$THM
INTERNATIONAL TOWER HILL MINES LTD

2024 Q1 Form 10-K Financial Statement

#000141057824000156 Filed on March 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $478.6K $415.3K $2.269M
YoY Change 29.99% -20.38% -0.97%
% of Gross Profit
Research & Development $130.1K $307.9K $1.201M
YoY Change -10.83% 10.9% 5.52%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $612.9K $728.4K $3.487M
YoY Change 18.25% -8.18% 1.17%
Operating Profit
YoY Change
Interest Expense $67.60K $560.00 $66.37K
YoY Change 357.07% -100.91% -81.25%
% of Operating Profit
Other Income/Expense, Net $67.60K $11.68K $22.16K
YoY Change 356.98% -48.0% -94.52%
Pretax Income -$545.3K -$716.2K -$3.398M
YoY Change 8.3% -13.94% 11.71%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$545.3K -$716.2K -$3.398M
YoY Change 8.3% -13.94% 11.71%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 -$0.02
Diluted Earnings Per Share $0.00 $0.00 -$0.02
COMMON SHARES
Basic Shares Outstanding 199.7M 195.6M
Diluted Shares Outstanding 199.0M 195.6M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.588M $1.688M $1.688M
YoY Change -15.2% -65.18% -65.18%
Cash & Equivalents $2.588M $1.688M $1.688M
Short-Term Investments $1.000M
Other Short-Term Assets $209.7K $304.7K $304.7K
YoY Change 22.83% 99.73% 99.73%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.798M $1.992M $1.992M
YoY Change -13.73% -60.15% -60.15%
LONG-TERM ASSETS
Property, Plant & Equipment $7.465K $55.38M $55.38M
YoY Change 0.0% 741796.72% 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 $55.38M
YoY Change 0.0% 0.0% 0.0%
TOTAL ASSETS
Total Short-Term Assets $3.798M $1.992M $1.992M
Total Long-Term Assets $55.38M $55.38M $55.38M
Total Assets $59.18M $57.38M $57.38M
YoY Change -1.01% -4.98% -4.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $112.1K $92.86K $92.86K
YoY Change 112.55% 73.44% 73.44%
Accrued Expenses $172.5K $142.1K $142.1K
YoY Change 43.38% -39.49% -39.49%
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 $284.6K $235.0K $235.0K
YoY Change 64.46% -18.53% -18.53%
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 $284.6K $235.0K $235.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $284.6K $235.0K $235.0K
YoY Change 64.46% -18.53% -18.53%
SHAREHOLDERS EQUITY
Retained Earnings -$270.1M -$269.6M
YoY Change 1.29% 1.28%
Common Stock $327.5M $325.2M
YoY Change 0.84% 0.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $58.90M $57.14M $57.14M
YoY Change
Total Liabilities & Shareholders Equity $59.18M $57.38M $57.38M
YoY Change -1.01% -4.98% -4.98%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$545.3K -$716.2K -$3.398M
YoY Change 8.3% -13.94% 11.71%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$454.3K -$736.1K -$3.188M
YoY Change -26.33% 6.98% 10.04%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.000M
YoY Change
Cash From Investing Activities -$1.000M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.378M 50.66K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -454.3K -736.1K -3.188M
Cash From Investing Activities -1.000M
Cash From Financing Activities 2.378M 50.66K 0.000
Net Change In Cash 900.3K -685.5K -3.188M
YoY Change -246.13% -0.38% 8.68%
FREE CASH FLOW
Cash From Operating Activities -$454.3K -$736.1K -$3.188M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">1.           GENERAL INFORMATION, NATURE OF OPERATIONS, AND GOING CONCERN</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">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;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">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 December 31, 2023, the Company has a 100% interest in its Livengood Gold Project in Alaska, U.S.A.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">These consolidated 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;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">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;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">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. Even if the Company is able to secure some additional equity financing, the Company may be unable to raise enough capital to continue its operations in connection with advancing all activities at the Livengood Gold Project through 2024 and beyond. As a result, there is substantial doubt about its ability to continue as a going concern. 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. Due to this uncertainty, if the Company is unable to secure sufficient additional financing, the Company may be required to reduce all discretionary activities at the Project to preserve its working capital to fund anticipated non-discretionary expenditures beyond the 2024 fiscal year. As at March 7, 2024, 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;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">The COVID-19 pandemic has resulted in supply chain disruptions, record high inflation and rising interest rates which all have impeded adversely the global economy and tightened the financial markets. It is indeterminable when inflation will be back to a normal level and the economy will recover. These have created uncertainties to whether financing would be available to the Company if the need for funding was to arise.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 0pt 36pt;">These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary were the going concern adjustment appropriate. Such adjustments could be material.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 0pt 36pt;"><span style="font-size:1pt;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">​</span></p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Significant judgments, estimates and assumptions</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">The preparation of financial statements in accordance with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. These judgments, estimates and assumptions are regularly evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">The areas which require significant judgment and estimates that management has made at the financial reporting date, that could result in a material change to the carrying amounts of assets and liabilities, in the event actual results differ from the assumptions made, relate to, but are not limited to the following:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Significant judgments</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the determination of functional currencies;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">quantitative and qualitative factors used in the assessment of impairment of the Company’s mineral property; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the analysis of resource calculations, drill results, labwork, etc. which can impact the Company’s assessment of impairment, and provisions, if any, for environmental rehabilitation and restoration.</span></td></tr></table><div style="margin-top:12pt;"></div>
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