$SCYYF

2021 Q4 Form 10-Q Financial Statement

#000165495421011825 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 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 $190.3K $267.0K $650.0K
YoY Change -70.73% 11.24% 132.14%
% of Gross Profit
Research & Development $14.58K $33.46K $30.00K
YoY Change -51.4% 67.3% 0.0%
% of Gross Profit
Depreciation & Amortization $420.00 $420.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $205.3K $300.9K $690.0K
YoY Change -70.25% 15.71% 122.58%
Operating Profit -$300.8K
YoY Change 14.73%
Interest Expense -$9.850K $22.14K -$20.00K
YoY Change -50.75%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$215.1K -$278.7K -$710.0K
YoY Change -69.7% 3.22% 129.03%
Income Tax
% Of Pretax Income
Net Earnings -$215.1K -$278.7K -$706.4K
YoY Change -69.55% 5.15% 127.87%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$679.80 -$881.20 -$2.269K
COMMON SHARES
Basic Shares Outstanding 316.3M shares 316.3M shares
Diluted Shares Outstanding 316.3M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.89K $64.30K $170.0K
YoY Change -44.77% -57.13% 41.67%
Cash & Equivalents $93.89K $64.30K $170.3K
Short-Term Investments
Other Short-Term Assets $35.04K $18.27K $40.00K
YoY Change -12.4% 82.7% -20.0%
Inventory
Prepaid Expenses $35.04K $18.27K $42.43K
Receivables
Other Receivables
Total Short-Term Assets $128.9K $82.57K $212.7K
YoY Change -39.39% -48.39% 32.95%
LONG-TERM ASSETS
Property, Plant & Equipment $2.932K $3.351K $4.660K
YoY Change -37.08% -99.53% -99.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.44K $11.44K $10.00K
YoY Change 14.4% 14.4% 0.0%
Other Assets
YoY Change
Total Long-Term Assets $718.4K $718.8K $720.2K
YoY Change -0.24% -0.16% 0.02%
TOTAL ASSETS
Total Short-Term Assets $128.9K $82.57K $212.7K
Total Long-Term Assets $718.4K $718.8K $720.2K
Total Assets $847.4K $801.4K $932.9K
YoY Change -9.17% -8.93% 6.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.160M $1.043M $700.0K
YoY Change 65.67% 79.76% 159.26%
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 $1.728M $1.537M $1.150M
YoY Change 50.24% 60.15% 112.96%
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 $1.728M $1.537M $1.150M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.728M $1.537M $1.154M
YoY Change 49.66% 60.15% 113.78%
SHAREHOLDERS EQUITY
Retained Earnings -$115.8M -$115.6M -$114.2M
YoY Change 1.37%
Common Stock $110.1M $110.0M $109.6M
YoY Change 0.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.264M $1.264M $1.264M
YoY Change 0.0% 0.0%
Treasury Stock Shares 1.033M shares 1.033M shares 1.033M shares
Shareholders Equity -$880.3K -$736.0K -$221.5K
YoY Change
Total Liabilities & Shareholders Equity $847.4K $801.4K $932.9K
YoY Change -9.17% -8.93% 6.01%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$215.1K -$278.7K -$706.4K
YoY Change -69.55% 5.15% 127.87%
Depreciation, Depletion And Amortization $420.00 $420.00 $0.00
YoY Change
Cash From Operating Activities -$41.16K -$95.07K -$110.0K
YoY Change -62.58% -4.93% 10.0%
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 70.76K 0.000 140.0K
YoY Change -49.46%
NET CHANGE
Cash From Operating Activities -41.16K -95.07K -110.0K
Cash From Investing Activities
Cash From Financing Activities 70.76K 0.000 140.0K
Net Change In Cash 29.60K -95.07K 30.00K
YoY Change -1.33% -4.93% -130.0%
FREE CASH FLOW
Cash From Operating Activities -$41.16K -$95.07K -$110.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Nature Of Operations
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<table cellpadding="0" style="border-spacing:0;font-size:10pt;width:100%"><tbody><tr style="height:15px"><td style="width:4%;vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>1.</strong></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NATURE AND CONTINUANCE OF OPERATIONS</strong></p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Scandium International is a specialty metals company focused on the evaluation and potential development of projects into producing assets. The Company pursues project opportunities from both known geologic resources and existing mine process solutions when it identifies further recovery potential. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company is an exploration stage company and anticipates incurring significant additional expenditures prior to production at any and all of its properties. 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-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">These condensed 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-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or ability to raise funds. </p></td></tr></tbody></table>
us-gaap Use Of Estimates
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of unaudited interim condensed 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-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
35100000 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.17
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
6175000 shares
scy Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instrument Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentExercised
-2240000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.13
scy Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expiration In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationInPeriod
-3535000 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
35500000 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
35500000 shares
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
731217 USD
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1891329 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
610385 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
258376 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
6175000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
8525000 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0.12
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0.65
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0032 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0131 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8719 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8626 pure
CY2021Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
1033333 shares
CY2021Q3 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
3351 USD
CY2021Q3 us-gaap Mineral Rights
MineralRights
704053 USD
CY2021Q3 us-gaap Noncurrent Assets
NoncurrentAssets
707404 USD
CY2020Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
4660 USD
CY2020Q4 us-gaap Mineral Rights
MineralRights
704053 USD
CY2020Q4 us-gaap Noncurrent Assets
NoncurrentAssets
708713 USD
CY2020Q1 us-gaap Other Nonrecurring Income
OtherNonrecurringIncome
382430 USD
scy Nevada Gold Mines Scandium International Mining Corp Letter Of Intent Loitextblock
NevadaGoldMinesScandiumInternationalMiningCorpLetterOfIntentLoitextblock
<table cellpadding="0" style="border-spacing:0;font-size:10pt;width:100%"><tbody><tr style="height:15px"><td style="width:4%;vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>10.</strong></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NEVADA GOLD MINES LETTER OF INTENT (“LOI”)</strong></p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On June 25, 2021, the Company entered into a Letter of Intent (“LOI”) with Nevada Gold Mines (“NGM”) to initiate a joint technical and economic feasibility program at NGM’s Phoenix Mine, near Battle Mountain, Nevada. The purpose of this joint development program is to confirm the economic and technical viability of a critical metals recovery (“CMR”) project at the mine site. The total development program is budgeted at $2.7 million, with the first stage budget being $500,000. NGM and the Company will each pay 50% of the budgeted cost. The LOI may be terminated with no firm obligation for the Company.</p></td></tr></tbody></table>
CY2021Q2 us-gaap Development Costs
DevelopmentCosts
2700000 USD
CY2021Q2 scy First Stage Budgeted Cost
FirstStageBudgetedCost
500000 USD

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