Condensed Consolidated Statements ofIncome statement (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Revenue: | ||||
Sales of products | $ 3,301,221 | $ 1,745,278 | $ 9,879,332 | $ 6,148,187 |
Total revenue | 3,301,221 | 1,745,278 | 9,879,332 | 6,148,187 |
Costs of Sales: | ||||
Cost of sales and other direct production costs | 1,831,847 | 1,728,214 | 6,079,697 | 5,345,409 |
Depreciation and amortization | 363,442 | 245,824 | 1,034,521 | 717,939 |
Total costs of sales | 2,195,289 | 1,974,038 | 7,114,218 | 6,063,348 |
Gross profit (loss) | 1,105,932 | (228,760) | 2,765,114 | 84,839 |
Other operating expenses: | ||||
Exploration | 435,439 | 747,217 | 916,250 | 1,530,122 |
Management | 58,998 | 158,625 | 183,477 | 266,998 |
Professional services | 80,856 | 85,429 | 444,899 | 301,446 |
General and administrative | 117,178 | 603,274 | 504,241 | 1,078,563 |
(Gain) loss on disposal of equipment | 0 | 64,739 | (224) | 68,641 |
Total other operating expenses | 692,471 | 1,659,284 | 2,048,643 | 3,245,770 |
Operating income (loss) | 413,461 | (1,888,044) | 716,471 | (3,160,931) |
Other (income) expense: | ||||
Equity income on investment in Buckskin | (1,608) | (542) | (2,965) | (1,213) |
Timber revenue net of costs | 0 | 0 | (20,724) | 0 |
Gain on forgiveness of SBA loan | 0 | 0 | 0 | (10,000) |
Loss on investment in equity securities | 1,543 | 0 | 4,423 | 0 |
Interest income | (23,560) | (322) | (61,253) | (878) |
Interest expense | 33,103 | 22,244 | 52,999 | 85,902 |
Total other (income) expense | 9,478 | 21,380 | 27,520 | 73,811 |
Net income (loss) | 403,983 | (1,909,424) | 743,991 | (3,234,742) |
Net loss attributable to non-controlling interest | (16,696) | (15,005) | (65,080) | (66,123) |
Net income (loss) attributable to Idaho Strategic Resources, Inc. | $ 420,679 | $ (1,894,419) | $ 809,071 | $ (3,168,619) |
Net income (loss) per common share-basic | $ 0.03 | $ (0.16) | $ 0.07 | $ (0.27) |
Weighted average common share outstanding-basic | 12,256,523 | 12,032,901 | 12,238,172 | 11,677,167 |
Net income (loss) per common share-diluted | $ 0.03 | $ (0.16) | $ 0.07 | $ (0.27) |
Weighted average common shares outstanding- diluted | 12,263,318 | 12,032,901 | 12,243,055 | 11,677,167 |
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- Definition Cost of material used for good produced and service rendered. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Decrease for amounts of indebtedness forgiven by the holder of the debt instrument. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of unrealized and realized gain (loss) on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Exploration expenses (including prospecting) related to oil and gas producing entities and would be included in operating expenses of that entity. Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are: (i) Costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or "G&G" costs. (ii) Costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, and the maintenance of land and lease records. (iii) Dry hole contributions and bottom hole contributions. (iv) Costs of drilling and equipping exploratory wells. (v) Costs of drilling exploratory-type stratigraphic test wells. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, before tax, of income (loss) attributable to noncontrolling interest. Includes, but is not limited to, income (loss) from continuing operations, discontinued operations and equity method investments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount after tax of income (loss) from continuing operations attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of interest expense classified as other. No definition available.
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- Definition Amount of expense for investment management fee, including, but not limited to, expense in connection with research, selection, supervision, and custody of investment. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The total amount of noninterest income which may be derived from: (1) fees and commissions; (2) premiums earned; (3) insurance policy charges; (4) the sale or disposal of assets; and (5) other sources not otherwise specified. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of the noncash component of income tax expense for the period other than the portion from the net change in the entity's deferred tax assets and liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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