2024 Q2 Form 10-K Financial Statement

#000121390024033519 Filed on April 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $39.78K $73.16K $431.1K
YoY Change -61.3% -70.45% -94.51%
Cost Of Revenue $1.385M $959.1K
YoY Change 556.05%
Gross Profit -$1.345M -$885.9K $431.1K
YoY Change -1408.67% -974.03% -88.7%
Gross Profit Margin -3381.44% -1210.93% 100.0%
Selling, General & Admin $1.367M $838.8K $2.575M
YoY Change 136.67% -41.64% -32.79%
% of Gross Profit 597.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $151.1K $99.61K $262.8K
YoY Change 181.19% 1244.26% 877.91%
% of Gross Profit 60.97%
Operating Expenses $2.752M $838.8K $5.527M
YoY Change 122.99% -41.64% 20.31%
Operating Profit -$2.712M -$1.725M -$5.096M
YoY Change 139.73% 29.11% 554.01%
Interest Expense $83.60K $34.91K $171.2K
YoY Change 52.03% -24.83% 90.09%
% of Operating Profit
Other Income/Expense, Net $3.040K -$12.59K -$17.91K
YoY Change -1113.33% 354.51% -547.75%
Pretax Income -$2.626M -$1.702M -$4.943M
YoY Change 143.86% 31.74% 592.46%
Income Tax
% Of Pretax Income
Net Earnings -$2.626M -$1.702M -$4.943M
YoY Change 143.86% 31.74% 592.47%
Net Earnings / Revenue -6599.94% -2326.9% -1146.6%
Basic Earnings Per Share -$0.05 -$0.11
Diluted Earnings Per Share -$0.05 -$0.04 -$0.11
COMMON SHARES
Basic Shares Outstanding 55.22M shares 44.28M shares 44.07M shares
Diluted Shares Outstanding 55.22M shares 44.07M shares

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.817M $9.218M $9.218M
YoY Change 33.66% -4.8% -4.8%
Cash & Equivalents $8.816M $9.218M
Short-Term Investments $420.00 $390.00 $390.00
Other Short-Term Assets $45.40K $131.3K $588.6K
YoY Change -59.73% -42.33% 5.73%
Inventory
Prepaid Expenses $170.4K $382.3K
Receivables
Other Receivables
Total Short-Term Assets $9.108M $9.807M $9.807M
YoY Change 31.54% -4.23% -4.23%
LONG-TERM ASSETS
Property, Plant & Equipment $15.69M $14.93M $14.93M
YoY Change 8.82% 16.62% 16.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $676.4K $676.4K $676.4K
YoY Change 0.01% 0.0% 0.0%
Total Long-Term Assets $25.86M $25.09M $25.09M
YoY Change 5.17% 9.26% 9.26%
TOTAL ASSETS
Total Short-Term Assets $9.108M $9.807M $9.807M
Total Long-Term Assets $25.86M $25.09M $25.09M
Total Assets $34.96M $34.90M $34.90M
YoY Change 10.97% 5.1% 5.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $626.1K $562.8K $562.8K
YoY Change 25.64% 39.41% 39.41%
Accrued Expenses $144.4K $198.3K $198.3K
YoY Change -11.89% 34.06% 34.06%
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 $845.6K $836.2K $836.2K
YoY Change 12.92% 24.7% 24.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $582.2K $582.2K $582.2K
YoY Change 3.24% 2.96% 2.96%
Total Long-Term Liabilities $582.2K $582.2K $582.2K
YoY Change 3.24% 2.96% 2.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $845.6K $836.2K $836.2K
Total Long-Term Liabilities $582.2K $582.2K $582.2K
Total Liabilities $4.137M $4.127M $4.127M
YoY Change 2.86% 4.62% 4.62%
SHAREHOLDERS EQUITY
Retained Earnings -$23.92M -$18.82M
YoY Change 48.99% 35.62%
Common Stock $55.03M $49.66M
YoY Change 25.79% 14.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.83M $30.77M $30.77M
YoY Change
Total Liabilities & Shareholders Equity $34.96M $34.90M $34.90M
YoY Change 10.97% 5.1% 5.1%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.626M -$1.702M -$4.943M
YoY Change 143.86% 31.74% 592.47%
Depreciation, Depletion And Amortization $151.1K $99.61K $262.8K
YoY Change 181.19% 1244.26% 877.91%
Cash From Operating Activities -$2.029M -$1.526M -$4.089M
YoY Change 155.05% 144.47% -189.87%
INVESTING ACTIVITIES
Capital Expenditures $626.6K $530.3K $2.404M
YoY Change -42.78% 252.94% 129.95%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$626.6K -$530.3K -$2.404M
YoY Change -42.78% 252.94% 129.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 5.293M $5.844M
YoY Change 3.77%
NET CHANGE
Cash From Operating Activities -2.029M -1.526M -$4.089M
Cash From Investing Activities -626.6K -530.3K -$2.404M
Cash From Financing Activities 0.000 5.293M $5.844M
Net Change In Cash -2.655M 3.236M -$464.5K
YoY Change 40.46% -517.84% -105.27%
FREE CASH FLOW
Cash From Operating Activities -$2.029M -$1.526M -$4.089M
Capital Expenditures $626.6K $530.3K $2.404M
Free Cash Flow -$2.655M -$2.056M -$6.494M
YoY Change 40.46% 165.51% -285.3%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023 wstrf Working Capital
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CY2022 wstrf Working Capital
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CY2023 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Use of Estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of these 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 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 and valuation of stock-based compensation. Other areas requiring estimates include allocations of expenditures, depletion, and amortization of mineral rights and properties. Actual results could differ from those estimates.</p>
CY2023 us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
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more than 50 percent
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q4 wstrf Property Plant And Equipment And Mineral Properties Gross
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15247940 usd
CY2022Q4 wstrf Property Plant And Equipment And Mineral Properties Gross
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AccumulatedDepreciationPropertyPlantAndEquipmentAndMineralProperties
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AccumulatedDepreciationPropertyPlantAndEquipmentAndMineralProperties
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CY2023Q4 wstrf Property Plant And Equipment And Mineral Properties Net
PropertyPlantAndEquipmentAndMineralPropertiesNet
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CY2022Q4 wstrf Property Plant And Equipment And Mineral Properties Net
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CY2023Q4 wstrf Kinetic Separation Intellectual Property
KineticSeparationIntellectualProperty
9488051 usd
CY2022Q4 wstrf Kinetic Separation Intellectual Property
KineticSeparationIntellectualProperty
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CY2023 us-gaap Payments To Acquire Mining Assets
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2404440 usd
CY2022 us-gaap Payments To Acquire Mining Assets
PaymentsToAcquireMiningAssets
1045638 usd
CY2023 us-gaap Depreciation
Depreciation
262832 usd
CY2022 us-gaap Depreciation
Depreciation
26877 usd
CY2023Q4 us-gaap Area Of Land
AreaOfLand
160 sqm
CY2023 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.
CY2023 us-gaap Payments To Acquire Royalty Interests In Mining Properties
PaymentsToAcquireRoyaltyInterestsInMiningProperties
431065 usd
CY2022 us-gaap Payments To Acquire Royalty Interests In Mining Properties
PaymentsToAcquireRoyaltyInterestsInMiningProperties
635363 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
751444 usd
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
751405 usd
CY2023Q4 us-gaap Accrued Reclamation Costs Current
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75057 usd
CY2023 wstrf Reclamation Liability Discount Rate
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0.054 pure
CY2023Q4 us-gaap Mine Reclamation And Closing Liability Noncurrent
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241562 usd
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225219 usd
CY2022Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
300276 usd
CY2021Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
271620 usd
CY2023 wstrf Increase Decrease In Reclamation Liability
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-4035 usd
CY2023 wstrf Accretion Of Reclamation Liability
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12308 usd
CY2022 wstrf Accretion Of Reclamation Liability
AccretionOfReclamationLiability
28656 usd
CY2023Q4 us-gaap Asset Retirement Obligations Noncurrent
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316619 usd
CY2022Q4 us-gaap Asset Retirement Obligations Noncurrent
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300276 usd
CY2023Q4 us-gaap Accrued Reclamation Costs Current
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75057 usd
CY2022Q4 us-gaap Accrued Reclamation Costs Current
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75057 usd
CY2023Q4 us-gaap Mine Reclamation And Closing Liability Noncurrent
MineReclamationAndClosingLiabilityNoncurrent
241562 usd
CY2022Q4 us-gaap Mine Reclamation And Closing Liability Noncurrent
MineReclamationAndClosingLiabilityNoncurrent
225219 usd
CY2023 wstrf Kinetic Separation Intellectual Property Description
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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
CY2023Q4 us-gaap Accounts Payable Trade Current
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CY2022Q4 us-gaap Accrued Liabilities Current
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761123 usd
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551615 usd
CY2021Q2 us-gaap Other Commitment
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78000 usd
CY2022Q2 wstrf Uranium Conentrates
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125000 lb
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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7223609 usd
CY2022 wstrf Uranium Price Per Pound
UraniumPricePerPound
57
CY2022 us-gaap Cost Of Revenue
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4044083 usd
CY2021Q2 wstrf Pounds Of Uranium
PoundsOfUranium
125000 lb
CY2021Q2 wstrf Pounds Of Uranium Purchased
PoundsOfUraniumPurchased
32 usd
CY2021 us-gaap Cost Of Revenue
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4044083 usd
CY2021 wstrf Pounds Of Uranium
PoundsOfUranium
125000 lb
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
153247 cad
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
122539 usd
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2.5
CY2023 us-gaap Payments Of Stock Issuance Costs
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661912 cad
CY2023 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
488122 usd
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1.88
CY2023 wstrf Stock Issued During Period Value Warrants Exercised
StockIssuedDuringPeriodValueWarrantsExercised
1004044 usd
CY2022 wstrf Stock Issued During Period Value Warrants Exercised
StockIssuedDuringPeriodValueWarrantsExercised
2620395 usd
CY2023Q4 us-gaap Common Stock Shares Outstanding
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50002089 shares
CY2022Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
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P5Y
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1.6
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1.17
CY2022 wstrf Cashless Exercise Of Stock Options
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50000 shares
CY2023 wstrf Cashless Exercise Of Stock Options
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50000 shares
CY2023Q4 us-gaap Share Price
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1.56
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
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1.6
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0 pure
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0.0406 pure
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P2Y7M6D
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.72
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
429429 usd
CY2023Q4 wstrf Unamortized Stock Option Expense
UnamortizedStockOptionExpense
975101 usd
CY2022Q4 wstrf Unamortized Stock Option Expense
UnamortizedStockOptionExpense
364095 usd
CY2023 wstrf Mining Costs
MiningCosts
1453063 usd
CY2022 wstrf Mining Costs
MiningCosts
471622 usd
CY2023 us-gaap Labor And Related Expense
LaborAndRelatedExpense
1383074 usd
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PaymentsToAcquireMiningPermits
107989 usd
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PaymentsToAcquireMiningPermits
282851 usd
CY2023 wstrf Royalties
Royalties
7453 usd
CY2022 wstrf Royalties
Royalties
7860 usd
CY2023 wstrf Mining Expenditure
MiningExpenditure
2951579 usd
CY2022 wstrf Mining Expenditure
MiningExpenditure
762333 usd
CY2023Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
340650 usd
CY2022Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
340252 usd
CY2023 us-gaap Short Term Lease Cost
ShortTermLeaseCost
71700 usd
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
55198 usd
CY2023 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
25800 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
6985894 usd
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5708411 usd
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13646 usd
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16094 usd
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DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
35681 usd
CY2023Q4 wstrf Deferred Tax Assets Exploration Amortization
DeferredTaxAssetsExplorationAmortization
925249 usd
CY2022Q4 wstrf Deferred Tax Assets Exploration Amortization
DeferredTaxAssetsExplorationAmortization
725959 usd
CY2023Q4 us-gaap Deferred Tax Assets Unrealized Currency Losses
DeferredTaxAssetsUnrealizedCurrencyLosses
20192 usd
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DeferredTaxAssetsUnrealizedCurrencyLosses
64761 usd
CY2023Q4 wstrf Deferred Tax Assets Accretion Expense
DeferredTaxAssetsAccretionExpense
9899 usd
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8639 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
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7954880 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
6559545 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
5602952 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3688584 usd
CY2023Q4 us-gaap Deferred Tax Assets Net
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2351928 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
2870961 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
4758757 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
5314338 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
302058 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
265510 usd
CY2023Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
2708887 usd
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
2708887 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3688584 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3488821 usd
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1914368 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
199763 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
5602952 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3688584 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.038 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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0 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies Other
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-0.01 pure
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EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
0.244 pure
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0.329 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.403 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.193 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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-0.032 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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0 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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0 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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0 pure
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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5602952 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3688584 usd
CY2023 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
Internal Revenue Code (“IRC”) Section 382 imposes limitations on the use of net operating loss carryovers when the share ownership of one or more 5% shareholders (shareholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis over a period of three years by more than 50 percentage points.
CY2023 wstrf Working Capital
WorkingCapital
8970434 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q4 us-gaap Deferred Revenue Current
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CY2023Q4 us-gaap Common Stock No Par Value
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CY2022Q4 us-gaap Common Stock No Par Value
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CY2023 us-gaap Cost Of Revenue
CostOfRevenue
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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42815086 shares
CY2022 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2023 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2022 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2023 us-gaap Increase Decrease In Inventories
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CY2022 us-gaap Interest Paid Net
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CY2022 wstrf Increase Decrease In Reclamation Liability
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LaborAndRelatedExpense
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001621906
CY2023 dei Security Exchange Name
SecurityExchangeName
NONE
CY2023 dei Trading Symbol
TradingSymbol
WSTRF

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