2023 Q4 Form 10-Q Financial Statement

#000121390023088764 Filed on November 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $73.16K $89.14K $108.5K
YoY Change -70.45% -17.88% 571.7%
Cost Of Revenue $959.1K $730.9K
YoY Change 556.05%
Gross Profit -$885.9K $89.14K $108.5K
YoY Change -974.03% -17.88% -134.04%
Gross Profit Margin -1210.93% 100.0% 100.0%
Selling, General & Admin $838.8K $457.8K $467.4K
YoY Change -41.64% -2.04% -8.41%
% of Gross Profit 513.58% 430.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $99.61K $65.88K $13.56K
YoY Change 1244.26% 385.84%
% of Gross Profit 73.9% 12.49%
Operating Expenses $838.8K $1.189M $671.9K
YoY Change -41.64% 76.92% 31.67%
Operating Profit -$1.725M -$1.100M -$563.3K
YoY Change 29.11% 95.19% -32.06%
Interest Expense $34.91K $43.28K $41.83K
YoY Change -24.83% 3.47% -3221.64%
% of Operating Profit
Other Income/Expense, Net -$12.59K -$3.780K
YoY Change 354.51%
Pretax Income -$1.702M -$1.060M -$527.5K
YoY Change 31.74% 100.94% -36.48%
Income Tax
% Of Pretax Income
Net Earnings -$1.702M -$1.060M -$527.5K
YoY Change 31.74% 100.95% -36.48%
Net Earnings / Revenue -2326.9% -1189.13% -485.99%
Basic Earnings Per Share -$0.02 -$0.01
Diluted Earnings Per Share -$0.04 -$0.02 -$0.01
COMMON SHARES
Basic Shares Outstanding 44.28M shares 43.60M shares 43.31M shares
Diluted Shares Outstanding 43.61M shares 43.51M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.218M $5.811M $10.47M
YoY Change -4.8% -44.49% 135.43%
Cash & Equivalents $9.218M $5.811M $10.47M
Short-Term Investments $390.00 $420.00 $930.00
Other Short-Term Assets $131.3K $115.3K $45.25K
YoY Change -42.33% 154.77% -85.1%
Inventory
Prepaid Expenses $382.3K $180.8K $299.4K
Receivables
Other Receivables
Total Short-Term Assets $9.807M $6.183M $10.89M
YoY Change -4.23% -43.22% 129.22%
LONG-TERM ASSETS
Property, Plant & Equipment $14.93M $14.51M $12.66M
YoY Change 16.62% 14.65% 7.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $676.4K $676.4K $676.4K
YoY Change 0.0% 0.0% -17.7%
Total Long-Term Assets $25.09M $24.67M $22.82M
YoY Change 9.26% 8.12% 3.25%
TOTAL ASSETS
Total Short-Term Assets $9.807M $6.183M $10.89M
Total Long-Term Assets $25.09M $24.67M $22.82M
Total Assets $34.90M $30.86M $33.71M
YoY Change 5.1% -8.46% 25.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $562.8K $405.9K $353.4K
YoY Change 39.41% 14.87% -24.23%
Accrued Expenses $198.3K $172.0K $219.5K
YoY Change 34.06% -21.65% 40.45%
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 $836.2K $653.0K $708.0K
YoY Change 24.7% -7.77% -5.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $582.2K $560.0K $544.1K
YoY Change 2.96% 2.93% -19.73%
Total Long-Term Liabilities $582.2K $560.0K $544.1K
YoY Change 2.96% 2.93% -19.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $836.2K $653.0K $708.0K
Total Long-Term Liabilities $582.2K $560.0K $544.1K
Total Liabilities $4.127M $3.922M $3.961M
YoY Change 4.62% -0.99% -4.16%
SHAREHOLDERS EQUITY
Retained Earnings -$18.82M -$17.12M -$12.58M
YoY Change 35.62% 36.02%
Common Stock $49.66M $44.30M $42.58M
YoY Change 14.44% 4.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 306.0 shares
Shareholders Equity $30.77M $26.93M $29.75M
YoY Change
Total Liabilities & Shareholders Equity $34.90M $30.86M $33.71M
YoY Change 5.1% -8.46% 25.54%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$1.702M -$1.060M -$527.5K
YoY Change 31.74% 100.95% -36.48%
Depreciation, Depletion And Amortization $99.61K $65.88K $13.56K
YoY Change 1244.26% 385.84%
Cash From Operating Activities -$1.526M -$1.138M -$646.2K
YoY Change 144.47% 76.09% -21.45%
INVESTING ACTIVITIES
Capital Expenditures $530.3K $155.4K -$259.5K
YoY Change 252.94% -159.89%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$530.3K -$155.4K -$259.5K
YoY Change 252.94% -40.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.293M 551.6K 289.1K
YoY Change 90.8% 449.43%
NET CHANGE
Cash From Operating Activities -1.526M -1.138M -646.2K
Cash From Investing Activities -530.3K -155.4K -259.5K
Cash From Financing Activities 5.293M 551.6K 289.1K
Net Change In Cash 3.236M -741.7K -616.6K
YoY Change -517.84% 20.29% -19.93%
FREE CASH FLOW
Cash From Operating Activities -$1.526M -$1.138M -$646.2K
Capital Expenditures $530.3K $155.4K -$259.5K
Free Cash Flow -$2.056M -$1.293M -$386.7K
YoY Change 165.51% 234.48% -53.0%

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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2563287 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5174546 usd
us-gaap Payments To Acquire Mining Assets
PaymentsToAcquireMiningAssets
1874183 usd
us-gaap Payments To Acquire Mining Assets
PaymentsToAcquireMiningAssets
895400 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1874183 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-895400 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3011878 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
551629 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
2620395 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
551629 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5632273 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14716 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-312492 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3871125 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9598927 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10433538 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1621267 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6562413 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11220194 usd
CY2023Q3 us-gaap Cash
Cash
5810969 usd
CY2022Q3 us-gaap Cash
Cash
10468789 usd
CY2023Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
75075 usd
CY2022Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
75057 usd
CY2023Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
676369 usd
CY2022Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
676348 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6562413 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11220194 usd
CY2023Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1103516 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3225516 usd
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-17115495 usd
wstrf Working Capital
WorkingCapital
5529498 usd
wstrf Reclamation Liability Description
ReclamationLiabilityDescription
The Company expects to begin incurring the reclamation liability after 2054 for all mines that are not in reclamation and accordingly, has discounted the gross liabilities over their remaining lives using a discount rate of 5.4%. The net discounted aggregated values as of September 30, 2023 and December 31, 2022 were $313,632 and $300,276, respectively.
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of these condensed interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. By their nature, these estimates are subject to measurement uncertainty, and the effects on the condensed interim consolidated financial statements of changes in such estimates in future periods could be significant. Significant areas requiring management’s estimates and assumptions include the determination of the fair value of transactions involving common shares, assessment of the useful life and evaluation for impairment of Kinetic Separation intellectual property, valuation and impairment assessments of mineral properties and equipment, valuation of deferred contingent consideration, valuation of the reclamation liability, valuation of stock-based compensation, and valuation of available-for-sale securities. Other areas requiring estimates include allocations of expenditures, depletion, and amortization of mineral rights and properties. Actual results could differ from those estimates.</p>
CY2023Q3 wstrf Gross Reclamation Liabilities
GrossReclamationLiabilities
751444 usd
CY2022Q4 wstrf Gross Reclamation Liabilities
GrossReclamationLiabilities
751405 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-1060042 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-527525 usd
us-gaap Net Income Loss
NetIncomeLoss
-3240232 usd
us-gaap Net Income Loss
NetIncomeLoss
578422 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43609774 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43514832 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43604977 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42536893 shares
us-gaap Dilutive Securities
DilutiveSecurities
1010484 usd
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43609774 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43514832 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43604977 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43547377 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
wstrf Uranium Price Per Pound
UraniumPricePerPound
57
CY2022Q2 us-gaap Cost Of Revenue
CostOfRevenue
4044083 usd
us-gaap Cost Of Revenue
CostOfRevenue
4044083 usd
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12476410 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12470076 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12476410 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3953826 shares
wstrf Mineral Assets Equipment And Kinetic Separation Intellectual Property And Other Property
MineralAssetsEquipmentAndKineticSeparationIntellectualPropertyAndOtherProperty
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-variant: small-caps; text-transform: uppercase"><b>NOTE 4 – MINERAL ASSETS, equipment, Kinetic separation INTELLECTUAL PROPERTY, AND OTHER PROPERTY</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Company’s mining properties acquired on August 18, 2014 that the Company retains as of September 30, 2023 include: The San Rafael Uranium Project located in Emery County, Utah; The Sunday Mine Complex located in western San Miguel County, Colorado; The Van 4 Mine located in western Montrose County, Colorado; The Sage Mine located in San Juan County, Utah, and San Miguel County, Colorado. These mining properties include leased land in the states of Colorado and Utah. None of these mining properties were operational at the date of acquisition. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s mining properties acquired on September 16, 2015 that the Company retains as of September 30, 2023 include Hansen, North Hansen and Hansen Picnic Tree located in Fremont and Teller Counties, Colorado. The Company also acquired the Keota project located in Weld County, Colorado and the Ferris Haggerty project located in Carbon County Wyoming. These mining assets include both owned and leased land in the states of Utah, Colorado, and Wyoming. All of the mining assets represent properties which have previously been mined, to different degrees, for uranium.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the Company has not formally established proven or probable reserves on any of its properties, there is inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s mineral properties and equipment, net and kinetic separation intellectual property are:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center">As of <br/>September 30,<br/> 2023</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center">As of <br/>December 31, <br/> 2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: 0pt; padding-left: 0pt">Mineral properties and equipment, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,509,864</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,798,904</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Kinetic separation intellectual property</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,488,051</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,488,051</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Mineral Properties and Equipment </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine months ended September 30, 2023 and 2022, Western made purchases of $1,874,183 and $895,400, which principally consisted of mining equipment and vehicles, to increase mining capacity and mineral processing facility property acquisitions. During the three months ended September 30, 2023, depreciation expense was $65,886, which was included in mining expenditures on the Company’s condensed interim consolidated statements of operations and other comprehensive loss. During the three months ended September 30, 2022, depreciation expense was $13,560, which was included in general and administrative expenses on the Company’s condensed interim consolidated statements of operations and other comprehensive loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine months ended September 30, 2023, depreciation expense was $163,223, which was included in mining expenditures on the Company’s condensed interim consolidated statements of operations and other comprehensive loss. During the nine months ended September 30, 2022, depreciation expense was $19,468, which was included in general and administrative expenses on the Company’s condensed interim consolidated statements of operations and other comprehensive loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Oil and Gas Lease and Easement</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into an oil and gas lease that became effective with respect to minerals and mineral rights owned by the Company of approximately 160 surface acres of the Company’s property in Colorado. As consideration for entering into the lease, the lessee has agreed to pay the Company a royalty from the lessee’s revenue attributed to oil and gas produced, saved, and sold attributable to the net mineral interest. The Company has also received cash payments from the lessee related to the easement that the Company is recognizing incrementally over the eight year term of the easement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 23, 2020, the same entity, as discussed above, elected to extend the oil and gas lease easement for three additional years, commencing on the date the lease would have previously expired. During 2021, the operator completed a first set of eight (8) wells which commenced oil and gas production by August 2021. During 2022, the operator completed a second set of eight (8) wells which commenced oil and gas production by August 2022. Monthly royalty payments are ongoing on the sixteen (16) wells.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended September 30, 2023 and 2022, the Company recognized aggregate revenue of $89,144 and $108,547, respectively, and for the nine months ended September 30, 2023 and 2022, the Company recognized aggregate revenue of $357,908 and $387,810, respectively, under these oil and gas lease arrangements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Reclamation Liabilities</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s mines are subject to certain asset retirement obligations, which the Company has recorded as reclamation liabilities. The reclamation liabilities of the United States mines are subject to legal and regulatory requirements, and estimates of the costs of reclamation are reviewed periodically by the applicable regulatory authorities. The reclamation liability represents the Company’s best estimate of the present value of future reclamation costs in connection with the mineral properties. The Company determined the gross reclamation liabilities of the mineral properties to be $751,444 and $751,405 as of September 30, 2023 and December 31, 2022, respectively. The Company expects to begin incurring the reclamation liability after 2054 for all mines that are not in reclamation and accordingly, has discounted the gross liabilities over their remaining lives using a discount rate of 5.4%. The net discounted aggregated values as of September 30, 2023 and December 31, 2022 were $313,632 and $300,276, respectively. The gross reclamation liabilities as of September 30, 2023 and December 31, 2022 are secured by financial warranties in the amount of $751,444 and $751,405, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reclamation liability activity for the nine months ended September 30, 2023 and 2022 consists of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">For the Nine Months Ended<br/> September 30,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify; padding-left: 0pt">Beginning balance at January 1</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">300,276</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">271,620</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 0pt">Adjustment to reclamation liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,035</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 0pt">Accretion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,321</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">25,890</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt; padding-left: 0pt">Ending Balance at September 30</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">313,632</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">297,510</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sunday Mine Complex Permitting Status </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 4, 2020, the Colorado DRMS sent a Notice of Hearing to Declare Termination of Mining Operations related to the status of the mining permits issued by the state of Colorado for the Sunday Mine Complex. At issue was the application of an unchallenged Colorado Court of Appeals Opinion for a separate mine (Van 4) with very different facts that are retroactively modifying DRMS rules and regulations. The Company maintains that it was timely in meeting existing rules and regulations. The hearing was scheduled to be held during several monthly MLRB Board meetings, but this matter was delayed several times. The permit hearing was held during the MLRB Board monthly meeting on July 22, 2020. At issue was the status of the five existing permits which comprise the Sunday Mine Complex. Due to COVID-19 restrictions, the hearing took place utilizing a virtual-only format. The Company prevailed in a 3 to 1 decision which acknowledged that the work completed at the Sunday Mine Complex under DRMS oversight was timely and sufficient for Western to maintain these permits. In a subsequent July 30, 2020 letter, the DRMS notified the Company that the status of the five permits (Sunday, West Sunday, St. Jude, Carnation, and Topaz) had been changed to “Active” status effective June 10, 2019, the original date on which the change of the status was approved. On August 23, 2020, the Company initiated a request for Temporary Cessation status for the Sunday Mine Complex as the mines had not been restarted within a 180-day window due to the direct and indirect impacts of the COVID-19 pandemic. Accordingly, a permit hearing was scheduled for October 21, 2020 to determine Temporary Cessation status. In a unanimous vote, the MLRB approved Temporary Cessation status for each of the five Sunday Mine Complex permits (Sunday, West Sunday, St. Jude, Carnation, and Topaz). On October 9, 2020, the MLRB issued a board order which finalized the findings of the July 22, 2020 permit hearing. On November 10, 2020, the MLRB issued a board order which finalized the findings of the October 21, 2020 permit hearing. On November 6, 2020, the MLRB signed an order placing the five Sunday Mine Complex mine permits into Temporary Cessation. On November 12, 2020, a coalition of environmental groups (the “Plaintiffs”) filed a complaint against the MLRB seeking a partial appeal of the July 22, 2020 decision by requesting termination of the Topaz Mine permit. On December 15, 2020, the same coalition of environmental groups amended their complaint against the MLRB seeking a partial appeal of the October 21, 2020 decision requesting termination of the Topaz Mine permit. The Company has joined with the MLRB in defense of their July 22, 2020 and October 21, 2020 decisions. On May 5, 2021, the Plaintiffs in the Topaz Appeal filed an opening brief with the Denver District Court seeking to overturn the July 22, 2020 and October 21, 2020 MLRB permit hearing decisions on the Topaz Mine permit. The MLRB and the Company were to respond with an answer brief within 35 days on or before June 9, 2021, but instead sought a settlement. The judicial review process was delayed as extensions were put in place until August 20, 2021. A settlement was not reached, and the MLRB and the Company submitted answer briefs on August 20, 2021. The Plaintiff submitted a reply brief on September 10, 2021. On March 1, 2022, the Denver District Court reversed the MLRB’s orders regarding the Topaz Mine and remanded the case back to MLRB for further proceedings consistent with its order. The Company and the MLRB had until April 19, 2022 to appeal the Denver District Court’s ruling. Neither the Company nor the MLRB appealed the Denver District Court ruling. Subsequently on March 20, 2023, the MLRB issued a board order for the Company to commence final reclamation, which upon completion will terminate mining operations at the Topaz Mine. Reclamation is to commence immediately at the Topaz Mine and is to be completed within five years by March 2028. The Company is currently working toward the completion of an updated Topaz Mine Plan of Operations which is a separate federal requirement of the BLM for the conduct of mining activities on the federal land at the Topaz Mine and needed to re-permit the Topaz Mine with Colorado’s DRMS.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Kinetic Separation Intellectual Property</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Kinetic Separation intellectual property was acquired in Western’s acquisition of Black Range on September 16, 2015. Previously Black Range acquired its Kinetic Separation assets in the dissolution of a joint venture on March 17, 2015, through the acquisition of all the assets of the joint venture and received a 25-year license to utilize all of the patented and unpatented technology owned by the joint venture. The technology license agreement for patents and unpatented technology became effective as of March 17, 2015, for a period of 25 years, until March 16, 2040. There are no remaining license fee obligations, and there are no future royalties due under the agreement. The Company has the right to sub-license the technology to third parties. The Company may not sell or assign the Kinetic Separation license; however, the license could be transferred in the case of a sale of the Company. The Company has developed improvements to Kinetic Separation during the term of the license agreement and retains ownership of, and may obtain patent protection on, any such improvements developed by the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Kinetic Separation patent was filed on September 13, 2012 and granted on February 14, 2014 by the United States Patent Office. The patent is effective for a period of 20 years until September 13, 2032. This patent is supported by two provisional patent applications. The provisional patent applications expired after one year but were incorporated in the U.S. Patent by reference and claimed benefit prior to their expirations. The status of the patent and two provisional patent applications has not changed subsequent to the 2014 patent grant. The Company has the continued right to use any patented portion of the Kinetic Separation technology that enters the public domain subsequent to the patent expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company anticipates Kinetic Separation will improve the efficiency of the mining and processing of the sandstone-hosted ore from Western’s conventional mines through the separation of waste from mineral bearing-ore, potentially reducing transportation, mill processing, and mill tailings costs. Kinetic Separation is not currently in use or being applied at any Company mines. The Company views Kinetic Separation as a cost saving technology, which it will seek to incorporate into ore production subsequent to commencing scaled production levels. There are also alternative applications, which the Company has explored.</p>
CY2023Q3 us-gaap Mineral Properties Net
MineralPropertiesNet
14509864 usd
CY2022Q4 us-gaap Mineral Properties Net
MineralPropertiesNet
12798904 usd
CY2023Q3 wstrf Kinetic Separation Intellectual Property
KineticSeparationIntellectualProperty
9488051 usd
CY2022Q4 wstrf Kinetic Separation Intellectual Property
KineticSeparationIntellectualProperty
9488051 usd
us-gaap Payments To Acquire Mining Assets
PaymentsToAcquireMiningAssets
1874183 usd
us-gaap Payments To Acquire Mining Assets
PaymentsToAcquireMiningAssets
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CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
13560 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
163223 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Operating Leases Of Lessor Contingent Rentals Description Of Variable Rate Basis
OperatingLeasesOfLessorContingentRentalsDescriptionOfVariableRateBasis
As consideration for entering into the lease, the lessee has agreed to pay the Company a royalty from the lessee’s revenue attributed to oil and gas produced, saved, and sold attributable to the net mineral interest.
CY2023Q3 us-gaap Payments To Acquire Royalty Interests In Mining Properties
PaymentsToAcquireRoyaltyInterestsInMiningProperties
89144 usd
CY2022Q3 us-gaap Payments To Acquire Royalty Interests In Mining Properties
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us-gaap Payments To Acquire Royalty Interests In Mining Properties
PaymentsToAcquireRoyaltyInterestsInMiningProperties
357908 usd
us-gaap Payments To Acquire Royalty Interests In Mining Properties
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CY2023Q3 us-gaap Asset Retirement Obligation
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751444 usd
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
751405 usd
CY2021Q2 wstrf Pounds Of Uranium
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125000 lb
CY2021Q2 wstrf Pounds Of Uranium Purchased
PoundsOfUraniumPurchased
32 usd
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300276 usd
CY2021Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
271620 usd
wstrf Increase Decrease In Reclamation Liability
IncreaseDecreaseInReclamationLiability
-4035 usd
wstrf Accretion Reclamation Obligation
AccretionReclamationObligation
9321 usd
wstrf Accretion Reclamation Obligation
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25890 usd
CY2023Q3 us-gaap Asset Retirement Obligations Noncurrent
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313632 usd
CY2022Q3 us-gaap Asset Retirement Obligations Noncurrent
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297510 usd
wstrf Kinetic Separation Intellectual Property Description
KineticSeparationIntellectualPropertyDescription
The Kinetic Separation intellectual property was acquired in Western’s acquisition of Black Range on September 16, 2015. Previously Black Range acquired its Kinetic Separation assets in the dissolution of a joint venture on March 17, 2015, through the acquisition of all the assets of the joint venture and received a 25-year license to utilize all of the patented and unpatented technology owned by the joint venture. The technology license agreement for patents and unpatented technology became effective as of March 17, 2015, for a period of 25 years, until March 16, 2040.
CY2014Q1 wstrf Patent Term
PatentTerm
P20Y
CY2023Q3 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
405930 usd
CY2022Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
403705 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
172018 usd
CY2022Q4 us-gaap Accrued Liabilities Current
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147910 usd
CY2023Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
577948 usd
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
551615 usd
CY2021Q2 us-gaap Other Commitment
OtherCommitment
78000 usd
CY2022Q2 wstrf Uranium Conentrates
UraniumConentrates
125000 lb
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7223609 usd
CY2022Q2 wstrf Uranium Price Per Pound
UraniumPricePerPound
57
CY2021Q4 us-gaap Cost Of Revenue
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4044083 usd
CY2021Q4 wstrf Pounds Of Uranium
PoundsOfUranium
125000 lb
CY2023Q3 wstrf Aggregate Warrant Were Exercised
AggregateWarrantWereExercised
656000 shares
wstrf Aggregate Warrant Were Exercised
AggregateWarrantWereExercised
656000 shares
CY2023Q3 us-gaap Proceeds From Issuance Of Warrants
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551629 usd
us-gaap Proceeds From Issuance Of Warrants
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551629 usd
CY2022Q3 wstrf Aggregate Warrant Were Exercised
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274404 shares
wstrf Aggregate Warrant Were Exercised
AggregateWarrantWereExercised
2020351 shares
CY2022Q3 us-gaap Proceeds From Issuance Of Warrants
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289118 usd
us-gaap Proceeds From Issuance Of Warrants
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2620395 usd
us-gaap Common Stock Voting Rights
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CY2023Q3 us-gaap Share Based Compensation
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0 usd
CY2022Q3 us-gaap Share Based Compensation
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0 usd
us-gaap Share Based Compensation
ShareBasedCompensation
350900 usd
CY2023Q3 wstrf Mining Costs
MiningCosts
421064 usd
CY2022Q3 wstrf Mining Costs
MiningCosts
172421 usd
wstrf Mining Costs
MiningCosts
1042186 usd
wstrf Mining Costs
MiningCosts
524336 usd
CY2023Q3 us-gaap Labor And Related Expense
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280704 usd
us-gaap Labor And Related Expense
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863958 usd
CY2023Q3 wstrf Payments To Acquire Mining Permits
PaymentsToAcquireMiningPermits
26662 usd
CY2022Q3 wstrf Payments To Acquire Mining Permits
PaymentsToAcquireMiningPermits
29946 usd
wstrf Payments To Acquire Mining Permits
PaymentsToAcquireMiningPermits
81340 usd
wstrf Payments To Acquire Mining Permits
PaymentsToAcquireMiningPermits
86103 usd
CY2023Q3 wstrf Royalties
Royalties
2424 usd
CY2022Q3 wstrf Royalties
Royalties
2153 usd
wstrf Royalties
Royalties
5019 usd
wstrf Royalties
Royalties
5707 usd
CY2023Q3 wstrf Mining Expenditures
MiningExpenditures
730854 usd
CY2022Q3 wstrf Mining Expenditures
MiningExpenditures
204520 usd
wstrf Mining Expenditures
MiningExpenditures
1992503 usd
wstrf Mining Expenditures
MiningExpenditures
616146 usd
CY2023Q3 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
321299 usd
CY2022Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
340252 usd
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
17925 usd
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
13550 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
53775 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
38873 usd
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
25800 usd
CY2023Q3 wstrf Reimbursable Expenses Current
ReimbursableExpensesCurrent
56808 usd
CY2022Q4 wstrf Reimbursable Expenses Current
ReimbursableExpensesCurrent
87221 usd
CY2023Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
CY2023Q3 wstrf Common Stock Share Authorized Unlimited
CommonStockShareAuthorizedUnlimited
unlimited
CY2022Q4 wstrf Common Stock Share Authorized Unlimited
CommonStockShareAuthorizedUnlimited
unlimited
CY2023Q3 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2022Q3 us-gaap Other Income
OtherIncome
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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us-gaap Increase Decrease In Payables To Customers
IncreaseDecreaseInPayablesToCustomers
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wstrf Increase Decrease In Reclamation Liability
IncreaseDecreaseInReclamationLiability
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2023Q3 us-gaap Dilutive Securities
DilutiveSecurities
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CY2022Q3 us-gaap Dilutive Securities
DilutiveSecurities
usd
us-gaap Dilutive Securities
DilutiveSecurities
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CY2022Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
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us-gaap Labor And Related Expense
LaborAndRelatedExpense
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001621906
dei Security Exchange Name
SecurityExchangeName
NONE
dei Trading Symbol
TradingSymbol
WSTRF

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