$SCYYF

2023 Q2 Form 10-Q Financial Statement

#000165495423006314 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $106.8K $142.6K $231.2K
YoY Change -51.97% -38.32% -22.93%
% of Gross Profit
Research & Development $143.9K $37.22K $19.19K
YoY Change -384.61% 93.96% -4.05%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $420.00
YoY Change -100.0% -100.0%
% of Gross Profit
Operating Expenses $250.7K -$179.8K $250.8K
YoY Change 43.87% -171.7% -21.62%
Operating Profit -$250.8K
YoY Change -21.74%
Interest Expense $120.9K $415.9K -$6.680K
YoY Change -347.89% -6325.3% -166.8%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $780.4K
YoY Change -100.0% -100.0%
Pretax Income -$129.8K $236.0K $523.0K
YoY Change -554.02% -54.87% -268.69%
Income Tax
% Of Pretax Income
Net Earnings -$129.8K $236.0K $522.9K
YoY Change -554.04% -54.87% -267.54%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $1.649K
COMMON SHARES
Basic Shares Outstanding 355.9M shares 355.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.361M $1.545M $46.87K
YoY Change -41.19% 3196.65% -81.25%
Cash & Equivalents $1.361M $1.545M $56.87K
Short-Term Investments
Other Short-Term Assets $37.11K $36.23K $27.56K
YoY Change 86.3% 31.46% -31.1%
Inventory
Prepaid Expenses $37.11K $36.23K
Receivables
Other Receivables
Total Short-Term Assets $1.398M $1.581M $74.43K
YoY Change -40.1% 2024.65% -74.33%
LONG-TERM ASSETS
Property, Plant & Equipment $704.1K $704.1K $706.6K
YoY Change -0.36% -0.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.89K $10.88K $11.44K
YoY Change -4.81% -4.9% 14.4%
Other Assets
YoY Change
Total Long-Term Assets $714.9K $711.9K $718.0K
YoY Change -0.08% -0.85% -0.28%
TOTAL ASSETS
Total Short-Term Assets $1.398M $1.581M $74.43K
Total Long-Term Assets $714.9K $711.9K $718.0K
Total Assets $2.113M $2.293M $792.4K
YoY Change -30.71% 189.4% -21.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $177.3K $152.9K $413.1K
YoY Change -5.52% -62.99% -49.63%
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 $864.7K $940.1K $731.7K
YoY Change -63.13% 28.48% -44.14%
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 $0.00 $418.1K
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $864.7K $940.1K $731.7K
Total Long-Term Liabilities $0.00 $0.00 $418.1K
Total Liabilities $864.7K $940.1K $1.150M
YoY Change -63.13% -18.24% -12.23%
SHAREHOLDERS EQUITY
Retained Earnings -$114.8M -$114.7M -$115.3M
YoY Change -0.35% -0.49%
Common Stock $111.1M $111.1M $110.1M
YoY Change -0.02% 0.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.264M $1.264M
YoY Change 0.0%
Treasury Stock Shares 1.033M shares 1.033M shares
Shareholders Equity $1.248M $1.356M -$357.4K
YoY Change
Total Liabilities & Shareholders Equity $2.113M $2.292M $792.4K
YoY Change -30.71% 189.27% -21.54%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$129.8K $236.0K $522.9K
YoY Change -554.04% -54.87% -267.54%
Depreciation, Depletion And Amortization $0.00 $0.00 $420.00
YoY Change -100.0% -100.0%
Cash From Operating Activities -$184.3K -$307.6K -$47.02K
YoY Change -59.87% 554.07% -68.11%
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 $0.00
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -184.3K -$307.6K -$47.02K
Cash From Investing Activities
Cash From Financing Activities 0.000 $0.00
Net Change In Cash -184.3K -$307.6K -$47.02K
YoY Change -108.13% 554.07% -159.06%
FREE CASH FLOW
Cash From Operating Activities -$184.3K -$307.6K -$47.02K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023Q1 us-gaap Nature Of Operations
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<p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>1.</strong> <strong>NATURE AND CONTINUANCE OF OPERATIONS</strong> </p><p style="font-size:10pt;font-family:times new roman;margin:0px">Scandium International 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 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-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, have 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>
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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-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>
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 usd
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
7383 usd
CY2023Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
787208 usd
CY2023Q1 us-gaap Acquisition Costs
AcquisitionCosts
704053 usd
CY2023Q1 scy Royalty Percentage On Gross Mineral Sales
RoyaltyPercentageOnGrossMineralSales
0.007 pure
CY2023Q1 scy Net Profits Interest Royalty Percentage
NetProfitsInterestRoyaltyPercentage
0.015 pure
CY2023Q1 scy Revenue Royalty Payable Percentage
RevenueRoyaltyPayablePercentage
0.002 pure
CY2023Q1 scy Revenue Royalty Is Payable
RevenueRoyaltyIsPayable
370000 usd
CY2022 scy Share Based Compensation Arrangement By Share Based Payment Award Options Grant In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantInPeriod
900000 shares
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
900000 shares
CY2022 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
106989 usd
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0.15
CY2022 scy Weighted Average Exercise Price Of Stock
WeightedAverageExercisePriceOfStock
0.1075
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2022 scy Recognizedfairvaluederivativeliabilityinitial Value
RecognizedfairvaluederivativeliabilityinitialValue
1781779 usd
CY2022Q4 scy Common Shares
CommonShares
106989 usd
CY2022 scy Sharebased Compensation Arrangement By Sharebased Payment Award Option Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionVestedWeightedAverageGrantDateFairValue
0.15
CY2023Q1 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
37803218 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.1075
CY2023Q1 scy Expiration Date
ExpirationDate
May 20 - June 14, 2027
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.1075
CY2022 scy Recognized Fair Value Derivative Liability
RecognizedFairValueDerivativeLiability
1781779 usd
CY2023Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
429806 usd
CY2023Q1 scy Foreign Currency Transaction Gain Losses Unrealized
ForeignCurrencyTransactionGainLossesUnrealized
22129 usd
CY2023Q1 scy Derivativewarrants
Derivativewarrants
787208 usd
CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.1075
CY2023Q1 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
0.05
CY2023Q1 scy Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm
P4Y3M
CY2023Q1 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Dividend Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedDividendRate
0 pure
CY2023Q1 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Volatility Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate
0.9426 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0450 pure
CY2019Q4 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
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
5700000 shares
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 Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
900000 shares
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 Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
3535000 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.37
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
34665000 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.14
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
-5700000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.23
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
28965000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.12
CY2023Q1 scy Number Currently Exercisable
NumberCurrentlyExercisable
26115000 shares
CY2023Q1 scy Number Currently Exercisable Price
NumberCurrentlyExercisablePrice
0.12
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
28965000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
26115000 shares
CY2023Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1033333 shares
CY2023Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1264194 usd
CY2022Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1033333 shares
CY2022Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1264194 usd
CY2023Q1 scy Writeoff Of Accrualstextblock
WriteoffOfAccrualstextblock
<p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>8.</strong> <strong>ACCRUALS REVERSAL</strong> </p><p style="font-size:10pt;font-family:times new roman;margin:0px">    </p><p style="font-size:10pt;font-family:times new roman;margin:0px">During the period ended March 31, 2022, the Company recognized a recovery on historical accruals it had recorded totaling $418,133 to related parties (Note 4) and $362,311 to former contractors and consultants pursuant to various settlement agreements. </p>
CY2023Q1 scy Accruals Reversal To Related Parties
AccrualsReversalToRelatedParties
362311 usd

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