$SCYYF

2021 Form 10-K Financial Statement

#000165495422003025 Filed on March 11, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.519M $650.0K $1.660M
YoY Change -8.51% 132.14% -9.29%
% of Gross Profit
Research & Development $70.45K $30.00K $80.00K
YoY Change -11.94% 0.0% -33.33%
% of Gross Profit
Depreciation & Amortization $1.730K $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $1.591M $690.0K $1.740M
YoY Change -8.57% 122.58% -10.77%
Operating Profit -$1.591M $1.739M
YoY Change -191.47%
Interest Expense $23.92K -$20.00K -$30.00K
YoY Change -179.73%
% of Operating Profit -1.72%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.567M -$710.0K -$1.390M
YoY Change 12.74% 129.03% -28.72%
Income Tax
% Of Pretax Income
Net Earnings -$1.567M -$706.4K -$1.388M
YoY Change 12.91% 127.87% -28.83%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$4.956K -$2.269K -$4.446K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 316.2M shares 312.6M shares

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.89K $170.0K $170.0K
YoY Change -44.77% 41.67% 41.67%
Cash & Equivalents $170.3K
Short-Term Investments
Other Short-Term Assets $35.04K $40.00K $40.00K
YoY Change -12.4% -20.0% -20.0%
Inventory
Prepaid Expenses $42.43K
Receivables
Other Receivables
Total Short-Term Assets $128.9K $212.7K $210.0K
YoY Change -38.6% 32.95% 31.25%
LONG-TERM ASSETS
Property, Plant & Equipment $707.0K $4.660K $710.0K
YoY Change -0.42% -99.34% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.44K $10.00K $10.00K
YoY Change 14.4% 0.0% 0.0%
Other Assets
YoY Change
Total Long-Term Assets $718.4K $720.2K $720.0K
YoY Change -0.22% 0.02% 0.0%
TOTAL ASSETS
Total Short-Term Assets $128.9K $212.7K $210.0K
Total Long-Term Assets $718.4K $720.2K $720.0K
Total Assets $847.4K $932.9K $930.0K
YoY Change -8.88% 6.01% 5.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.160M $700.0K $700.0K
YoY Change 65.67% 159.26% 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 $1.150M $1.150M
YoY Change 50.24% 112.96% 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 $1.150M $1.150M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.728M $1.154M $1.150M
YoY Change 50.24% 113.78% 112.96%
SHAREHOLDERS EQUITY
Retained Earnings -$114.2M
YoY Change
Common Stock $109.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.264M
YoY Change 0.0%
Treasury Stock Shares 1.033M shares
Shareholders Equity -$880.4K -$221.5K -$220.0K
YoY Change
Total Liabilities & Shareholders Equity $847.4K $932.9K $930.0K
YoY Change -8.88% 6.01% 5.68%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$1.567M -$706.4K -$1.388M
YoY Change 12.91% 127.87% -28.83%
Depreciation, Depletion And Amortization $1.730K $0.00 $0.00
YoY Change
Cash From Operating Activities $374.2K -$110.0K $81.98K
YoY Change 356.45% 10.0% -107.25%
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 $297.8K 140.0K $136.7K
YoY Change 117.87% -85.76%
NET CHANGE
Cash From Operating Activities $374.2K -110.0K $81.98K
Cash From Investing Activities
Cash From Financing Activities $297.8K 140.0K $136.7K
Net Change In Cash $672.0K 30.00K $218.7K
YoY Change 207.31% -130.0% -228.63%
FREE CASH FLOW
Cash From Operating Activities $374.2K -$110.0K $81.98K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2021 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 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 both the Nyngan property and the Critical Metals Recovery program with Nevada Gold Mines. 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>
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"><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 style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of 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 results of which form the basis for making judgments. 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></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 style="vertical-align:top;"><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></td></tr></tbody></table>
CY2021 scy Mineral Interests And Exploration And Development Costs
MineralInterestsAndExplorationAndDevelopmentCosts
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"><p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:30px"> </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 style="vertical-align:top;">The costs of acquiring mineral interests are capitalized at the date of acquisition. After acquisition, various factors can affect the recoverability of the capitalized costs. If, after review, management concludes that the carrying amount of a mineral interest is impaired, it will be written down to estimated fair value. Exploration costs incurred on mineral interests are expensed as incurred. Development costs incurred on proven and probable reserves will be capitalized. Upon commencement of production, capitalized costs will be amortized using the unit-of-production method over the estimated life of the ore body based on proven and probable reserves.</td></tr></tbody></table>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The financial instrument which potentially subjects the Company to concentration of credit risk is cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. As at December 31, 2021, the Company has not exceeded the federally insured limit. The Company has not experienced any losses in such amounts and believes it is not exposed to any significant risks on its cash in bank accounts.</p>
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0.12
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
3535000 shares
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.16
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
34615000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.18
CY2021 scy Number Currently Exercisable
NumberCurrentlyExercisable
34615000 shares
CY2021 scy Weighted Average Exercise Price Number Currently Exercisable
WeightedAverageExercisePriceNumberCurrentlyExercisable
0.18
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
34615000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
34615000 shares
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0032 pure
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0231 pure
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8719 pure
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.9040 pure
CY2021 scy Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.0000 pure
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2932 USD
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
2932 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4660 USD
CY2020Q4 us-gaap Noncurrent Assets
NoncurrentAssets
4660 USD
CY2021 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-1567032 USD
CY2020 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-1387840 USD
CY2021 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
-407000 USD
CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
-361000 USD
CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
17000 USD
CY2020 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
120000 USD
CY2021 us-gaap Income Tax Reconciliation Tax Credits Other
IncomeTaxReconciliationTaxCreditsOther
154000 USD
CY2020 us-gaap Income Tax Reconciliation Tax Credits Other
IncomeTaxReconciliationTaxCreditsOther
182000 USD
CY2021 scy Income Tax Reconciliation Foreign Exchange
IncomeTaxReconciliationForeignExchange
-38000 USD
CY2020 scy Income Tax Reconciliation Foreign Exchange
IncomeTaxReconciliationForeignExchange
-190000 USD
CY2021 us-gaap Income Tax Effects Allocated Directly To Equity Prior Period Adjustment
IncomeTaxEffectsAllocatedDirectlyToEquityPriorPeriodAdjustment
119000 USD
CY2020 us-gaap Income Tax Effects Allocated Directly To Equity Prior Period Adjustment
IncomeTaxEffectsAllocatedDirectlyToEquityPriorPeriodAdjustment
-293000 USD
CY2021 scy Change In Unrecognized Deductible Temporary Differences
ChangeInUnrecognizedDeductibleTemporaryDifferences
155000 USD
CY2020 scy Change In Unrecognized Deductible Temporary Differences
ChangeInUnrecognizedDeductibleTemporaryDifferences
542000 USD
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
1829000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
1803000 USD
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
10261000 USD
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10416000 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10261000 USD
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 USD
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 USD
CY2021 us-gaap Other Nonrecurring Income
OtherNonrecurringIncome
382430 USD
CY2020 us-gaap Other Nonrecurring Income
OtherNonrecurringIncome
500000 USD

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