2021 Q4 Form 10-K Financial Statement
#000106299321009984 Filed on October 29, 2021
Income Statement
Concept | 2021 Q4 | 2021 Q3 | 2021 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $427.6K | $539.6K | $2.389M |
YoY Change | -58.88% | 81.89% | 49.5% |
% of Gross Profit | |||
Research & Development | $54.52K | $186.1K | $782.3K |
YoY Change | -71.21% | -70.32% | -52.21% |
% of Gross Profit | |||
Depreciation & Amortization | $6.230K | $6.570K | $25.58K |
YoY Change | 0.32% | 15.26% | 11.27% |
% of Gross Profit | |||
Operating Expenses | $511.1K | $754.7K | $3.286M |
YoY Change | -59.38% | -20.8% | -1.59% |
Operating Profit | |||
YoY Change | |||
Interest Expense | $298.1K | $178.6K | $119.5K |
YoY Change | 29.58% | -119.49% | 18.32% |
% of Operating Profit | |||
Other Income/Expense, Net | $700.00 | $610.00 | $4.890K |
YoY Change | -74.55% | -94.44% | -97.4% |
Pretax Income | -$212.3K | -$575.5K | -$1.604M |
YoY Change | -79.3% | -69.03% | -70.69% |
Income Tax | $0.00 | ||
% Of Pretax Income | |||
Net Earnings | -$212.3K | -$575.5K | -$1.604M |
YoY Change | -79.3% | -69.03% | -70.69% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | -$0.01 | -$0.06 | |
Diluted Earnings Per Share | -$7.930K | -$21.19K | -$60.02K |
COMMON SHARES | |||
Basic Shares Outstanding | 26.77M shares | 26.72M shares | |
Diluted Shares Outstanding | 26.77M shares | 26.72M shares |
Balance Sheet
Concept | 2021 Q4 | 2021 Q3 | 2021 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $397.1K | $773.3K | $773.3K |
YoY Change | -86.09% | -77.11% | -77.11% |
Cash & Equivalents | $397.1K | $773.3K | |
Short-Term Investments | |||
Other Short-Term Assets | $319.1K | $339.0K | $339.0K |
YoY Change | -7.95% | -6.77% | -6.77% |
Inventory | |||
Prepaid Expenses | $319.1K | $339.0K | |
Receivables | $47.25K | $44.11K | $44.11K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $763.4K | $1.156M | $1.156M |
YoY Change | -76.35% | -69.26% | -69.26% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $569.6K | $575.8K | $4.725M |
YoY Change | -87.99% | -4.25% | -0.54% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $4.719M | $4.725M | $4.725M |
YoY Change | -0.54% | -0.54% | -0.54% |
TOTAL ASSETS | |||
Total Short-Term Assets | $763.4K | $1.156M | $1.156M |
Total Long-Term Assets | $4.719M | $4.725M | $4.725M |
Total Assets | $5.482M | $5.881M | $5.881M |
YoY Change | -31.24% | -30.91% | -30.91% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $269.0K | $165.9K | $165.9K |
YoY Change | -23.05% | -60.05% | -60.05% |
Accrued Expenses | |||
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $289.0K | $199.9K | $199.9K |
YoY Change | -21.83% | -59.6% | -59.6% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $1.038M | $976.6K | $976.6K |
YoY Change | 29.69% | 31.59% | 31.59% |
Other Long-Term Liabilities | $104.7K | $441.8K | $441.8K |
YoY Change | -94.66% | -80.08% | -80.08% |
Total Long-Term Liabilities | $1.142M | $1.418M | $1.418M |
YoY Change | -58.63% | -52.09% | -52.09% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $289.0K | $199.9K | $199.9K |
Total Long-Term Liabilities | $1.142M | $1.418M | $1.418M |
Total Liabilities | $1.431M | $1.618M | $1.618M |
YoY Change | -54.29% | -53.16% | -53.16% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$19.54M | ||
YoY Change | 8.94% | ||
Common Stock | $26.77K | $26.77K | |
YoY Change | 1.26% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $4.051M | $4.263M | $4.263M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $5.482M | $5.881M | $5.881M |
YoY Change | -31.24% | -30.91% | -30.91% |
Cashflow Statement
Concept | 2021 Q4 | 2021 Q3 | 2021 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$212.3K | -$575.5K | -$1.604M |
YoY Change | -79.3% | -69.03% | -70.69% |
Depreciation, Depletion And Amortization | $6.230K | $6.570K | $25.58K |
YoY Change | 0.32% | 15.26% | 11.27% |
Cash From Operating Activities | -$376.2K | -$761.7K | -$2.854M |
YoY Change | -51.28% | -11.89% | -6.94% |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | |||
YoY Change | |||
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 | $248.2K |
YoY Change | -100.0% | -100.0% | -96.02% |
NET CHANGE | |||
Cash From Operating Activities | -376.2K | -761.7K | -$2.854M |
Cash From Investing Activities | |||
Cash From Financing Activities | 0.000 | 0.000 | $248.2K |
Net Change In Cash | -376.2K | -761.7K | -$2.606M |
YoY Change | -28.2% | -132.37% | -182.33% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$376.2K | -$761.7K | -$2.854M |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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<div> <p style="margin-bottom:0pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1.</strong><span style="width:28.5pt;text-indent:0pt;display:inline-block"> </span><strong>NATURE AND CONTINUANCE OF OPERATIONS</strong></span></span></p> <div> <div> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Rise Gold Corp. (the "Company") was originally incorporated as Atlantic Resources Inc. in the State of Nevada on February 9, 2007 and is in the exploration stage. On April 11, 2012, the Company merged its wholly-owned subsidiary, Patriot Minefinders Inc., a Nevada corporation, in and to the Company to effect a name change to Patriot Minefinders Inc. On January 14, 2015, the Company completed a name change to Rise Resources Inc. in the same manner. On March 29, 2017, the Company changed its name to Rise Gold Corp. These mergers were carried out solely for the purpose of effecting these changes of names.</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">On September 18, 2020, the Company increased its authorized capital from 40,000,000 shares to 400,000,000 shares. </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">On January 29, 2016, the Company completed an initial public offering in Canada and began trading on the Canadian Securities Exchange ("CSE") on February 1, 2016.</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 is in the early stages of exploration and as is common with any exploration company, it raises financing for its acquisition activities. The accompanying consolidated financial statements have been prepared on the going concern basis, which presumes that the Company will continue operations for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. The Company has incurred a loss of $1,603,878 for the year ended July 31, 2021 and has accumulated a deficit of $19,544,477. The ability of the Company to continue as a going concern is dependent on the Company's ability to maintain continued support from its shareholders and creditors and to raise additional capital and implement its business plan. There is no assurance that the Company will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. However, management believes that the Company has sufficient working capital to meet its projected minimum financial obligations for the next fiscal year. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</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">In March 2020, the novel coronavirus outbreak ("COVID-19") was declared a pandemic by the World Health Organization. The situation is dynamic and the ultimate duration and magnitude of the impact on the economy and the Company's business are not known at this time. These impacts could include an impact on the Company's ability to obtain debt and equity financing to fund ongoing exploration activities as well as its ability to explore and conduct business. These consolidated financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern.</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">At July 31, 2021, the Company had working capital of $956,524 (2020 - working capital of $3,267,744).</span></span></p> </div> </div> </div> | |
CY2021 | us-gaap |
Basis Of Accounting
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<div> <p style="margin-left:36pt;text-indent:-36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.</strong><span style="width:28.5pt;text-indent:0pt;display:inline-block"> </span><strong>BASIS OF PREPARATION</strong></span></span></p> <div> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Generally accepted accounting principles</strong></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">These consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America ("US GAAP") for financial information with the instructions to Form 10-K and Regulation S-K.</span></span></p> </div> </div> <div> <div> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Basis of Consolidation</strong></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">These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Rise Grass Valley Inc. All significant intercompany accounts and transactions have been eliminated on consolidation.</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"><i>Subsidiaries</i></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">Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases.</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 accounts of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Intercompany transactions, balances and unrealized gains or losses on transactions are eliminated upon consolidation.</span></span></p> </div> <div> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Use of Estimates</strong></span></span></p> <p style="margin-left:35.45pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of these financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring the use of estimates include the carrying value and recoverability of mineral properties and the recognition of deferred tax assets based on the change in unrecognized deductible temporary tax differences. Actual results could differ from those estimates and would impact future results of operations and cash flows.</span></span></p> </div> </div> | |
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UseOfEstimates
|
<div> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Use of Estimates</strong></span></span></p> <p style="margin-left:35.45pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of these financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring the use of estimates include the carrying value and recoverability of mineral properties and the recognition of deferred tax assets based on the change in unrecognized deductible temporary tax differences. Actual results could differ from those estimates and would impact future results of operations and cash flows.</span></span></p> </div> | |
CY2021 | us-gaap |
Property Plant And Equipment Depreciation Methods
PropertyPlantAndEquipmentDepreciationMethods
|
straight-line basis | |
CY2021 | us-gaap |
Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
|
P15Y | |
CY2021 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Concentration of credit risk</strong></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 financial instrument which potentially subjects the Company to concentration of credit risk is cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. As of July 31, 2021, and 2020, the Company has not exceeded the federally insured limit. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts.</span></span></p> </div> | |
CY2020Q3 | us-gaap |
Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
|
79479 | USD |
CY2018Q3 | ryes |
Equipment Loan
EquipmentLoan
|
495481 | USD |
CY2019Q3 | ryes |
Equipment Loan
EquipmentLoan
|
223574 | USD |
CY2021 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-429000 | USD |
CY2020 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-1148000 | USD |
CY2021 | us-gaap |
Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
|
1094000 | USD |
CY2020 | us-gaap |
Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
|
-158000 | USD |
CY2021 | us-gaap |
Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
|
150000 | USD |
CY2020 | us-gaap |
Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
|
253000 | USD |
CY2021 | us-gaap |
Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
|
0 | USD |
CY2020 | us-gaap |
Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
|
-7000 | USD |
CY2021 | us-gaap |
Income Tax Reconciliation Deductions Other
IncomeTaxReconciliationDeductionsOther
|
-815000 | USD |
CY2020 | us-gaap |
Income Tax Reconciliation Deductions Other
IncomeTaxReconciliationDeductionsOther
|
1060000 | USD |
CY2021 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD |
CY2020 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD |
CY2021Q3 | ryes |
Deferred Tax Assets Mineral Property Interest
DeferredTaxAssetsMineralPropertyInterest
|
27000 | USD |
CY2020Q3 | ryes |
Deferred Tax Assets Mineral Property Interest
DeferredTaxAssetsMineralPropertyInterest
|
1381000 | USD |
CY2021Q3 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
1091000 | USD |
CY2020Q3 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
2228000 | USD |
CY2021Q3 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
1118000 | USD |
CY2020Q3 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
3609000 | USD |
CY2021Q3 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
1118000 | USD |
CY2020Q3 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
3609000 | USD |
CY2021Q3 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | USD |
CY2020Q3 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | USD |
CY2021Q3 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
4085000 | USD |
CY2020Q3 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
7650000 | USD |