2024 Q2 Form 10-Q Financial Statement

#000143774924016988 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $114.2K $87.08K $313.0K
YoY Change 6.93% -38.94% 216.45%
% of Gross Profit
Research & Development $22.15K $15.48K $32.35K
YoY Change -84.61% -58.41% 331.33%
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change
% of Gross Profit
Operating Expenses $136.3K $102.6K $345.4K
YoY Change -45.62% -157.03% 224.54%
Operating Profit
YoY Change
Interest Expense $132.1K -$48.63K $211.6K
YoY Change 9.22% -111.69% -36.79%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.260K -$151.2K -$133.8K
YoY Change -96.72% -164.07% -158.58%
Income Tax
% Of Pretax Income
Net Earnings -$4.257K -$151.2K -$133.8K
YoY Change -96.72% -164.07% -158.58%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 355.9M 355.9M 355.9M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $800.5K $908.3K $1.022M
YoY Change -41.17% -41.22% -44.84%
Cash & Equivalents $800.5K $908.3K $1.022M
Short-Term Investments
Other Short-Term Assets $20.43K $27.79K $40.21K
YoY Change -44.95% -23.3% 19.89%
Inventory
Prepaid Expenses $20.43K $27.79K $40.21K
Receivables
Other Receivables
Total Short-Term Assets $821.0K $936.1K $1.062M
YoY Change -41.27% -40.81% -43.69%
LONG-TERM ASSETS
Property, Plant & Equipment $704.1K $704.1K $704.1K
YoY Change 0.0% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.71K $10.79K $11.04K
YoY Change -1.65% -0.83% 3.18%
Other Assets
YoY Change
Total Long-Term Assets $714.8K $714.8K $715.1K
YoY Change -0.03% 0.41% 0.05%
TOTAL ASSETS
Total Short-Term Assets $821.0K $936.1K $1.062M
Total Long-Term Assets $714.8K $714.8K $715.1K
Total Assets $1.536M $1.651M $1.777M
YoY Change -27.32% -28.01% -31.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.95K $47.13K $65.88K
YoY Change -63.37% -69.17% -78.94%
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 $263.2K $374.1K $349.3K
YoY Change -69.57% -60.2% -76.84%
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 $263.2K $374.1K $349.3K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $263.2K $374.1K $349.3K
YoY Change -69.57% -60.2% -76.84%
SHAREHOLDERS EQUITY
Retained Earnings -$115.1M -$115.1M -$114.9M
YoY Change 0.19% 0.3% -0.04%
Common Stock $111.1M $111.1M $111.1M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.273M $1.277M $1.428M
YoY Change
Total Liabilities & Shareholders Equity $1.536M $1.651M $1.777M
YoY Change -27.32% -27.98% -31.67%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$4.257K -$151.2K -$133.8K
YoY Change -96.72% -164.07% -158.58%
Depreciation, Depletion And Amortization $0.00
YoY Change
Cash From Operating Activities -$107.8K -$113.7K -$110.8K
YoY Change -41.53% -63.05% 11.53%
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
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -107.8K -$113.7K -110.8K
Cash From Investing Activities
Cash From Financing Activities 0.000
Net Change In Cash -107.8K -$113.7K -110.8K
YoY Change -41.53% -63.05% -7.08%
FREE CASH FLOW
Cash From Operating Activities -$107.8K -$113.7K -$110.8K
Capital Expenditures
Free Cash Flow
YoY Change

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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: 45pt;"> <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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 45pt;">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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 45pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 45pt;">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 under the symbol “SCY”.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 45pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 45pt;">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 at any and all of its properties.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 45pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 45pt;">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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 45pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 45pt;">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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 45pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 45pt;">The 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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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 63pt;"><b>Use of estimates</b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 45pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 45pt;">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 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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 45pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 45pt;">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>
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