$THM
INTERNATIONAL TOWER HILL MINES LTD

2023 Q3 Form 10-Q Financial Statement

#000141057823001570 Filed on August 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $671.7K $814.2K
YoY Change 29.6% -2.7%
% of Gross Profit
Research & Development $105.5K $641.8K
YoY Change 10.44% 14.2%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $781.0K $1.459M
YoY Change 26.5% 4.05%
Operating Profit
YoY Change
Interest Expense $70.61K -$19.59K
YoY Change -77.71% -110.22%
% of Operating Profit
Other Income/Expense, Net $70.61K -$9.108K
YoY Change -78.08% -104.52%
Pretax Income -$710.4K -$1.468M
YoY Change 140.58% 22.3%
Income Tax
% Of Pretax Income
Net Earnings -$710.4K -$1.468M
YoY Change 140.58% 22.3%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share $0.00 -$0.01
COMMON SHARES
Basic Shares Outstanding 195.9M 195.3M
Diluted Shares Outstanding 195.9M 195.4M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.354M $2.990M
YoY Change -56.98% -49.87%
Cash & Equivalents $2.354M $2.990M
Short-Term Investments
Other Short-Term Assets $200.3K $297.9K
YoY Change 19.95% 17.04%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.555M $3.288M
YoY Change -54.7% -47.13%
LONG-TERM ASSETS
Property, Plant & Equipment $7.465K $7.465K
YoY Change 0.0% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $55.38M $55.38M
YoY Change 0.0% 0.0%
TOTAL ASSETS
Total Short-Term Assets $2.555M $3.288M
Total Long-Term Assets $55.38M $55.38M
Total Assets $57.94M $58.67M
YoY Change -5.06% -4.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.754K $24.30K
YoY Change -56.57% -46.21%
Accrued Expenses $154.9K $142.5K
YoY Change -1.4% 26.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $164.7K $166.8K
YoY Change -8.3% 5.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $164.7K $166.8K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $164.7K $166.8K
YoY Change -8.3% 5.42%
SHAREHOLDERS EQUITY
Retained Earnings -$268.8M -$268.1M
YoY Change 1.32% 1.17%
Common Stock $325.1M $325.1M
YoY Change 0.11% 0.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.77M $58.50M
YoY Change
Total Liabilities & Shareholders Equity $57.94M $58.67M
YoY Change -5.06% -4.76%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$710.4K -$1.468M
YoY Change 140.58% 22.3%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$534.9K -$1.300M
YoY Change 221.84% 19.34%
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 -50.66K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -534.9K -1.300M
Cash From Investing Activities
Cash From Financing Activities -50.66K 0.000
Net Change In Cash -585.6K -1.300M
YoY Change 252.32% 19.34%
FREE CASH FLOW
Cash From Operating Activities -$534.9K -$1.300M
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">1.    GENERAL INFORMATION AND NATURE OF OPERATIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 18pt;">International Tower Hill Mines Ltd. (“ITH” or the “Company”) is incorporated under the laws of British Columbia, Canada. The Company’s head office address is 2710 - 200 Granville Street, Vancouver, British Columbia, Canada.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 18pt;">International Tower Hill Mines Ltd. consists of ITH and its wholly-owned subsidiaries Tower Hill Mines, Inc. (“TH Alaska”) (an Alaska corporation), Tower Hill Mines (US) LLC (“TH US”) (a Colorado limited liability company), and Livengood Placers, Inc. (“LPI”) (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 <span style="background:#ffffff;">June 30, 2023</span>, the Company has a 100% interest in its Livengood Gold Project, an exploration-stage project in Alaska, U.S.A (the “Livengood Gold Project”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 18pt;">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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 18pt;">As at <span style="background:#ffffff;">June 30, 2023</span>, the Company had cash and cash equivalents of $2,990,012 compared to $4,847,429 at December 31, 2022. The Company has no revenue generating operations from which it can internally generate funds.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 18pt;">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 built at the Livengood Gold Project. There is no assurance that the Company will make a decision to build a mine at the Livengood Gold Project and, if so, that it 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’s review of its financing options includes considering 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 pursued or realized.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 18pt;">Despite the Company’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. As at August 5, 2023, management believes that the Company has sufficient financial resources to maintain its operations for the next twelve months.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 18pt;"><span style="font-size:1pt;margin-left:0pt;visibility:hidden;">​</span></p>
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thm Aircraft Services Costs
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thm Aircraft Services Costs
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thm Environmental Costs
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thm Equipment Rental
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thm Mining Activities Field Costs
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thm Mining Activities Field Costs
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us-gaap Cost Of Property Repairs And Maintenance
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thm Legal Fee Expense Income
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thm Transportation And Traveling Cost
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CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
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CY2023Q2 thm Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Shares Authorized
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Employee Benefits And Share Based Compensation
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CY2023Q2 us-gaap Contractual Obligation Due After Fifth Year
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CY2023Q2 us-gaap Contractual Obligation
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