2024 Q4 Form 10-Q Financial Statement

#000106299324020664 Filed on December 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2023 Q4
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $835.3K
YoY Change 103.34%
% of Gross Profit
Research & Development $361.5K
YoY Change 191.58%
% of Gross Profit
Depreciation & Amortization $5.560K
YoY Change -1.59%
% of Gross Profit
Operating Expenses $1.227M
YoY Change 117.64%
Operating Profit
YoY Change
Interest Expense $96.20K $63.54K
YoY Change 51.4% -35.04%
% of Operating Profit
Other Income/Expense, Net $7.550K
YoY Change
Pretax Income -$1.378M
YoY Change 101.37%
Income Tax
% Of Pretax Income
Net Earnings -$628.4K -$1.378M
YoY Change -54.41% 101.37%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$0.03
Diluted Earnings Per Share -$0.01 -$0.03
COMMON SHARES
Basic Shares Outstanding 55.79M shares 40.36M shares
Diluted Shares Outstanding 55.79M shares 40.36M shares

Balance Sheet

Concept 2024 Q4 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $686.3K
YoY Change 311.41%
Cash & Equivalents $279.7K $686.3K
Short-Term Investments
Other Short-Term Assets $114.7K
YoY Change -68.7%
Inventory
Prepaid Expenses $152.1K $114.7K
Receivables $7.180K
Other Receivables $0.00
Total Short-Term Assets $954.5K $808.2K
YoY Change 18.11% 33.29%
LONG-TERM ASSETS
Property, Plant & Equipment $522.9K
YoY Change -4.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $4.240M $4.672M
YoY Change -9.26% -0.49%
TOTAL ASSETS
Total Short-Term Assets $954.5K $808.2K
Total Long-Term Assets $4.240M $4.672M
Total Assets $5.194M $5.480M
YoY Change -5.22% 3.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $918.0K
YoY Change 88.07%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.527M $1.001M
YoY Change 152.3% 85.51%
LONG-TERM LIABILITIES
Long-Term Debt $1.532M
YoY Change 2.7%
Other Long-Term Liabilities $222.5K
YoY Change -37.49%
Total Long-Term Liabilities $1.754M
YoY Change -5.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.527M $1.001M
Total Long-Term Liabilities $1.754M
Total Liabilities $2.793M $2.755M
YoY Change 1.38% 15.43%
SHAREHOLDERS EQUITY
Retained Earnings -$30.86M -$28.05M
YoY Change 10.04% 18.38%
Common Stock $55.79K $40.36K
YoY Change 38.21% 23.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.401M $2.725M
YoY Change
Total Liabilities & Shareholders Equity $5.194M $5.480M
YoY Change -5.22% 3.38%

Cashflow Statement

Concept 2024 Q4 2023 Q4
OPERATING ACTIVITIES
Net Income -$628.4K -$1.378M
YoY Change -54.41% 101.37%
Depreciation, Depletion And Amortization $5.560K
YoY Change -1.59%
Cash From Operating Activities -$455.0K -$512.9K
YoY Change -11.28% 68.09%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $21.00K $0.00
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 $470.0K $440.9K
YoY Change 6.61%
NET CHANGE
Cash From Operating Activities -$455.0K -$512.9K
Cash From Investing Activities $21.00K $0.00
Cash From Financing Activities $470.0K $440.9K
Net Change In Cash $36.02K -$71.99K
YoY Change -150.03% -76.41%
FREE CASH FLOW
Cash From Operating Activities -$455.0K -$512.9K
Capital Expenditures
Free Cash Flow
YoY Change

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<div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <p style="margin-left:36pt;text-indent:-36pt;text-align:justify;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.<span style="display:inline-block;width:28.5pt"> </span></strong><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;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These unaudited condensed consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America ("US GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC") for financial information with the instructions to Form 10-Q and Regulation S-K. Results are not necessarily indicative of results which may be achieved in the future. The unaudited condensed consolidated interim financial statements should be read in conjunction with the Company's Annual Report on Form 10-K, which contains the audited financial statements and notes thereto, together with Management's Discussion and Analysis, for the year ended July 31, 2024. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such SEC rules and regulations. These financial statements follow the same accounting policies in the annual financial statements. The operating results for the three months ended October 31, 2024 are not necessarily indicative of the results that may be expected for the year ended July 31, 2025.</span></span></p> </div> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman,Times,serif;text-align:left"> </p> <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 condensed consolidated interim 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:35.45pt;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:35pt;text-align:justify;margin-bottom:0pt"><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. 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> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div>
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CY2024Q4 us-gaap Long Term Loans Payable
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CY2024Q3 us-gaap Long Term Loans Payable
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CY2024Q4 us-gaap Employee Benefits And Share Based Compensation
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CY2023Q4 us-gaap Employee Benefits And Share Based Compensation
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CY2024Q4 us-gaap Profit Loss
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CY2023Q4 us-gaap Profit Loss
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-64438 usd
CY2024Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2024Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2724665 usd
CY2024Q4 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
162508 usd
CY2024Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
279685 usd
CY2024Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
140945 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3638500 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.93
CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2110011 shares
CY2024 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.29
CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
170000 shares
CY2024 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
1
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5578511 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.69
CY2024Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2013500 shares
CY2024Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.15
CY2024Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
2293500 shares
CY2024Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
1.01
CY2024Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
4582514 shares
CY2024Q4 ryes Warrants Issued Weighted Average Exercise Price
WarrantsIssuedWeightedAverageExercisePrice
0.21
CY2024Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
17686102 shares
CY2024Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.39
CY2024Q4 dei Local Phone Number
LocalPhoneNumber
260-4577
CY2024Q3 ryes Assets Held For Sale
AssetsHeldForSale
511530 usd
CY2024Q4 ryes Deferred Financing Asset
DeferredFinancingAsset
111478 usd
CY2024Q3 ryes Deferred Financing Asset
DeferredFinancingAsset
111707 usd
CY2024Q4 us-gaap Line Of Credit
LineOfCredit
91871 usd
CY2024Q3 us-gaap Line Of Credit
LineOfCredit
116130 usd
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
55785106 shares
CY2024Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
55785106 shares
CY2024Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
55785106 shares
CY2023Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2024Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55785106 shares
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40362800 shares
CY2024Q4 us-gaap Net Income Loss
NetIncomeLoss
-628393 usd
CY2024Q4 ryes Warrants Issued For Financing Expense
WarrantsIssuedForFinancingExpense
488775 usd
CY2024Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000 usd
CY2024Q1 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.12 pure
CY2024Q1 ryes Class Of Warrant Or Right Number Of Warrants Granted During Period
ClassOfWarrantOrRightNumberOfWarrantsGrantedDuringPeriod
1000000 shares
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.16
CY2024Q1 ryes Description Of Additional Warrants
DescriptionOfAdditionalWarrants
In addition, for each $100,000 loaned under the arrangement, the Company has agreed to issue to the lender 200,000 additional non-transferable warrants ("Additional Warrants").
CY2024 ryes Warrants Issued Weighted Average Exercise Price
WarrantsIssuedWeightedAverageExercisePrice
0.26
CY2024Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations
3607987 shares
CY2024Q4 ryes Warrants Expired Weighted Average Exercise Price
WarrantsExpiredWeightedAverageExercisePrice
1.02
CY2024Q4 us-gaap Interest Expense
InterestExpense
96201 usd
CY2024Q4 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2025
CY2024Q4 dei Entity Address Address Line1
EntityAddressAddressLine1
650-669 Howe Street
CY2024Q4 ryes Assets Held For Sale
AssetsHeldForSale
511530 usd
CY2024Q4 ryes Proceeds From Rental Of Land
ProceedsFromRentalOfLand
21000 usd
CY2023Q4 ryes Proceeds From Rental Of Land
ProceedsFromRentalOfLand
0 usd
CY2024Q4 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
21000 usd
CY2023Q4 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 usd
CY2024Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
30000 usd
CY2023Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 usd
CY2024Q4 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
500000 usd
CY2023Q4 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
0 usd
CY2024Q4 ryes Shares Subscribed In Advance
SharesSubscribedInAdvance
0 usd
CY2023Q4 ryes Shares Subscribed In Advance
SharesSubscribedInAdvance
440868 usd
CY2024Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2377670 usd
CY2024Q4 us-gaap Nature Of Operations
NatureOfOperations
<div> <div> <div> <p style="text-align:justify;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1.</strong><span style="display:inline-block;width:28.5pt"> </span><strong>NATURE AND CONTINUANCE OF OPERATIONS</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">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 $628,393 for the period ended October 31, 2024 and has accumulated a deficit of $30,863,010. 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. These events and conditions cast substantial doubt about the Company's ability to continue as a going concern. 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;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">At October 31, 2024, the Company had a working capital deficit of $1,572,092 (July 31, 2024 - $1,766,960).</span></span></p> </div> </div> </div>
CY2024Q4 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-left:35.45pt;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:35pt;text-align:justify;margin-bottom:0pt"><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. 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>
CY2024Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
5737 usd
CY2024Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
12320 usd
CY2024Q4 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
0 usd
CY2023Q4 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
82481 usd
CY2024Q4 ryes Warrants Expired Unexercised
WarrantsExpiredUnexercised
2291322 usd
CY2024Q1 ryes Fair Value Of Warrant
FairValueOfWarrant
127336 usd
CY2024Q4 ryes Class Of Warrant Or Right Number Of Warrants Granted During Period
ClassOfWarrantOrRightNumberOfWarrantsGrantedDuringPeriod
1700000 shares
CY2024Q4 ryes Class Of Warrant Or Right Granted During Period Exercise Price
ClassOfWarrantOrRightGrantedDuringPeriodExercisePrice
0.115
CY2024Q4 ryes Class Of Warrant Or Right Granted During Period Fair Value Of Warrants
ClassOfWarrantOrRightGrantedDuringPeriodFairValueOfWarrants
154351 usd
CY2024Q4 ryes Class Of Warrant Or Right Number Of Finders Warrants Issued
ClassOfWarrantOrRightNumberOfFindersWarrantsIssued
2882514 shares
CY2024Q4 ryes Class Of Warrant Or Right Granted During Period Exercise Price
ClassOfWarrantOrRightGrantedDuringPeriodExercisePrice
0.1735
CY2024Q4 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
334423 usd

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