Applied Minerals, Inc.

CIK:0000008328|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES	$ 111,688	$ 360,815	$ 295,838	$ 1,099,980
OPERATING EXPENSES:
Production costs	140,123	434,225	451,418	1,315,350
Exploration costs	16,098	47,866	266,111	175,715
General and administrative	341,847	443,503	1,082,953	1,244,975
Total Operating Expenses	498,068	925,594	1,800,482	2,736,040
Operating Loss	(386,380)	(564,779)	(1,504,644)	(1,636,060)
OTHER INCOME (EXPENSES):
Interest expense, net (including amortization of deferred financing cost and debt discount)	(643,933)	(474,579)	(1,596,548)	(1,401,878)
Gain on forgiveness of PPP loan		0	0	223,075
Gain on sale of iron oxide assets	1,938,000		1,938,000	0
Other income (expense), net	716,800	20,308	535,382	114,662
Total Other Income (Expense)	577,267	(454,271)	(193,930)	(1,064,141)
NET INCOME (LOSS)	$ 190,887	$ (1,019,050)	$ (1,698,574)	$ (2,700,201)
Net Income (Loss) Per Common Share Basic	$ 0	$ 0.01	$ 0.01	$ 0.02
Net Income (Loss) Per Common Share Diluted	$ 0	$ 0.01	$ 0.01	$ 0.02
Weighted Average Common Shares Outstanding Basic	321,090,805	199,138,961	276,820,927	194,202,348
Weighted Average Common Shares Outstanding Diluted	321,090,805	199,138,961	276,820,927	194,202,348

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities:
Net income (loss)	$ (1,698,574)	$ (2,700,201)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation of finance lease	8,928	4,869
Amortization of debt discount	9,566	0
Amortization of discount - PIK Notes	315,573	299,426
Accrued interest on PIK Notes	1,238,435	1,036,691
Stock issued for settlement of liabilities	128,445	0
Stock based compensation expense	162,006	213,199
Non-cash lease expense	28,111	80,518
Gain on sale of obsolete equipment	(50,000)	0
Gain on sale of iron oxide assets	(1,938,000)	0
Stock issued for interest	0	8,379
Gain on forgiveness of PPP loan	0	(223,075)
Change in operating assets and liabilities:
Accounts receivable	(58,266)	43,302
Deposits and prepaids	180,555	158,493
Operating lease liabilities	(29,085)	(82,584)
Financing lease liabilities	(9,076)	0
Accounts payable and accrued liabilities	271,591	187,151
Net cash (used in) provided by operating activities	(1,439,791)	(973,832)
Cash Flows from Investing Activities:
Proceeds from sale of equipment	50,000	0
Proceeds from sale of iron oxide assets	1,938,000	0
Net cash provide by (used in) investing activities	1,988,000	0
Cash Flows from Financing Activities:
Payments on finance lease liability	(5,882)	(6,029)
Proceeds from notes payable	200,000	0
Proceeds from Paycheck Protection Program loan	0	264,472
Payments on notes payable	(90,917)	0
Proceeds from private placement of Series B Preferred Stock	75,000	385,000
Proceeds from sale of shares of common stock, net of issuance costs	42,000	0
Payments on insurance financing	(112,835)	(133,081)
Net cash provided by (used in) financing activities	107,366	510,362
Net change in cash	655,575	(463,470)
Cash at beginning of period	74,253	669,560
Cash at end of period	729,828	206,090
Supplemental disclosure of cash flow information:
Cash paid for interest	31,470	6,037
Cash paid for income taxes	0	0
Supplemental disclosure of non-cash financing activity:
Capitalization of ROU asset and finance lease liability	0	51,733
Boral settlement payable	(8,235)	0
Forgiveness of related party liabilities	1,991,061	0
Deemed dividend on convertible Preferred Stock Series B due to BCF	77,876	225,137
Accrued PIK interest paid through issuance of PIK Notes	986,774	943,990
Stock issued for cashless options exercised	1,740	3,836
Common stock issued upon conversion of Series B Preferred Stock	$ 96,798	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash	$ 729,828	$ 74,253
Accounts receivable	92,575	34,309
Deposits and prepaid expenses	20,452	161,999
Total Current Assets	842,855	270,561
Land	500,000	500,000
Operating lease right-of-use asset	0	28,111
Finance lease right-of-use asset	33,893	42,821
Other Assets
Deposits	297,320	336,328
Total Other Assets	297,320	336,328
TOTAL ASSETS	1,674,068	1,177,821
Current Liabilities
Accounts payable and accrued liabilities	1,306,219	3,017,454
PIK Note interest accrual	623,690	372,028
Current portion of PIK Notes payable, net of $365,529 debt discount	48,298,591
Current portion of notes payable	110,880	112,835
Current portion of finance lease liabilities	12,519	11,986
Current portion of operating lease liabilities	0	29,085
Total Current Liabilities	50,351,899	3,543,388
Long-Term Liabilities
PIK Notes payable, net of $681,102 debt discount		47,004,480
Deferred revenue	1,000,000	1,000,000
Finance lease liabilities	21,373	30,835
Total Long-Term Liabilities	1,021,373	48,035,315
TOTAL LIABILITIES	51,373,272	51,578,703
Stockholders' Deficit
Preferred stock, $0.001 par value, 10,000,000 shares authorized, and 164,000 and 262,000 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	78	262
Common stock, $0.001 par value, 700,000,000 shares authorized, and 366,974,683 and 217,655,150 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively (208,818,846 reserved in Treasury)	366,974	217,654
Additional paid-in capital	76,937,697	74,686,581
Accumulated deficit prior to the exploration stage	(20,009,496)	(20,009,496)
Accumulated deficit during the exploration stage	(106,994,457)	(105,295,883)
Total Stockholders' Deficit	(49,699,204)	(50,400,882)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 1,674,068	$ 1,177,821