Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. DYNARESOURCE INC (1111741) 10-Q published on May 10, 2021 at 5:31 pm
Reporting Period: Mar 30, 2021
At March 31, 2021 2,166,527 shares of potentially dilutive common stock related to outstanding stock warrants and 2,227,312 shares of potentially dilutive common stock related to convertible debt were excluded from the diluted earnings per share calculation because the exercise and conversion prices exceeded the average stock price and therefore their effect would be anti-dilutive.
At March 31, 2020 potentially dilutive common shares related to stock warrants and convertible debt were excluded from the diluted earning per share computation because the Company incurred a net loss and therefore their effect would be anti-dilutive.
On April 16, 2021, the U.S. Court of Appeals for the 10th Circuit Court issued a Ruling which denied the DynaUSA and DynaMéxico Appeal of the August 24, 2016 Arbitration Award in favor of Goldgroup Resources, Inc. In denying the Appeal of DynaUSA and DynaMéxico, the Arbitration Award in favor of Goldgroup was affirmed.
Net cash provided by (used in) operations for the three months ended March 31, 2021 and 2020 was $3,004,325 and $(1,095,765), respectively. The increase is primarily the result of the Company’s increase in customer advances as a result of the Company’s increased production in its mining and pilot milling operations during the three months in 2021 over the three months in 2020.
Net cash provided by (used in) financing activities for the three months ended March 31, 2021 and 2020 was $(17,291) and $884,006, respectively. In the 2020 period, the Company received advances from shareholders totaling $900,000. The Company used $(17,291) and $(15,994) for repayments of long-term debt in the three months ended March 31, 2021 and 2020, respectively.