Company Quick10K Filing
Applied Minerals
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 176 $11
10-Q 2019-11-14 Quarter: 2019-09-30
10-Q 2019-08-14 Quarter: 2019-06-30
10-Q 2019-05-15 Quarter: 2019-03-31
10-K 2019-04-16 Annual: 2018-12-31
10-Q 2018-11-19 Quarter: 2018-09-30
S-1 2018-07-24 Public Filing
10-Q 2018-08-20 Quarter: 2018-06-30
10-Q 2018-05-22 Quarter: 2018-03-31
10-K 2018-04-17 Annual: 2017-12-31
10-Q 2017-11-14 Quarter: 2017-09-30
10-Q 2017-08-14 Quarter: 2017-06-30
10-Q 2017-05-15 Quarter: 2017-03-31
10-K 2017-03-31 Annual: 2016-12-31
10-Q 2016-11-14 Quarter: 2016-09-30
10-Q 2016-08-15 Quarter: 2016-06-30
10-Q 2016-05-16 Quarter: 2016-03-31
10-K 2016-03-30 Annual: 2015-12-31
10-Q 2015-11-10 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-27 Annual: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-14 Annual: 2013-12-31
10-Q 2013-11-07 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-09 Quarter: 2013-03-31
10-Q 2012-11-08 Quarter: 2012-09-30
10-Q 2012-08-14 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-03-19 Annual: 2011-12-31
10-Q 2011-11-14 Quarter: 2011-09-30
10-Q 2011-08-15 Quarter: 2011-06-30
10-Q 2011-05-16 Quarter: 2011-03-31
10-K 2011-04-15 Annual: 2010-12-31
10-Q 2010-11-15 Quarter: 2010-09-30
10-Q 2010-08-16 Quarter: 2010-06-30
10-Q 2010-05-17 Quarter: 2010-03-31
10-K 2010-03-31 Annual: 2009-12-31
8-K 2019-12-16 Shareholder Vote
8-K 2019-12-04 Regulation FD, Exhibits
8-K 2019-11-13 Enter Agreement
8-K 2019-10-10 Other Events, Exhibits
8-K 2019-09-11 Officers, Exhibits
8-K 2019-03-13 Officers
8-K 2018-12-06 Regulation FD, Other Events, Exhibits
8-K 2018-12-06 Shareholder Vote, Other Events
8-K 2018-10-04 Accountant, Exhibits
8-K 2018-09-18 Other Events
8-K 2018-08-21 Other Events, Exhibits
8-K 2018-06-01 Officers
8-K 2018-04-30 Officers
8-K 2017-12-22 Enter Agreement
AMNL 2019-09-30
Part I. Financial Information
Note 1- Organization and Description of Business
Note 2 - Liquidity and Basis of Presentation
Note 3 - Basis of Reporting and Significant Accounting Policies
Note 4 - Leases
Note 5 - Notes Payable
Note 6 - Convertible Debt (Pik Notes)
Note 7 - Stockholders' Equity
Note 8 - Options and Warrants To Purchase Common Stock
Note 9 - per Share Data
Note 10 - Subsequent Event
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 app011_ex31-1.htm
EX-31.2 app011_ex31-2.htm
EX-32.1 app011_ex32-1.htm
EX-32.2 app011_ex32-2.htm
EX-95 app011_ex95.htm

Applied Minerals Earnings 2019-09-30

AMNL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
ZENO 11 0 1 0 0 -0 -0 11 -48.7 -112%
AMNL 11 2 44 5 0 6 7 52 0% 7.6 291%
KPAY 10 4 8 1 0 -16 -16 11 2% -0.7 -361%
IMUC 10 4 0 0 0 -6 -6 8 -1.3 -148%
PRKA 10 10 2 6 0 1 2 9 0% 4.2 11%
SCIA 10 8 4 14 3 1 1 9 22% 10.1 10%
IBAL 10 10 1 6 2 0 0 7 32% 13.6 2%
DUUO 10 1 4 1 0 -1 -1 10 61% -15.4 -62%
SSOK 10 1 6 2 0 -5 -4 10 10% -2.4 -691%
DLYT 10 0 7 1 1 -3 -2 10 50% -6.7 -771%

10-Q 1 app011_10q.htm FORM 10-Q
 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

 

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 under section 13 or 15(d) of the Exchange Act

 

 

For the transition period from

 

to

 

 

 

 

Commission File Number

000-31380

 

  

APPLIED MINERALS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

82-0096527

(State or other jurisdiction of incorporation or organization)

 

(I. R. S. Employer Identification No.)

 

 

 

 

 

 

55 Washington Street - Suite 301, Brooklyn, NY

 

11201

(Address of principal executive offices)

 

(Zip Code)

 

 

(212) 226-4265

 

 

(Issuer’s Telephone Number, Including Area Code)

 

 

Former name, former address, and former fiscal year, if changed since last report

 

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

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      No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller-reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging growth company

 

 

 

 

 

 

 

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 checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

 

YES

NO 

 

 

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of November 14, 2019 was 175,513,549.

 

DOCUMENTS INCORPORATED BY REFERENCE: None.

 

 
 
 
 

APPLIED MINERALS, INC.

(An Exploration Stage Company)

 

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2019

TABLE OF CONTENTS

 

 

 

Page(s)

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

Item 1.

Consolidated Financial Statements

 

 

 

 

 

Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018

3

 

 

 

 

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018 (unaudited)

4

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Deficit for the Three and Nine Months Ended September 30, 2019 and 2018 (unaudited)

5

 

 

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018 (unaudited)

6

 

 

 

 

Notes to the Consolidated Financial Statements (unaudited)

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

28

 

 

 

Item 4.

Controls and Procedures

29

 

 

 

PART II. OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

30

 

 

 

Item 1A

Risk Factors

30

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

30

 

 

 

Item 3.

Defaults Upon Senior Securities

30

 

 

 

Item 4.

Mine Safety Disclosures

30

 

 

 

Item 5.

Other Information

30

 

 

 

Item 6.

Exhibits

31

 

 

 

Signatures

32

 
 
 2 
 

PART I. FINANCIAL INFORMATION

 

APPLIED MINERALS, INC.

(An Exploration Stage Mining Company)

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

September 30, 2019

 

 

December 31, 2018

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

Cash

 

$

207,480

 

 

$

2,892,340

 

Accounts receivable

 

 

15,411

 

 

 

32,654

 

Deposits and prepaid expenses

 

 

37,676

 

 

 

364,491

 

Total Current Assets

 

 

260,567

 

 

 

3,289,485

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

 

262,688

 

 

 

-

 

Land

 

 

500,000

 

 

 

500,000

 

 

 

 

 

 

 

 

 

 

Other Assets

 

 

 

 

 

 

 

 

     Deposits

 

 

335,410

 

 

 

347,493

 

Total Other Assets

 

 

335,410

 

 

 

347,493

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

1,358,665

 

 

$

4,136,978

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

1,229,477

 

 

$

840,017

 

PIK Note interest accrual

 

 

175,589

 

 

 

343,810

 

Current portion of notes payable

 

 

-

 

 

 

246,496

 

Current portion of operating lease liabilities

 

 

96,861

 

 

 

-

 

Total Current Liabilities

 

 

1,501,927

 

 

 

1,430,323

 

 

 

 

 

 

 

 

 

 

Long-Term Liabilities

 

 

 

 

 

 

 

 

PIK Notes payable, net of $1,556,552 and $8,556,591 debt discount and $356,436 and $424,690 deferred financing cost, respectively

 

 

42,918,539

 

 

 

35,036,320

 

PIK Note derivative

 

 

-

 

 

 

1,780,072

 

Operating lease liabilities

 

 

168,771

 

 

 

-

 

Deferred rent

 

 

-

 

 

 

8,949

 

Total Long-Term Liabilities

 

 

43,087,310

 

 

 

36,825,341

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

 

44,589,237

 

 

 

38,255,664

 

 

 

 

 

 

 

 

 

 

Stockholders’ Deficit

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding

 

 

-

 

 

 

-

 

Common stock, $0.001 par value, 400,000,000 shares authorized, and 175,513,549 shares issued and outstanding at September 30, 2019 and December 31, 2018.

 

 

175,514

 

 

 

175,514

 

Additional paid-in capital

 

 

73,736,758

 

 

 

73,525,650

 

Accumulated deficit prior to the exploration stage

 

 

(20,009,496

)

 

 

(20,009,496

)

Accumulated deficit during the exploration stage

 

 

(97,133,348

)

 

 

(87,810,354

)

Total Stockholders’ Deficit

 

 

(43,230,572

)

 

 

(34,118,686

)

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

$

1,358,665

 

 

$

4,136,978

 

 

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

 

 
 3 
 

 

APPLIED MINERALS, INC.

(An Exploration Stage Mining Company)

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

For the Three Months Ended September 30

 

 

For the Nine Months Ended September 30

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

45,102

 

 

$

4,682,003

 

 

$

384,565

 

 

$

4,820,088

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production costs

 

 

216,081

 

 

 

581,072

 

 

 

661,239

 

 

 

937,614

 

Exploration costs

 

 

49,062

 

 

 

36,068

 

 

 

126,658

 

 

 

147,680

 

General and administrative

 

 

705,847

 

 

 

613,605

 

 

 

2,636,528

 

 

 

2,687,961

 

Depreciation expense

 

 

-

 

 

 

318,182

 

 

 

-

 

 

 

963,144

 

Total Operating Expenses

 

 

970,990

 

 

 

1,548,927

 

 

 

3,424,425

 

 

 

4,736,399

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

 

(925,888

)

 

 

3,133,076

 

 

 

(3,039,860

)

 

 

83,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net (including amortization of deferred financing cost and debt discount)

 

 

(420,799

)

 

 

(608,585

)

 

 

(1,344,650

)

 

 

(3,729,540

)

Gain (loss) on revaluation of PIK Note derivative

 

 

-

 

 

 

3,021,500

 

 

 

-

 

 

 

(3,557,004

)

Other income (expense) , net

 

 

596

 

 

 

(9,433

)

 

 

2,963

 

 

 

344,392

 

Total Other (Expense) Income

 

 

(420,203

)

 

 

2,403,482

 

 

 

(1,341,687

)

 

 

(6,942,152

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(1,346,091

)

 

$

5,536,558

 

 

$

(4,381,547

)

 

$

(6,858,463

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Per Common Share -Basic

 

$

(0.01

)

 

$

0.03

 

 

$

(0.02

)

 

$

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding - Basic

 

 

175,513,549

 

 

 

175,004,038

 

 

 

175,513,549

 

 

 

160,992,945

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Per Common Share - Diluted

 

$

(0.01

)

 

$

0.03

 

 

$

(0.02

)

 

$

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding - Diluted

 

 

175,513,549

 

 

 

193,795,646

 

 

 

175,513,549

 

 

 

160,992,945

 

 

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

 
 
 4 
 

APPLIED MINERALS, INC.

(An Exploration Stage Mining Company)

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT

(Unaudited)

 

 

 

Three Months Ended

 

 

 

Common

Stock

Shares

 

 

Common

Stock

Amount 

 

 

Additional

Paid-in Capital

 

 

Accumulated

Deficit Prior to
Exploration Stage 

 

 

Accumulated

Deficit During
Exploration Stage 

 

 

Total

Stockholders’
Deficit 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2019

 

 

 175,513,549

 

 

$

175,514

 

 

$

73,730,188

 

 

$

(20,009,496

)

 

$

(95,787,257

)

 

$

(41,891,051

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock option compensation expense

 

 

 

 

 

 

 

 

 

 

6,570

 

 

 

 

 

 

 

 

 

 

 

6,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,346,091

)

 

 

(1,346,091

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2019

 

 

 175,513,549

 

 

$

175,514

 

 

$

73,736,758

 

 

$

(20,009,496

)

 

$

(97,133,348

)

 

$

(43,230,572

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2018

 

 

 173,638,549

 

 

$

173,639

 

 

$

73,748,653

 

 

$

(20,009,496

)

 

$

(96,879,382

)

 

$

(42,966,586

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares and warrants issued in private placement

 

 

 1,875,000

 

 

 

1,875

 

 

 

148,125

 

 

 

 

 

 

 

 

 

 

 

150,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued for warrant exercise

 

 

- 

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock option compensation expense

 

 

 

 

 

 

 

 

 

 

60,430

 

 

 

 

 

 

 

 

 

 

 

60,430

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,536,558

 

 

 

5,536,558

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2018

 

 

 175,513,549

 

 

$

175,514

 

 

$

73,957,208

 

 

$

(20,009,496

)

 

$

(91,342,824

)

 

$

(37,219,598

)

 

 

 

Nine Months Ended

 

 

 

Common
Stock

Shares

 

 

Common
Stock

Amount

 

 

 Additional
Paid-in Capital

 

 

Accumulated
Deficit Prior to
Exploration Stage

 

 

Accumulated
Deficit During
Exploration Stage

 

 

Total
Stockholders’
Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2018

 

 

175,513,549

 

 

$

175,514

 

 

$