$THM
INTERNATIONAL TOWER HILL MINES LTD

2024 Q2 Form 10-Q Financial Statement

#000141057824000716 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 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 $853.0K $478.6K $368.2K
YoY Change 4.76% 29.99% -13.51%
% of Gross Profit
Research & Development $629.0K $130.1K $145.9K
YoY Change -1.99% -10.83% -28.16%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.486M $612.9K $518.3K
YoY Change 1.87% 18.25% -18.17%
Operating Profit
YoY Change
Interest Expense $54.21K $67.60K $14.79K
YoY Change -376.72% 357.07% -115.87%
% of Operating Profit
Other Income/Expense, Net $54.21K $67.60K $14.79K
YoY Change -695.17% 356.98% -118.37%
Pretax Income -$1.432M -$545.3K -$503.5K
YoY Change -2.45% 8.3% -29.47%
Income Tax
% Of Pretax Income
Net Earnings -$1.432M -$545.3K -$503.5K
YoY Change -2.45% 8.3% -29.47%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 $0.00 $0.00
Diluted Earnings Per Share -$0.01 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 199.7M 199.7M 195.3M
Diluted Shares Outstanding 199.7M 199.0M 195.3M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.270M $3.588M $4.231M
YoY Change -24.08% -15.2% -41.64%
Cash & Equivalents $2.270M $2.588M $4.231M
Short-Term Investments $1.000M
Other Short-Term Assets $276.4K $209.7K $170.7K
YoY Change -7.23% 22.83% 3.69%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.546M $3.798M $4.402M
YoY Change -22.56% -13.73% -40.63%
LONG-TERM ASSETS
Property, Plant & Equipment $7.465K $7.465K $7.465K
YoY Change 0.0% 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 $55.38M
YoY Change 0.0% 0.0% 0.0%
TOTAL ASSETS
Total Short-Term Assets $2.546M $3.798M $4.402M
Total Long-Term Assets $55.38M $55.38M $55.38M
Total Assets $57.93M $59.18M $59.78M
YoY Change -1.26% -1.01% -4.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.80K $112.1K $52.74K
YoY Change 43.22% 112.55% -72.61%
Accrued Expenses $138.0K $172.5K $120.3K
YoY Change -3.18% 43.38% -14.91%
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 $172.8K $284.6K $173.0K
YoY Change 3.57% 64.46% -48.18%
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 $172.8K $284.6K $173.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $172.8K $284.6K $173.0K
YoY Change 3.58% 64.46% -48.18%
SHAREHOLDERS EQUITY
Retained Earnings -$271.5M -$270.1M -$266.7M
YoY Change 1.27% 1.29% 1.07%
Common Stock $327.8M $327.5M $324.8M
YoY Change 0.85% 0.84% 0.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.76M $58.90M $59.61M
YoY Change
Total Liabilities & Shareholders Equity $57.93M $59.18M $59.78M
YoY Change -1.26% -1.01% -4.8%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$1.432M -$545.3K -$503.5K
YoY Change -2.45% 8.3% -29.47%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.202M -$454.3K -$616.7K
YoY Change -7.57% -26.33% -35.3%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.000M
YoY Change
Cash From Investing Activities -$1.000M $0.00
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 -74.57K 2.378M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -1.202M -454.3K -616.7K
Cash From Investing Activities -1.000M 0.000
Cash From Financing Activities -74.57K 2.378M 0.000
Net Change In Cash -1.276M 900.3K -616.1K
YoY Change -1.83% -246.13% 16.06%
FREE CASH FLOW
Cash From Operating Activities -$1.202M -$454.3K -$616.7K
Capital Expenditures
Free Cash Flow
YoY Change

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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;margin:0pt 0pt 12pt 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 1570 – 200 Burrard 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;">March 31, 2024</span>, the Company has a 100% interest in its Livengood Gold 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;">March 31, 2024</span>, the Company had cash and cash equivalents of $2,588,036 compared to $1,687,690 at December 31, 2023. 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 May 9, 2024, management believes that the Company has sufficient financial resources to maintain its operations for the next twelve months.</p>
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CY2023Q1 us-gaap Costs Incurred Exploration Costs
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CY2024Q1 thm Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Shares Authorized
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CY2024Q1 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
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CY2024Q1 us-gaap Contractual Obligation Due In Next Twelve Months
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CY2024Q1 us-gaap Contractual Obligation Due In Second Year
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CY2024Q1 us-gaap Contractual Obligation Due In Third Year
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CY2024Q1 us-gaap Contractual Obligation Due In Fourth Year
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CY2024Q1 us-gaap Contractual Obligation Due After Fifth Year
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775191
CY2024Q1 us-gaap Contractual Obligation
ContractualObligation
4532070

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