HVBC 2016 Annual Report

TABLE OF CONTENTS PART I .................................................................................................................................................................. 2 Item 1. Business.............................................................................................................................. 2 Item 1A. Risk Factors........................................................................................................................ 31 Item 1B. Unresolved Staff Comments .............................................................................................. 31 Item 2. Properties............................................................................................................................ 32 Item 3. Legal Proceedings .............................................................................................................. 32 Item 4. Mine Safety Disclosures..................................................................................................... 32 PART II ................................................................................................................................................................. 33 Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities ....................................................................................... 33 Item 6. Selected Financial Data....................................................................................................... 34 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations ...................................................................................................................... 36 Item 7A. Quantitative and Qualitative Disclosures About Market Risk............................................ 48 Item 8. Financial Statements and Supplementary Data................................................................... 49 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure....................................................................................................................... 96 Item 9A. Controls and Procedures ..................................................................................................... 96 Item 9B. Other Information ............................................................................................................... 96 PART III ............................................................................................................................................................... 97 Item 10. Directors, Executive Officers and Corporate Governance ................................................. 97 Item 11. Executive Compensation .................................................................................................... 97 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters....................................................................................................... 97 Item 13. Certain Relationships and Related Transactions, and Director Independence ................... 97 Item 14. Principal Accountant Fees and Services............................................................................. 97 PART IV ................................................................................................................................................................ 98 Item 15. Exhibits and Financial Statement Schedules ...................................................................... 98 Item 16. Form 10-K Summary.......................................................................................................... 99 SIGNATURES ...................................................................................................................................................... 100