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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 March 31, 2006
[_] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period to
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Commission file number 33-00215
UNITED STATES ANTIMONY CORPORATION
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(Name of small business issuer in its charter)
MONTANA 81-0305822
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P.O. BOX 643, THOMPSON FALLS, MONTANA 59873
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (406) 827-3523
Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer.
Large accelerated filer ____ Accelerated filer ____ Non-accelerated filer ____
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 [_]
Indicate by check mark whether the registrant is a shell company as defined by
Rule 12b-2 of the Exchange act. YES [_] No [X]
Transitional Small Business Disclosure Format YES [_] No [X]
At May 15, 2006, the registrant had outstanding 35,020,668 shares of par value
$0.01 common stock.
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UNITED STATES ANTIMONY CORPORATION
QUARTERLY REPORT ON FORM 10-QSB
FOR THE PERIOD
ENDED MARCH 31, 2006
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...............................................9
PART II - OTHER INFORMATION
Item 1: Legal Proceedings....................................................10
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds..........10
Item 3: Defaults among Senior Securities.....................................10
Item 4: Submission of Matters to a Vote of Security Holders..................10
Item 5: Other Information....................................................10
Item 6: Exhibits and Reports on Form 8-K.....................................10
SIGNATURE.....................................................................11
CERTIFICATIONS................................................................12
[The balance of this page has been intentionally left blank.]
PART I-FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
MARCH 31, DECEMBER 31,
2006 2005
------------ ------------
ASSETS
Current assets:
Cash $ 53,314 $ 287,841
Accounts receivable, less allowance for doubtful accounts
of $30,000 161,053 109,314
Inventories 204,920 189,743
------------ ------------
Total current assets 419,287 586,898
Properties, plants and equipment, net 1,066,780 930,555
Restricted cash for reclamation bonds 86,917 86,917
Deferred financing costs, net amortization 15,000 15,000
------------ ------------
Total assets $ 1,587,984 $ 1,619,370
============ ============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Checks issued and payable $ 53,434 $ 61,366
Accounts payable 608,082 561,381
Accrued payroll and related taxes 97,933 104,040
Other accrued liabilities 73,780 78,674
Deferred revenue 62,590 70,000
Accrued interest payable 63,743 53,582
Payable to related parties 267,524 276,356
Long-term debt, current 154,276 130,801
Accrued reclamation costs, current 71,250 75,000
------------ ------------
Total current liabilities 1,452,612 1,411,200
Convertible notes payable 350,000 350,000
Long-term debt, noncurrent 560,584 508,503
Accrued reclamations costs, noncurrent 71,250 67,500
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Total liabilities 2,434,446 2,337,203
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Commitments and contingencies (Note 3) Stockholders' deficit:
Preferred stock, $0.01 par value, 10,000,000 shares authorized:
Series B: 750,000 shares issued and outstanding 7,500 7,500
Series C: 177,904 shares issued and outstanding 1,779 1,779
Series D: 1,909,672 and 2,013,672 shares issued
and outstanding 20,136 20,136
Common stock, $0.01 par value, 50,000,000 shares authorized;
35,020,668 and 34,445,666 issued and outstanding 350,207 344,457
Additional paid-in capital 19,133,385 18,966,635
Accumulated deficit (20,359,469) (20,058,340)
------------ ------------
Total stockholders' deficit (846,462) (717,833)
------------ ------------
Total liabilities and stockholders' deficit $ 1,587,984 $ 1,619,370
============ ============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
1
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
MARCH 31, MARCH 31,
2006 2005
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ANTIMONY DIVISION
Revenues $ 761,738 $ 722,535
------------ ------------
Cost of sales:
Production costs 544,574 483,704
Depreciation 6,080 10,300
Freight and delivery 51,148 50,384
General and administrative 9,640 6,233
Direct sales expense 16,021 13,766
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627,463 564,387
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Income from operations - antimony 134,275 158,148
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ZEOLITE DIVISION
Revenues 210,020 309,989
------------ ------------
Cost of sales:
Production costs 266,808 258,395
Depreciation 27,257 18,200
Freight and delivery 10,895 22,562
General and administrative 21,512 31,771
Royalties 27,085 39,528
Direct sales expense 13,170 19,469
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366,727 389,925
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Loss from operations - zeolite (156,707) (79,936)
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Income from operations - combined (22,432) 78,212
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Other (income) expense:
Corporate general and administrative 102,985 81,437
Exploration expense 133,650 0
USAMSA investment adjustment 0 882
Interest income and other 0 (332)
Interest expense, net 23,066 35,486
Factoring expense 18,996 28,259
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Net other expense 278,697 145,732
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Net loss $ (301,129) $ (67,520)
============ ============
Net loss per share of common stock - basic $ (0.01) $ Nil
============ ============
Basic weighted average shares outstanding 34,610,907 31,542,593
============ ============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
2
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED
----------------------------
MARCH 31, MARCH 31,
2006 2005
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Cash flows from operating activities:
Net loss $ (301,129) $ (67,520)
Adjustments to reconcile net loss to
net cash used by operating activities:
Depreciation and amortization 33,338 31,257
Change in:
Restricted cash 0 2,095
Accounts receivable (51,739) 4,460
Inventories (15,177) (1,397)
Accounts payable 46,701 (13,644)
Accrued payroll and related taxes (6,107) 23,551
Other accrued liabilities (4,894) (5,030)
Deferred revenue (7,410) (4,084)
Accrued interest payable 10,161 5,838
Payable to related parties (8,832) 3,632
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Net cash used by operating activities (305,088) (20,842)
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Cash flows from investing activities:
Purchase of properties, plants and equipment (31,063) (108,812)
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Net cash used by investing activities (31,063) (108,812)
------------ ------------
Cash flows from financing activities:
Proceeds from issuance of common stock 104,000 0
Proceeds from exercise of common stock warrants 25,000 28,000
Principal payments on notes payable to bank (19,444) 0
Proceeds from notes payable to bank 0 7,782
Change in checks issued and payable (7,932) 82,230
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Net cash provided by financing activities 101,624 118,012
------------ ------------
Net change in cash (234,527) (11,642)
Cash, beginning of period 287,841 0
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Cash, end of period $ 53,314 $ 0
============ ============
Supplemental disclosures:
Non cash investing and financing activities:
Common stock issued for acquisition of property, plant & equipment $ 43,500
============
Property, plant & equipment acquired with payable $ 95,000
============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
3
PART I - FINANCIAL INFORMATION, CONTINUED:
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
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 of only normal
recurring accruals) considered necessary for a fair presentation of the interim
financial statements have been included. Operating results for the three month
period ended March 31, 2006 are not necessarily indicative of the results that
may be expected for the full year ending December 31, 2005. Certain consolidated
financial statement amounts for the three month period ended March 31, 2005 have
been reclassified to conform to the 2006 presentation. These reclassifications
had no effect on the net loss or accumulated deficit as previously reported.
At December 31, 2006, the Company owned 50% of United States Antimony, Mexico
S.A. de C.V. ("USAMSA"). The Company accounted for this investment interest
using the equity method. In March, 2006, the Company acquired the other 50% of
USAMSA. USAMSA is included in the consolidated financial information at March
31, 2006 and intercompany balances and transactions have been eliminated in
consolidation.
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,
2005.
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 (approximately 8,400,000 at March 31, 2006) and common
stock issuable upon the conversion of debentures (approximately 1,750,000 at
March 31, 2006) 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 believes its reclamation is
substantially complete.
4
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3. COMMITMENTS AND CONTINGENCIES, CONTINUED:
In November of 2001, the Environmental Protection Agency ("EPA") listed two
by-products of the Company's antimony oxide manufacturing process as hazardous
wastes under subtitle C of the Resource Conservation and Recovery Act ("RCRA"),
and emergency notification requirements for releases to the environment under
CERCLA. On November 26, 2002, the Company received a notice of violation related
to a hazardous waste discharge that was discovered during a hazardous waste
compliance evaluation inspection conducted at the Company's Thompson Falls
antimony facility. In response to the notice, the Company removed certain
antimony materials from its production area and agreed to ensure that future
releases of hazardous waste would not occur.
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. 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 not presented elsewhere with respect to segments for the three month
period ended March 31, 2006 and 2005 are as follows:
Capital expenditures:
Antimony $ 300,999 $ 0
Zeolite 19,063 108,812
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320,062 $ 108,812
========== ==========
5. RECLASSIFICATIONS
Certain prior period amounts have been reclassified to conform to the 2006
financial statement presentation. These reclassifications have no effect on net
loss as previously reported.
6. ADOPTION OF NEW ACCOUNTING PRINCIPLE
On January 1, 2006, the Company adopted Statement of Financial Accounting
Standards No. 123 (revised 2004), "Share-Based Payment," ("SFAS 123(R)") which
requires the measurement of the cost of employee services received in exchange
for an award of an equity instrument based on the grant-date fair value of the
award. SFAS 123(R) supersedes previous accounting guidance under the intrinsic
value method prescribed by Accounting Principles Board Opinion No. 25,
"Accounting for Stock Issued to Employees" ("APB 25").
The Company adopted SFAS 123(R) using the modified prospective transition
method, which requires the application of the accounting standard as of January
1, 2006. There was no impact on the financial statements as of and for the three
months ended March 31, 2006 as a result of the adoption of SFAS 123(R). In
accordance with the modified prospective transition method, the financial
statements for prior periods have not been restated to reflect, and do not
include, the impact of SFAS 123(R).
5
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
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 MARCH 31, 2006 COMPARED TO THE THREE MONTH
PERIOD ENDED MARCH 31, 2005.
The Company's operations resulted in a net loss of $301,129 for the three-month
period ended March 31, 2006, compared with a net loss of $67,520 for the same
period ended March 31, 2005. The increase in the loss for the first quarter of
2006 compared to the similar period of 2005 is primarily due to an increase in
expenses related to the exploration and development of the Mexican Project. In
2005, USAC formed a Mexican Company called Antimonio de Mexico, S. A. e C. V.
("ADM"). ADM then signed an exclusive contract to explore and exploit a 40
hectar concession in the State Queretaro, Mexico with an option to purchase. A
Mexican Government Monograph (Consejo de Recursos Minerales Publicacio M-4e)
reported a resource of 1,000,000 metric tons having a grade of 1.8% antimony and
8.1 ounces per ton silver. During the first quarter of 2006, ADM obtained 466
hectars nearby that represents a continuation of the mineralized zone. ADM then
purchased the other 50% of the outstanding stock of United States Antimony de
Mexico S. A. de C. V. ("USAMSA") giving USAC a 100% ownership in USAMSA through
ADM. USAMSA operated an antimony smelting facility in the State of Coiahuila
that has been shut down since 1996. ADM also purchased the real property
consisting of 6 hectars and all the equipment at the smelter site. Although some
of these purchases have been capitalized and others identified as expenses for
the Mexican project, there are many of the organizational and travel expenses
that have been adsorbed as USAC exploration expenses that adversely impact the
profitability of the USAC Antimony Division.
Antimony Division
-----------------
Total revenues from antimony product sales for the first quarter of 2006 were
$761,738 compared with $722,535 for the comparable quarter of 2005, an increase
of $39,203. During the three-month period ended March 31, 2006, 72% of the
Company's revenues from antimony product sales were from sales to one customer.
Sales of antimony products during the first quarter of 2006 consisted of 396,300
pounds at an average sale price of $1.85 per pound. During the first quarter of
2005 sales of antimony products consisted of 528,376 pounds at an average sale
price of $1.37 per pound.
The cost of antimony production was $544,574, or $1.37 per pound sold, during
the first quarter of 2006 compared to $483,704 or $0.92 per pound sold, during
the first quarter of 2005. The increase in price per pound was due to the
increased costs of raw material, electricity and fuel.
Antimony depreciation for the first quarter of 2006 was $6,080 compared to
$10,300 for the first quarter of 2005. The decrease in depreciation directly
related to equipment being fully depreciated.
Antimony freight and delivery for the first quarter of 2006 was $51,148 compared
to $50,384 of freight and delivery expense during the first quarter of 2005.
General and administrative expenses in the antimony division were $9,640 during
the first quarter of 2006 compared to $6,233 during the same quarter of 2005.
The increase is directly related to the increased travel expense related to
researching new raw material sources.
6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION CONTINUED
Antimony sales expenses were $16,021 in the first quarter of 2006 and were
comparable with $13,766 during the first quarter of 2005.
Zeolite Division
----------------
Sales of zeolite products during the first quarter of 2006 were $210,020
compared with the same quarter sales in 2005 of $309,989. The decrease in sales
for the first quarter of 2006 compared to the same quarter of 2005 was due to
the loss of one customer's business.
The cost of zeolite production was $266,808 for the first quarter of 2006
compared to $258,395 during the first quarter of 2005. The increase was
principally due to the increased cost of production and supplies.
Zeolite depreciation for the first quarter of 2006 was $27,258 compared to
$18,200 for the first quarter of 2005. The increase in depreciation is due to
the continued purchase of capital assets associated with zeolite production.
Zeolite freight and delivery for the first quarter of 2006 was $10,895 compared
to $22,562 for the first quarter of 2005. The decrease is due to customers using
their own trucking.
During the first quarter of 2006, the Company incurred costs totaling $21,512
associated with zeolite general and administrative expenses compared to $31,771
of such expenses in the comparable quarter of 2005.
Zeolite sales expenses were $13,170 during the first quarter of 2006 compared to
$19,469 during the first quarter of 2005. The decrease is directly related to
the loss of one customers business.
Administrative Operations
-------------------------
Interest expense of $23,066 was incurred during the first quarter of 2006
compared to $35,486 during the first quarter of 2005.
Accounts receivable factoring expense was $18,996 during the first quarter of
2006 compared to $28,259 during the first quarter of 2005. The decrease was
primarily due to a decrease in zeolite sales.
General and administrative expenses for the corporation were $102,985 during the
first quarter of 2006 compared to $81,437 for the same quarter in 2005. The
increase is primarily due to the increase in general and administrative
activities associated with the Mexican Project.
FINANCIAL CONDITION AND LIQUIDITY
At March 31, 2006, Company assets totaled $1,587,984, and there was a
stockholders' deficit of $846,462. The stockholders' deficit increased $128,629
from December 31, 2005, primarily due to the operating loss during the three
months ended March 31, 2006. At March 31, 2006 the Company's total current
liabilities exceeded its total current assets by $1,033,325. 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 2005
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 to acquire additional capital resources through the sale of its
securities or from short and long-term debt financing. 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 profitable operations and meet its financial
obligations, there can be no assurance of such. The Company's management is
confident, however, that it will be able to generate cash from operations and
financing sources that will enable it to meet its obligations over the next
twelve months.
7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION CONTINUED
Cash used by operating activities during the first three months of 2006 was
$305,088, and resulted from net loss of $301,129 during the first three months
of 2006 as adjusted by increasing accounts payable, increasing inventories and
the non-cash affects of depreciation expenses.
Cash used by investing activities during the first three months of 2006 was
$31,063 and primarily related to purchase of property, plant & equipment at Bear
River Zeolite and the Mexican Project.
Net cash provided by financing activities was $101,624 during the first three
months of 2006 was primarily generated from proceeds from the sale of common
stock and warrants.
ITEM 3. CONTROLS AND PROCEDURES
The term "disclosure controls and procedures" is defined in Rules 13a-15(e) and
15d-15(e) of the Securities Exchange Act of 1934, or the Exchange Act. This term
refers to the controls and procedures of a company that are designed to ensure
that information required to be disclosed by a company in the reports that it
files or submits under the Exchange Act is recorded, processed, summarized and
reported within the time periods specified by the Securities and Exchange
Commission.
In connection with the review of the Company's consolidated financial statements
for the three month period ended March 31, 2005, the Company's independent
registered public accounting firm advised the Board of Directors and management
of certain significant internal control deficiencies that they considered to be,
in the aggregate, a material weakness. In particular, our independent registered
public accounting firm identified the following weaknesses in our internal
control systems: (1) lack of segregation of duties and (2) lack of formal
procedures relating to all areas of financial reporting including a lack of
review by management. The independent registered public accounting firm
indicated that they considered these deficiencies to be reportable conditions as
that term is defined under standards established by the American Institute of
Certified Public Accountants. A material weakness is a significant deficiency in
one or more of the internal control components that alone or in the aggregate
precludes our internal controls from reducing to an appropriately low level of
risk that material misstatements in our financial statements will not be
prevented or detected on a timely basis. The Company considered these matters in
connection with the period-end closing of accounts and preparation of related
consolidated financial statements and determined that no prior period financial
statements were materially affected by such matters. We believe that the
material weakness began in 2003 and existed at the end of the period covered by
this report.
The size of the Company has prevented us from being able to employ sufficient
resources at this time to enable us to have an adequate level of supervision and
segregation of duties within our internal control system. We will continue to
monitor and assess the costs and benefits of additional staffing within the
Company. However, we have not taken any formal steps at this time to correct the
material weaknesses identified by our independent registered public accounting
firm. If we are unable to correct these material weaknesses, there is more than
a remote likelihood that a material misstatement to our SEC reports will not be
prevented or detected, in which case investors could lose confidence in the
accuracy and completeness of our financial reports. This could have an adverse
effect on our ability to raise additional capital and could also have an adverse
effect on our stock price.
8
ITEM 3. CONTROLS AND PROCEDURES, CONTINUED:
As required by the SEC rules, we have evaluated the effectiveness of the design
and operation of the Company's disclosure controls and procedures as of the end
of the period covered by this Quarterly Report. This evaluation was performed
under the supervision and with the participation of the Company's management,
including the President and Chief Executive Officer and Vice President Finance,
Secretary and Treasurer. Based upon that evaluation, our President and Chief
Executive Officer and Vice President Finance, Secretary and Treasurer have
concluded that the Company's controls and procedures were not effective as of
the end of the period covered by this Quarterly Report due to inadequate
supervision and segregation of duties.
There has been no change in the Company's internal controls over financial
reporting during the quarter ended March 31, 2006, that has materially affected,
or is reasonably likely to materially affect, the Company's internal controls
over financial reporting.
9
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During the three month period ended March 31, 2006 the Company sold 346,668
shares of its restricted common stock for $0.30 per share or $104,000 and issued
83,334 shares of its restricted common stock to exercising warrant holders for
approximately $0.30 per share or $25,000.
In addition, during the three month period ended March 31, 2006, the Company
exchanged 145,000 shares of its restricted common stock for land and equipment
in relation to the Mexican Project of $43,500 ($0.30 per share).
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
None
Reports on Form 8-K None
10
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. Lawrence Date: May 19, 2006
----------------------- --------------
John C. Lawrence, Director and President
(Principal Executive, Financial and Accounting Officer)
11