2021 Q4 Form 10-K Financial Statement

#000106299321009984 Filed on October 29, 2021

View on sec.gov

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">&#160;</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.&#160;</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>
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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&#160;and would impact future results of operations and cash flows.</span></span></p> </div> </div>
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<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&#160;and would impact future results of operations and cash flows.</span></span></p> </div>
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<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>
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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

Files In Submission

Name View Source Status
0001062993-21-009984-index-headers.html Edgar Link pending
0001062993-21-009984-index.html Edgar Link pending
0001062993-21-009984.txt Edgar Link pending
0001062993-21-009984-xbrl.zip Edgar Link pending
exhibit23-1.htm Edgar Link pending
exhibit31-1.htm Edgar Link pending
exhibit31-2.htm Edgar Link pending
exhibit32-1.htm Edgar Link pending
exhibit32-2.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
form10k.htm Edgar Link pending
form10kx001.jpg Edgar Link pending
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report.css Edgar Link pending
ryes-20210731.xml Edgar Link completed
ryes-20210731.xsd Edgar Link pending
ryes-20210731_cal.xml Edgar Link unprocessable
ryes-20210731_def.xml Edgar Link unprocessable
ryes-20210731_lab.xml Edgar Link unprocessable
ryes-20210731_pre.xml Edgar Link unprocessable
Show.js Edgar Link pending