UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 2004
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period to
Commission file number 33-00215
UNITED STATES ANTIMONY CORPORATION
(Name of small business issuer in its charter)
MONTANA 81-0305822
------- ----------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
P.O. BOX 643, THOMPSON FALLS, MONTANA 59873
------------------------------------------ -------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (406) 827-3523
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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 X No
----- ----
At November 10, 2004, the registrant had outstanding 30,948,816 shares of par
value $0.01 common stock.
UNITED STATES ANTIMONY CORPORATION
QUARTERLY REPORT ON FORM 10-QSB
FOR THE QUARTERLY PERIOD
ENDED SEPTEMBER 30, 2004
TABLE OF CONTENTS
Page
PART I - FINANCIAL INFORMATION
Item 1: Financial Statements. . . . . . . . . . . . . . . . . . . . . . 1
Item 2: Management's Discussion and Analysis of Financial Condition and
Results of Operations . . . . . . . . . . . . . . . . . . . 6
Item 3: Controls and Procedures . . . . . . . . . . . . . . . . . . . . 8
PART II - OTHER INFORMATION
Item 1: Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . 9
Item 2: Changes in Securities . . . . . . . . . . . . . . . . . . . . . 9
Item 3: Defaults upon Senior Securities . . . . . . . . . . . . . . . . 9
Item 4: Submission of Matters to a Vote of Security Holders . . . . . . 9
Item 5: Other Information . . . . . . . . . . . . . . . . . . . . . . . 9
Item 6: Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . . . 9
SIGNATURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
CERTIFICATIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
[The balance of this page has been intentionally left blank.]
PART I-FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
SEPTEMBER 30, DECEMBER 31,
2004 2003
ASSETS
Current assets:
Accounts receivable, less allowance
for doubtful accounts of $30,000 $ 131,814 $ 51,081
Inventories 132,658 153,053
-------------- -------------
Total current assets 264,472 204,134
Investment in USAMSA, net 9,463 11,913
Properties, plants and equipment, net 645,678 554,311
Restricted cash for bank note payable 0 105,649
Restricted cash for reclamation bonds 99,043 99,043
Deferred financing costs 24,375 30,000
-------------- -------------
Total assets $ 1,043,031 $ 1,005,050
============== =============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Checks issued and payable $ 107,687 $ 87,927
Accounts payable 638,550 909,696
Accrued payroll and property taxes 148,069 197,761
Accrued payroll and other 83,560 88,085
Judgment payable 55,680 53,130
Accrued interest payable 21,619 16,645
Payable to related parties 286,867 232,111
Notes payable to bank, current 191,494 144,391
Accrued reclamation costs, current 151,000 151,000
-------------- -------------
Total current liabilities 1,684,526 1,880,746
Secured and unsecured convertible notes payable, non-current 350,000 350,000
Notes payable to bank, noncurrent 382,778 409,141
Accrued reclamations costs, noncurrent 57,500 57,500
-------------- -------------
Total liabilities 2,474,804 2,697,387
-------------- -------------
Commitments and contingencies (Note 3)
Stockholders' deficit:
Preferred stock, $0.01 par value, 10,000,000 shares authorized:
Series A: 4,500 shares issued and outstanding
(liquidation preference $123,750 at December 31, 2003) 45 45
Series B: 750,000 shares issued and outstanding
(liquidation preference $825,000 at December 31, 2003) 7,500 7,500
Series C: 177,904 shares issued and outstanding
(liquidation preference $97,847 at December 31, 2003) 1,779 1,779
Series D: 1,836,672 shares issued and outstanding
(liquidation preference $4,659,180 at December 31, 2003) 18,636 18,636
Common stock, $0.01 par value, 50,000,000 shares
authorized; 30,948,816 and 28,114,288 issued and outstanding 309,489 281,143
Additional paid-in capital 17,946,984 17,387,970
Accumulated deficit (19,716,206) (19,389,410)
-------------- -------------
Total stockholders' deficit (1,431,773) (1,692,337)
-------------- -------------
Total liabilities and stockholders' deficit 1,043,031 $ 1,005,050
============== =============
The accompanying notes are an integral part of the financial statements.
1
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
2004 2003 2004 2003
Revenues:
Sales of antimony products $ 569,361 $ 678,060 $ 1,662,100 $ 2,239,915
Sales of zeolite products 249,585 85,291 786,683 349,049
------------ ------------ ------------ ------------
818,946 763,351 2,448,783 2,588,964
------------ ------------ ------------ ------------
Cost of sales:
Cost of antimony production 432,357 511,991 1,281,592 1,757,911
Antimony freight and delivery 38,671 67,042 118,354 207,355
Antimony depreciation 8,425 9,475 29,025 28,428
------------ ------------ ------------ ------------
Total antimony cost of sales 479,453 588,508 1,428,971 1,993,694
Cost of zeolite production 130,795 98,303 477,715 350,840
Zeolite freight and delivery 65,434 22,318 195,948 60,969
Zeolite depreciation 22,031 13,686 49,631 41,058
------------ ------------ ------------ -----------
Total zeolite cost of sales 218,260 134,307 723,694 452,867
------------ ------------ ------------ -----------
Total cost of sales 697,713 722,815 2,152,265 2,446,561
------------ ------------ ------------ ------------
Gross profit 121,233 40,536 296,518 142,403
------------ ------------ ------------ ------------
Other operating expenses:
Corporate general and administrative 93,937 91,824 246,108 316,558
Antimony general and administrative 5,872 9,448 6,245 14,593
Bear River Zeolite general and administrative 56,936 47,872 146,886 191,046
Antimony sales expenses 11,249 17,028 37,123 51,994
Bear River Zeolite sales expenses 13,243 20,652 47,834 49,917
------------ ------------ ------------ ------------
181,237 186,824 484,196 624,108
------------ ------------ ------------ ------------
Other (income) expense:
Interest expense 18,823 21,266 76,608 54,293
Factoring expense 25,113 22,320 65,356 83,544
Interest income and other (383) (544) (2,846) (6,193)
------------ ------------ ------------ ------------
43,553 43,042 139,118 131,644
------------ ------------ ------------ ------------
Net loss $ (103,557) $ (189,330) $ (326,796) $ (613,349)
============ ============ ============ ============
Basic net loss per share of common stock $ Nil $ (0.01) $ (0.01) $ (0.02)
============ ============ ============ ============
Basic weighted average shares outstanding 30,929,251 27,027,959 29,958,360 26,865,026
============ ============ ============ ============
The accompanying notes are an integral part of the financial statements.
2
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
2004 2003
Cash flows from operating activities:
Net loss $(326,796) $(613,349)
Adjustments to reconcile net loss to net cash used by operations:
Depreciation and amortization 86,731 75,986
Series D stock issued to directors 0 15,000
Series D stock issued for legal services 0 7,800
Change in:
Restricted cash 105,649 20,100
Accounts receivable (80,733) (11,484)
Inventories 20,395 51,146
Accounts payable (121,001) 55,118
Accrued payroll and property taxes (49,692) 124,933
Accrued payroll and other (4,525) (39,444)
Judgment payable 2,550 1,017
Accrued interest payable 4,974 2,550
Payable to related parties 54,756 (4,023)
Accrued reclamation costs 0 (25,082)
---------- ----------
Net cash used by operating activities (307,692) (339,732)
---------- ----------
Cash flows from investing activities:
Purchase of properties, plants and equipment (170,023) (101,326)
---------- ----------
Net cash used by investing activities (170,023) (101,326)
---------- ----------
Cash flows from financing activities:
Proceeds from stock subscriptions payable 0 275,000
Proceeds from issuance of common stock and warrants 10,000 0
Proceeds from exercise of warrants 427,215 0
Proceeds from notes payable to bank 174,419 150,000
Principal payments on notes payable to bank (153,679) (117,770)
Proceeds from related party advances, net 0 75,027
Change in checks issued and payable 19,760 58,801
---------- ----------
Net cash provided by financing activities 477,715 441,058
---------- ----------
Net change in cash 0 0
Cash, beginning of period 0 0
---------- ----------
Cash, end of period $ 0 $ 0
========== ==========
Supplemental disclosures:
Non-cash financing activities:
Common stock issued in satisfaction of accounts payable $ 150,145
==========
The accompanying notes are an integral part of the financial statements.
3
PART I - FINANCIAL INFORMATION, CONTINUED:
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. BASIS OF PRESENTATION:
The unaudited consolidated financial statements have been prepared by the
Company in accordance with accounting principles generally accepted in the
United States of America for interim financial information, as well as the
instructions to Form 10-QSB. Accordingly, they do not include all of the
information and footnotes required by accounting principles generally accepted
in the United States of America for complete financial statements. In the
opinion of the Company's management, all adjustments (consisting primarily of
normal recurring accruals) considered necessary for a fair presentation of the
interim financial statements have been included. Operating results for the three
and nine month periods ended September 30, 2004 are not necessarily indicative
of the results that may be expected for the full year ending December 31, 2004.
Certain consolidated financial statement amounts for the three and nine-month
periods ended September 30, 2003 have been reclassified to conform to the
2004 presentation. These reclassifications had no effect on the net loss or
accumulated deficit as previously reported.
For further information refer to the financial statements and footnotes thereto
in the Company's Annual Report on Form 10-KSB for the year ended December 31,
2003.
2. LOSS PER COMMON SHARE:
The Company accounts for its income (loss) per common share according to the
Statement of Financial Accounting Standards No. 128 "Earnings Per Share" ("SFAS
No. 128"). Under the provisions of SFAS No. 128, primary and fully diluted
earnings per share are replaced with basic and diluted earnings per share.
Basic earnings per share is arrived at by dividing net income (loss) available
to common stockholders by the weighted average number of common shares
outstanding, and does not include the impact of any potentially dilutive common
stock equivalents. Common stock equivalents, including warrants to purchase the
Company's common stock and common stock issuable upon the conversion of
debentures are excluded from the calculations when their effect is antidilutive.
3. COMMITMENTS AND CONTINGENCIES:
Until 1989, the Company mined, milled and leached gold and silver in the Yankee
Fork Mining District in Custer County, Idaho. In 1994, the U.S. Forest Service,
under the provisions of the Comprehensive Environmental Response Liability Act
of 1980 ("CERCLA"), designated the cyanide leach plant as a contaminated site.
In 1996, the Idaho Department of Environmental Quality requested that the
Company sign a consent decree related to completing the reclamation and
remediation at the Preachers Cove mill. The Company has been diligently
reclaiming the property and anticipates it will have the reclamation complete in
the near term.
The Company's management believes that USAC is currently in substantial
compliance with environmental regulatory requirements and that its accrued
environmental reclamation costs are representative of management's estimate of
costs required to fulfill its reclamation obligations. Such costs are accrued
at the time the expenditure becomes probable and the costs can reasonably be
estimated. The Company recognizes, however, that in some cases future
environmental expenditures cannot be reliably determined due to the uncertainty
of specific remediation methods, conflicts between regulating agencies relating
to remediation methods and environmental law interpretations, and changes in
environmental laws and regulations.
4
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED), CONTINUED:
3. COMMITMENTS AND CONTINGENCIES, CONTINUED:
Any changes to the Company's reclamation plans as a result of these factors
could have an adverse affect on the Company's operations. The range of possible
losses in excess of the amounts accrued cannot be reasonably estimated at this
time.
4. BUSINESS SEGMENTS
The Company has two operating segments, antimony and zeolite. Management
reviews and evaluates the operating segments exclusive of interest and factoring
expenses. Therefore, interest expense is not allocated to the segments.
Selected information with respect to segments for the quarters ended
September 30, 2004 and 2003 are as follows:
2004 2003
Revenues:
Antimony $569,361 $678,060
Zeolite 249,585 85,291
-------- --------
$818,946 $763,351
======== ========
Cost of sales:
Antimony production and freight and delivery $471,028 $579,033
Antimony depreciation 8,425 9,475
-------- --------
Total antimony cost of sales 479,453 588,508
Zeolite production and freight and delivery 196,229 120,621
Zeolite depreciation 22,031 13,686
-------- --------
218,260 134,307
$697,713 $722,815
======== ========
Gross profit (loss) $121,233 $ 40,536
======== ========
Other operating expenses:
Sales expense:
Antimony $ 11,249 $ 17,028
Zeolite 13,243 20,652
General and administrative expense:
Corporate 93,937 91,824
Antimony 5,872 9,448
Zeolite (including royalty expense) 56,936 47,872
-------- --------
$181,237 $186,824
======== ========
Capital expenditures:
Antimony $ 0 $ 23,491
Zeolite 42,735 45,263
-------- --------
$ 42,735 $ 68,754
======== ========
Properties, plant and equipment, net:
Antimony $119,783 $142,950
Zeolite 525,895 418,306
-------- --------
$645,678 $561,256
======== ========
5
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
General
This report contains both historical and prospective statements concerning the
Company and its operations. Prospective statements (known as "forward-looking
statements") may or may not prove true with the passage of time because of
future risks and uncertainties. The Company cannot predict what factors might
cause actual results to differ materially from those indicated by prospective
statements.
Results of Operations
For the three-month period ended September 30, 2004 compared to the three-month
period ended September 30, 2003
The Company's operations resulted in a net loss of $103,557 for the three-month
period ended September 30, 2004, compared with a net loss of $189,330 for
the three-month period ended September 30, 2003. The decrease in net loss during
the second quarter of 2004 compared to the net loss during the similar quarter
of 2003 is primarily due to an increase in zeolite sales.
Total revenues from antimony product sales for the second quarter of 2004 were
$569,361 compared with $678,060 during the comparable quarter of 2003, a
decrease of $108,699. During the three-month period ended September 30, 2004,
70% of the Company's revenues from antimony product sales were from sales to one
customer (Kohler, Co.). Sales of antimony products during the third quarter of
2004 consisted of 392,872 pounds at an average sale price of $1.45 per pound.
During the third quarter of 2003 sales of antimony products consisted of
529,457 pounds at an average sale price of $1.28 per pound. The increase in
sale prices of antimony products from the third quarter of 2003 to the
third quarter of 2004 is the result of a corresponding increase in antimony
metal prices. The decrease in pounds of antimony sold is attributed to
difficulties in procuring low priced raw material inventory and competition
from Chinese suppliers.
Sales of zeolite products during the third quarter of 2004 were $249,585
compared to sales of $85,291 during the third quarter of 2003. The increase in
sales of zeolite is due to the Company expanding its zeolite plant and expanding
its product base.
Gross profit from antimony and zeolite sales during the third three-month period
of 2004 was $121,233 compared with gross profit of $40,536 during the third
three-month period of 2003.
During the third quarter of 2004, the Company incurred expenses totaling $70,179
associated with sales development and general and administrative expenses of its
wholly-owned subsidiary, Bear River Zeolite, compared to $68,524 of expenses in
the comparable quarter of 2003. The increase in BRZ expenses was principally
due to an increase in general and administrative expenses in the third quarter
of 2004.
Antimony general and administrative expenses were $99,809 during the third
quarter of 2004, compared to $101,272 during the same quarter of 2003.
Antimony sales expenses were $11,249 during the third quarter of 2004 compared
with $17,028 in the third quarter of 2003.
Interest expense was $18,823 during the third quarter of 2004, compared to
interest expense of $21,266 incurred during the third quarter of 2003; the
decrease in interest expense was due to the additional convertible notes.
Accounts receivable factoring expense was $25,113 during the third quarter of
2004 compared to $22,320 of factoring expense incurred during the third quarter
of 2003.
6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS, CONTINUED:
Interest and other income decreased to $383 during the third quarter of 2004
from $544 during the third quarter of 2003.
For the nine-month period ended September 30, 2004 compared to the nine-month
period ended September 30, 2003
The Company's operations resulted in a net loss of $326,796 for the nine-month
period ended September 30, 2004, compared with a net loss of $613,349 for
the nine-month period ended September 30, 2003. The decrease in net loss for the
first nine months of 2004 compared to the first nine months of 2003 is primarily
due an increase in gross profit and a decrease in general administrative and
sales expense in 2004.
Total revenues from antimony product sales for the first nine months of 2004
were $1,662,100 compared with $2,239,915 for the comparable period of 2003, a
decrease of $577,815. During the nine-month period ended September 30, 2004,
67% of the Company's revenues from antimony products sales were from sales to
one customer (Kohler, Co.) and 5% were from sales to a second individual
customer. Sales of antimony products during the first nine months of 2004
consisted of 1,120,833 pounds at an average sale price of $1.48 per pound.
During the first nine months of 2003 sales of antimony products consisted of
1,716,534 pounds at an average sale price of $1.30 per pound. The decrease in
pounds of antimony sold is attributed to difficulties in procuring low priced
raw material inventory and competition from Chinese suppliers. The increase
in sale prices of antimony products from the first nine months of 2004 to the
first nine months of 2003 is the result of a corresponding increase in
antimony metal prices.
Sales of zeolite products during the first nine months of 2004 were $786,683
compared to sales of $349,049 during the comparable period of 2003. The
increase in sales of zeolite is due to the Company expanding its zeolite plant
and expanding its product base.
Gross profit from antimony and zeolite sales during the first nine-month period
of 2004 was $296,518 compared with gross profit of $142,403 during the same
nine-month period of 2003.
During the first nine months of 2004, the Company incurred expenses totaling
$194,720 associated with sales development and general and administrative
expenses of its wholly owned subsidiary, Bear River Zeolite, compared to
$240,963 of expenses during the comparable period of 2003. The decrease in BRZ
expenses was principally due to a decrease in general and administrative
expenses.
Antimony general and administrative expenses were $252,353 during the first nine
months of 2004, compared to $331,151 during the first nine months of 2003. The
decrease in general and administrative expenses during the first nine months of
2004 compared to the same period of 2003 was due to a decreased repair,
maintenance and legal expenses.
Antimony sales expenses were $37,123 during the first nine months of 2004
compared with $51,994 in the first nine months of 2003.
Interest expense was $76,608 during the first nine months of 2004, compared to
interest expense of $54,293 incurred during the first nine months of 2003. The
increase was due to increased convertible debt in 2004 compared to 2003.
Accounts receivable factoring expense was $65,356 during the first nine months
of 2004 compared to $83,544 of factoring expense incurred during the first nine
months of 2003. The decrease was primarily due to a decrease in sales of
antimony factored.
7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS, CONTINUED:
Interest and other income decreased from $6,193 during the first nine months of
2003 to $2,846 during the first nine months of 2004. The decrease was due to a
corresponding decrease in cash bonds.
Financial Condition and Liquidity
At September 30, 2004, Company assets totaled $1,043,031, and there was a
stockholders' deficit of $1,431,773. The stockholders' deficit decreased
$260,564 from December 31, 2003. The decrease is principally due to the issuance
of common stock in satisfaction of certain accrued legal fees and other payables
during the nine-month period ended September 30, 2004. At September 30, 2004,
the Company's total current liabilities exceeded its total current assets by
$1,420,054. Included in the Company's current liabilities are significant
delinquent balances due to raw materials suppliers, attorneys, and payroll
taxing agencies. The Company has, to date, been able to sustain its operations
through borrowings from major shareholders and sales of common stock. Due to the
Company's operating losses, negative working capital, and stockholders' deficit,
the Company's independent accountants included a paragraph in the Company's 2003
financial statements relating to a going concern uncertainty. To continue as a
going concern the Company must generate profits from its antimony and zeolite
sales and acquire additional capital resources from alternative financing
resources. Without financing and profitable operations, the Company may not be
able to meet its obligations, fund operations and continue in existence. While
management is optimistic that the Company will be able to sustain its operations
and meet its financial obligations, there can be no assurance of such.
Cash used by operating activities during the first nine months of 2004 was
$307,692 and resulted primarily from the nine-month net loss of $326,796.
Cash used by investing activities during the first nine months of 2004 was
$170,023 and was almost entirely related to the construction of capital assets
at the Bear River Zeolite facility.
Cash provided by financing activities was $477,715 during the first nine months
of 2004, and was principally generated by proceeds from exercise of 2,136,070
warrants for $427,215 and proceeds from notes payable to banks of $174,419.
ITEM 3. CONTROLS AND PROCEDURES
An evaluation was performed under the supervision and with the participation of
our management, including the President, of the effectiveness of the design and
operation of our disclosure controls and procedures. Based on that evaluation,
our management, including the President, concluded that disclosure controls and
procedures were effective as of September 30, 2004, in ensuring that all
material information required to be filed in this quarterly report has been made
known to them in a timely fashion.
There has been no change in our internal control over financial reporting during
the quarter ended September 30, 2004 that has materially affected, or is
reasonably likely to materially affect, our internal control over financial
reporting.
8
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
Neither the constituent instruments defining the rights of the registrant's
securities filers nor the rights evidenced by the registrant's outstanding
common stock have been modified, limited or qualified. During the three-month
period ended September 30, 2004, the Company issued 200,000 shares of its
restricted common stock in connection with the exercise of $0.20 stock purchase
warrants. During the nine-month period ended September 30, 2004 the Company
issued a total of 2,136,071 shares of its restricted common stock in connection
with the exercise of $0.20 stock purchase warrants. In addition, during the
nine-month period ended September 30, 2004, the Company issued 631,790 shares of
its common stock in connection with the extinguishment of certain accounts
payable totaling $150,145; and sold 66,667 shares of its common stock for
$10,000 cash.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
The registrant has no outstanding senior securities.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibits: None
Reports on Form 8-K: None
9
SIGNATURE
Pursuant to the requirements of Section 13 or 15(b) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
UNITED STATES ANTIMONY CORPORATION
(Registrant)
By:/s/John C. Lawerence Date: November 12, 2004
---------------------- --------------------------
John C. Lawrence, Director and President
(Principal Executive, Financial and Accounting Officer)
10
CERTIFICATION
I, John C. Lawrence, certify that:
1. I have reviewed this quarterly report on Form 10-QSB of United States
Antimony Corporation
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the small business
issuer as of, and for, the periods presented in this report.
4. I am responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the
small business issuer and have:
a. designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the small business issuer,
including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being
prepared;
b. evaluated the effectiveness of the small business issuer's disclosure
controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and
c. Disclosed in this report any change in the small business issuer's
internal control over financial reporting that occurred during the small
business issuer's most recent fiscal quarter that has materially affected, or
is reasonably likely to materially affect, the small business issuer's internal
control over financial reporting; and
5. I have disclosed, based on my most recent evaluation of internal control
over financial reporting, to the small business issuer's auditors and the audit
committee of the small business issuer's board of directors (or persons
performing the equivalent functions);
a. all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the small business issuer's ability to record,
process, summarize and report financial information; and
b. any fraud, whether or not material, that involves management or other
employees who have a significant role in the small business issuer's internal
control over financial reporting.
Date: November 12, 2004
-------------------
/s/John C. Lawrence
---------------------
John C. Lawrence
President, Director and Principal Financial Officer
11
CERTIFICATION PURSUANT TO THE SARBANES-OXLEY ACT
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
I, John C. Lawrence, President, Director and Principal Financial Officer of
United States Antimony Corporation ("the "Registrant") do hereby certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to my knowledge:
1. This Quarterly Report on Form 10-QSB of the Registrant for the period
ended September 30, 2004, as filed with the Securities and Exchange Commission
(the "Report"), fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Registrant.
Date: November 12, 2004
---------------------
/s/ John C. Lawrence
-----------------------
John C. Lawrence
President, Director and Principal Financial Officer
12