SCANDIUM INTERNATIONAL MINING CORP. UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS AND THREE MONTHS ENDED JUNE 30, 2023
Scandium International Mining Corp.
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (Expressed in US Dollars) (Unaudited)
As at: | June 30, 2023 | December 31, 2022 | ||
ASSETS | ||||
Current | ||||
Cash | $ | 1,360,814 | $ | 1,852,710 |
Prepaid expenses and receivables | 37,108 | 33,541 | ||
Total Current Assets | 1,397,922 | 1,866,251 | ||
Reclamation bond (Note 3) | 10,891 | 10,699 | ||
Mineral property interests (Note 3) | 704,053 | 704,053 | ||
Total Assets | $ | 2,112,866 | $ | 2,601,003 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current | ||||
Accounts payable and accrued liabilities | $ | 84,690 | $ | 127,263 |
Accounts payable with related parties (Note 4) | 92,610 | 185,576 | ||
Derivative liability - warrants (Note 2 and 5) | 687,410 | 1,194,885 | ||
Total Liabilities | 864,710 | 1,507,724 | ||
Shareholders' Equity | ||||
Capital stock (Note 5) (Authorized: Unlimited number of common shares; | ||||
Issued and outstanding: 355,860,813 (2022 - 355,860,813) | 111,144,603 | 111,144,603 | ||
Treasury stock (Note 6) (1,033,333 common shares) (2022 - 1,033,333) | (1,264,194) | (1,264,194) | ||
Additional paid in capital (Note 5) | 7,067,749 | 7,019,116 | ||
Accumulated other comprehensive loss | (853,400) | (853,400) | ||
Deficit | (114,846,602) | (114,952,846) | ||
Total Shareholders' Equity | 1,248,156 | 1,093,279 | ||
Total Liabilities and Shareholders' Equity | $ | 2,112,866 | $ | 2,601,003 |
Nature and continuance of operations (Note 1)
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Scandium International Mining Corp.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Expressed in US Dollars) (Unaudited)
Three months | Three months | Six months ended | Six months ended | |||||||
ended June 30, | ended June 30, | June 30, 2023 | June 30, 2022 | |||||||
2023 | 2022 | |||||||||
EXPENSES | ||||||||||
Amortization | $ | - | $ | 2,513 | $ | - | $ | 2,932 | ||
Consulting (Note 4) | - | - | - | 17,000 | ||||||
Exploration (recovery) | 143,902 | (50,557) | 181,126 | (31,370) | ||||||
General and administrative | 16,536 | 50,815 | 46,287 | 131,111 | ||||||
Insurance | 7,850 | 7,578 | 15,682 | 15,487 | ||||||
Professional fees | 19,217 | 28,538 | 52,395 | 63,322 | ||||||
Salaries and benefits | 63,166 | 135,351 | 131,289 | 226,574 | ||||||
Travel | - | - | 3,737 | - | ||||||
(250,671) | (174,238) | (430,516) | (425,056) | |||||||
Foreign exchange gain (loss) | (9,256) | 4,957 | (30,596) | (1,723) | ||||||
Accruals reversal (Note 8) | - | 251,600 | - | 1,032,044 | ||||||
Interest income | 10,353 | - | 17,732 | - | ||||||
Unrealized loss on derivative | 119,818 | (53,741) | 549,624 | (53,741) | ||||||
liability - warrants gain (Note 2) | ||||||||||
Income (loss) and comprehensive | ||||||||||
income (loss) for the period | $ | (129,756) | $ | 28,578 | $ | 106,244 | $ 551,524 | |||
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 | 341,020,614 | 355,860,813 | 348,399,718 | ||||||
and diluted |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Scandium International Mining Corp.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in US Dollars) (Unaudited)
6-month period ended | June 30, 2023 | June 30, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Income for the period | $ 106,244 | $ 551,524 | ||
Items not affecting cash: | ||||
Amortization | - | 2,932 | ||
Stock-based compensation | 48,633 | 88,447 | ||
Accrual reversal | - | (1,032,044) | ||
Unrealized gain (loss) on derivative liability - warrants | (549,624) | 53,741 | ||
Unrealized gain on foreign exchange | 41,957 | (842) | ||
Changes in non-cash working capital items: | ||||
Decrease (increase) in prepaid expenses and receivables | (3,567) | 15,127 | ||
Decrease in accounts payable, accrued liabilities and accounts payable | (135,539) | (185,190) | ||
with related parties | ||||
(491,896) | (506,305) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Common shares issued | - | 2,647,852 | ||
Share issue costs | - | (28,418) | ||
Options exercised for common shares | - | 106,990 | ||
- | 2,726,423 | |||
Change in cash during the period | (491,896) | 2,220,118 | ||
Cash, beginning of period | 1,852,710 | 93,894 | ||
Cash, end of period | $ | 1,360,814 | $ | 2,314,012 |
2023 | 2022 | |||
Cash paid during the 6-month period for interest | $ | - | $ | - |
Cash paid during the 6-month period for taxes | $ | - | $ | - |
During the period ended June 30, 2022, the Company issued 37,803,218 warrants as part of a private placement valued at $1,781,779 classified as a derivative liability. There were no significant non-cash investing and financing activities during the periods ended June 30, 2023.
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Scandium International Mining Corp.
CONDENSED INTERIM 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, 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 | 317,157,595 | $ 110,149,177 | $ | 6,891,510 | $ (1,264,194) | $ (853,400) | $ (115,280,496) | $ | (357,403) |
Stock-based compensation | - | - | 88,447 | - | - | - | 88,447 | ||
Options exercised | 900,000 | 177,663 | (70,674) | - | - | - | 106,989 | ||
Private placement net of share | 37,803,218 | 2,619,434 | - | - | - | - | 2,619,434 | ||
issuance costs | |||||||||
Derivative liability | - | (1,781,779) | - | - | - | - | (1,781,779) | ||
Income for the three months | - | - | - | - | - | 28,578 | 28,578 | ||
Balance, June 30, 2022 | 355,860,813 | $ 111,164,495 | $ | 6,909,283 | $ (1,264,194) | $ (853,400) | $ (115,251,918) | $ | 704,266 |
Stock-based compensation | - | - | 61,222 | - | - | - | 61,222 | ||
Income for the three months | - | - | - | - | - | 70,701 | 70,701 | ||
Balance, September 30, 2022 | 355,860,813 | $ 111,164,495 | $ | 6,970,505 | $ (1,264,194) | $ (853,400) | $ (115,181,217) | $ | 836,189 |
Stock-based compensation | - | - | 48,611 | - | - | - | 48,611 | ||
Share issue costs | - | (19,892) | - | - | - | - | (19,892) | ||
Income for the three months | - | - | - | - | - | 228,371 | 228,371 | ||
Balance, December 31, 2022 | 355,860,813 | $ 110,144,603 | $ | 7,019,116 | $ (1,264,194) | $ (853,400) | $ (114,952,846) | $ | 1,093,279 |
Stock-based compensation | - | - | 26,949 | - | - | - | 26,949 | ||
Income for the three months | - | - | - | - | - | 236,000 | 236,000 | ||
Balance, March 31, 2023 | |||||||||
355,860,813 | $ 110,144,603 | $ | 7,046,065 | $ (1,264,194) | $ (853,400) | $ (114,716,846) | $ | 1,356,228 | |
Stock-based compensation | - | - | 21,684 | - | - | - | 21,684 | ||
Income for the three months | - | - | - | - | - | (129,756) | (129,756) | ||
Balance, June 30, 2023 | |||||||||
355,860,813 | $ 111,144,603 | $ | 7,067,749 | $ (1,264,194) | $ (853,400) | $ (114,846,602) | $ 1,248,156 | ||
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Scandium International Mining Corp. published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 21:53:05 UTC.
