10-Q Filing

Trilogy Metals Inc. CIK: 1543418 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001279569-17-001341`
Period End Date	20170531
Filing Date	20170628
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	tmq-20170531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 49 Income Statement 72 Cash Flow Statement 48 Stockholders Equity 19

Balance Sheet 49 line items

Line Item	Tag	Value	Unit	Period
Common Stock, No Par Value	`CommonStockNoParValue`	-	USD	Point-in-time
Common Stock, No Par Value	`CommonStockNoParValue`	-	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	105.29M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.53M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.91M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	105.55M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.34M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$47.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$106.00K	USD	Point-in-time
Deposits and prepaid amounts	`PrepaidExpenseCurrent`	$1.11M	USD	Point-in-time
Deposits and prepaid amounts	`PrepaidExpenseCurrent`	$724.00K	USD	Point-in-time
Current investments (note 3)	`ShortTermInvestments`	$5.60M	USD	Point-in-time
Current investments (note 3)	`ShortTermInvestments`	$7.54M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$15.65M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$21.35M	USD	Point-in-time
Investments (note 3)	`LongTermInvestments`	$165.00K	USD	Point-in-time
Investments (note 3)	`LongTermInvestments`	$297.00K	USD	Point-in-time
Plant and equipment	`PropertyPlantAndEquipmentNet`	$278.00K	USD	Point-in-time
Plant and equipment	`PropertyPlantAndEquipmentNet`	$215.00K	USD	Point-in-time
Mineral properties and development costs (note 4)	`MineralPropertiesNet`	$30.59M	USD	Point-in-time
Mineral properties and development costs (note 4)	`MineralPropertiesNet`	$30.59M	USD	Point-in-time
Total Assets	`Assets`	$46.75M	USD	Point-in-time
Total Assets	`Assets`	$52.38M	USD	Point-in-time
Accounts payable and accrued liabilities (note 5)	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.20M	USD	Point-in-time
Accounts payable and accrued liabilities (note 5)	`AccountsPayableAndAccruedLiabilitiesCurrent`	$593.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.20M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$593.00K	USD	Point-in-time
Mineral properties purchase option (note 4)	`PurchaseObligation`	-	USD	Point-in-time
Mineral properties purchase option (note 4)	`PurchaseObligation`	$10.00M	USD	Point-in-time
Total Liabilities	`Liabilities`	$11.20M	USD	Point-in-time
Total Liabilities	`Liabilities`	$593.00K	USD	Point-in-time
Share capital (note 6) - unlimited common shares authorized, no par value Issued -105,554,489 (2016 - 105,286,469)	`CommonStockValue`	$136.36M	USD	Point-in-time
Share capital (note 6) - unlimited common shares authorized, no par value Issued -105,554,489 (2016 - 105,286,469)	`CommonStockValue`	$136.46M	USD	Point-in-time
Warrants (note 6(d))	`WarrantsAndRightsOutstanding`	$2.16M	USD	Point-in-time
Warrants (note 6(d))	`WarrantsAndRightsOutstanding`	$2.16M	USD	Point-in-time
Contributed surplus	`ContributedSurplus`	$124.00K	USD	Point-in-time
Contributed surplus	`ContributedSurplus`	$124.00K	USD	Point-in-time
Contributed surplus - options (note 6(a, b))	`AdditionalPaidInCapital`	$18.13M	USD	Point-in-time
Contributed surplus - options (note 6(a, b))	`AdditionalPaidInCapital`	$18.38M	USD	Point-in-time
Contributed surplus - units (note 6(c))	`ContributedSurplusUnits`	$1.20M	USD	Point-in-time
Contributed surplus - units (note 6(c))	`ContributedSurplusUnits`	$1.14M	USD	Point-in-time
Deficit	`RetainedEarningsAccumulatedDeficit`	$-111.76M	USD	Point-in-time
Deficit	`RetainedEarningsAccumulatedDeficit`	$-117.15M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$47.46M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$46.15M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$50.43M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$41.18M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$46.75M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$52.38M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Amortization	`DepreciationAndAmortization`	$20.00K	USD	1 Quarter
Amortization	`DepreciationAndAmortization`	$42.00K	USD	2 Qtrs
Amortization	`DepreciationAndAmortization`	$19.00K	USD	1 Quarter
Amortization	`DepreciationAndAmortization`	$39.00K	USD	2 Qtrs
Foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossBeforeTax`	$1.00K	USD	1 Quarter
Foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-130.00K	USD	1 Quarter
Foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-50.00K	USD	2 Qtrs
Foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-5.00K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$373.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$719.00K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$785.00K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$407.00K	USD	1 Quarter
Investor relations	`BusinessDevelopment`	$46.00K	USD	1 Quarter
Investor relations	`BusinessDevelopment`	$93.00K	USD	1 Quarter
Investor relations	`BusinessDevelopment`	$156.00K	USD	2 Qtrs
Investor relations	`BusinessDevelopment`	$50.00K	USD	2 Qtrs
Mineral properties expense (note 4(d))	`ExplorationExpenseMining`	$1.94M	USD	2 Qtrs
Mineral properties expense (note 4(d))	`ExplorationExpenseMining`	$1.30M	USD	1 Quarter
Mineral properties expense (note 4(d))	`ExplorationExpenseMining`	$990.00K	USD	2 Qtrs
Mineral properties expense (note 4(d))	`ExplorationExpenseMining`	$457.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$346.00K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$318.00K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$193.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$210.00K	USD	1 Quarter
Salaries	`SalariesAndWages`	$469.00K	USD	2 Qtrs
Salaries	`SalariesAndWages`	$257.00K	USD	1 Quarter
Salaries	`SalariesAndWages`	$224.00K	USD	1 Quarter
Salaries	`SalariesAndWages`	$466.00K	USD	2 Qtrs
Salaries - stock-based compensation	`AllocatedShareBasedCompensationExpense`	$106.00K	USD	1 Quarter
Salaries - stock-based compensation	`AllocatedShareBasedCompensationExpense`	$499.00K	USD	2 Qtrs
Salaries - stock-based compensation	`AllocatedShareBasedCompensationExpense`	$116.00K	USD	1 Quarter
Salaries - stock-based compensation	`AllocatedShareBasedCompensationExpense`	$398.00K	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$2.47M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$3.02M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$4.25M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$1.48M	USD	1 Quarter
Unrealized (gain) loss on held for trading investments	`TradingSecuritiesUnrealizedHoldingGainLoss`	-	USD	1 Quarter
Unrealized (gain) loss on held for trading investments	`TradingSecuritiesUnrealizedHoldingGainLoss`	-	USD	2 Qtrs
Unrealized (gain) loss on held for trading investments	`TradingSecuritiesUnrealizedHoldingGainLoss`	$70.00K	USD	1 Quarter
Unrealized (gain) loss on held for trading investments	`TradingSecuritiesUnrealizedHoldingGainLoss`	$-1.17M	USD	2 Qtrs
Loss on sale of investments	`LossOnSaleOfInvestments`	-	USD	2 Qtrs
Loss on sale of investments	`LossOnSaleOfInvestments`	-	USD	1 Quarter
Loss on sale of investments	`LossOnSaleOfInvestments`	-	USD	2 Qtrs
Loss on sale of investments	`LossOnSaleOfInvestments`	$3.00K	USD	1 Quarter
Interest and other income	`InterestIncomeExpenseNet`	$36.00K	USD	2 Qtrs
Interest and other income	`InterestIncomeExpenseNet`	$12.00K	USD	1 Quarter
Interest and other income	`InterestIncomeExpenseNet`	$18.00K	USD	1 Quarter
Interest and other income	`InterestIncomeExpenseNet`	$31.00K	USD	2 Qtrs
Loss from continuing operations for the period	`IncomeLossFromContinuingOperations`	$-2.98M	USD	2 Qtrs
Loss from continuing operations for the period	`IncomeLossFromContinuingOperations`	$-5.39M	USD	2 Qtrs
Loss from continuing operations for the period	`IncomeLossFromContinuingOperations`	$-2.39M	USD	1 Quarter
Loss from continuing operations for the period	`IncomeLossFromContinuingOperations`	$-1.46M	USD	1 Quarter
Loss from discontinued operations	`DisposalGroupIncludingDiscontinuedOperationOperatingExpense`	-	USD	2 Qtrs
Loss from discontinued operations	`DisposalGroupIncludingDiscontinuedOperationOperatingExpense`	$359.00K	USD	2 Qtrs
Loss from discontinued operations	`DisposalGroupIncludingDiscontinuedOperationOperatingExpense`	-	USD	1 Quarter
Loss from discontinued operations	`DisposalGroupIncludingDiscontinuedOperationOperatingExpense`	$187.00K	USD	1 Quarter
Loss from discontinued operations for the period	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-187.00K	USD	1 Quarter
Loss from discontinued operations for the period	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	2 Qtrs
Loss from discontinued operations for the period	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-359.00K	USD	2 Qtrs
Loss from discontinued operations for the period	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
Loss and comprehensive loss for the period	`NetIncomeLoss`	$-1.65M	USD	1 Quarter
Loss and comprehensive loss for the period	`NetIncomeLoss`	$-2.39M	USD	1 Quarter
Loss and comprehensive loss for the period	`NetIncomeLoss`	$-5.39M	USD	2 Qtrs
Loss and comprehensive loss for the period	`NetIncomeLoss`	$-3.34M	USD	2 Qtrs
Basic and diluted loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	2 Qtrs
Basic and diluted loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	2 Qtrs
Basic and diluted loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Basic and diluted loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	104.96M	shares	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	104.99M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	105.50M	shares	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	105.54M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Loss for the period	`NetIncomeLoss`	$-1.65M	USD	1 Quarter
Loss for the period	`NetIncomeLoss`	$-2.39M	USD	1 Quarter
Loss for the period	`NetIncomeLoss`	$-5.39M	USD	2 Qtrs
Loss for the period	`NetIncomeLoss`	$-3.34M	USD	2 Qtrs
Amortization	`AdjustmentForAmortization`	$106.00K	USD	2 Qtrs
Amortization	`AdjustmentForAmortization`	$39.00K	USD	2 Qtrs
Unrealized loss on held for trading investments	`TradingSecuritiesUnrealizedHoldingLoss`	$1.17M	USD	2 Qtrs
Unrealized loss on held for trading investments	`TradingSecuritiesUnrealizedHoldingLoss`	-	USD	2 Qtrs
Unrealized foreign exchange loss	`ForeignCurrencyTransactionGainLossUnrealized`	$-20.00K	USD	2 Qtrs
Unrealized foreign exchange loss	`ForeignCurrencyTransactionGainLossUnrealized`	-	USD	2 Qtrs
Stock-based compensation	`StockBasedCompensation`	$368.00K	USD	2 Qtrs
Stock-based compensation	`StockBasedCompensation`	$499.00K	USD	2 Qtrs
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.00K	USD	2 Qtrs
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$59.00K	USD	2 Qtrs
Decrease in deposits and prepaid amounts	`IncreaseDecreaseInPrepaidExpense`	$388.00K	USD	2 Qtrs
Decrease in deposits and prepaid amounts	`IncreaseDecreaseInPrepaidExpense`	$-19.00K	USD	2 Qtrs
(Decrease) in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$521.00K	USD	2 Qtrs
(Decrease) in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-282.00K	USD	2 Qtrs
Net Cash Provided by (Used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.59M	USD	2 Qtrs
Net Cash Provided by (Used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.13M	USD	2 Qtrs
Settlement of Restricted Share Units	`EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards`	-	USD	2 Qtrs
Settlement of Restricted Share Units	`EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards`	$-90.00K	USD	2 Qtrs
Net Cash Provided by (Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-90.00K	USD	2 Qtrs
Net Cash Provided by (Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 Qtrs
Acquisition of plant & equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.00K	USD	2 Qtrs
Acquisition of plant & equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.00K	USD	2 Qtrs
Mineral properties funding (note 4)	`ProceedsFromContributionsFromAffiliates`	-	USD	2 Qtrs
Mineral properties funding (note 4)	`ProceedsFromContributionsFromAffiliates`	$10.00M	USD	2 Qtrs
Mineral properties funding (note 4)	`ProceedsFromContributionsFromAffiliates`	$10.00M	USD	Point-in-time
Proceeds from the sale of investments, net of fees	`PaymentsForProceedsFromShortTermInvestments`	$-881.00K	USD	2 Qtrs
Proceeds from the sale of investments, net of fees	`PaymentsForProceedsFromShortTermInvestments`	-	USD	2 Qtrs
Net Cash Provided by (Used in) Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$10.87M	USD	2 Qtrs
Net Cash Provided by (Used in) Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.00K	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-3.14M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$7.19M	USD	2 Qtrs
Cash and cash equivalents - beginning of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$7.34M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$13.00M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$14.53M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$16.14M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$7.34M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$13.00M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$14.53M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$16.14M	USD	Point-in-time
Less cash and cash equivalents of discontinued operations - end of period	`DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents`	$93.00K	USD	Point-in-time
Less cash and cash equivalents of discontinued operations - end of period	`DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents`	-	USD	Point-in-time
Cash and cash equivalents of continuing operations - end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.53M	USD	Point-in-time
Cash and cash equivalents of continuing operations - end of period	`CashAndCashEquivalentsAtCarryingValue`	$12.91M	USD	Point-in-time
Cash and cash equivalents of continuing operations - end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.34M	USD	Point-in-time

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$47.46M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$46.15M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$50.43M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$41.18M	USD	Point-in-time
Restricted Share Units	`VestingOfRestrictedShareUnits`	$-29.00K	USD	2 Qtrs
Restricted Share Units	`VestingOfRestrictedShareUnits`	$-90.00K	USD	2 Qtrs
Deferred Share Units	`MovementInDeferredShareUnits`	-	USD	2 Qtrs
Exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	2 Qtrs
Exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$499.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$398.00K	USD	2 Qtrs
Loss for the period	`NetIncomeLoss`	$-1.65M	USD	1 Quarter
Loss for the period	`NetIncomeLoss`	$-2.39M	USD	1 Quarter
Loss for the period	`NetIncomeLoss`	$-5.39M	USD	2 Qtrs
Loss for the period	`NetIncomeLoss`	$-3.34M	USD	2 Qtrs
Ending Balance	`StockholdersEquity`	$47.46M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$46.15M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$50.43M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$41.18M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.