What changed in this filing

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Item 1. Financial Statements

2021-11-15 compared with 2021-08-16 · 181 added, 190 removed, 320 unchanged (54% of the section changed)

1 unchanged sentence

United States Antimony Corporation and Subsidiaries

Consolidated Balance Sheets (Unaudited)

June 30, 2021 and December 31, 2020

June 30, 2021

December 31, 2020

Condensed Consolidated Balance Sheets (Unaudited)

September 30, 2021 and December 31, 2020

September 30,

Current assets:

2 unchanged sentences

Accounts receivable

Inventories (Note 5)

Total current assets

Properties, plants and equipment, net

Properties, plants and equipment, net (Note 13)

Restricted cash for reclamation bonds

4 unchanged sentences

Accounts payable

Accrued liabilities

Payables to related party

Notes payable to bank

Export tax assessment payable

Accrued liabilities (Note 6)

Payables to related party (Note 9)

Notes payable to bank (Note 7)

Export tax assessment payable (Note 11)

Hillgrove advances payable (Note 12)

Long-term debt, current portion

Long-term debt, current portion (Note 8)

Total current liabilities

Long-term debt, net of current portion

Long-term debt, net of current portion (Note 8)

Hillgrove advances payable (Note 12)

CARES Act note payable

Stock payable to directors for services

CARES Act note payable (Note 14)

Stock payable to directors for services (Note 10)

Asset retirement obligations and accrued reclamation costs

4 unchanged sentences

- 0 - shares issued and outstanding

750,000 shares issued and outstanding

(liquidation preference $ 945,000 and $ 937,500 respectively)

177,904 shares issued and outstanding

(liquidation preference $ 97,847 both years)

1,751,005 shares issued and outstanding

(liquidation preference $ 5,084,770 and $ 5,043,622 respectively)

750,000 shares issued and outstanding (liquidation preference $ 945,000 and $ 937,500 respectively)

177,904 shares issued and outstanding (liquidation preference $ 97,847 both years)

1,751,005 shares issued and outstanding (liquidation preference $ 5,084,770 and $ 5,043,622 respectively)

Common stock, $ 0.01 par value, 150,000,000 shares authorized;

6 unchanged sentences

Total liabilities and stockholders' equity

The accompanying notes are an integral part of the consolidated financial statements.

The accompanying notes are an integral part of the condensed consolidated financial statements.

United States Antimony Corporation and Subsidiaries

Consolidated Statements of Operations - Unaudited

Condensed Consolidated Statements of Operations - Unaudited

For the three months ended

For the six months ended

June 30, 2021

June 30, 2020

June 30, 2021

June 30, 2020

For the nine months ended

September 30,

COST OF REVENUES

3 unchanged sentences

Salaries and benefits

Other operating expenses

Site care and maintenance expenses

Professional fees

Loss on abandonment of mineral properties

TOTAL OPERATING EXPENSES

INCOME (LOSS) FROM OPERATIONS

LOSS FROM OPERATIONS

( 1,572,322 )

OTHER INCOME (EXPENSE):

4 unchanged sentences

TOTAL OTHER INCOME (EXPENSE)

NET INCOME (LOSS)

( 1,576,405 )

Preferred dividends

Net income (loss) available to common stockholders

Net loss available to common stockholders

$ ( 111,394 )

$ ( 1,005,402 )

Net loss per share of common stock

$ ( 134,066 )

$ ( 1,612,892 )

Net loss per share of

common stock:

Basic and diluted

Weighted average shares outstanding:

The accompanying notes are an integral part of the consolidated financial statements.

Basic and diluted

The accompanying notes are an integral part of the condensed consolidated financial statements.

United States Antimony Corporation and Subsidiaries

Consolidated Statement of Changes in Stockholders' Equity

For the periods ended June 30, 2021 and June 30, 2020

Condensed Consolidated Statement of Changes in Stockholders' Equity

For the periods ended September 30, 2021 and September 30, 2020

Total Preferred Stock

Stockholders'

Three months ended June 30, 2021

Balances, April 1, 2021

Three months ended September 30,2021

Balances, July 1, 2021

$ ( 32,649,141 )

Common stock issued upon exercise of warrants

Balances, June 30, 2021

Issuance of common stock to Directors (Note 10)

Balances, September 30, 2021

$ ( 32,748,373 )

1 unchanged sentence

Stockholders'

Three months ended June 30, 2020

Balances, April 1, 2020

Three months ended September 30,2020

Balances, July 1, 2020

$ ( 29,947,155 )

Issuance of common stock to Directors

Balances, June 30, 2020

Issuance of common stock and warrants for cash

Common stock issuance costs

Balances, September 30, 2020

$ ( 30,940,395 )

1 unchanged sentence

Stockholders'

Six months ended June 30, 2021

Nine months ended September 30,2021

Balances, January 1, 2021

$ ( 32,650,794 )

Issuance of common stock for cash

Common stock issuance costs

Issuance of common stock for cash (Note 10)

Issuance of common stock to Directors (Note 10)

Common stock issuance costs (Note 10)

( 1,654,820 )

Common stock issued upon exercise of warrants

Balances, June 30, 2021

Common stock issued upon exercise of warrants (Note 10)

Balances, September 30, 2021

$ ( 32,748,373 )

1 unchanged sentence

Stockholders'

Six months ended June 30, 2020

Nine months ended September 30,2020

Balances, January 1, 2020

2 unchanged sentences

Issuance of common stock to Directors

Balances, June 30, 2020

Issuance of common stock and warrants for cash

Common stock issuance costs

( 1,576,405 )

The accompanying notes are an integral part of the consolidated financial statements.

( 1,576,405 )

Balances, September 30, 2020

$ ( 30,940,395 )

The accompanying notes are an integral part of the condensed consolidated financial statements.

United States Antimony Corporation and Subsidiaries

Consolidated Statements of Cash Flows - Unaudited

For the six months ended

June 30, 2021

June 30, 2020

Condensed Consolidated Statements of Cash Flows - Unaudited

For the nine months ended

Cash Flows From Operating Activities:

Net income (loss)

September 30,

$ ( 1,576,405 )

Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:

Adjustments to reconcile net loss to net cash provided (used) by operating activities:

Depreciation and amortization

Loss on abandonment of mineral properties

Accretion of asset retirement obligation

2 unchanged sentences

Gain on forgiveness of Cares Act debt

Write-down of inventory to net realizable value

Other non-cash items

11 unchanged sentences

Purchase of properties, plants and equipment

Net cash provided (used) by investing activities

Net cash used by investing activities

Cash Flows From Financing Activities:

Change in checks issued and payable

Net proceeds from (payments to) factor

Payments on advances from related party

8 unchanged sentences

Net cash provided by financing activities

NET INCREASE (DECREASE) IN CASH

AND CASH EQUIVALENTS AND RESTRICTED CASH

NET INCREASE IN CASH AND CASH

EQUIVALENTS AND RESTRICTED CASH

Cash and cash equivalents and restricted cash at beginning of period

Cash and cash equivalents and restricted cash at end of period

NONCASH INVESTING AND FINANCING ACTIVITIES:

Common stock payable issued to directors

Payable to related party satisfied with exercise of stock

The accompanying notes are an integral part of the consolidated financial statements.

NON-CASH INVESTING AND FINANCING ACTIVITIES:

Common stock payable issued to directors (Note 10)

Payable to related party satisfied with issuance of stock (Note 10)

The accompanying notes are an integral part of the condensed consolidated financial statements.

PART I - FINANCIAL INFORMATION, CONTINUED:

United States Antimony Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Notes to Condensed Consolidated Financial Statements (Unaudited)

Basis of Presentation

2 unchanged sentences

In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included.

Operating results for the three and six month periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021.

Operating results for the three and nine month periods ended September 30, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021.

For further information refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Going Concern Consideration

At June 30, 2021, the Company’s consolidated financial statements show working capital of approximately $ 21.6 million and an accumulated deficit of approximately $32.6 million.

At September 30, 2021, the Company’s condensed consolidated financial statements show working capital of approximately $ 21.2 million and an accumulated deficit of approximately $32.7 million.

The Company has incurred losses for the past two fiscal years which are principally a result of the Company’s antimony operations due to both depressed antimony prices and production costs incurred in Mexico.

To improve conditions, the Company continues searching for areas to reduce these production costs.

In the first six months of 2021, the Company raised net proceeds of approximately $ 23.3 million from sale of shares of its common stock and approximately $ 1.8 million from the exercise of stock purchase warrants.

These funds have been and will continue to be used for general corporate purposes, working capital, hiring of additional labor, leverage for reducing legacy contracts, additional managerial staff at USAC and BRZ headquarters, a revised website including measures aimed at increased visibility for advertising, more labor at its Mexican smelter, repair and improved infrastructure at the Mexican smelter, potential securement of additional antimony mine reserves in Mexico, and improvement of furnaces in Montana.

With the funds raised, management believes the Company has sufficient funds to sustain its operations and meet its financial obligations during the 12 months following the date of issuance of these consolidated financial statements.

In the nine months of 2021, the Company raised net proceeds of approximately $ 23.3 million from sale of shares of its common stock and approximately $ 1.8 million from the exercise of stock purchase warrants.

These funds have been and will continue to be used for general corporate purposes, working capital, hiring of additional labor, leverage for reducing legacy contracts, additional managerial staff at United States Antimony Corporation (“USAC”) and Bear River Zeolite (“BRZ”) headquarters, a revised website including measures aimed at increased visibility for advertising, more labor at its Mexican smelter, repair and improved infrastructure at the Mexican smelter, potential securement of additional antimony mine reserves in Mexico, and improvement of furnaces in Montana.

With the funds raised, management believes the Company has sufficient funds to sustain its operations and meet its financial obligations during the twelve months following the date of issuance of these condensed consolidated financial statements.

Developments in Accounting Pronouncements

4 unchanged sentences

The update contains a number of provisions intended to simplify the accounting for income taxes.

The update was adopted as of January 1, 2021, and its adoption did not have a material impact on the Company’s consolidated financial statements.

The update was adopted as of January 1, 2021, and its adoption did not have a material impact on the Company’s condensed consolidated financial statements.

United States Antimony Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Notes to Condensed Consolidated Financial Statements (Unaudited)

Developments in Accounting Pronouncements, Continued:

5 unchanged sentences

The update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and with early adoption permitted.

Management is evaluating the impact of this update on the Company’s consolidated financial statements.

Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.

Management is evaluating the impact of this update on the Company’s condensed consolidated financial statements.

Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the condensed consolidated financial statements upon adoption.

Income (Loss) Per Common Share

Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period.

Diluted income (loss) per share reflects the potential dilution that could occur if stock warrants were exercised.

The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net income (loss) per share:

Three months ended June 30,

Six Months Ended June 30,

Net income (loss) available to shareholders

$ ( 286,445 )

Basic weighted average shares outstanding

Incremental shares

Diluted weighted average shares outstanding

Net income (loss) per common share:

For the three months ended June 30, 2021, common stock equivalent shares consisted of stock warrants and were included in the calculation of diluted earnings per share.

For the six months ended June 30, 2021 and three and six month periods ended June 30, 2020, we had no common stock equivalent shares that were dilutive.

United States Antimony Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period.

Diluted earnings per share is calculated based on the weighted average number of common shares outstanding during the period plus the effect of potentially dilutive common stock equivalents, including stock options, warrants to purchase the Company’s common stock, and convertible preferred stock.

At September 30, 2021 and 2020, the potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive are as follows:

September 30,

Convertible preferred stock

Total possible dilution

Revenue Recognition

4 unchanged sentences

includes unrefined and refined gold and silver

Sales of products for the three and six month periods ended June 30, 2021 and 2020 were as follows:

United States Antimony Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

Revenue Recognition, Continued:

Sales of products for the three and nine month periods ended September 30, 2021 and 2020 were as follows:

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Precious metals

The following is sales information by geographic area based on the location of customers for the three and six month periods ended June 30, 2021 and 2020:

The following is sales information by geographic area based on the location of customers for the three and nine month periods ended September 30, 2021 and 2020:

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

United States

Sales of products to significant customers were as follows for the three and six month periods ended June 30, 2021 and 2020:

Sales of products to significant customers were as follows for the three and nine month periods ended September 30, 2021 and 2020:

For the Three Months Ended

For the Six Months Ended

For the Nine Months Ended

September 30,

Largest Customers

% of Total Revenues

At June 30, 2021, the Company had a sales order backlog of 1,922 tons of zeolite and 287,000 pounds of antimony.

At September 30, 2021, the Company had a sales order backlog of 1,192 tons of zeolite and 44,092 pounds of antimony .

United States Antimony Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Notes to Condensed Consolidated Financial Statements (Unaudited)

Revenue Recognition, Continued:

Accounts receivable from largest customers were as follows at June 30, 2021 and December 31, 2020:

Accounts receivable from largest customers were as follows at September 30, 2021 and December 31, 2020:

Accounts Receivable

September 30,

% of Total Receivables

Our trade accounts receivable balance related to contracts with customers was $ 601,315 at June 30, 2021 and $ 238,634 at December 31, 2020.

Our trade accounts receivable balance related to contracts with customers was $ 722,727 at September 30, 2021 and $238,634 at December 31, 2020.

Our products do not involve any warranty agreements and product returns are not typical.

Inventories at June 30, 2021 and December 31, 2020 consisted primarily of finished antimony products, antimony metal, antimony ore, and finished zeolite products that are stated at the lower of first-in, first-out cost or estimated net realizable value.

Inventories at September 30, 2021 and December 31, 2020 consisted primarily of finished antimony products, antimony metal, antimony ore, and finished zeolite products that are stated at the lower of first-in, first-out cost or estimated net realizable value.

Finished antimony products, antimony metal and finished zeolite products costs include raw materials, direct labor and processing facility overhead costs and freight.

Inventories at June 30, 2021 and December 31, 2020 are as follows

Inventories at September 30, 2021 and December 31, 2020 are as follows:

September 30,

Antimony Metal

4 unchanged sentences

The Company’s zeolite inventory consists of salable zeolite material.

At June 30, 2021 and December 31, 2020, the antimony inventory in Mexico was valued at estimated net realizable value.

As of September 30, 2021 and December 31, 2020, all inventory is valued at cost except for antimony ore inventory in Mexico which was valued at net realizable value as of December 31, 2020.

United States Antimony Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Notes to Condensed Consolidated Financial Statements (Unaudited)

Commitments and Contingencies

1 unchanged sentence

On a combined basis, royalties vary from 8%-13%.

During the three and six month periods ended June 30, 2021, the Company had royalty expense of $ 69,437 and $ 131,567 , respectively.

During the three and six month periods ended June 30, 2020, the Company had royalty expense of $ 61,468 and $ 125,618 , respectively.

At June 30, 2021 and December 31, 2020, the Company had accrued royalties payable of $ 348,734 and $ 434,981 , respectively, which is included in accrued liabilities.

During the three and nine month periods ended September 30, 2021, the Company had royalty expense of $ 64,212 and $ 195,779 , respectively.

During the three and nine month periods ended September 30, 2020, the Company had royalty expense of $ 52,569 and $ 178,187 , respectively.

At September 30, 2021 and December 31, 2020, the Company had accrued royalties payable of $ 376,704 and $ 434,981 , respectively, which is included in accrued liablities.

The Company is currently in negotiations with certain royalty holders to modify the terms of the agreements.

Notes Payable to Bank

At June 30, 2021 and December 31, 2020, the Company had the following notes payable to bank:

At September 30, 2021 and December 31, 2020, the Company had the following notes payable to bank:

Promissory note payable to First Security Bank of Missoula,

5 unchanged sentences

Total notes payable to the bank

The notes are paid in full as of June 30, 2021 and the lien on the Certificate of Deposit has been released.

An amount of $ 210,184 of the Certificate of Deposit was released during the six months ended June 30, 2021 and the cash was transferred to the checking account, leaving a Certificate of Deposits balance of $ 44,028 at June 30, 2021 compared to $ 254,212 at December 31, 2020.

The notes are paid in full as of September 30, 2021 and the lien on the Certificate of Deposit has been released.

An amount of $ 210,184 of the Certificate of Deposit was released during the nine months ended September 30, 2021 and the cash was transferred to the checking account, leaving a Certificate of Deposits balance of $ 44,028 at September 30, 2021 compared to $ 254,212 at December 31, 2020.

United States Antimony Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited), Continued:

Long-Term debt at June 30, 2021 and December 31, 2020 is as follows:

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued:

Long-Term debt at September 30, 2021 and December 31, 2020 is as follows:

September 30,

Note payable to Zeo Inc., non interest bearing,

12 unchanged sentences

Long-term portion

At June 30, 2021, principal payments on debt are due as follows:

12 Months Ending June 30,

Principal Payment

Related Party Transactions

The Company’s previous President and Chairman rented equipment to the Company and charged the Company for lodging and meals provided to consultants, customers and other parties by an entity that he owned.

The amount due to his estate as of June 30, 2021 and December 31, 2020 was $ 0 and $ 171,017 .

During the six months ended June 30, 2021, the Company paid off the full amount of $ 171,017 to his estate for reimbursement of these expenses.

During 2019, the Company’s previous President and Chairman advanced funds to the Company that had a balance at December 31, 2020 of $ 56,215 .

During the six month period ended June 30, 2021, the Company paid First Security Bank on behalf of the Company’s previous President and Chairman $ 56,215 .

The balance of the advances due to him at June 30 ,2021 is $ 0 .

The Interim Chief Executive Officer of the Company has an advance due from the Company of $ 200 at December 31, 2020.

During the six month period ended June 30, 2021, the Company paid $ 200 to him as reimbursement on these advances.

During the six months ended June 30, 2021, the Interim President of the Company incurred expenses of $ 16,994 for which he has not yet been reimbursed that are included in payables to related party on the consolidated balance sheet at June 30, 2021.

The Company’s previous President and Chairman, John Lawrence, rented equipment to the Company and charged the Company for lodging and meals provided to consultants, customers and other parties by an entity that Mr.

Lawrence owned.

The amount due to Mr.

Lawrence’s estate as of September 30, 2021 and December 31, 2020 was $nil and $ 171,017 .

During the nine months ended September 30, 2021, the Company paid off the full amount of $ 171,017 to John Lawrence’s estate for reimbursement of these expenses.

During 2019, Mr.

Lawrence advanced funds to the Company that had a balance at December 31, 2020 of $ 56,215 .

During the nine month period ended September 30, 2021, the Company paid First Security Bank on behalf of Mr.

Lawrence $ 56,215 .

The balance of the advances due to Mr.

Lawrence at September 30, 2021 is $nil.

Gustavsen, Interim CEO of the Company, has an advance due from the Company of $ 200 at December 31, 2020.

During the nine month period ended September 30, 2021, the Company paid $ 200 to Mr.

Gustavsen as reimbursement on these advances.

During the nine months ended September 30, 2021, Russ Lawrence, Interim President & Director, incurred expenses of $ 18,487 and charged the Company for lodging and meals provided to visiting Board of Directors by an entity that Russ Lawrence owns.

During the nine month period ended September 30, 2021, the Company paid Russ Lawrence $ 17,740 , leaving a balance due of $ 747 which is included in accounts payable on the balance sheet.

United States Antimony Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited), Continued:

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued:

Stockholder’s Equity

1 unchanged sentence

On February 3, 2021, 15,300,000 shares were sold at $ 0.70 for gross proceeds of $ 10,710,000 ;

and on February 18, 2021, 10,990,000 shares were sold at $ 1.30 for gross proceeds of $ 14,287,000 .

and on February 18, 2021, 10,990,000 shares were sold at at $ 1.30 for gross proceeds of $ 14,287,000 .

A total of $ 1,654,820 of cash issuance costs were incurred on these sales.

At June 30, 2021 and December 31, 2020, the Company accrued $ 166,250 and $ 110,000 , respectively, in directors’ fees payable that will be paid in common stock.

During the three month period ended June 30, 2021, the Company issued 41,667 shares of common stock and received $ 27,084 in cash from the exercise of warrants;

no warrants were exercised during the three month period ended June 30, 2020.

During the six-month period ended June 30, 2021, the Company issued 3,765,477 shares of common stock and received $ 1,790,703 in cash from the exercise of warrants.

For the same period in 2020, the Company issued 250,000 shares of common stock in satisfaction of related party debt of $ 62,500 from the exercise of warrants.

During the nine months ended September 30, 2021, the Company accrued $ 84,375 in directors’ fees payable that will be paid in common stock.

During the nine months ended September 30, 2021, the Company issued 112,610 shares of common stock to the board of director’s to satisfy the directors’ fees payable of $ 110,000 that were outstanding at December 31, 2020.

During the nine month period ended September 30, 2021, the Company issued 3,765,477 shares of common stock and received $ 1,790,703 in cash from the exercise of warrants.

For the same period in 2020, the Company’s former president, John Lawrence, exercised warrants for 250,000 shares of common stock in exchange for a payable due to him of $ 62,500 .

Concurrent with the February 3, 2021 sale of common stock, the Company sold warrants to purchase 7,650,000 shares of common stock at an exercise price of $ 0.85 per share.

1 unchanged sentence

In connection with the February 2021 sales of common stock, the Company also issued 1,606,500 warrants with an exercise price of $ 0.85 and 804,000 warrants with an exercise price of $ 0.46 as commission to the placement agent.

These warrants expire in early 2026.

Transactions in common stock purchase warrants for the six month period ended June 30, 2021 and the year ended December 31, 2020 are as follows:

Transactions in common stock purchase warrants for the nine month period ended September 30, 2021 and the year ended December 31, 2020 are as follows:

Number of Warrants

Exercise Prices

Balance December 31, 2019

5 unchanged sentences

$ 0.46 - $ 0.65

Balance June 30, 2021

Balance September 30, 2021

$ 0.46 - $ 0.85

2 unchanged sentences

United States Antimony Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited), Continued:

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued:

Income and Other Taxes

6 unchanged sentences

The assessment was settled in 2018 with no assessment against the Company.

In early 2019, the Company was notified that SAT re-opened its audit of USAMSA’s 2013 income tax return and, in November 2019, SAT assessed the Company $16.3 million pesos, which was approximately $818,000 USD as of June 30, 2021.

Management reviewed the 2019 assessment notice from SAT and, similar to the earlier assessment, believes the findings have no merit.

4 unchanged sentences

Management expects the appeal process to continue through 2021.

At June 30, 2021 and December 31, 2020, management assessed the possible outcomes for this tax audit and believes, based on discussions with its tax attorney in Mexico, that the most likely outcome will be that the Company will be successful in its appeal resulting in no tax due.

Management determined that no amount should be accrued at June 30, 2021 and December 31, 2020 relating to this potential tax liability.

At September 30, 2021 and December 31, 2020, management assessed the possible outcomes for this tax audit and believes, based on discussions with its tax attorney in Mexico, that the most likely outcome will be that the Company will be successful in its appeal resulting in no tax due.

Management determined that no amount should be accrued at September 30, 2021 and December 31, 2020 relating to this potential tax liability.

There can be no assurance that the Company’s ultimate liability, if any, will not have a material adverse effect on the Company’s results of operations or financial position.

11 unchanged sentences

United States Antimony Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited), Continued:

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued:

Hillgrove Advances Payable

18 unchanged sentences

and equipment, net:

September 30,

United States

1 unchanged sentence

Precious metals

At June 30, 2021 and December 31, 2020, the Company had $ 807,471 and $ 755,978 , respectively, of assets that were not yet placed in service and have not yet been depreciated.

At September 30, 2021 and December 31, 2020, the Company had $ 807,471 and $ 755,978 , respectively, of assets that were not yet placed in service and have not yet been depreciated.\

United States Antimony Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited), Continued:

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued:

Business Segments, Continued:

For the Three Months Ended

For the Six Months Ended

For the Nine Months Ended

Capital expenditures:

June 30, 2021

June 30, 2020

June 30, 2021

June 30, 2020

September 30,

United States

2 unchanged sentences

Segment Operations for the three

months ended June 30, 2021

months ended September 30, 2021

Total revenues

4 unchanged sentences

$ ( 673,739 )

$ ( 131,740 )

Segment Operations for the three

months ended June 30, 2020

months ended September 30, 2020

Total revenues

1 unchanged sentence

Income (loss) from operations

( 1,113,013 )

Other income (expense):

3 unchanged sentences

$ ( 1,115,900 )

$ ( 993,240 )

United States Antimony Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited), Continued:

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued:

Business Segments, Continued:

Segment Operations for the six

months ended June 30, 2021

Segment Operations for the nine

months ended September 30, 2021

Total revenues

1 unchanged sentence

Income (loss) from operations

( 1,487,670 )

( 1,077,947 )

Other income (expense):

2 unchanged sentences

$ ( 487,916 )

Segment Operations for the six

months ended June 30, 2020

Segment Operations for the nine

months ended September 30, 2020

Total revenues

2 unchanged sentences

( 2,182,979 )

( 2,026,095 )

( 1,572,322 )

Other income (expense):

3 unchanged sentences

$ ( 1,576,405 )

United States Antimony Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited), Continued:

Note Payable-Small Business Administration Loan

8 unchanged sentences

COVID-19 Coronavirus Pandemic Response and Impact

One of the principal recent challenges facing the Company in 2021 as a result of stimulus funding from COVID-19 has been the evaporation of available labor.

One of the principal challenges facing the Company in 2021 as a result of stimulus funding from Covid-19 has been the evaporation of available labor.

This issue has seriously impacted both operations in Montana and at its zeolite operation in Idaho.

9 unchanged sentences

We disclaim, however, any intent or obligation to update these forward-looking statements.

Antimony - Combined USA and Mexico

June 30, 2021

June 30, 2020

June 30, 2021

June 30, 2020

Lbs of Antimony Metal USA

Lbs of Antimony Metal Mexico:

Total Lbs of Antimony Metal Sold

Average Sales Price/Lb Metal

Net income (loss)/Lb Metal

Gross antimony revenue - net of discount

Cost of sales - domestic

Cost of sales - Mexico

Operating expenses

Non-operating income (expenses)

Net income (loss) - antimony

Depreciation,& amortization

EBITDA - antimony

Precious Metals

Gross precious metals revenue

Production costs, royalties, and shipping costs

Net income (loss) - precious metals

EBITDA - precious metals

Average Sales Price/Ton

Net income (Loss)/Ton

Gross zeolite revenue

Cost of sales

Operating expenses

Non-operating income (expenses)

Net income (loss) - zeolite

EBITDA - zeolite

Gross revenue

Production costs

Operating expenses

Non-operating income (expenses)

Net income (loss)

Depreciation,& amortization

PART I - FINANCIAL INFORMATION, CONTINUED:

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.

What changed 10-Q

Item 1. Financial Statements