added: (incorporated by reference to the Definitive Proxy Statement on Schedule 14A filed with the SEC on June 12, 2023, Appendix I, File No.
+Added: Certificate of Designations (incorporated by reference to Form 8-K filed with the SEC on June 28, 2024, Exhibit 3.1.
+Added: Description of Capital Stock (incorporated by reference to Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 24, 2022, File No.
+Added: Promissory Note – Series I (incorporated by reference to Form 8-K filed with the SEC on April 30, 2015, Exhibit 4.1, File No.
+Added: Promissory Note – Series I Amendment (incorporated by reference to Form 8-K filed with the SEC on April 30, 2015, Exhibit 4.2, File No.
+Added: Promissory Note – Series II (incorporated by reference to Form 8-K filed with the SEC on April 30, 2015, Exhibit 4.3, File No.
+Added: Promissory Note – Series II Amendment (incorporated by reference to Form 8-K filed with the SEC on April 30, 2015, Exhibit 4.4, File No.
+Added: Promissory Note (incorporated by reference to Form 8-K filed with the SEC on May 8, 2015, Exhibit 4.1, File No.
+Added: Common Stock Purchase Warrant issued by the Company in connection with June 2015 financing (incorporated by reference to Form 8-K filed with the SEC on July 2, 2015, Exhibit 3.3.
+Added: Convertible Promissory Note with Golden Post Rail, LLC (incorporated by reference to Form 8-K filed with the SEC on May 20, 2020, Exhibit 4.1.
+Added: Convertible Promissory Note with other Purchasers (incorporated by reference to Form 8-K filed with the SEC on May 20, 2020, Exhibit 4.2.
+Added: Common Stock Purchase Warrant with Golden Post Rail, LLC (incorporated by reference to Form 8-K filed with the SEC on May 20, 2020, Exhibit 4.3.
+Added: Common Stock Purchase Warrant with other Purchasers (incorporated by reference to Form 8-K filed with the SEC on May 20, 2020, Exhibit 4.4.
+Added: Amendment to the June 30, 2015 Warrant (incorporated by reference to Form 8-K filed with the SEC on May 20, 2020, Exhibit 4.5.
Common Stock Purchase Warrant (incorporated by reference from the Current Report of Form 8-K filed with the SEC on May 20, 2020, Exhibit 4.6.
−Removed: Amended and Restated Registration Rights Agreement (incorporated by reference from the Current Report of Form 8-K filed with the SEC on May 20, 2020, Exhibit 4.7.
+Added: Amended and Restated Registration Rights Agreement (incorporated by reference to Form 8-K filed with the SEC on May 20, 2020, Exhibit 4.7.
April 15, 2005 Mining and Production Services Agreement between DynaResource de Mexico S.A.
de C.V., a subsidiary of the Company, and Mineras de DynaResource S.A.
−Removed: de C.V., a subsidiary of the Company (incorporated by reference from the Current Report on Form 8-K filed with the SEC on April 30, 2015, Exhibit 10.1, File No.
+Added: de C.V., a subsidiary of the Company (incorporated by reference to Form 8-K filed with the SEC on April 30, 2015, Exhibit 10.1, File No.
September 15, 2006 Amending Agreement to the Mining Services Agreement between DynaResource de Mexico S.A.
de C.V., a subsidiary of the Company, and Mineras de DynaResource S.A.
−Removed: de C.V., a subsidiary of the Company (incorporated by reference from the Current Report on Form 8-K filed with the SEC on April 30, 2015, Exhibit 10.2, File No.
+Added: de C.V., a subsidiary of the Company (incorporated by reference to Form 8-K filed with the SEC on April 30, 2015, Exhibit 10.2, File No.
July 15, 2011 Second Amendment to the Contract Mining Services and Mineral Production Agreement between DynaResource de Mexico S.A.
de C.V., a subsidiary of the Company, and Mineras de DynaResource S.A.
−Removed: de C.V., a subsidiary of the Company (incorporated by reference from the Current Report on Form 8-K filed with the SEC on April 30, 2015, Exhibit 10.3, File No.
+Added: de C.V., a subsidiary of the Company (incorporated by reference to Form 8-K filed with the SEC on April 30, 2015, Exhibit 10.3, File No.
May 15, 2013 Exploitation Amendment (Third Amendment) to the Contract Mining Services and Mineral Production Agreement between DynaResource de Mexico S.A.
de C.V., a subsidiary of the Company, and Mineras de DynaResource S.A.
−Removed: de C.V., a subsidiary of the Company (incorporated by reference from the Current Report on Form 8-K filed with the SEC on April 30, 2015, Exhibit 10.4, File No.
+Added: de C.V., a subsidiary of the Company (incorporated by reference to Form 8-K filed with the SEC on April 30, 2015, Exhibit 10.4, File No.
May 15, 2005 Provision of Personnel Services Agreement between Mineras de DynaResource S.A.
de C.V., a subsidiary of the Company, and DynaResource Operaciones de San Jose de Gracia, S.A.
−Removed: , a subsidiary of the Company (incorporated by reference from the Current Report on Form 8-K filed with the SEC on April 30, 2015, Exhibit 10.5, File No.
+Added: , a subsidiary of the Company (incorporated by reference to Form 8-K filed with the SEC on April 30, 2015, Exhibit 10.5, File No.
September 15, 2006 Amending Agreement to Personnel Services Agreement between Mineras de DynaResource S.A.
de C.V., a subsidiary of the Company, and DynaResource Operaciones de San Jose de Gracia, S.A.
−Removed: , a subsidiary of the Company (incorporated by reference from the Current Report on Form 8-K filed with the SEC on April 30, 2015, Exhibit 10.6, File No.
−Removed: Securities Purchase Agreement, dated as of May 6, 2015, between the Company and Certain Purchasers (incorporated by reference from the Current Report on Form 8-K filed with the SEC on May 8, 2015, Exhibit 10.1, File No.
−Removed: Voting and Support Agreement, dated as of May 6, 2015, between the Company and Certain Purchasers (incorporated by reference from the Current Report on Form 8-K filed with the SEC on May 8, 2015, Exhibit 10.2, File No.
−Removed: Note Purchase Agreement (incorporated by reference from the Current Report on Form 8-K filed with the SEC on July 2, 2015, Exhibit 10.1.
−Removed: Gold Concentrate Purchase Agreement dated 1 February 2021 with reference OPUK.SP90731, by and between MK Metal Trading Mexico SA de CV and Mineras de DynaResource SA de CV
+Added: , a subsidiary of the Company (incorporated by reference to Form 8-K filed with the SEC on April 30, 2015, Exhibit 10.6, File No.
+Added: Securities Purchase Agreement, dated as of May 6, 2015, between the Company and Certain Purchasers (incorporated by reference to Form 8-K filed with the SEC on May 8, 2015, Exhibit 10.1, File No.
+Added: Voting and Support Agreement, dated as of May 6, 2015, between the Company and Certain Purchasers (incorporated by reference to Form 8-K filed with the SEC on May 8, 2015, Exhibit 10.2, File No.
+Added: Note Purchase Agreement (incorporated by reference to Form 8-K filed with the SEC on July 2, 2015, Exhibit 10.1.
+Added: Gold Concentrate Purchase Agreement dated 1 February 2021 with reference OPUK.SP90731, by and between MK Metal Trading Mexico SA de CV and Mineras de DynaResource SA de CV (incorporated by reference to Form 10-K filed with the SEC on April 16, 2024, Exhibit 10.10, File No.
+Added: DynaResource, Inc.
+Added: 2022 Stock Incentive Plan
Multi-Party Agreement, dated as of April 19, 2023 by and among DynaResource, Inc., Golden Post Rail, LLC, MKR 2022 Grantor Retained Annuity Trust, and Koy W.
−Removed: (“K.D.”) Diepholz (incorporated by reference to Form 8-K dated April 26, 2023).
+Added: (“K.D.”) Diepholz (incorporated by reference to Form 8-K filed with the SEC on April 26, 2023, Exhibit 10.1 File No.
Amendment Agreement dated as of August 2, 2023 by and between DynaResource Inc.
and MK Metal Trading México de CV (incorporated by reference to Form 8-K dated August 10, 2023).
−Removed: Stock Purchase Agreement dated as of August 2, 2023 by and between DynaResource, Inc.
−Removed: and Ocean Partners UK Limited.
−Removed: (incorporated by reference to Form 8-K dated August 10, 2023).
−Removed: DynaResource, Inc.
−Removed: 2024 Equity Incentive Plan
−Removed: Form of Non-Qualified Stock Option Agreement
−Removed: Letter regarding change in Registrant’s Certifying Accountant (incorporated by reference from the Current Report on Form 8-K filed with the SEC on December 18, 2017, Exhibit 16.1, File No.
−Removed: Letter regarding change in Registrant’s Certifying Accountant (incorporated by reference from the Current Report on Form 8-K filed with the SEC on October 8, 2020, Exhibit 16.1, File No.
−Removed: List of subsidiaries of the Company (incorporated by reference from the Current Report on Form 8-K filed with the SEC on April 30, 2015, Exhibit 21, File No.
+Added: Form of Non-Qualified Stock Option Agreement (incorporated by reference to Form 8-K filed with the SEC on February 22, 2024, Exhibit 10.2 File No.
+Added: Memorandum of Understanding (the “MOU”) with Ocean Partners Limited (incorporated by reference to Form 8-K filed with the SEC on June 7, 2024, Exhibit 10.1 File No.
+Added: Employment Agreement dated as of June 3, 2024 by and between the Company and Rohan Hazelton (incorporated by reference to Form 8-K filed with the SEC on June 7, 2024, Exhibit 10.2 File No.
+Added: Revised and Amended Agreement Concerning the Business Relationship Dated as of June 3, 2024 by and between K.D.
+Added: Diepholz and the Company (incorporated by reference to Form 8-K filed with the SEC on June 7, 2024, Exhibit 10.3 File No.
+Added: Amended and Restated DynaResource, Inc.
+Added: 2024 Equity Incentive Plan (incorporated by reference to Form 8-K filed with the SEC on June 7, 2024, Exhibit 10.4 File No.
+Added: Stock Purchase Agreement dated as of October 18, 2024 by and bewtween DynaResource, Inc.
+Added: and Golden Post Rail, LLC (incorporated by reference to Form 8-K filed with the SEC on October 24, 2024, Exhibit 10.1 File No.
+Added: Stock Purchase Agreement dated as of October 18, 2024 by and bewtween DynaResource, Inc.
+Added: and Ocean Partners Holdings Limited (incorporated by reference to Form 8-K filed with the SEC on October 24, 2024, Exhibit 10.2 File No.
+Added: Stock Purchase Agreement dated as of October 18, 2024 by and bewtween DynaResource, Inc.
+Added: and Gareth Nichol (incorporated by reference to Form 8-K filed with the SEC on October 24, 2024, Exhibit 10.3 File No.
+Added: Stock Purchase Agreement dated as of October 18, 2024 by and bewtween DynaResource, Inc.
+Added: and Ralph Whalen (incorporated by reference to Form 8-K filed with the SEC on October 24, 2024, Exhibit 10.4 File No.
+Added: Stock Purchase Agreement dated as of October 18, 2024 by and bewtween DynaResource, Inc.
+Added: and Rohan Hazelton (incorporated by reference to Form 8-K filed with the SEC on October 24, 2024, Exhibit 10.5 File No.
+Added: Amendment Agreement #5 dated October 21, 2024 bewtween DynaResource de Mexico S.A.
+Added: and MK Metals Trading Mexico S.A.
+Added: (incorporated by reference to Form 8-K filed with the SEC on October 22, 2024, Exhibit 10.1 File No.
+Added: Letter regarding change in Registrant’s Certifying Accountant (incorporated by reference to Form 8-K filed with the SEC on December 18, 2017, Exhibit 16.1, File No.
+Added: Letter regarding change in Registrant’s Certifying Accountant (incorporated by reference to Form 8-K filed with the SEC on October 8, 2020, Exhibit 16.1, File No.
+Added: List of subsidiaries of the Company (incorporated by reference to Form 8-K filed with the SEC on April 30, 2015, Exhibit 21, File No.
Consent of Davidson & Company LLP, Independent Registered Accounting Firm
−Removed: Consent of Armanino LLP, Independent Registered Public Accounting
−Removed: Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Koy W.
−Removed: Diepholz, principal executive officer.
−Removed: Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Koy W.
−Removed: Diepholz, principal financial officer.
−Removed: Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Koy W.
−Removed: Diepholz, chief accounting officer.
+Added: Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Rohan Hazelton, principal executive officer.
+Added: Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Alonso Sotomayor, principal financial officer.
+Added: Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Alonso Sotomayor, chief accounting officer.
The following materials from the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 are filed herewith, formatted in Inline XBRL (Extensible Business Reporting Language):
6 unchanged sentences
April 4, 2025
−Removed: (“K.D.”) Diepholz
−Removed: (“KD”) Diepholz,
−Removed: Chairman / CEO
+Added: s/ Rohan Hazelton
+Added: Rohan Hazelton,
+Added: Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
The signature for each undersigned Registrant shall be deemed to relate only to matters having reference to such Registrant and any subsidiaries thereof.
−Removed: /s/ Rene LF Mladosich
+Added: /s/ Rohan Hazelton
Diepholz, Chairman
−Removed: Rene LF Mladosich
−Removed: Jose Vargas Lugo
−Removed: Jose Vargas Lugo
+Added: Rohan Hazelton
+Added: Quinton Hennigh
+Added: Quinton Hennigh
+Added: /s/ Brent Omland
/s/ Phillip Rose
−Removed: /s/ Ronald Vail
+Added: /s/ Maria Virginia Anzola
+Added: Maria Virginia Anzola
April 4, 2025
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.