$SCYYF

2022 Q2 Form 10-Q Financial Statement

#000165495422006974 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 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 $222.3K $231.2K $190.3K
YoY Change -70.63% -22.93% -70.73%
% of Gross Profit
Research & Development -$50.56K $19.19K $14.58K
YoY Change -806.15% -4.05% -51.4%
% of Gross Profit
Depreciation & Amortization $2.510K $420.00 $420.00
YoY Change 182.02%
% of Gross Profit
Operating Expenses $174.2K $250.8K $205.3K
YoY Change -77.2% -21.62% -70.25%
Operating Profit -$174.2K -$250.8K
YoY Change -77.2% -21.74%
Interest Expense -$48.78K -$6.680K -$9.850K
YoY Change -1591.74% -166.8% -50.75%
% of Operating Profit
Other Income/Expense, Net $251.6K $780.4K
YoY Change
Pretax Income $28.58K $523.0K -$215.1K
YoY Change -103.76% -268.69% -69.7%
Income Tax
% Of Pretax Income
Net Earnings $28.58K $522.9K -$215.1K
YoY Change -103.75% -267.54% -69.55%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $83.81 $1.649K -$679.80
COMMON SHARES
Basic Shares Outstanding 317.2M shares 316.3M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.314M $46.87K $93.89K
YoY Change 1351.97% -81.25% -44.77%
Cash & Equivalents $2.314M $56.87K $93.89K
Short-Term Investments
Other Short-Term Assets $19.92K $27.56K $35.04K
YoY Change -27.38% -31.1% -12.4%
Inventory
Prepaid Expenses $19.92K $35.04K
Receivables
Other Receivables
Total Short-Term Assets $2.334M $74.43K $128.9K
YoY Change 1149.43% -74.33% -39.39%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $706.6K $2.932K
YoY Change -100.0% -0.48% -37.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.44K $11.44K $11.44K
YoY Change 0.0% 14.4% 14.4%
Other Assets
YoY Change
Total Long-Term Assets $715.5K $718.0K $718.4K
YoY Change -0.52% -0.28% -0.24%
TOTAL ASSETS
Total Short-Term Assets $2.334M $74.43K $128.9K
Total Long-Term Assets $715.5K $718.0K $718.4K
Total Assets $3.049M $792.4K $847.4K
YoY Change 236.56% -21.54% -9.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $187.7K $413.1K $1.160M
YoY Change -79.88% -49.63% 65.67%
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 $2.345M $731.7K $1.728M
YoY Change 72.01% -44.14% 50.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $418.1K
YoY Change
Total Long-Term Liabilities $0.00 $418.1K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.345M $731.7K $1.728M
Total Long-Term Liabilities $0.00 $418.1K $0.00
Total Liabilities $2.345M $1.150M $1.728M
YoY Change 72.01% -12.23% 49.66%
SHAREHOLDERS EQUITY
Retained Earnings -$115.3M -$115.3M -$115.8M
YoY Change -0.05% 1.37%
Common Stock $111.2M $110.1M $110.1M
YoY Change 1.03% 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 $704.3K -$357.4K -$880.3K
YoY Change
Total Liabilities & Shareholders Equity $3.049M $792.4K $847.4K
YoY Change 236.56% -21.54% -9.17%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $28.58K $522.9K -$215.1K
YoY Change -103.75% -267.54% -69.55%
Depreciation, Depletion And Amortization $2.510K $420.00 $420.00
YoY Change 182.02%
Cash From Operating Activities -$459.3K -$47.02K -$41.16K
YoY Change 422.04% -68.11% -62.58%
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 2.726M $0.00 70.76K
YoY Change -92835.37% -100.0% -49.46%
NET CHANGE
Cash From Operating Activities -459.3K -$47.02K -41.16K
Cash From Investing Activities
Cash From Financing Activities 2.726M $0.00 70.76K
Net Change In Cash 2.267M -$47.02K 29.60K
YoY Change -2593.54% -159.06% -1.33%
FREE CASH FLOW
Cash From Operating Activities -$459.3K -$47.02K -$41.16K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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RetainedEarningsAccumulatedDeficit
-115280496 USD
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CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2021Q1 us-gaap Professional Fees
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CY2021Q4 us-gaap Due To Related Parties Noncurrent
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CY2022Q1 us-gaap Liabilities
Liabilities
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792436 USD
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CY2021Q1 scy Exploration
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CY2021Q1 us-gaap General And Administrative Expense
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CY2022Q1 us-gaap General Insurance Expense
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7909 USD
CY2021Q1 us-gaap General Insurance Expense
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8959 USD
CY2022Q1 scy Earnings Per Shares Basic And Diluted
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CY2021Q1 scy Earnings Per Shares Basic And Diluted
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CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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8355 USD
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CY2021Q1 scy Weighted Average Number Of Shares Outstanding Basic And Diluted
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CY2021Q1 us-gaap Adjustment For Amortization
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CY2021Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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Cash
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Cash
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CY2022Q1 us-gaap Cash
Cash
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CY2021Q1 us-gaap Cash
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CY2021Q4 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>1.</strong> <strong>NATURE AND CONTINUANCE OF OPERATIONS</strong> </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;">Scandium International Mining Corp. (the “Company”) is a specialty metals and alloys company focusing on scandium and other specialty metals. </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 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;">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-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 any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially 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>
CY2022Q1 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>
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
7383 USD
CY2021Q1 us-gaap Short Term Lease Cost
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7383 USD
CY2022Q1 us-gaap Cash
Cash
46870 USD
CY2022Q1 us-gaap Assets Fair Value Disclosure
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CY2022Q1 us-gaap Acquisition Costs
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704053 USD
CY2022Q1 scy Royalty Percentage On Gross Mineral Sales
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0.007 pure
CY2022Q1 scy Net Profits Interest Royalty Percentage
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0.015 pure
CY2022Q1 scy Revenue Royalty Payable Percentage
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0.002 pure
CY2022Q1 scy Revenue Royalty Is Payable
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370000 USD
CY2022Q1 us-gaap Due To Related Parties Noncurrent
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418133 USD
CY2022Q1 scy Instalment Year One
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CY2022Q1 scy Instalment Year Two
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0.33 pure
CY2022Q1 scy Instalment Year Three
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0.33 pure
CY2022Q1 scy Accruals To Related Parties
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418133 USD
CY2022Q1 us-gaap Related Party Transaction Amounts Of Transaction
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CY2021Q1 us-gaap Related Party Transaction Amounts Of Transaction
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CY2022Q1 us-gaap Due To Officers Or Stockholders Current And Noncurrent
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CY2021Q4 us-gaap Due To Officers Or Stockholders Current And Noncurrent
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CY2021Q4 us-gaap Treasury Stock Value
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1264194 USD
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30215000 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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35100000 shares
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0.17
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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0.15
CY2022Q1 scy Number Currently Exercisable
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CY2022Q1 scy Weighted Average Exercise Price Number Currently Exercisable
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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30215000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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30215000 shares
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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421961 USD
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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445466 USD
CY2022Q1 us-gaap Treasury Stock Shares
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1033333 shares
CY2022Q1 us-gaap Treasury Stock Value
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1264194 USD
CY2021Q4 us-gaap Treasury Stock Shares
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1033333 shares
CY2022Q1 scy Writeoff Of Accrualstextblock
WriteoffOfAccrualstextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>9.</strong> <strong> ACCRUALS</strong> <strong>REVERSAL</strong></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;">During the period ended March 31, 2022, the Company wrote down a portion of the contract fees it had recorded over the last two and half years. A total of $418,133 to related parties (Note 5) and $362,311 to former contractors and consultants.</p>
CY2022Q1 scy Accruals To Related Parties
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418133 USD
CY2022Q1 scy Common Share Issued
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900000 shares
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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900000 shares
CY2022Q1 us-gaap Shares Issued Price Per Share
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0.15
CY2022Q1 scy Proceeds From Exercise Option
ProceedsFromExerciseOption
106990 USD
CY2022Q1 scy Refund From Mining
RefundFromMining
85940 USD

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0001654954-22-006974-index-headers.html Edgar Link pending
0001654954-22-006974-index.html Edgar Link pending
0001654954-22-006974.txt Edgar Link pending
0001654954-22-006974-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
scy-20220331.xsd Edgar Link pending
scy-20220331_cal.xml Edgar Link unprocessable
scy-20220331_def.xml Edgar Link unprocessable
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scy_10q.htm Edgar Link pending
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scy_10q_htm.xml Edgar Link completed
scy_ex311.htm Edgar Link pending
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Show.js Edgar Link pending