2023 Q3 Form 10-Q Financial Statement
#000143774923023018 Filed on August 10, 2023
Income Statement
Concept | 2023 Q3 | 2023 Q2 | 2022 Q2 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $100.0K | $106.8K | $222.3K |
YoY Change | -39.77% | -51.97% | -70.63% |
% of Gross Profit | |||
Research & Development | $30.00K | $143.9K | -$50.56K |
YoY Change | 30.89% | -384.61% | -806.15% |
% of Gross Profit | |||
Depreciation & Amortization | $0.00 | $0.00 | $2.510K |
YoY Change | -100.0% | 182.02% | |
% of Gross Profit | |||
Operating Expenses | $134.7K | $250.7K | $174.2K |
YoY Change | -171.31% | 43.87% | -77.2% |
Operating Profit | -$174.2K | ||
YoY Change | -77.2% | ||
Interest Expense | $210.0K | $120.9K | -$48.78K |
YoY Change | -19.13% | -347.89% | -1591.74% |
% of Operating Profit | |||
Other Income/Expense, Net | $0.00 | $0.00 | $251.6K |
YoY Change | -100.0% | ||
Pretax Income | $70.00K | -$129.8K | $28.58K |
YoY Change | -0.99% | -554.02% | -103.76% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | $74.73K | -$129.8K | $28.58K |
YoY Change | 5.7% | -554.04% | -103.75% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | $0.00 | $0.00 | $0.00 |
Diluted Earnings Per Share | $0.00 | $0.00 | $83.81 |
COMMON SHARES | |||
Basic Shares Outstanding | 355.9M | 355.9M shares | 317.2M shares |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2023 Q3 | 2023 Q2 | 2022 Q2 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $1.140M | $1.361M | $2.314M |
YoY Change | -42.19% | -41.19% | 1351.97% |
Cash & Equivalents | $1.135M | $1.361M | $2.314M |
Short-Term Investments | |||
Other Short-Term Assets | $20.00K | $37.11K | $19.92K |
YoY Change | 98.81% | 86.3% | -27.38% |
Inventory | |||
Prepaid Expenses | $20.67K | $37.11K | $19.92K |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $1.156M | $1.398M | $2.334M |
YoY Change | -41.69% | -40.1% | 1149.43% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $700.0K | $704.1K | $0.00 |
YoY Change | -100.0% | ||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $10.00K | $10.89K | $11.44K |
YoY Change | 2.04% | -4.81% | 0.0% |
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $714.6K | $714.9K | $715.5K |
YoY Change | 0.11% | -0.08% | -0.52% |
TOTAL ASSETS | |||
Total Short-Term Assets | $1.156M | $1.398M | $2.334M |
Total Long-Term Assets | $714.6K | $714.9K | $715.5K |
Total Assets | $1.870M | $2.113M | $3.049M |
YoY Change | -30.62% | -30.71% | 236.56% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $50.00K | $177.3K | $187.7K |
YoY Change | -71.57% | -5.52% | -79.88% |
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 | $540.0K | $864.7K | $2.345M |
YoY Change | -70.96% | -63.13% | 72.01% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $540.0K | $864.7K | $2.345M |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $536.5K | $864.7K | $2.345M |
YoY Change | -71.15% | -63.13% | 72.01% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$114.8M | -$114.8M | -$115.3M |
YoY Change | -0.36% | -0.35% | -0.05% |
Common Stock | $111.1M | $111.1M | $111.2M |
YoY Change | -0.02% | -0.02% | 1.03% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | $1.264M | ||
YoY Change | 0.0% | ||
Treasury Stock Shares | 1.033M shares | ||
Shareholders Equity | $1.334M | $1.248M | $704.3K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $1.870M | $2.113M | $3.049M |
YoY Change | -30.62% | -30.71% | 236.56% |
Cashflow Statement
Concept | 2023 Q3 | 2023 Q2 | 2022 Q2 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $74.73K | -$129.8K | $28.58K |
YoY Change | 5.7% | -554.04% | -103.75% |
Depreciation, Depletion And Amortization | $0.00 | $0.00 | $2.510K |
YoY Change | -100.0% | 182.02% | |
Cash From Operating Activities | -$230.0K | -$184.3K | -$459.3K |
YoY Change | -32.77% | -59.87% | 422.04% |
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 | 2.726M |
YoY Change | -100.0% | -92835.37% | |
NET CHANGE | |||
Cash From Operating Activities | -230.0K | -184.3K | -459.3K |
Cash From Investing Activities | |||
Cash From Financing Activities | 0.000 | 0.000 | 2.726M |
Net Change In Cash | -230.0K | -184.3K | 2.267M |
YoY Change | -32.77% | -108.13% | -2593.54% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$230.0K | -$184.3K | -$459.3K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
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NatureOfOperations
|
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody><tr style="vertical-align: top;"> <td style="width: 36pt;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>1.</b></p> </td> <td style="width: auto;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>NATURE AND CONTINUANCE OF OPERATIONS</b></p> </td> </tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">Scandium International Mining Corp. (the “Company”) is a specialty metals and alloys company focusing on scandium and other specialty metals.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt; text-align: justify;">The Company was incorporated under the laws of the Province of British Columbia, Canada in 2006. The Company currently trades on the Toronto Stock Exchange (TSX) under the symbol “SCY”.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">The Company’s focus is on the exploration and evaluation of its specialty metals assets, specifically the Nyngan scandium deposit located in New South Wales, Australia, The Company is an exploration stage company and anticipates incurring significant additional expenditures prior to production and any and all of its properties.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">These condensed interim consolidated financial statements have been prepared on a going concern basis that contemplates the realization of assets and discharge of liabilities at their carrying values in the normal course of business for the foreseeable future. These financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">The Company currently earns no operating revenues and will require additional capital in order to advance the Nyngan property. The Company’s ability to continue as a going concern is uncertain and is dependent upon the generation of profits from mineral properties, obtaining additional financing and maintaining continued support from its shareholders and creditors. These are material uncertainties that raise substantial doubt about the Company’s ability to continue as a going concern. In the event that additional financial support is not received, or operating profits are not generated, the carrying values of the Company’s assets may be adversely affected.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt; text-align: justify;">The outbreak of COVID-19 and political upheavals in various countries have caused significant volatility in commodity prices. While these effects are expected to be temporary, the duration of the business disruptions internationally and related financial impact cannot be reasonably estimated at this time.</p> | ||
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 54pt;"><b>Use of estimates</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt; text-align: justify;">The preparation of unaudited condensed interim consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, asset impairment, stock-based compensation, derivative liabilities and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">The Company considers itself to be an exploration stage company and will consider the transition to development stage after it receives funding to begin mine construction, and board approval.</p> | ||
us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
15669 | usd | |
CY2023Q2 | us-gaap |
Mineral Properties Gross
MineralPropertiesGross
|
704053 | usd |
scy |
Accruals To Related Parties Reversed
AccrualsToRelatedPartiesReversed
|
669733 | usd | |
CY2023Q2 | us-gaap |
Common Stock No Par Value
CommonStockNoParValue
|
0 | |
CY2022Q2 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
900000 | |
CY2022Q2 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
900000 | |
CY2022Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
106989 | usd |
CY2022Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
135000 | cad |
CY2022Q2 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
0.15 | |
us-gaap |
Derivative Gain On Derivative
DerivativeGainOnDerivative
|
549624 | usd | |
scy |
Unrealized Foreign Currency Transaction Gain Losses Unrealized
UnrealizedForeignCurrencyTransactionGainLossesUnrealized
|
42149 | usd | |
CY2023Q2 | scy |
Derivativewarrants
Derivativewarrants
|
687410 | usd |
CY2021Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
34615000 | |
CY2021Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
0.18 | |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
|
5700000 | |
CY2022 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.09 | |
CY2022 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
900000 | |
CY2022 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
0.15 | |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
|
3535000 | |
CY2022 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
|
0.37 | |
CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
34665000 | |
CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
0.14 | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
|
5700000 | ||
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
|
0.23 | ||
CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
28965000 | |
CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
0.12 | |
CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
27540000 | |
CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
0.12 | |
CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
28965000 | |
CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
27540000 | |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
48633 | usd | |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
88447 | usd | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
5700000 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
0.06 | ||
CY2023Q2 | us-gaap |
Treasury Stock Common Shares
TreasuryStockCommonShares
|
1033333 | |
CY2022Q4 | us-gaap |
Treasury Stock Common Value
TreasuryStockCommonValue
|
1264194 | usd |
CY2023Q2 | us-gaap |
Mineral Rights
MineralRights
|
704053 | usd |
CY2023Q2 | scy |
Property Plant And Equipment Net Including Mineral Rights Total
PropertyPlantAndEquipmentNetIncludingMineralRightsTotal
|
704053 | usd |
CY2022Q4 | us-gaap |
Mineral Rights
MineralRights
|
704053 | usd |
CY2022Q4 | scy |
Property Plant And Equipment Net Including Mineral Rights Total
PropertyPlantAndEquipmentNetIncludingMineralRightsTotal
|
704053 | usd |
scy |
Accruals To Related Parties Reversed
AccrualsToRelatedPartiesReversed
|
669733 | usd | |
scy |
Accruals To Former Contractors And Consultants Reversed
AccrualsToFormerContractorsAndConsultantsReversed
|
362311 | usd |