2021 Form 10-K Financial Statement

#000165495422004166 Filed on March 30, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $952.0K $228.0K $1.044M
YoY Change -8.81% -24.75% -23.68%
% of Gross Profit
Research & Development $1.198M $413.0K
YoY Change 190.07% -77.14%
% of Gross Profit
Depreciation & Amortization $27.00K $6.000K $25.00K
YoY Change 8.0% 0.0% 0.0%
% of Gross Profit
Operating Expenses $2.194M $378.0K $1.482M
YoY Change 48.04% -13.3% -53.69%
Operating Profit
YoY Change
Interest Expense -$81.00K -$210.0K $445.0K
YoY Change -118.2% -400.0% -189.54%
% of Operating Profit
Other Income/Expense, Net -$173.0K $60.00K $549.0K
YoY Change -131.51%
Pretax Income $136.0K -$534.0K $79.00K
YoY Change 72.15% 45.9% -102.4%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings -$2.367M -$534.0K -$939.0K
YoY Change 152.08% 45.9% -71.45%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$40.32K -$9.190K -$16.16K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.856M $2.225M $8.023M
YoY Change -14.55% -73.64% -4.96%
Cash & Equivalents $462.0K $605.0K $605.0K
Short-Term Investments $6.394M $1.620M $7.418M
Other Short-Term Assets $303.0K $26.00K $26.00K
YoY Change 1065.38% -43.48% -43.48%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $7.159M $8.049M $8.049M
YoY Change -11.06% -8.07% -8.07%
LONG-TERM ASSETS
Property, Plant & Equipment $16.45M $15.70M $15.70M
YoY Change 4.8% -0.33% -0.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.000K $124.0K $53.00K
YoY Change -86.79% 396.0% 112.0%
Total Long-Term Assets $16.46M $15.75M $15.75M
YoY Change 4.49% -0.15% -0.15%
TOTAL ASSETS
Total Short-Term Assets $7.159M $8.049M $8.049M
Total Long-Term Assets $16.46M $15.75M $15.75M
Total Assets $23.62M $23.80M $23.80M
YoY Change -0.76% -2.98% -2.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $239.0K $157.0K $157.0K
YoY Change 52.23% -31.14% -31.14%
Accrued Expenses $37.00K $7.000K $7.000K
YoY Change 428.57% -82.93% -82.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $10.00K $10.00K
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $276.0K $174.0K $174.0K
YoY Change 58.62% -35.32% -35.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $160.0K $125.0K $125.0K
YoY Change 28.0% -5.3% -5.3%
Total Long-Term Liabilities $160.0K $125.0K $125.0K
YoY Change 28.0% -5.3% -5.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $276.0K $174.0K $174.0K
Total Long-Term Liabilities $160.0K $125.0K $125.0K
Total Liabilities $436.0K $299.0K $299.0K
YoY Change 45.82% -25.44% -25.44%
SHAREHOLDERS EQUITY
Retained Earnings -$47.59M
YoY Change
Common Stock $581.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.18M $23.50M $23.50M
YoY Change
Total Liabilities & Shareholders Equity $23.62M $23.80M $23.80M
YoY Change -0.76% -2.98% -2.98%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$2.367M -$534.0K -$939.0K
YoY Change 152.08% 45.9% -71.45%
Depreciation, Depletion And Amortization $27.00K $6.000K $25.00K
YoY Change 8.0% 0.0% 0.0%
Cash From Operating Activities -$2.157M -$294.0K -$1.010M
YoY Change 113.56% 15.75% -61.73%
INVESTING ACTIVITIES
Capital Expenditures -$674.0K $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $764.0K $486.0K $976.0K
YoY Change -21.72% -1.42% -68.66%
Cash From Investing Activities $90.00K $486.0K $976.0K
YoY Change -90.78% -1.62% -68.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$1.841M $5.000K
YoY Change -36920.0% -138.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.924M 0.000 $65.00K
YoY Change 2860.0% -100.0% -600.0%
NET CHANGE
Cash From Operating Activities -$2.157M -294.0K -$1.010M
Cash From Investing Activities $90.00K 486.0K $976.0K
Cash From Financing Activities $1.924M 0.000 $65.00K
Net Change In Cash -$143.0K 192.0K $31.00K
YoY Change -561.29% -19.67% -93.22%
FREE CASH FLOW
Cash From Operating Activities -$2.157M -$294.0K -$1.010M
Capital Expenditures -$674.0K $0.00 $0.00
Free Cash Flow -$1.483M -$294.0K -$1.010M
YoY Change 46.83% 15.29% -61.66%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021 dei Auditor Location
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make 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 reporting period.  Actual results could differ from those estimates.  Some of the more significant estimates included in the preparation of Solitario's financial statements pertain to: (i) the recoverability of its investment in mineral properties related to its mineral exploration properties and their future exploration potential; (ii) the fair value of stock option grants to employees; (iii) the ability of Solitario to realize its deferred tax assets; and (iv) Solitario's investment in marketable equity securities.  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">In performing its activities, Solitario has incurred certain costs for mineral properties.  The recovery of these costs is ultimately dependent upon the sale of mineral property interests or the development of economically recoverable mineral reserves and the ability of Solitario to obtain the necessary permits and financing to successfully place the properties into production, and upon future profitable operations, none of which is assured.</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">Solitario faces risks related to health epidemics and other outbreaks of communicable diseases, which could significantly disrupt its operations and may materially and adversely affect its business and financial conditions.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">Solitario’s business still could be adversely impacted by the effects of the coronavirus (“COVID-19”) or other epidemics or pandemics.  Solitario has recommended all of its employees and contractors follow government guidelines for health and safety policies for employees and contractors, including encouraging tele-commuting and working from home where possible.  Solitario has evaluated the effects of COVID-19 on its operations and taken pro-active steps to address the impacts on its operations, including at times reducing costs, in response to the economic uncertainty associated with potential risks from COVID-19.  These prior reductions included implementing salary reductions and evaluation and reduction in certain planned 2021 exploration programs through its joint venture partners at the Florida Canyon and Lik exploration projects.  Also, Solitairo has evaluated the potential impacts on its ability to access future traditional funding sources on the same or reasonably similar terms as in past periods.  Solitario will continue to monitor the effects of COVID-19 on its operations, financial condition and liquidity.  However, the extent to which COVID-19 impacts Solitario’s business, including our exploration and other activities and the market for its securities, will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity and scope of any new outbreak and the actions taken to contain or treat the COVID-19 pandemic.  </p>
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2.55
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6000 USD
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1225000 USD
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0.13
sir Purchase Of The Units Increased Of Vendetta Common Shares
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RealizedGainOnMarketableEquitiesSecuritiesSold
50000 USD
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GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments
410000 USD
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0 USD
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PermanentDifferencesAndOther
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IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
506000 USD
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OperatingLeaseRightOfUseAssetAmortizationExpense
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OperatingLeasePayments
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OperatingLeasePayments
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ImputedInterest
4000 USD
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ImputedInterest
4000 USD
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DiscountRate
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RemainingCashPayments
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OtherAssets
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
79000 USD
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DeferredTaxAssetsOperatingLossCarryforwards
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DeferredTaxAssetsInvestments
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CapitalizedCostsMineralInterestsInUnprovedProperties
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CapitalizedCostsMineralInterestsInUnprovedProperties
410000 USD
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309000 USD
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286000 USD
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DeferredTaxAssetsDerivativeInstruments
148000 USD
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DeferredTaxAssetsOther
91000 USD
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DeferredTaxAssetsOther
110000 USD
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LeaseLiability
18 USD
CY2020Q4 sir Lease Liability
LeaseLiability
0 USD
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DeferredTaxAssetsValuationAllowance
14561000 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
15050000 USD
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
190000 USD
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
209000 USD
CY2021Q4 us-gaap Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
173000 USD
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DeferredTaxLiabilitiesInvestments
207000 USD
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LeaseAsset
17 USD
CY2020Q4 sir Lease Asset
LeaseAsset
0 USD
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DeferredTaxLiabilitiesOther
0 USD
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DeferredTaxLiabilitiesOther
2000 USD
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
190000 USD
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DeferredIncomeTaxLiabilities
209000 USD
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DeferredTaxAssetsLiabilitiesNet
0 USD
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DeferredTaxAssetsLiabilitiesNet
0 USD
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IncomeTaxReconciliationTaxContingencies
-497000 USD
CY2020 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
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IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
4000 USD
CY2020 sir Permanent Differences And Other
PermanentDifferencesAndOther
-18000 USD
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GainLossOnDerivativeInstrumentsNetPretax
-38000 USD
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GainLossOnDerivativeInstrumentsNetPretax
-92000 USD
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PaycheckProtectionProgramLoan
70000 USD
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PPPLoanTerm
two-year
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DebtConversionOriginalDebtInterestRateOfDebt
0.010 pure
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10000 USD
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ForgivenessOfThePppLoan
60000 USD
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OtherIncomeDisclosureNonoperating
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CY2020 us-gaap Other Income Disclosure Nonoperating
OtherIncomeDisclosureNonoperating
60,000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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4373000 shares
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0.58
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.67
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.20
CY2021 sir Number Of Options Exercised
NumberOfOptionsExercised
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CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.45
CY2021Q4 us-gaap Short Term Investments
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5087000 USD
CY2021Q4 us-gaap Marketable Securities
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1307000 USD
CY2021Q4 us-gaap Financial Instruments Owned Corporate Equities At Fair Value
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3000 USD
CY2020Q4 us-gaap Short Term Investments
ShortTermInvestments
5798000 USD
CY2020Q4 us-gaap Marketable Securities
MarketableSecurities
1620000 USD
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FinancialInstrumentsOwnedCorporateEquitiesAtFairValue
49000 USD
CY2021 sir Lease And Option Payments For Properties Solitario Owns
LeaseAndOptionPaymentsForPropertiesSolitarioOwns
1046000 USD
CY2021Q4 us-gaap Prepaid Rent
PrepaidRent
777000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5558000 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.58
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4083500 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.57
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
446000 USD
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
80000 USD
CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P21Y
CY2020 sir Shares Repurchased
SharesRepurchased
24700 shares
CY2020 sir Aggregate Purchase Price
AggregatePurchasePrice
5000 USD
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TotalSharesRepurchasedShares
994000 shares
CY2021Q4 sir Total Shares Repurchased
TotalSharesRepurchased
467000 USD
CY2021 sir Sale Of Shares Of Common Stock
SaleOfSharesOfCommonStock
3100000000 shares
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SalePerShareOfsharesofcommonstock
0.50
CY2021 sir Net Proceeds After Expenses
NetProceedsAfterExpenses
1542000000 USD
CY2021 sir Purchase Shareofcommonstock
PurchaseShareofcommonstock
50000000 shares

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