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10-Q Filing

MCEWEN INC. CIK: 314203 Q1 2018
Filing Information
Form Type 10-Q
Accession Number 0001558370-18-003693
Period End Date 20180331
Filing Date 20180502
Fiscal Year 2018
Fiscal Period Q1
XBRL Instance mux-20180331.xml
Filing Contents
Balance Sheet 66 line items
Line Item Tag Value Unit Period
Common stock, par value CommonStockNoParValue - USD Point-in-time
Common stock, par value CommonStockNoParValue - USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 500.00M shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 500.00M shares Point-in-time
Common, shares issued CommonStockSharesIssued 337.09M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $27.15M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $29.90M USD Point-in-time
Common, shares issued CommonStockSharesIssued 337.05M shares Point-in-time
Investments (note 2) EquitySecuritiesFvNi $2.57M USD Point-in-time
Common, shares outstanding CommonStockSharesOutstanding 337.05M shares Point-in-time
Investments (note 2) EquitySecuritiesFvNi $8.54M USD Point-in-time
Investments (note 2) EquitySecuritiesFvNi $7.97M USD Point-in-time
Common, shares outstanding CommonStockSharesOutstanding 337.09M shares Point-in-time
Value added taxes receivable ValueAddedTaxReceivableCurrent $5.25M USD Point-in-time
Value added taxes receivable ValueAddedTaxReceivableCurrent $5.10M USD Point-in-time
Inventories (note 3) InventoryNet $29.05M USD Point-in-time
Inventories (note 3) InventoryNet $31.95M USD Point-in-time
Restricted cash (note 16) RestrictedCash $8.84M USD Point-in-time
Restricted cash (note 16) RestrictedCash $10.00M USD Point-in-time
Other current assets OtherAssetsCurrent $4.54M USD Point-in-time
Other current assets OtherAssetsCurrent $4.16M USD Point-in-time
Total current assets AssetsCurrent $79.62M USD Point-in-time
Total current assets AssetsCurrent $86.86M USD Point-in-time
Mineral property interests, net (note 4) MineralPropertiesNet $296.03M USD Point-in-time
Mineral property interests, net (note 4) MineralPropertiesNet $293.44M USD Point-in-time
Plant and equipment, mine development and construction in progress, net PropertyPlantAndEquipmentNet $57.83M USD Point-in-time
Plant and equipment, mine development and construction in progress, net PropertyPlantAndEquipmentNet $51.05M USD Point-in-time
Investment in Minera Santa Cruz S.A. (note 5) InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $145.00M USD Point-in-time
Investment in Minera Santa Cruz S.A. (note 5) InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $150.06M USD Point-in-time
Other assets (note 3 and note 14) OtherAssetsNoncurrent $9.66M USD Point-in-time
Other assets (note 3 and note 14) OtherAssetsNoncurrent $10.72M USD Point-in-time
TOTAL ASSETS Assets $592.13M USD Point-in-time
TOTAL ASSETS Assets $588.15M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $38.27M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $34.88M USD Point-in-time
Flow-through share premium (note 8) FlowThroughSharePremiumCurrent $1.64M USD Point-in-time
Flow-through share premium (note 8) FlowThroughSharePremiumCurrent $1.00M USD Point-in-time
Current portion of capital lease liabilities (note 15) CapitalLeaseObligationsCurrent $470.00K USD Point-in-time
Current portion of capital lease liabilities (note 15) CapitalLeaseObligationsCurrent $321.00K USD Point-in-time
Current portion of asset retirement obligation (note 6) AssetRetirementObligationCurrent $743.00K USD Point-in-time
Current portion of asset retirement obligation (note 6) AssetRetirementObligationCurrent $646.00K USD Point-in-time
Total current liabilities LiabilitiesCurrent $40.33M USD Point-in-time
Total current liabilities LiabilitiesCurrent $37.64M USD Point-in-time
Asset retirement obligation, less current portion (note 6) AssetRetirementObligationsNoncurrent $24.08M USD Point-in-time
Asset retirement obligation, less current portion (note 6) AssetRetirementObligationsNoncurrent $24.40M USD Point-in-time
Deferred income and mining tax liability (note 7) DeferredTaxLiabilitiesNoncurrent $8.18M USD Point-in-time
Deferred income and mining tax liability (note 7) DeferredTaxLiabilitiesNoncurrent $8.43M USD Point-in-time
Capital lease liabilities, less current portion (note 15) CapitalLeaseObligationsNoncurrent $81.00K USD Point-in-time
Capital lease liabilities, less current portion (note 15) CapitalLeaseObligationsNoncurrent $40.00K USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $581.00K USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $630.00K USD Point-in-time
Total liabilities Liabilities $73.53M USD Point-in-time
Total liabilities Liabilities $70.86M USD Point-in-time
Common stock, no par value, 500,000 shares authorized (in thousands); Common: 337,086 as of March 31, 2018 and 337,051 as of December 31, 2017 issued and outstanding (in thousands) (note 8) CommonStockValue $1.44B USD Point-in-time
Common stock, no par value, 500,000 shares authorized (in thousands); Common: 337,086 as of March 31, 2018 and 337,051 as of December 31, 2017 issued and outstanding (in thousands) (note 8) CommonStockValue $1.44B USD Point-in-time
Warrants (note 8) WarrantsEquityLinkedFinancialInstrument $3.82M USD Point-in-time
Warrants (note 8) WarrantsEquityLinkedFinancialInstrument $3.82M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-931.82M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-929.61M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $3.00M USD Point-in-time
Total shareholders' equity StockholdersEquity $443.04M USD Point-in-time
Total shareholders' equity StockholdersEquity $442.77M USD Point-in-time
Total shareholders' equity StockholdersEquity $514.62M USD Point-in-time
Total shareholders' equity StockholdersEquity $521.27M USD Point-in-time
TOTAL LIABILITIES & SHAREHOLDERS EQUITY LiabilitiesAndStockholdersEquity $592.13M USD Point-in-time
TOTAL LIABILITIES & SHAREHOLDERS EQUITY LiabilitiesAndStockholdersEquity $588.15M USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Total Revenue Revenues $14.83M USD 1 Quarter
Total Revenue Revenues $41.28M USD 1 Quarter
Property holding costs CarryingCostsPropertyAndExplorationRights $1.41M USD 1 Quarter
Property holding costs CarryingCostsPropertyAndExplorationRights $1.19M USD 1 Quarter
General and administrative costs GeneralAndAdministrativeExpense $5.19M USD 1 Quarter
General and administrative costs GeneralAndAdministrativeExpense $4.29M USD 1 Quarter
Loss (income) from investment in Minera Santa Cruz S.A., net of amortization (note 5) IncomeLossFromEquityMethodInvestments $-212.00K USD 1 Quarter
Loss (income) from investment in Minera Santa Cruz S.A., net of amortization (note 5) IncomeLossFromEquityMethodInvestments $190.00K USD 1 Quarter
Depreciation DepreciationNonproduction $360.00K USD 1 Quarter
Depreciation DepreciationNonproduction $327.00K USD 1 Quarter
Accretion of asset reclamation obligations (note 6) AssetRetirementObligationReclamationGross $294.00K USD 1 Quarter
Accretion of asset reclamation obligations (note 6) AssetRetirementObligationReclamationGross $105.00K USD 1 Quarter
Total costs and expenses CostsAndExpenses $22.27M USD 1 Quarter
Total costs and expenses CostsAndExpenses $45.69M USD 1 Quarter
Operating loss OperatingIncomeLoss $-7.43M USD 1 Quarter
Operating loss OperatingIncomeLoss $-4.41M USD 1 Quarter
Interest and other expense InterestIncomeExpenseNet $-68.00K USD 1 Quarter
Interest and other expense InterestIncomeExpenseNet $-134.00K USD 1 Quarter
Gain on sale of assets GainLossOnDispositionOfAssets1 $11.00K USD 1 Quarter
Loss on sale of marketable equity securities (note 2) MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments $-734.00K USD 1 Quarter
Unrealized fair value loss on marketable equity securities (note 2) MarketableSecuritiesUnrealizedGainLoss $-1.14M USD 1 Quarter
Unrealized (loss) gain on derivatives (note 2) DerivativeGainLossOnDerivativeNet $-864.00K USD 1 Quarter
Unrealized (loss) gain on derivatives (note 2) DerivativeGainLossOnDerivativeNet $1.79M USD 1 Quarter
Foreign currency gain ForeignCurrencyTransactionGainLossBeforeTax $927.00K USD 1 Quarter
Foreign currency gain ForeignCurrencyTransactionGainLossBeforeTax $25.00K USD 1 Quarter
Total other (expense) income NonoperatingIncomeExpense $1.76M USD 1 Quarter
Total other (expense) income NonoperatingIncomeExpense $-1.94M USD 1 Quarter
Loss before income and mining taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-5.67M USD 1 Quarter
Loss before income and mining taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-6.35M USD 1 Quarter
Income and mining tax recovery (note 7) IncomeTaxExpenseBenefit $-2.66M USD 1 Quarter
Income and mining tax recovery (note 7) IncomeTaxExpenseBenefit $-1.14M USD 1 Quarter
Net loss NetIncomeLoss $-3.02M USD 1 Quarter
Net loss NetIncomeLoss $-5.21M USD 1 Quarter
Unrealized gain on marketable equity securities, net of taxes OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $3.88M USD 1 Quarter
Comprehensive (loss) income ComprehensiveIncomeNetOfTax $-5.21M USD 1 Quarter
Comprehensive (loss) income ComprehensiveIncomeNetOfTax $857.00K USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-0.01 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-0.02 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-0.01 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-0.02 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 299.57M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 337.06M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 299.57M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 337.06M shares 1 Quarter
Shareholders' distribution declared per common share (note 8) ReturnOfCapitalDistributionDeclaredPerCommonShare $0.01 USD 1 Quarter
Shareholders' distribution declared per common share (note 8) ReturnOfCapitalDistributionDeclaredPerCommonShare $0.01 USD 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Collection of VAT taxes receivable CollectionOfValueAddedTaxesReceivable $1.97M USD 1 Quarter
Collection of VAT taxes receivable CollectionOfValueAddedTaxesReceivable $448.00K USD 1 Quarter
Cash paid to suppliers and employees PaymentsToSuppliersAndEmployees $24.24M USD 1 Quarter
Cash paid to suppliers and employees PaymentsToSuppliersAndEmployees $35.10M USD 1 Quarter
Cash received from revenue ProceedsFromCustomers $41.28M USD 1 Quarter
Cash received from revenue ProceedsFromCustomers $14.83M USD 1 Quarter
Dividends received from Minera Santa Cruz S.A. (note 5) ProceedsFromDividendsReceived $2.52M USD 1 Quarter
Dividends received from Minera Santa Cruz S.A. (note 5) ProceedsFromDividendsReceived $4.85M USD 1 Quarter
Interest received ProceedsFromInterestReceived $50.00K USD 1 Quarter
Interest received ProceedsFromInterestReceived $34.00K USD 1 Quarter
Cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $11.09M USD 1 Quarter
Cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-6.85M USD 1 Quarter
Additions to mineral property interests PaymentsToAcquireMiningAssets $4.08M USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $350.00K USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $6.75M USD 1 Quarter
Proceeds from sale of investments (note 2) ProceedsFromSaleAndMaturityOfMarketableSecurities $2.66M USD 1 Quarter
Proceeds from disposal of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $36.00K USD 1 Quarter
Cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-314.00K USD 1 Quarter
Cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-8.17M USD 1 Quarter
Shareholders' distribution (note 8) PaymentsOfCapitalDistribution $1.50M USD 1 Quarter
Shareholders' distribution (note 8) PaymentsOfCapitalDistribution $1.69M USD 1 Quarter
Proceeds from the exercise of stock options (note 8) ProceedsFromStockOptionsExercised $40.00K USD 1 Quarter
Proceeds from the exercise of stock options (note 8) ProceedsFromStockOptionsExercised $47.00K USD 1 Quarter
Cash (used) in financing activities NetCashProvidedByUsedInFinancingActivities $-1.65M USD 1 Quarter
Cash (used) in financing activities NetCashProvidedByUsedInFinancingActivities $-1.45M USD 1 Quarter
Effect of exchange rate change on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations $65.00K USD 1 Quarter
Effect of exchange rate change on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations $314.00K USD 1 Quarter
Increase (decrease) in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-8.55M USD 1 Quarter
Increase (decrease) in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $1.59M USD 1 Quarter
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $37.44M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $28.89M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $37.15M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $38.74M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period (note 16) CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $37.44M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period (note 16) CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $28.89M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period (note 16) CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $37.15M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period (note 16) CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $38.74M USD Point-in-time
Net loss ProfitLoss $-3.02M USD 1 Quarter
Net loss ProfitLoss $-5.21M USD 1 Quarter
Loss (income) from investment in Minera Santa Cruz S.A., net of amortization (note 5) IncomeLossFromEquityMethodInvestments $-212.00K USD 1 Quarter
Loss (income) from investment in Minera Santa Cruz S.A., net of amortization (note 5) IncomeLossFromEquityMethodInvestments $190.00K USD 1 Quarter
Gain on disposal of fixed assets GainLossOnSaleOfPropertyPlantEquipment $11.00K USD 1 Quarter
Recovery of deferred income taxes (note 7) IncomeTaxCreditsAndAdjustments $-1.14M USD 1 Quarter
Recovery of deferred income taxes (note 7) IncomeTaxCreditsAndAdjustments $-2.66M USD 1 Quarter
Loss on sale of marketable securities (note 2) MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments $-1.87M USD 1 Quarter
Stock-based compensation (note 9) StockOptionPlanExpense $203.00K USD 1 Quarter
Stock-based compensation (note 9) StockOptionPlanExpense $330.00K USD 1 Quarter
Depreciation DepreciationDepletionAndAmortization $327.00K USD 1 Quarter
Depreciation DepreciationDepletionAndAmortization $2.33M USD 1 Quarter
Revision of estimates and accretion of asset reclamation obligations (note 6) AccretionExpenseIncludingAssetRetirementObligations $105.00K USD 1 Quarter
Revision of estimates and accretion of asset reclamation obligations (note 6) AccretionExpenseIncludingAssetRetirementObligations $294.00K USD 1 Quarter
Adjustment to the asset retirement obligation estimate (note 6) AdjustmentToAssetRetirementObligationEstimate $-359.00K USD 1 Quarter
Amortization of mineral property interests and asset retirement obligations MineralPropertyInterestsAndAssetRetirementObligationsAmortization $1.80M USD 1 Quarter
Amortization of mineral property interests and asset retirement obligations MineralPropertyInterestsAndAssetRetirementObligationsAmortization $533.00K USD 1 Quarter
Foreign exchange gain ForeignCurrencyTransactionGainLossUnrealized $65.00K USD 1 Quarter
Foreign exchange gain ForeignCurrencyTransactionGainLossUnrealized $314.00K USD 1 Quarter
Unrealized loss (gain) on derivative investments (note 2) DerivativeGainLossOnDerivativeNet $-864.00K USD 1 Quarter
Unrealized loss (gain) on derivative investments (note 2) DerivativeGainLossOnDerivativeNet $1.79M USD 1 Quarter
Decrease (increase) in VAT taxes receivable, net of collection of $1,968 (2017 - $448) IncreaseDecreaseInValueAddedTaxReceivable $-2.04M USD 1 Quarter
Decrease (increase) in VAT taxes receivable, net of collection of $1,968 (2017 - $448) IncreaseDecreaseInValueAddedTaxReceivable $151.00K USD 1 Quarter
Decrease (increase) in other assets related to operations IncreaseDecreaseInOtherOperatingAssets $-4.34M USD 1 Quarter
Decrease (increase) in other assets related to operations IncreaseDecreaseInOtherOperatingAssets $3.65M USD 1 Quarter
Increase in liabilities related to operations IncreaseDecreaseInOperatingLiabilities $1.20M USD 1 Quarter
Increase in liabilities related to operations IncreaseDecreaseInOperatingLiabilities $2.76M USD 1 Quarter
Dividends received from Minera Santa Cruz S.A. (note 5) ProceedsFromDividendsReceived $2.52M USD 1 Quarter
Dividends received from Minera Santa Cruz S.A. (note 5) ProceedsFromDividendsReceived $4.85M USD 1 Quarter
Cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $11.09M USD 1 Quarter
Cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-6.85M USD 1 Quarter
Stockholders Equity 18 line items
Line Item Tag Value Unit Period
Balance StockholdersEquity $443.04M USD Point-in-time
Balance StockholdersEquity $442.77M USD Point-in-time
Balance StockholdersEquity $514.62M USD Point-in-time
Balance StockholdersEquity $521.27M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 $521.27M USD Point-in-time
Stock-based compensation (note 9) StockIssuedDuringPeriodValueShareBasedCompensation $330.00K USD 1 Quarter
Stock-based compensation (note 9) StockIssuedDuringPeriodValueShareBasedCompensation $203.00K USD 1 Quarter
Shareholders' distribution (note 8) StockholdersEquityPaymentsOfCapitalDistribution $1.69M USD 1 Quarter
Shareholders' distribution (note 8) StockholdersEquityPaymentsOfCapitalDistribution $1.50M USD 1 Quarter
Exercise of stock options (note 8) StockIssuedDuringPeriodValueStockOptionsExercised $-47.00K USD 1 Quarter
Exercise of stock options (note 8) StockIssuedDuringPeriodValueStockOptionsExercised $40.00K USD 1 Quarter
Unrealized gain on available-for-sale securities, net of taxes (note 2) OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $3.88M USD 1 Quarter
Net loss NetIncomeLoss $-3.02M USD 1 Quarter
Net loss NetIncomeLoss $-5.21M USD 1 Quarter
Balance StockholdersEquity $443.04M USD Point-in-time
Balance StockholdersEquity $442.77M USD Point-in-time
Balance StockholdersEquity $514.62M USD Point-in-time
Balance StockholdersEquity $521.27M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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