$ENRT
Enertopia Corp.

2023 Q3 Form 10-Q Financial Statement

#000106299323014844 Filed on July 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $125.7K $117.2K
YoY Change -33.79% 3.88%
% of Gross Profit
Research & Development $89.05K $466.8K
YoY Change -70.11% 1081.12%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $214.7K $584.0K
YoY Change -55.97% 230.28%
Operating Profit -$584.0K
YoY Change 230.28%
Interest Expense -$326.3K -$555.4K
YoY Change 2.35% -25218.95%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$541.0K -$1.139M
YoY Change -32.92% -131.34%
Income Tax
% Of Pretax Income
Net Earnings -$540.7K -$1.139M
YoY Change -32.95% -131.33%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share $0.00 -$0.01
COMMON SHARES
Basic Shares Outstanding 155.2M shares 155.2M shares
Diluted Shares Outstanding 155.2M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.249M $1.777M
YoY Change -59.17% -53.2%
Cash & Equivalents $259.6K $240.3K
Short-Term Investments $989.3K $1.537M
Other Short-Term Assets $89.34K $77.56K
YoY Change -35.87% -30.46%
Inventory
Prepaid Expenses $89.34K $77.56K
Receivables $9.482K $5.800K
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.348M $1.860M
YoY Change -57.93% -52.44%
LONG-TERM ASSETS
Property, Plant & Equipment $10.50K $10.50K
YoY Change 0.0% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $10.50K $10.50K
YoY Change 0.0% 0.0%
TOTAL ASSETS
Total Short-Term Assets $1.348M $1.860M
Total Long-Term Assets $10.50K $10.50K
Total Assets $1.358M $1.871M
YoY Change -57.74% -52.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $315.4K $287.1K
YoY Change 7.48% 0.17%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $332.6K $304.3K
YoY Change -7.06% -17.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $332.6K $304.3K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $332.6K $303.9K
YoY Change -7.06% -17.15%
SHAREHOLDERS EQUITY
Retained Earnings -$14.53M -$13.99M
YoY Change 14.43% 17.64%
Common Stock $155.2K $155.2K
YoY Change 0.03% 0.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.026M $1.567M
YoY Change
Total Liabilities & Shareholders Equity $1.358M $1.871M
YoY Change -57.74% -52.3%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$540.7K -$1.139M
YoY Change -32.95% -131.33%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$205.8K -$405.5K
YoY Change -50.87% 175.9%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $225.1K $340.5K
YoY Change -67.89%
Cash From Investing Activities $225.1K $340.5K
YoY Change -67.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -205.8K -405.5K
Cash From Investing Activities 225.1K 340.5K
Cash From Financing Activities 0.000 0.000
Net Change In Cash 19.28K -64.95K
YoY Change -104.6% -107.19%
FREE CASH FLOW
Cash From Operating Activities -$205.8K -$405.5K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$205.8K -$405.5K
YoY Change -50.87% 197.13%

Facts In Submission

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dei Document Fiscal Year Focus
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us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>c.</strong> <strong>Accounting Estimates</strong></span></span></p> <p style="text-align:justify;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of financial statements in conformity with U.S GAAP requires us to make certain estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Some of the Company's accounting policies require us to make subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. These accounting policies involve critical accounting estimates because they are particularly dependent on estimates and assumptions made by management about matters that are highly uncertain at the time the accounting estimates are made. Although we have used our best estimates based on facts and circumstances available to us at the time, different estimates reasonably could have been used. Changes in the accounting estimates used by the Company are reasonably likely to occur from time to time, which may have a material effect on the presentation of financial condition and results of operations.</span></span></p> </div> <div> <p style="text-align:justify;margin-top:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company reviews these estimates, judgments and assumptions periodically and reflect the effects of revisions in the period in which they are deemed to be necessary. We believe that these estimates are reasonable; however, actual results could differ from these estimates.</span></span></p> <p style="text-align:justify;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Significant accounting estimates and assumptions are used for, but not limited to:</span></span></p> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a) The Valuation of Deferred Tax Assets</span></span></p> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Judgement is required in determining whether deferred tax assets are recognized on the balance sheet. The recognition of deferred tax assets requires management to assess the likelihood that the Company will generate taxable income in future periods to utilize the deferred tax assets. Due to the Company's history of losses, deferred tax assets have not been recognized by the Company.</span></span></p> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">b) Value of Stock Options</span></span></p> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company provides compensation benefits to its employees, directors, officers, and consultants, through a stock option plan. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. Expected volatility assumption used in the model is based on the historical volatility of the Company's share price. The Company uses historical data to estimate the period of option exercises for use in the valuation model. The risk-free interest rate for the expected term of the option is based on the yields of government bonds. Changes in these assumptions, especially the share price volatility and the expected life determination could have a material impact on the Company's profit and loss for the periods presented. All estimates used in the model are based on historical data which may not be representative of future results.</span></span></p> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">c) Fair value of shares issued in non cash transactions</span></span></p> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company at times grants common shares in lieu of cash to certain vendors for their services to the Company. The Company recognizes the associated cost in the same period and manner as if the Company paid cash for the services provided by calculating the fair value of the share offering at the cost of the service provided.</span></span></p> </div>
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div> <p style="text-align:justify;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>g.</strong> <strong>Comparative Information</strong></span></span></p> <p style="text-align:justify;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company reclassified certain balances related to operations in the comparative period to conform with the current presentation. There has been no impact on net loss, comprehensive loss, or net assets as a result of the changes.</span></span></p> </div>
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CY2023Q2 us-gaap Net Income Loss
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Files In Submission

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