$SCYYF

2023 Q4 Form 10-Q Financial Statement

#000143774923031898 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $313.0K $100.0K $166.0K
YoY Change 216.45% -39.77% -37.81%
% of Gross Profit
Research & Development $32.35K $30.00K $22.92K
YoY Change 331.33% 30.89% -31.5%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $345.4K $134.7K -$189.0K
YoY Change 224.54% -171.31% -162.81%
Operating Profit
YoY Change
Interest Expense $211.6K $210.0K $259.7K
YoY Change -36.79% -19.13% 1072.81%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income -$133.8K $70.00K $70.70K
YoY Change -158.58% -0.99% -125.37%
Income Tax
% Of Pretax Income
Net Earnings -$133.8K $74.73K $70.70K
YoY Change -158.58% 5.7% -125.37%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $198.70
COMMON SHARES
Basic Shares Outstanding 355.9M 355.9M 355.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.022M $1.140M $1.972M
YoY Change -44.84% -42.19% 2966.72%
Cash & Equivalents $1.022M $1.135M $1.972M
Short-Term Investments
Other Short-Term Assets $40.21K $20.00K $10.06K
YoY Change 19.89% 98.81% -44.94%
Inventory
Prepaid Expenses $40.21K $20.67K $10.06K
Receivables
Other Receivables
Total Short-Term Assets $1.062M $1.156M $1.982M
YoY Change -43.69% -41.69% 2300.33%
LONG-TERM ASSETS
Property, Plant & Equipment $704.1K $700.0K $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.04K $10.00K $9.800K
YoY Change 3.18% 2.04% -14.34%
Other Assets
YoY Change
Total Long-Term Assets $715.1K $714.6K $713.9K
YoY Change 0.05% 0.11% -0.7%
TOTAL ASSETS
Total Short-Term Assets $1.062M $1.156M $1.982M
Total Long-Term Assets $715.1K $714.6K $713.9K
Total Assets $1.777M $1.870M $2.696M
YoY Change -31.67% -30.62% 236.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $65.88K $50.00K $175.9K
YoY Change -78.94% -71.57% -83.13%
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 $349.3K $540.0K $1.860M
YoY Change -76.84% -70.96% 20.96%
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 $349.3K $540.0K $1.860M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $349.3K $536.5K $1.860M
YoY Change -76.84% -71.15% 20.96%
SHAREHOLDERS EQUITY
Retained Earnings -$114.9M -$114.8M -$115.2M
YoY Change -0.04% -0.36% -0.35%
Common Stock $111.1M $111.1M $111.2M
YoY Change 0.0% -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 $1.428M $1.334M $836.2K
YoY Change
Total Liabilities & Shareholders Equity $1.777M $1.870M $2.696M
YoY Change -31.67% -30.62% 236.38%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$133.8K $74.73K $70.70K
YoY Change -158.58% 5.7% -125.37%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$110.8K -$230.0K -$342.1K
YoY Change 11.53% -32.77% 259.85%
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 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -110.8K -230.0K -342.1K
Cash From Investing Activities
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -110.8K -230.0K -342.1K
YoY Change -7.08% -32.77% 259.85%
FREE CASH FLOW
Cash From Operating Activities -$110.8K -$230.0K -$342.1K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<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;text-align:justify;margin:0pt 0pt 0pt 36pt;">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;text-align:justify;margin:0pt 0pt 0pt 36pt;">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>
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us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family: &quot;Times New Roman&quot;; 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;text-align:justify;margin:0pt 0pt 0pt 36pt;">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> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
us-gaap Short Term Lease Cost
ShortTermLeaseCost
15669 usd
CY2023Q3 us-gaap Mineral Properties Gross
MineralPropertiesGross
704053 usd
scy Accruals To Related Parties Reversed
AccrualsToRelatedPartiesReversed
669733 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
6050000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0.22
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
28615000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.12
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
27190000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.12
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
28615000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
27190000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
59539 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.06
CY2023Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
1033333
CY2023Q3 us-gaap Treasury Stock Common Value
TreasuryStockCommonValue
1264194 usd
CY2023Q3 us-gaap Mineral Rights
MineralRights
704053 usd
CY2023Q3 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

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