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10-Q Filing

MCEWEN INC. CIK: 314203 Q1 2019
Filing Information
Form Type 10-Q
Accession Number 0001558370-19-003640
Period End Date 20190331
Filing Date 20190430
Fiscal Year 2019
Fiscal Period Q1
XBRL Instance mux-20190331.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
Cash and cash equivalents (note 16) CashAndCashEquivalentsAtCarryingValue $11.91M USD Point-in-time
Cash and cash equivalents (note 16) CashAndCashEquivalentsAtCarryingValue $15.76M USD Point-in-time
Common, shares issued CommonStockSharesIssued 359.99M shares Point-in-time
Common, shares issued CommonStockSharesIssued 344.56M shares Point-in-time
Investments (note 2) EquitySecuritiesFvNi $4.22M USD Point-in-time
Investments (note 2) EquitySecuritiesFvNi $2.57M USD Point-in-time
Common, shares outstanding CommonStockSharesOutstanding 359.99M shares Point-in-time
Common, shares outstanding CommonStockSharesOutstanding 344.56M shares Point-in-time
Investments (note 2) EquitySecuritiesFvNi $7.97M USD Point-in-time
Investments (note 2) EquitySecuritiesFvNi $3.13M USD Point-in-time
Value added taxes receivable ValueAddedTaxReceivableCurrent $1.06M USD Point-in-time
Value added taxes receivable ValueAddedTaxReceivableCurrent $1.20M USD Point-in-time
Inventories (note 3) InventoryNet $22.04M USD Point-in-time
Inventories (note 3) InventoryNet $30.68M USD Point-in-time
Restricted cash (note 8 and 16) RestrictedCash $14.76M USD Point-in-time
Restricted cash (note 8 and 16) RestrictedCash $14.69M USD Point-in-time
Other current assets OtherAssetsCurrent $2.71M USD Point-in-time
Other current assets OtherAssetsCurrent $2.88M USD Point-in-time
Total current assets AssetsCurrent $65.66M USD Point-in-time
Total current assets AssetsCurrent $59.38M USD Point-in-time
Mineral property interests, plant and equipment and construction in progress, net (note 4) PropertyPlantAndEquipmentNet $423.88M USD Point-in-time
Mineral property interests, plant and equipment and construction in progress, net (note 4) PropertyPlantAndEquipmentNet $435.66M USD Point-in-time
Investment in Minera Santa Cruz S.A. (note 5) InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $123.48M USD Point-in-time
Investment in Minera Santa Cruz S.A. (note 5) InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $127.81M USD Point-in-time
Other assets (note 3 and note 16) OtherAssetsNoncurrent $5.87M USD Point-in-time
Other assets (note 3 and note 16) OtherAssetsNoncurrent $4.17M USD Point-in-time
TOTAL ASSETS Assets $628.98M USD Point-in-time
TOTAL ASSETS Assets $616.94M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $27.29M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $30.82M USD Point-in-time
Flow-through share premium (note 8) FlowThroughSharePremiumCurrent $2.89M USD Point-in-time
Flow-through share premium (note 8) FlowThroughSharePremiumCurrent $2.95M USD Point-in-time
Current portion of lease liabilities (note 15) LeaseLiabilityCurrent $1.51M USD Point-in-time
Current portion of lease liabilities (note 15) LeaseLiabilityCurrent $1.71M USD Point-in-time
Current portion of asset retirement obligation (note 6) AssetRetirementObligationCurrent $1.09M USD Point-in-time
Current portion of asset retirement obligation (note 6) AssetRetirementObligationCurrent $734.00K USD Point-in-time
Total current liabilities LiabilitiesCurrent $32.98M USD Point-in-time
Total current liabilities LiabilitiesCurrent $36.01M USD Point-in-time
Asset retirement obligation, less current portion (note 6) AssetRetirementObligationsNoncurrent $28.67M USD Point-in-time
Asset retirement obligation, less current portion (note 6) AssetRetirementObligationsNoncurrent $32.38M USD Point-in-time
Deferred income and mining tax liability (note 7) DeferredIncomeTaxLiabilitiesNet $6.43M USD Point-in-time
Deferred income and mining tax liability (note 7) DeferredIncomeTaxLiabilitiesNet $6.45M USD Point-in-time
Lease liabilities, less current portion (note 15) LeaseLiabilityNonCurrent $4.92M USD Point-in-time
Lease liabilities, less current portion (note 15) LeaseLiabilityNonCurrent $5.61M USD Point-in-time
Long-term debt (note 17) LongTermDebt $24.64M USD Point-in-time
Long-term debt (note 17) LongTermDebt $24.60M USD Point-in-time
Long-term debt from related party (note 11 and note 17) DueToRelatedPartiesNoncurrent $24.60M USD Point-in-time
Long-term debt from related party (note 11 and note 17) DueToRelatedPartiesNoncurrent $24.64M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $4.08M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $5.76M USD Point-in-time
Total liabilities Liabilities $130.78M USD Point-in-time
Total liabilities Liabilities $131.00M USD Point-in-time
Common stock and additional paid-in capital, no par value, 500,000 shares authorized (in thousands); Common: 359,986 as of March 31, 2019 and 344,560 as of December 31, 2018 issued and outstanding (in thousands) (note 8) CommonStockValue $1.48B USD Point-in-time
Common stock and additional paid-in capital, no par value, 500,000 shares authorized (in thousands); Common: 359,986 as of March 31, 2019 and 344,560 as of December 31, 2018 issued and outstanding (in thousands) (note 8) CommonStockValue $1.46B USD Point-in-time
Warrants (note 8) WarrantsEquityLinkedFinancialInstrument $2.47M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-971.48M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-981.61M USD Point-in-time
Total shareholders' equity StockholdersEquity $485.95M USD Point-in-time
Total shareholders' equity StockholdersEquity $514.62M USD Point-in-time
Total shareholders' equity StockholdersEquity $498.20M USD Point-in-time
TOTAL LIABILITIES & SHAREHOLDERS EQUITY LiabilitiesAndStockholdersEquity $616.94M USD Point-in-time
TOTAL LIABILITIES & SHAREHOLDERS EQUITY LiabilitiesAndStockholdersEquity $628.98M USD Point-in-time
Income Statement 39 line items
Line Item Tag Value Unit Period
Revenue Revenues $41.28M USD 1 Quarter
Revenue Revenues $15.64M USD 1 Quarter
Revenue Revenues $41.28M USD Annual
Gross profit GrossProfit $14.89M USD 1 Quarter
Gross profit GrossProfit $2.47M USD 1 Quarter
Property holding CarryingCostsPropertyAndExplorationRights $1.61M USD 1 Quarter
Property holding CarryingCostsPropertyAndExplorationRights $1.41M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $3.87M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $5.19M USD 1 Quarter
Loss from investment in Minera Santa Cruz S.A. (note 5) IncomeLossFromEquityMethodInvestments $-212.00K USD 1 Quarter
Loss from investment in Minera Santa Cruz S.A. (note 5) IncomeLossFromEquityMethodInvestments $-2.31M USD 1 Quarter
Depreciation DepreciationDepletionAmortizationAndAccretion $152.00K USD 1 Quarter
Depreciation DepreciationDepletionAmortizationAndAccretion $360.00K USD 1 Quarter
Revision of estimates and accretion of asset reclamation obligations (note 6) AssetRetirementObligationReclamationGross $461.00K USD 1 Quarter
Revision of estimates and accretion of asset reclamation obligations (note 6) AssetRetirementObligationReclamationGross $294.00K USD 1 Quarter
Total other operating expenses CostsAndExpenses $12.97M USD 1 Quarter
Total other operating expenses CostsAndExpenses $19.30M USD 1 Quarter
Operating loss OperatingIncomeLoss $-4.41M USD 1 Quarter
Operating loss OperatingIncomeLoss $-10.49M USD 1 Quarter
Interest and other expense InterestIncomeExpenseNet $-134.00K USD 1 Quarter
Interest and other expense InterestIncomeExpenseNet $-513.00K USD 1 Quarter
Gain (loss) on investments (note 2) GainLossOnSaleOfInvestments $-2.73M USD 1 Quarter
Gain (loss) on investments (note 2) GainLossOnSaleOfInvestments $827.00K USD 1 Quarter
Foreign currency gain ForeignCurrencyTransactionGainLossBeforeTax $163.00K USD 1 Quarter
Foreign currency gain ForeignCurrencyTransactionGainLossBeforeTax $927.00K USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $477.00K USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $-1.94M USD 1 Quarter
Loss before income and mining taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-10.02M USD 1 Quarter
Loss before income and mining taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-6.35M USD 1 Quarter
Income and mining tax (expense) recovery (note 7) IncomeTaxExpenseBenefit $118.00K USD 1 Quarter
Income and mining tax (expense) recovery (note 7) IncomeTaxExpenseBenefit $-1.14M USD 1 Quarter
Net loss and comprehensive loss NetIncomeLoss $-10.14M USD 1 Quarter
Net loss and comprehensive loss NetIncomeLoss $-5.21M USD 1 Quarter
Basic and Diluted (in dollars per share) EarningsPerShareBasicAndDiluted $-0.03 USD 1 Quarter
Basic and Diluted (in dollars per share) EarningsPerShareBasicAndDiluted $-0.02 USD 1 Quarter
Basic and Diluted (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 337.06M shares 1 Quarter
Basic and Diluted (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 338.56M shares 1 Quarter
Shareholders' distribution declared per common share (note 8) ReturnOfCapitalDistributionDeclaredPerCommonShare $0.01 USD 3 Qtrs
Shareholders' distribution declared per common share (note 8) ReturnOfCapitalDistributionDeclaredPerCommonShare $0.01 USD 1 Quarter
Cash Flow Statement 67 line items
Line Item Tag Value Unit Period
Collection of VAT taxes receivable CollectionOfValueAddedTaxesReceivable $126.00K USD 1 Quarter
Collection of VAT taxes receivable CollectionOfValueAddedTaxesReceivable $1.97M USD 1 Quarter
Cash paid to suppliers and employees PaymentsToSuppliersAndEmployees $25.15M USD 1 Quarter
Cash paid to suppliers and employees PaymentsToSuppliersAndEmployees $35.10M USD 1 Quarter
Cash flow from revenues ProceedsFromCustomers $41.28M USD 1 Quarter
Cash flow from revenues ProceedsFromCustomers $15.64M USD 1 Quarter
Interest paid InterestPaidNet $1.32M USD 1 Quarter
Interest received ProceedsFromInterestReceived $50.00K USD 1 Quarter
Interest received ProceedsFromInterestReceived $3.00K USD 1 Quarter
Cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $-10.82M USD 1 Quarter
Cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $6.24M USD 1 Quarter
Additions to mineral property interests, plant and equipment and construction in progress PaymentsToAcquirePropertyPlantAndEquipment $16.51M USD 1 Quarter
Additions to mineral property interests, plant and equipment and construction in progress PaymentsToAcquirePropertyPlantAndEquipment $10.83M USD 1 Quarter
Proceeds from sale of investments (note 2) ProceedsFromSaleAndMaturityOfMarketableSecurities $2.66M USD 1 Quarter
Return of investment received from Minera Santa Cruz S.A. (note 5) ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $4.85M USD 1 Quarter
Return of investment received from Minera Santa Cruz S.A. (note 5) ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $2.02M USD 1 Quarter
Cash (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-3.32M USD 1 Quarter
Cash (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-14.49M USD 1 Quarter
Shareholders' distribution (note 8) PaymentsOfCapitalDistribution $1.69M USD 1 Quarter
Proceeds of exercise of stock options (note 8) ProceedsFromStockOptionsExercised $223.00K USD 1 Quarter
Proceeds of exercise of stock options (note 8) ProceedsFromStockOptionsExercised $40.00K USD 1 Quarter
Proceeds of at-the-market common share issuance (note 8) ProceedsFromIssuanceOfAtMarketCommonStock $1.85M USD 1 Quarter
Principal repayments on leases (note 15) RepaymentsOfDebtAndCapitalLeaseObligations $448.00K USD 1 Quarter
Proceeds from equity issued (note 8) ProceedsFromIssuanceOfCommonStock $19.32M USD 1 Quarter
Proceeds from warrants issued (note 8) ProceedsFromIssuanceOfWarrants $2.68M USD 1 Quarter
Share and warrant issuance costs (note 8) PaymentsOfStockIssuanceCosts $1.75M USD 1 Quarter
Share and warrant issuance costs (note 8) PaymentsOfStockIssuanceCosts $1.70M USD Point-in-time
Cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $21.88M USD 1 Quarter
Cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-1.65M USD 1 Quarter
Effect of exchange rate change on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $314.00K USD 1 Quarter
Effect of exchange rate change on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $-337.00K USD 1 Quarter
(Decrease) increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-3.77M USD 1 Quarter
(Decrease) increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $1.59M USD 1 Quarter
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $26.72M 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, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $30.49M 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, end of period (note 16) CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $26.72M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period (note 16) CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $38.74M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period (note 16) CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $30.49M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period (note 16) CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $37.15M USD Point-in-time
Net loss ProfitLoss $-5.21M USD 1 Quarter
Net loss ProfitLoss $-10.14M USD 1 Quarter
Loss from investment in Minera Santa Cruz S.A., net of amortization (note 5) IncomeLossFromEquityMethodInvestments $-212.00K USD 1 Quarter
Loss from investment in Minera Santa Cruz S.A., net of amortization (note 5) IncomeLossFromEquityMethodInvestments $-2.31M USD 1 Quarter
Loss (gain) on investments (note 2) GainLossOnSaleOfInvestments $-2.73M USD 1 Quarter
Loss (gain) on investments (note 2) GainLossOnSaleOfInvestments $827.00K USD 1 Quarter
Income and mining tax expense (recovery) (note 7) IncomeTaxCreditsAndAdjustments $-1.14M USD 1 Quarter
Income and mining tax expense (recovery) (note 7) IncomeTaxCreditsAndAdjustments $118.00K USD 1 Quarter
Stock-based compensation (note 9) StockOptionPlanExpense $61.00K USD 1 Quarter
Stock-based compensation (note 9) StockOptionPlanExpense $203.00K USD 1 Quarter
Revision of estimates and accretion of asset reclamation obligations (note 6) AccretionExpenseIncludingAssetRetirementObligations $461.00K 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
Adjustment to the asset retirement obligation estimate (note 6) AdjustmentToAssetRetirementObligationEstimate $301.00K USD 1 Quarter
Depreciation and amortizations MineralPropertyInterestsAndAssetRetirementObligationsAmortization $4.13M USD 1 Quarter
Depreciation and amortizations MineralPropertyInterestsAndAssetRetirementObligationsAmortization $3.19M USD 1 Quarter
Foreign exchange gain (loss) ForeignCurrencyTransactionGainLossUnrealized $314.00K USD 1 Quarter
Foreign exchange gain (loss) ForeignCurrencyTransactionGainLossUnrealized $-337.00K USD 1 Quarter
(Increase) decrease in VAT taxes receivable, net of collection of $126 (2018 - $1,968) IncreaseDecreaseInValueAddedTaxReceivable $-146.00K USD 1 Quarter
(Increase) decrease in VAT taxes receivable, net of collection of $126 (2018 - $1,968) IncreaseDecreaseInValueAddedTaxReceivable $151.00K USD 1 Quarter
(Increase) decrease in other assets related to operations IncreaseDecreaseInOtherOperatingAssets $-4.34M USD 1 Quarter
(Increase) decrease in other assets related to operations IncreaseDecreaseInOtherOperatingAssets $5.73M USD 1 Quarter
(Decrease) increase in liabilities related to operations IncreaseDecreaseInOperatingLiabilities $1.20M USD 1 Quarter
(Decrease) increase in liabilities related to operations IncreaseDecreaseInOperatingLiabilities $-757.00K USD 1 Quarter
Cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $-10.82M USD 1 Quarter
Cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $6.24M USD 1 Quarter
Stockholders Equity 19 line items
Line Item Tag Value Unit Period
Balance StockholdersEquity $485.95M USD Point-in-time
Balance StockholdersEquity $514.62M USD Point-in-time
Balance StockholdersEquity $498.20M USD Point-in-time
Adoption of ASU 2016-01 (note 2) CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $100.00K USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 $521.27M USD Point-in-time
Stock-based compensation (note 9) StockIssuedDuringPeriodValueShareBasedCompensation $61.00K USD 1 Quarter
Stock-based compensation (note 9) StockIssuedDuringPeriodValueShareBasedCompensation $203.00K USD 1 Quarter
Sale of common stock (note 8) StockIssuedDuringPeriodValueNewIssues $20.30M USD Point-in-time
Sale of common stock (note 8) (in shares) StockIssuedDuringPeriodSharesNewIssues 14.19M shares Point-in-time
Warrants issued in connection with registered direct offering (note 8) WarrantsEquityLinkedFinancialInstrument $2.47M USD Point-in-time
Common stock issued in connection with registered direct offering (note 8) StockIssuedDuringPeriodValueAcquisitions $17.79M USD 1 Quarter
Exercise of stock options (note 8) StockIssuedDuringPeriodValueStockOptionsExercised $40.00K USD 1 Quarter
Exercise of stock options (note 8) StockIssuedDuringPeriodValueStockOptionsExercised $223.00K USD 1 Quarter
Shareholder distributions (note 8) StockholdersEquityPaymentsOfCapitalDistribution $1.69M USD 1 Quarter
Net (loss) income NetIncomeLoss $-10.14M USD 1 Quarter
Net (loss) income NetIncomeLoss $-5.21M USD 1 Quarter
Balance StockholdersEquity $485.95M USD Point-in-time
Balance StockholdersEquity $514.62M USD Point-in-time
Balance StockholdersEquity $498.20M USD Point-in-time

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

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