UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NINE MONTHS AND THREE MONTHS ENDED SEPTEMBER 30, 2022
Scandium International Mining Corp.
CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in US Dollars) (Unaudited)
As at: | September 30, 2022 | December 31, 2021 | ||
ASSETS | ||||
Current | ||||
Cash | $ | 1,971,898 | $ | 93,894 |
Prepaid expenses and receivables | 10,055 | 35,042 | ||
Total Current Assets | 1,981,953 | 128,936 | ||
Reclamation bond (Note 4) | 9,797 | 11,444 | ||
Equipment (Note 3) | - | 2,932 | ||
Mineral property interests (Note 4) | 704,053 | 704,053 | ||
Total Assets | $ | 2,695,803 | $ | 847,365 |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY) | ||||
Current | ||||
Accounts payable and accrued liabilities | $ | 163,973 | $ | 568,001 |
Accounts payable with related parties (Note 5) | 175,854 | 1,159,713 | ||
Derivative liability - warrants (Note 6) | 1,519,787 | - | ||
Total Liabilities | 1,859,614 | 1,727,714 | ||
Shareholders' Equity (Deficiency) | ||||
Capital stock (Note 6) (Authorized: Unlimited number of common shares; | ||||
Issued and outstanding: 355,860,813 (2021 - 317,157,595) | 111,164,495 | 110,149,177 | ||
Treasury stock (Note 7) (1,033,333 common shares) (2021 - 1,033,333) | (1,264,194) | (1,264,194) | ||
Additional paid in capital (Note 6) | 6,970,505 | 6,891,510 | ||
Accumulated other comprehensive loss | (853,400) | (853,400) | ||
Deficit | (115,181,217) | (115,803,442) | ||
Total Shareholders' Equity (Deficiency) | 836,189 | (880,349) | ||
Total Liabilities and Shareholders' Equity (Deficiency) | $ | 2,695,803 | $ | 847,365 |
Nature and continuance of operations (Note 1)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Scandium International Mining Corp.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Expressed in US Dollars) (Unaudited)
Three months | Three months | Nine months ended | Nine months ended | |||||||
ended September | ended September | September 30, | September 30, | |||||||
30, 2022 | 30, 2021 | 2022 | 2021 | |||||||
EXPENSES | ||||||||||
Amortization (Note 3) | $ | - | $ | 419 | $ | 2,932 | $ | 1,309 | ||
Consulting (Note 5) | 1,363 | 45,500 | 18,363 | 105,122 | ||||||
Exploration (recovery) | 22,915 | 33,458 | (8,455) | 55,873 | ||||||
General and administrative | 29,822 | 90,683 | 160,933 | 181,740 | ||||||
Insurance | 7,565 | 9,491 | 23,052 | 27,778 | ||||||
Professional fees | 23,939 | 5,185 | 87,261 | 53,194 | ||||||
Salaries and benefits | 42,129 | 116,112 | 180,256 | 350,287 | ||||||
Stock-based compensation (Notes | 61,222 | - | 149,669 | 610,385 | ||||||
5 & 6) | ||||||||||
(188,955) | (300,848) | (614,011) | (1,385,688) | |||||||
Foreign exchange gain | 44,862 | 22,144 | 43,139 | 33,767 | ||||||
Accruals reversal (Note 9) | - | - | 1,032,044 | - | ||||||
Unrealized gain on derivative | 214,794 | - | 161,053 | - | ||||||
liability - warrants gain (Note 26) | ||||||||||
Income (loss) and comprehensive | ||||||||||
income (loss) for the period | $ | 70,701 | $ | (278,704) | $ | 622,225 | $ | (1,351,921) | ||
Basic and diluted income (loss) per | $ | 0.00 | $ | (0.00) | $ | 0.00 | $ | (0.00) | ||
common share | ||||||||||
Weighted average number of | ||||||||||
common shares outstanding - basic | 355,860,813 | 316,272,595 | 345,147,171 | 316,075,086 | ||||||
and diluted |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Scandium International Mining Corp.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in US Dollars) (Unaudited)
9-month period ended | September 30, | September 30, | ||
2022 | 2021 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Income (loss) for the period | $ 622,225 | $ (1,351,921) | ||
Items not affecting cash: | ||||
Amortization | 2,932 | 1,309 | ||
Stock-based compensation | 149,669 | 610,385 | ||
Accrual reversal | (1,032,044) | - | ||
Unrealized gain on derivative liability - warrants | (161,053) | - | ||
Unrealized gain of foreign exchange | (99,292) | - | ||
Changes in non-cash working capital items: | ||||
Decrease in prepaid expenses and receivables | 24,987 | 24,161 | ||
Increase (decrease) in accounts payable, accrued liabilities and accounts | (355,843) | 383,019 | ||
payable with related parties | ||||
(848,419) | (333,047) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Common shares issued | 2,647,852 | - | ||
Share issue costs | (28,418) | - | ||
Options exercised for common shares | 106,989 | 227,064 | ||
2,726,423 | 227,064 | |||
Change in cash during the period | 1,878,004 | (105,983) | ||
Cash, beginning of period | 93,894 | 170,284 | ||
Cash, end of period | $ | 1,971,898 | $ | 64,301 |
2022 | 2021 | |||
Cash paid during the 9-month period for interest | $ | - | $ | - |
Cash paid during the 9-month period for taxes | $ | - | $ | - |
During the nine-months ended September 30, 2022, the Company issued 37,803,218 warrants as part of a private placement valued at $1,781,779 and classified as a derivative liability.
There were no significant non-cash investing and financing activities during the period ended September 30, 2021.
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Scandium International Mining Corp.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIENCY) (Expressed in US Dollars) (Unaudited)
Accumulated | Total | ||||||||
Additional Paid | Other | Shareholders' | |||||||
Number of | Comprehensive | Equity | |||||||
in Capital | Treasury Stock | Deficit | |||||||
Shares | Capital Stock | Loss | (Deficiency) | ||||||
Balance, December 31, 2020 | 314,032,595 | $ 109,627,071 | $ | 6,505,416 | $ (1,264,194) | $ (853,400) | $ (114,236,410) | $ | (221,517) |
Options exercised | 2,240,000 | 406,003 | (178,939) | - | - | - | 227,064 | ||
Loss for the three months | - | - | - | - | - | (312,137) | (312,137) | ||
Balance, March 31, 2021 | 316,272,595 | $ 110,033,074 | $ | 6,326,477 | $ (1,264,194) | $ (853,400) | $ (114,548,557) | $ | (306,590) |
Stock-based compensation | - | - | 610,385 | - | - | - | 610,385 | ||
Loss for the three months | - | - | - | - | - | (761,080) | (761,080) | ||
Balance, June 30, 2021 | |||||||||
316,272,595 | $ 110,033,074 | $ | 6,936,862 | $ (1,264,194) | $ (853,400) | $ (115,309,627) | $ | (457,285) | |
Loss for the three months | - | - | - | - | - | (278,704) | (278,704) | ||
Balance, September 30, 2021 | 316,272,595 | $ 110,033,074 | $ | 6,936,862 | $ (1,264,194) | $ (853,400) | $ (115,588,331) | $ | (735,989) |
Options exercised | 885,000 | 116,103 | (45,352) | - | - | - | 70,751 | ||
Loss for the three months | - | - | - | - | - | (215,111) | (215,111) | ||
Balance, December 31, 2021 | 317,157,595 | $ 110,149,177 | $ | 6,891,510 | $ (1,264,194) | $ (853,400) | $ (115,803,442) | $ | (880,349) |
Income for the three months | - | - | - | - | - | 522,946 | 522,946 |
Balance, March 31, 2022
Stock-based compensation
Options exercised
Private placement net of share issuance costs
Derivative liability
Income for the three months
Balance, June 30, 2022
Stock-based compensation
Income for the three months
Balance, September 30, 2022
317,157,595 | $ 110,149,177 | $ 6,891,510 | $ (1,264,194) | $ (853,400) | $ (115,280,496) | $ (357,403) |
- | - | 88,447 | - | - | - | 88,447 |
900,000 | 177,663 | (70,674) | - | - | - | 106,989 |
37,803,218 | 2,619,434 | - | - | - | - | 2,619,434 |
- | (1,781,779) | - | - | - | - | (1,781,779) |
- | - | - | - | - | 28,578 | 28,578 |
355,860,813 | $ 111,164,495 | $ 6,909,283 | $ (1,264,194) | $ (853,400) | $ (115,251,918) | $ 704,266 |
- | - | 61,222 | - | - | - | 61,222 |
- | - | - | - | - | 70,701 | 70,701 |
355,860,813 | $ 111,164,495 | $ 6,970,505 | $ (1,264,194) | $ (853,400) | $ (115,181,217) | $ 836,189 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Scandium International Mining Corp. published this content on 11 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2022 01:51:04 UTC.