$THM
INTERNATIONAL TOWER HILL MINES LTD

2019 Q2 Form 10-Q Financial Statement

#000127956919001081 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 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 $380.0K $400.0K $1.190M
YoY Change -33.33% -52.38% 0.0%
% of Gross Profit
Research & Development $910.0K $250.0K $270.0K
YoY Change 28.17% 25.0% 35.0%
% of Gross Profit
Depreciation & Amortization $0.00 $579.00 $0.00
YoY Change -100.0% -24.02%
% of Gross Profit
Operating Expenses $1.300M $649.6K $1.470M
YoY Change 1.78% -38.31% 5.0%
Operating Profit
YoY Change
Interest Expense -$110.0K -$170.0K $570.0K
YoY Change -139.29% 466.67% 2750.0%
% of Operating Profit
Other Income/Expense, Net $20.00K -$171.3K $0.00
YoY Change -93.78% 1293.13%
Pretax Income -$1.390M -$820.0K -$900.0K
YoY Change 44.79% -23.36% -34.78%
Income Tax
% Of Pretax Income
Net Earnings -$1.390M -$820.9K -$900.0K
YoY Change 45.49% -22.93% -34.83%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$7.424K -$4.384K -$4.813K
COMMON SHARES
Basic Shares Outstanding 187.1M 187.1M 187.0M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.300M $9.500M $10.20M
YoY Change -31.4% -28.03% 363.64%
Cash & Equivalents $8.300M $9.534M $10.23M
Short-Term Investments
Other Short-Term Assets $200.0K $100.0K $200.0K
YoY Change 0.0% 0.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $8.500M $9.679M $10.43M
YoY Change -30.97% -27.22% 330.72%
LONG-TERM ASSETS
Property, Plant & Equipment $55.30M $17.17K $17.75K
YoY Change 286874.57% -99.97% -14.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $55.30M $55.29M $55.29M
YoY Change 0.14% 0.16% 0.12%
TOTAL ASSETS
Total Short-Term Assets $8.500M $9.679M $10.43M
Total Long-Term Assets $55.30M $55.29M $55.29M
Total Assets $63.80M $64.97M $65.72M
YoY Change -5.53% -5.15% 14.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $119.2K $43.48K
YoY Change 763.52% 19.18% -47.16%
Accrued Expenses $300.0K $223.4K $504.5K
YoY Change -16.78% 11.69% 45.56%
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 $400.0K $300.0K $500.0K
YoY Change 0.0% 0.0% 25.0%
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 $400.0K $300.0K $500.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $400.0K $342.6K $548.0K
YoY Change 4.27% 14.18% 27.78%
SHAREHOLDERS EQUITY
Retained Earnings -$249.6M -$248.8M
YoY Change 1.71%
Common Stock $312.9M $312.8M
YoY Change 4.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $63.40M $64.63M $65.18M
YoY Change
Total Liabilities & Shareholders Equity $63.80M $64.97M $65.72M
YoY Change -5.53% -5.15% 14.01%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$1.390M -$820.9K -$900.0K
YoY Change 45.49% -22.93% -34.83%
Depreciation, Depletion And Amortization $0.00 $579.00 $0.00
YoY Change -100.0% -24.02%
Cash From Operating Activities -$1.360M -$962.8K -$370.0K
YoY Change 60.0% -9.04% -52.56%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$30.00K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $64.25K
YoY Change -99.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 64.25K 70.00K
YoY Change -100.0% -99.46% -800.0%
NET CHANGE
Cash From Operating Activities -1.360M -962.8K -370.0K
Cash From Investing Activities -30.00K 0.000
Cash From Financing Activities 0.000 64.25K 70.00K
Net Change In Cash -1.390M -694.7K -300.0K
YoY Change 71.6% -106.36% -62.03%
FREE CASH FLOW
Cash From Operating Activities -$1.360M -$962.8K -$370.0K
Capital Expenditures -$30.00K $0.00
Free Cash Flow -$1.330M -$370.0K
YoY Change

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<div><table style="border: none; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: top;width: 18pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;">&#160;</div></td><td style="border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: top;width: 18pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1.</div></div></div></td><td style="border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: top;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; text-align: justify; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">GENERAL INFORMATION AND NATURE OF OPERATIONS</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">International Tower Hill Mines Ltd. (&#8220;ITH&#8221; or the &#8220;Company&#8221;) is incorporated under the laws of British Columbia, Canada. The Company&#8217;s head office address is 2300-1177 West Hastings Street, Vancouver, British Columbia, Canada.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">International Tower Hill Mines Ltd. consists of ITH and its wholly owned subsidiaries Tower Hill Mines, Inc. (&#8220;TH Alaska&#8221;) (an Alaska corporation), Tower Hill Mines (US) LLC (&#8220;TH US&#8221;) (a Colorado limited liability company), and Livengood Placers, Inc. (&#8220;LPI&#8221;) (a Nevada corporation). The Company is in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. At March 31, 2019, the Company controls a 100% interest in its Livengood Gold Project, an exploration-stage project in Alaska, U.S.A.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">These unaudited condensed consolidated interim financial statements have been prepared on a going-concern basis, which presumes the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As at March 31, 2019, the Company had cash and cash equivalents of $9,534,251 compared to $10,228,964 at December 31, 2018. The Company has no revenue generating operations from which it can internally generate funds.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company will require significant additional financing to continue its operations (including general and administrative expenses) in connection with advancing activities at the Livengood Gold Project and the development of any mine that may be determined to be built at the Livengood Gold Project, and there is no assurance that the Company will be able to obtain the additional financing required on acceptable terms, if at all. In addition, any significant delays in the issuance of required permits for the ongoing work at the Livengood Gold Project, or unexpected results in connection with the ongoing work, could result in the Company being required to raise additional funds to advance permitting efforts. The Company&#8217;s review of its financing options includes pursuing a future strategic alliance to assist in further development, permitting and future construction costs, although there can be no assurance that any such strategic alliance will, in fact, be realized.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Despite the Company&#8217;s success to date in raising significant equity financing to fund its operations, there is significant uncertainty that the Company will be able to secure any additional financing in the current or future equity markets. The amount of funds to be raised and the terms of any proposed equity financing that may be undertaken will be negotiated by management as opportunities to raise funds arise. Specific plans related to the use of proceeds will be devised once financing has been completed and management knows what funds will be available for these purposes.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2019Q1 us-gaap Contractual Obligation Due After Fifth Year
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CY2019Q1 us-gaap Contractual Obligation
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CY2018Q1 us-gaap Net Income Loss
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thm Reallocation From Contributed Surplus
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CY2019Q1 thm Reallocation From Contributed Surplus
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CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
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CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
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CY2019Q1 thm Share Based Compensation Arrangement By Share Based Payment Award Options Nonvested Number
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CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
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CY2019Q1 us-gaap Allocated Share Based Compensation Expense
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CY2018Q4 thm Share Based Compensation Arrangement By Share Based Paymen Taward Equity Instruments Other Than Options Grants In Period Aggregate Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymenTawardEquityInstrumentsOtherThanOptionsGrantsInPeriodAggregateWeightedAverageGrantDateFairValue
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CY2019Q1 us-gaap Mineral Properties Net
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CY2019Q1 us-gaap Assets Current
AssetsCurrent
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CY2019Q1 us-gaap Assets
Assets
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CY2018Q4 us-gaap Property Plant And Equipment Net
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CY2018Q4 us-gaap Assets Current
AssetsCurrent
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CY2018Q4 us-gaap Assets
Assets
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CY2019Q1 us-gaap Net Income Loss
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ShareBasedCompensation
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CY2018Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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