Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Feb. 29, 2024 | Apr. 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Feb. 29, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-35447 | |
Entity Registrant Name | TRILOGY METALS INC. | |
Entity Incorporation, State or Country Code | A1 | |
Entity Tax Identification Number | 98-1006991 | |
Entity Address, Address Line One | Suite 1150, 609 Granville Street | |
Entity Address, City or Town | Vancouver | |
Entity Address, State or Province | BC | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | V7Y 1G5 | |
City Area Code | 604 | |
Local Phone Number | 638-8088 | |
Title of 12(b) Security | Common Shares | |
Trading Symbol | TMQ | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 160,166,788 | |
Current Fiscal Year End Date | --11-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001543418 | |
Amendment Flag | false |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 29, 2024 | Nov. 30, 2023 |
Current assets | ||
Cash and cash equivalents | $ 2,012 | $ 2,590 |
Accounts receivable | 14 | 33 |
Deposits and prepaid amounts | 125 | 259 |
Total current assets | 2,151 | 2,882 |
Investment in Ambler Metals LLC (note 3) | 134,340 | 135,021 |
Fixed assets | 3 | 4 |
Right of use asset (note 5(a)) | 65 | 113 |
Total assets | 136,559 | 138,020 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 4) | 464 | 432 |
Current portion of lease liability | 33 | |
Total current liabilities | 464 | 465 |
Total liabilities | 464 | 465 |
Shareholders' equity | ||
Share capital (note 6) - unlimited common shares authorized, no par value issued - 159,766,930 (2023 - 155,925,990) | 189,832 | 187,886 |
Contributed surplus | 118 | 118 |
Contributed surplus - options (note 6(a)) | 28,555 | 28,237 |
Contributed surplus - units (note 6(b)) | 3,004 | 3,127 |
Deficit | (85,414) | (81,813) |
Total shareholders' equity | 136,095 | 137,555 |
Total liabilities and shareholders' equity | $ 136,559 | $ 138,020 |
Interim Consolidated Balance _2
Interim Consolidated Balance Sheets (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended |
Feb. 29, 2024 | Nov. 30, 2023 | |
Statement of Financial Position [Abstract] | ||
Unlimited common shares authorized | Unlimited | Unlimited |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares, Issued | 159,766,930 | 155,925,990 |
Interim Consolidated Statements
Interim Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Expenses | ||
Amortization | $ 1 | $ 2 |
Exploration expenses | 1 | |
Foreign exchange (gain) loss | 2 | (4) |
General and administrative | 415 | 408 |
Investor relations | 12 | 30 |
Professional fees | 200 | 570 |
Salaries | 191 | 237 |
Salaries and directors expense - stock-based compensation | 1,999 | 2,362 |
Total expenses | 2,820 | 3,606 |
Other items | ||
Interest and other income | (2) | (19) |
Services agreement income | (10) | |
Share of loss on equity investment (note 3(b)) | 793 | 1,485 |
Loss and comprehensive loss for the period | $ (3,601) | $ (5,072) |
Basic loss per common share | $ (0.02) | $ (0.03) |
Diluted loss per common share | $ (0.02) | $ (0.03) |
Basic weighted average number of common shares outstanding | 157,669,238 | 147,768,741 |
Diluted weighted average number of common shares outstanding | 157,669,238 | 147,768,741 |
Interim Consolidated Statemen_2
Interim Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Share capital | Contributed surplus. | Contributed surplus - options | Contributed surplus - units. | Deficit | Total |
Beginning Balance at Nov. 30, 2022 | $ 182,178 | $ 122 | $ 27,352 | $ 2,638 | $ (66,862) | $ 145,428 |
Beginning Balance (Shares) at Nov. 30, 2022 | 146,225,035 | |||||
Restricted Share Units | $ 1,538 | (1) | (1,537) | |||
Restricted Share Units (Shares) | 2,346,366 | |||||
Joint venture contribution | $ 111 | 111 | ||||
Joint venture contribution (Shares) | 143,505 | |||||
Services settled by common shares | $ 4 | 4 | ||||
Services settled by common shares (in shares) | 7,793 | |||||
Stock-based compensation | 520 | 1,700 | 2,220 | |||
Earnings (loss) for the year | (5,072) | (5,072) | ||||
Ending Balance at Feb. 28, 2023 | $ 183,831 | 121 | 27,872 | 2,801 | (71,934) | 142,691 |
Ending Balance (Shares) at Feb. 28, 2023 | 148,722,699 | |||||
Beginning Balance at Nov. 30, 2023 | $ 187,886 | 118 | 28,237 | 3,127 | (81,813) | 137,555 |
Beginning Balance (Shares) at Nov. 30, 2023 | 155,925,990 | |||||
Restricted Share Units | $ 1,804 | (1,804) | ||||
Restricted Share Units (Shares) | 3,633,065 | |||||
Joint venture contribution | $ 112 | 112 | ||||
Joint venture contribution (Shares) | 143,507 | |||||
Services settled by common shares | $ 30 | 30 | ||||
Services settled by common shares (in shares) | 64,368 | |||||
Stock-based compensation | 318 | 1,681 | 1,999 | |||
Earnings (loss) for the year | (3,601) | (3,601) | ||||
Ending Balance at Feb. 29, 2024 | $ 189,832 | $ 118 | $ 28,555 | $ 3,004 | $ (85,414) | $ 136,095 |
Ending Balance (Shares) at Feb. 29, 2024 | 159,766,930 |
Interim Consolidated Statemen_3
Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Cash flows used in operating activities | ||
Net Income (Loss) | $ (3,601) | $ (5,072) |
Adjustments to reconcile net loss to cash flows in operating activities | ||
Amortization | 1 | 2 |
Consulting fees settled by common shares | 30 | 21 |
Office lease accounting | 15 | (2) |
Loss on equity investment in Ambler Metals LLC (note 3(b)) | 793 | 1,485 |
Unrealized foreign exchange loss (gain) | (1) | 4 |
Stock-based compensation | 1,999 | 2,362 |
Net change in non-cash working capital | ||
Decrease in accounts receivable | 19 | (9) |
Decrease (Increase) in deposits and prepaid amounts | 134 | 157 |
Decrease in accounts payable and accrued liabilities | 32 | 167 |
Total cash flows used in operating activities | (579) | (885) |
Decrease in cash | (579) | (885) |
Effect of exchange rate on cash | 1 | (6) |
Cash - beginning of the period | 2,590 | 2,573 |
Cash - end of the period | $ 2,012 | $ 1,682 |
Nature of operations and Going
Nature of operations and Going Concern | 3 Months Ended |
Feb. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of operations and Going Concern | 1) Nature of operations and going concern Trilogy Metals Inc. (“Trilogy” or the “Company”) was incorporated in British Columbia, Canada under the Business Corporations Act (British Columbia) These interim consolidated financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for at least twelve months from the date of approval of these consolidated financial statements. As at February 29, 2024, the Company had working capital (current assets less current liabilities) of $1.7 million (2023 - $2.4 million) and an accumulated deficit of $85.4 million (2023 - $81.8 million). The Company recorded a loss of $3.6 million and cash outflow from operations of $0.6 million for the quarter ended February 29, 2024. The continued operations of the Company are dependent on its ability to obtain additional financing or to generate future cash flows. The Company has no recurring source of operating cash inflows at its current stage. The Company intends to finance its future requirements through a combination of debt and equity issuance. There is no assurance that the Company will be able to obtain such financings or obtain them on favourable terms. These material uncertainties raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. Such adjustments could be material. |
Summary of significant accounti
Summary of significant accounting policies | 3 Months Ended |
Feb. 29, 2024 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2) Summary of significant accounting policies Basis of presentation These interim consolidated financial statements have been prepared using accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of Trilogy and its wholly owned subsidiaries, NovaCopper US Inc. (dba “Trilogy Metals US”) and 995 Exploration Inc. All intercompany transactions are eliminated on consolidation. For variable interest entities (“VIEs”) where Trilogy is not the primary beneficiary, we use the equity method of accounting. All figures are in United States dollars unless otherwise noted. References to CDN$ refer to amounts in Canadian dollars. These interim consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s financial position as of February 29, 2024 and our results of operations and cash flows for the three-month period ended February 29, 2024 and February 28, 2023. The results of operations for the three-month period ended February 29, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2024. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these interim consolidated financial statements should be read in conjunction with the annual financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2023, filed with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities on February 9, 2024. These interim consolidated financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on April 2, 2024. Use of estimates and measurement uncertainties The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions of future events that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenditures during the period. Significant judgments include the assessment of potential indicators of impairment for our equity method investments where key judgement is the delay on the Ambler Access Project is temporary and the delay was considered when assessing indicators of impairment. Significant estimates include the measurement of income taxes, and the valuation of stock-based compensation. Actual results could differ materially from those reported. Management assesses the possibility of impairment in the carrying value of its equity method investment in Ambler Metals whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable. Significant judgments are made in assessing the possibility of impairment. Management considers factors that may be indicative of an impairment include a loss in the value of an investment that is not temporary. Factors consider include but are not limited to, sustained losses by the investment, the absence of the ability to recover the carrying amount of the investment, significant changes in the legal, business or regulatory environment, significant adverse changes impacting the investee and internal reporting indicating the economic performance of an investment is, or will be, worse than expected. These factors are subjective and require consideration at each period end. |
Investment in Ambler Metals LLC
Investment in Ambler Metals LLC | 3 Months Ended |
Feb. 29, 2024 | |
Investment in Ambler Metals LLC | |
Investment in Ambler Metals LLC | 3) Investment in Ambler Metals LLC (a) Formation of Ambler Metals LLC On February 11, 2020, the Company completed the formation of a 50/50 joint venture named Ambler Metals LLC (“Ambler Metals”) with South32 Limited (“South32”). As part of the formation of the joint venture, Trilogy contributed all its assets associated with the UKMP, including the Arctic and Bornite Projects, while South32 contributed cash of $145 million, resulting in each party’s subsidiaries directly owning a 50% interest in Ambler Metals. Ambler Metals is an independently operated company jointly controlled by Trilogy and South32 through a four-member board, of which two members are appointed by Trilogy based on its 50% equity interest. All significant decisions related to the UKMP require the approval of both companies. We determined that Ambler Metals is a VIE because it is expected to need additional funding from its owners for its significant activities. However, we concluded that we are not the primary beneficiary of Ambler Metals as the power to direct its activities, through its board, is shared under the Ambler Metals LLC limited liability company agreement. As we have significant influence over Ambler Metals through our representation on its board, we use the equity method of accounting for our investment in Ambler Metals. Our investment in Ambler Metals was initially measured at its fair value of $176 million upon recognition. Our maximum exposure to loss in this entity is limited to the carrying amount of our investment in Ambler Metals, which, as February 29, 2024, totaled $134 million. (b) Carrying value of equity method investment Trilogy recognized, based on its 50% ownership interest in Ambler Metals, an equity loss equivalent to its pro rata share of Ambler Metals’ comprehensive loss of $1.6 million for the three-month period ending February 29, 2024 (2023 - $3.0 million). During the three-month period ending February 29, 2024, Trilogy made a $112,000 equity contribution to Ambler Metals through the issuance of 143,507 common shares of the Company as part of the long-term incentive compensation for Ambler Metals executives. Likewise, South32 made an equivalent equity contribution to Ambler Metals for $112,000 in cash for their 50% share. The carrying value of Trilogy’s 50% investment in Ambler Metals as at February 29, 2024 is summarized on the following table. in thousands of dollars $ November 30, 2023, Investment in Ambler Metals 135,021 Joint venture equity contribution 112 Share of loss on equity investment for the three month period ending February 29, 2024 (793) February 29, 2024, Investment in Ambler Metals 134,340 (c) The following table summarizes Ambler Metals’ Balance Sheet as at February 29, 2024. in thousands of dollars February 29, 2024 November 30, 2023 $ $ Total assets 94,090 97,180 Cash and cash equivalents 61,331 63,829 Mineral properties 30,899 30,899 Total liabilities (1,204) (2,931) Accounts payable and accrued liabilities (835) (2,500) Members' equity (total assets less total liabilities) 92,886 94,249 Members’ cash and cash equivalents are held at one bank, the majority of cash and cash equivalent is uninsured as at February 29, 2024. (d) The following table summarizes Ambler Metals' loss for the three-month period ending February 29, 2024 and February 28, 2023. in thousands of dollars Three months ended February 29, 2024 February 28, 2023 $ $ Depreciation 38 37 Corporate salaries and wages 234 444 General and administrative 127 133 Mineral property expense 1,094 2,285 Professional fees 177 159 Foreign exchange loss 2 — Interest and other income (87) (89) Comprehensive loss 1,585 2,969 (e) Related party transactions During the three-month period ended February 29, 2024, the Company charged $10,000 (2023 - $Nil) related to human resources and accounting services in connection with the Service Agreement. In addition, the company received payments of |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 3 Months Ended |
Feb. 29, 2024 | |
Accounts payable and accrued liabilities. | |
Accounts payable and accrued liabilities | 4) Accounts payable and accrued liabilities in thousands of dollars February 29, 2024 November 30, 2023 $ $ Trade accounts payable 159 146 Accrued liabilities 60 54 Accrued salaries and vacation 245 232 Accounts payable and accrued liabilities 464 432 Of the accrued salaries and vacation approximately $155,000 was settled, subsequent to the end of the first quarter, on March 1, 2024 through the issuance of common shares of the Company. $155,000 was settled on December 1, 2023 through the issuance of common shares of the Company from the November 30, 2023 balance. |
Leases
Leases | 3 Months Ended |
Feb. 29, 2024 | |
Leases | |
Leases | 5) Leases (a) Right-of-use asset in thousands of dollars $ Balance as at November 30, 2023 113 Net amortization (48) Balance as at February 29, 2024 65 (b) Lease liabilities The Company’s lease arrangements primarily consist of an operating lease for our office space ending in June 2024. There are no extension options. Total lease expense recorded within general and administrative expenses was comprised of the following components: in thousands of dollars Three months ended Three months ended February 29, 2024 February 28, 2023 $ $ Operating lease costs 49 47 Variable lease costs 58 36 Total lease expense 107 83 Variable lease costs consist primarily of the Company’s portion of operating costs associated with the office space lease as the Company elected to apply the practical expedient not to separate lease and non-lease components. As at February 29, 2024, the weighted-average remaining lease term is 0.3 years and the weighted-average discount rate is 8% . Significant judgment was used in the determination of the incremental borrowing rate which included estimating the Company’s credit rating. Supplemental cash and non-cash information relating to our leases during the three-month period ending February 29, 2024 are as follows: ● Cash paid for amounts included in the measurement of lease liabilities was $33,158 . |
Share capital
Share capital | 3 Months Ended |
Feb. 29, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share capital | 6) Share capital Authorized: unlimited common shares, no par value in thousands of dollars, except share amounts Number of shares Ascribed value $ November 30, 2023 155,925,990 187,886 Restricted Share Units 3,633,065 1,804 Services settled by common shares 64,368 30 Joint venture equity contribution (note 3(a)) 143,507 112 February 29, 2024, issued and outstanding 159,766,930 189,832 On April 30, 2012, under the NovaGold Arrangement, Trilogy committed to issue common shares to satisfy holders of NovaGold deferred share units (“NovaGold DSUs”), once vested, on record as of the close of business April 27, 2012. When vested, Trilogy committed to deliver one common share to the holder for every six shares of NovaGold the holder is entitled to receive, rounded down to the nearest whole number. As at February 29, 2024, a total of 5,144 NovaGold DSUs remain outstanding representing a right to receive 859 Common Shares in Trilogy, which will settle upon certain directors retiring from NovaGold’s board. (a) Stock options During the three-month period ended February 29, 2024, the Company granted 2,775,000 stock options (2023 - 3,230,000 stock options) at an exercise price of CDN$0.59 (2023 - CDN$0.78) to employees, consultants and directors exercisable for a period of five years with various vesting terms from immediate vesting to vesting over a two-year period. The fair value attributable to this option grants was CDN$0.27 (2023 - CDN$0.37). For the three-month period ended February 29, 2024, Trilogy recognized a stock-based compensation charge of $0.3 million (2023 - $0.5 million) for options granted to directors, employees and service providers, net of estimated forfeitures. The fair value of the stock options recognized in the period has been estimated using the Black-Scholes option pricing model. Assumptions used in the pricing model for the three-month period ended February 29, 2024 are as provided below. February 29, 2024 Risk-free interest rates 3.84% Exercise price CDN$0.59 Expected life 3 years Expected volatility 65.5% Expected dividends Nil As at February 29, 2024, there were 2,533,339 non-vested options outstanding with a weighted average exercise price of CDN$0.66; the value of non-vested stock option expense not yet recognized was $0.5 million. This expense is expected to be recognized over the next 22 months. A summary of the Company’s stock option outstanding and changes during the three-month period ended February 29, 2024 is as follows: February 29, 2024 Weighted average exercise price Number of options CDN$ Balance – beginning of the period 12,649,400 2.15 Granted 2,775,000 0.59 Expired (1,070,000) 2.94 Balance – end of the period 14,354,400 1.79 There were no stock options exercised during the three-month period ended February 29, 2024. The following table summarizes information about the stock options outstanding at February 29, 2024. Outstanding Exercisable Unvested Weighted Weighted Number of Weighted average Number of average Number of outstanding average years exercise price exercisable exercise price unvested Range of exercise price - CDN options to expiry CDN$ options CDN$ options $0.59 to $1.00 5,955,000 4.24 0.69 3,421,661 0.72 2,533,339 $2.01 to $3.00 7,016,900 1.72 2.47 7,016,900 2.47 — $3.01 to $3.41 1,382,500 0.81 3.03 1,382,500 3.03 — 14,354,400 2.67 1.79 11,821,061 2.03 2,533,339 The aggregate intrinsic value of vested stock options (the market value less the exercise price) at February 29, 2024 was $Nil $Nil (b) Restricted Share Units and Deferred Share Units The Company has a Restricted Share Unit Plan (“RSU Plan”) to provide long-term incentives to employees and consultants and a Non-Executive Director Deferred Share Unit Plan (“DSU Plan”) to offset cash payments for fees to directors. Awards under the RSU Plan and DSU Plan have been settled in common shares of the Company with each restricted share unit (“RSU”) and deferred share unit (“DSU”) entitling the holder to receive one common share of the Company. All units are accounted for as equity-settled awards. A summary of the Company’s unit plans and changes during the three-month period ending February 29, 2024 is as follows: Number of RSUs Number of DSUs Balance – beginning of the period 1,610,638 2,428,701 Granted 4,905,134 194,819 Vested/Converted (4,222,433) — Balance – end of the period 2,293,339 2,623,520 For the three-month period ending February 29, 2024, Trilogy recognized a combined RSU and DSU stock-based compensation charge of $1.5 million (2023 - $1.1 million), net of estimated forfeitures. |
Financial instruments
Financial instruments | 3 Months Ended |
Feb. 29, 2024 | |
Financial instruments | |
Financial instruments | 7) Financial instruments The Company is exposed to a variety of risks arising from financial instruments. These risks and management’s objectives, policies and procedures for managing these risks are disclosed as follows. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, deposits, and accounts payable and accrued liabilities. The fair value of the Company’s financial instruments approximates their carrying value due to the short-term nature of their maturity. The Company’s financial instruments initially measured at fair value and then held at amortized cost include cash and cash equivalents, accounts receivable, deposits, and accounts payable and accrued liabilities. Financial risk management The Company’s activities expose it to certain financial risks, including currency risk, credit risk, liquidity risk, interest risk and price risk. (a) Currency risk Currency risk is the risk of a fluctuation in financial asset and liability settlement amounts due to a change in foreign exchange rates. The Company operates in the United States and Canada. The Company’s exposure to currency risk at February 29, 2024 is limited to the Canadian dollar balances consisting of cash of approximately CDN$542,000, accounts receivable of approximately CDN$19,000 and accounts payable of approximately CDN$340,000. Based on a 10% change in the US-Canadian exchange rate, assuming all other variables remain constant, the Company’s net loss would change by approximately $15,000. (b) Credit risk Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company holds cash with a Canadian chartered financial institution of which the majority is uninsured as at February 29, 2024. The Company’s only significant exposure to credit risk is equal to the balance of cash as recorded in the financial statements. (c) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulties raising funds to meet its financial obligations as they fall due. The Company is in the exploration stage and does not have cash inflows from operations; therefore, the Company manages liquidity risk through the management of its capital structure and financial leverage. Contractually obligated undiscounted cash flow requirements as at February 29, 2024 are as follows: in thousands of dollars Total < 1 Year 1–2 Years 2–5 Years Thereafter $ $ $ $ $ Accounts payable and accrued liabilities 289 289 — — — — 289 289 — — — Included in accounts payable and accrued liabilities approximately $155,000 is for accrued salaries that were settled, subsequent to the end of the first quarter, on March 1, 2024, through the issuance of common shares of the Company (note 9). (d) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk with respect to interest earned on cash. Based on balances as at February 29, 2024, a 1% change in interest rates would result in a negligible change in net loss, assuming all other variables remain constant. As we are currently in the exploration phase none of our financial instruments are exposed to commodity price risk; however, our ability to obtain long-term financing and its economic viability could be affected by commodity price volatility. |
Commitment
Commitment | 3 Months Ended |
Feb. 29, 2024 | |
Commitment | |
Commitment | 8) Commitment The Company has commitments with respect to an office lease requiring future minimum lease payments as summarized in note 5(b) above. |
Subsequent event
Subsequent event | 3 Months Ended |
Feb. 29, 2024 | |
Subsequent Events [Abstract] | |
Subsequent event | 9) Subsequent event On March 1, 2024, pursuant to previous elections, the Board of Directors were granted 188,670 DSUs in settlement of approximately $82,750 of director fees and senior management were granted 353,347 RSUs in lieu of cash salaries of approximately $155,000, all vesting immediately. The grants were in support of an effort to preserve cash and increase share ownership by settling director fees and a portion of senior management salaries in shares of the Company. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 3 Months Ended |
Feb. 29, 2024 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These interim consolidated financial statements have been prepared using accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of Trilogy and its wholly owned subsidiaries, NovaCopper US Inc. (dba “Trilogy Metals US”) and 995 Exploration Inc. All intercompany transactions are eliminated on consolidation. For variable interest entities (“VIEs”) where Trilogy is not the primary beneficiary, we use the equity method of accounting. All figures are in United States dollars unless otherwise noted. References to CDN$ refer to amounts in Canadian dollars. These interim consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s financial position as of February 29, 2024 and our results of operations and cash flows for the three-month period ended February 29, 2024 and February 28, 2023. The results of operations for the three-month period ended February 29, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2024. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these interim consolidated financial statements should be read in conjunction with the annual financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2023, filed with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities on February 9, 2024. These interim consolidated financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on April 2, 2024. |
Use of estimates and measurement uncertainties | Use of estimates and measurement uncertainties The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions of future events that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenditures during the period. Significant judgments include the assessment of potential indicators of impairment for our equity method investments where key judgement is the delay on the Ambler Access Project is temporary and the delay was considered when assessing indicators of impairment. Significant estimates include the measurement of income taxes, and the valuation of stock-based compensation. Actual results could differ materially from those reported. Management assesses the possibility of impairment in the carrying value of its equity method investment in Ambler Metals whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable. Significant judgments are made in assessing the possibility of impairment. Management considers factors that may be indicative of an impairment include a loss in the value of an investment that is not temporary. Factors consider include but are not limited to, sustained losses by the investment, the absence of the ability to recover the carrying amount of the investment, significant changes in the legal, business or regulatory environment, significant adverse changes impacting the investee and internal reporting indicating the economic performance of an investment is, or will be, worse than expected. These factors are subjective and require consideration at each period end. |
Investment in Ambler Metals L_2
Investment in Ambler Metals LLC (Tables) | 3 Months Ended |
Feb. 29, 2024 | |
Investment in Ambler Metals LLC | |
Schedule of equity investment | in thousands of dollars $ November 30, 2023, Investment in Ambler Metals 135,021 Joint venture equity contribution 112 Share of loss on equity investment for the three month period ending February 29, 2024 (793) February 29, 2024, Investment in Ambler Metals 134,340 |
Schedule of Ambler Metals LLC's Balance Sheet | in thousands of dollars February 29, 2024 November 30, 2023 $ $ Total assets 94,090 97,180 Cash and cash equivalents 61,331 63,829 Mineral properties 30,899 30,899 Total liabilities (1,204) (2,931) Accounts payable and accrued liabilities (835) (2,500) Members' equity (total assets less total liabilities) 92,886 94,249 |
Schedule of Ambler Metals LLC's net loss | in thousands of dollars Three months ended February 29, 2024 February 28, 2023 $ $ Depreciation 38 37 Corporate salaries and wages 234 444 General and administrative 127 133 Mineral property expense 1,094 2,285 Professional fees 177 159 Foreign exchange loss 2 — Interest and other income (87) (89) Comprehensive loss 1,585 2,969 |
Accounts payable and accrued _2
Accounts payable and accrued liabilities (Tables) | 3 Months Ended |
Feb. 29, 2024 | |
Accounts payable and accrued liabilities. | |
Schedule of accounts payable and accrued liabilities | in thousands of dollars February 29, 2024 November 30, 2023 $ $ Trade accounts payable 159 146 Accrued liabilities 60 54 Accrued salaries and vacation 245 232 Accounts payable and accrued liabilities 464 432 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Feb. 29, 2024 | |
Leases | |
Schedule of right-of-use asset | in thousands of dollars $ Balance as at November 30, 2023 113 Net amortization (48) Balance as at February 29, 2024 65 |
Schedule of lease expenses | in thousands of dollars Three months ended Three months ended February 29, 2024 February 28, 2023 $ $ Operating lease costs 49 47 Variable lease costs 58 36 Total lease expense 107 83 |
Share capital (Tables)
Share capital (Tables) | 3 Months Ended |
Feb. 29, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of common stock outstanding roll forward | in thousands of dollars, except share amounts Number of shares Ascribed value $ November 30, 2023 155,925,990 187,886 Restricted Share Units 3,633,065 1,804 Services settled by common shares 64,368 30 Joint venture equity contribution (note 3(a)) 143,507 112 February 29, 2024, issued and outstanding 159,766,930 189,832 |
Schedule of assumptions used in the pricing model | February 29, 2024 Risk-free interest rates 3.84% Exercise price CDN$0.59 Expected life 3 years Expected volatility 65.5% Expected dividends Nil |
Summary of the company's stock option plan | February 29, 2024 Weighted average exercise price Number of options CDN$ Balance – beginning of the period 12,649,400 2.15 Granted 2,775,000 0.59 Expired (1,070,000) 2.94 Balance – end of the period 14,354,400 1.79 |
Summary of information about stock options | Outstanding Exercisable Unvested Weighted Weighted Number of Weighted average Number of average Number of outstanding average years exercise price exercisable exercise price unvested Range of exercise price - CDN options to expiry CDN$ options CDN$ options $0.59 to $1.00 5,955,000 4.24 0.69 3,421,661 0.72 2,533,339 $2.01 to $3.00 7,016,900 1.72 2.47 7,016,900 2.47 — $3.01 to $3.41 1,382,500 0.81 3.03 1,382,500 3.03 — 14,354,400 2.67 1.79 11,821,061 2.03 2,533,339 |
Schedule of restricted share Units and deferred share units plans | Number of RSUs Number of DSUs Balance – beginning of the period 1,610,638 2,428,701 Granted 4,905,134 194,819 Vested/Converted (4,222,433) — Balance – end of the period 2,293,339 2,623,520 |
Financial instruments (Tables)
Financial instruments (Tables) | 3 Months Ended |
Feb. 29, 2024 | |
Financial instruments | |
Schedule of contractually obligated cash flow requirements | in thousands of dollars Total < 1 Year 1–2 Years 2–5 Years Thereafter $ $ $ $ $ Accounts payable and accrued liabilities 289 289 — — — — 289 289 — — — |
Nature of operations and Goin_2
Nature of operations and Going Concern (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Nov. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Working capital surplus | $ 1,700 | $ 2,400 | |
Accumulated deficit | (85,414) | (81,800) | $ (81,813) |
Loss for the year | (3,601) | (5,072) | |
Cash flow from operation | $ (579) | $ (885) |
Investment in Ambler Metals L_3
Investment in Ambler Metals LLC - Financial information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Feb. 29, 2024 | Feb. 28, 2023 | Nov. 30, 2023 | Feb. 11, 2020 | |
The carrying value of equity method investment | ||||
Share of loss on equity investment | $ (793) | $ (1,485) | ||
Investment in Ambler Metals | 134,340 | $ 135,021 | ||
Assets [Abstract] | ||||
Total assets | 136,559 | 138,020 | ||
Cash and cash equivalents | 2,012 | 2,590 | ||
Liabilities [Abstract] | ||||
Total liabilities | (464) | (465) | ||
Ambler Metals' Net Loss | ||||
General and administrative | 415 | 408 | ||
Professional Fees | 200 | 570 | ||
Foreign exchange (gain) loss | 2 | (4) | ||
Ambler Metals | ||||
Assets [Abstract] | ||||
Total assets | 94,090 | 97,180 | ||
Cash and cash equivalents | 61,331 | 63,829 | ||
Mineral properties | 30,899 | 30,899 | ||
Liabilities [Abstract] | ||||
Total liabilities | (1,204) | (2,931) | ||
Accounts payable and accrued liabilities | (835) | (2,500) | ||
Members' equity (total assets less total liabilities) | 92,886 | 94,249 | ||
Ambler Metals' Net Loss | ||||
Depreciation | 38 | 37 | ||
Corporate salaries and wages | 234 | 444 | ||
General and administrative | 127 | 133 | ||
Mineral property expense | 1,094 | 2,285 | ||
Professional Fees | 177 | 159 | ||
Foreign exchange (gain) loss | 2 | |||
Interest and other income | 87 | 89 | ||
Comprehensive loss | 1,585 | $ 2,969 | ||
Ambler Metals LLC | ||||
The carrying value of equity method investment | ||||
Investment in Ambler Metals | $ 135,021 | |||
Joint venture, contributed amount | 112 | |||
Share of loss on equity investment | (793) | |||
Investment in Ambler Metals | $ 134,340 | $ 176,000 |
Investment in Ambler Metals L_4
Investment in Ambler Metals LLC - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Feb. 11, 2020 USD ($) Owner | Feb. 29, 2024 USD ($) shares | Feb. 28, 2023 USD ($) | Nov. 30, 2023 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Loss for the year | $ (3,601,000) | $ (5,072,000) | ||
Investment in Ambler Metals | 134,340,000 | $ 135,021,000 | ||
Ambler Metals LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Joint venture, contributed amount | 112,000 | |||
Contribution made to joint venture | $ 112,000 | |||
Joint venture contribution made in common shares | shares | 143,507 | |||
Percentage of ownership | 50% | 50% | ||
Loss for the year | $ (1,600,000) | $ (3,000,000) | ||
Number of board members | Owner | 4 | |||
Number of members appointed by Trilogy | Owner | 2 | |||
Investment in Ambler Metals | $ 176,000,000 | 134,340,000 | ||
Maximum exposure to loss | 134,000,000 | |||
Fair value ascribed to Ambler Metals LLC interest | 135,021,000 | |||
South32 | Ambler Metals LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Contribution made to joint venture | $ 112,000 | |||
Percentage of ownership | 50% | 50% | ||
Ambler Metals | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Operating expenses | $ 16,000 | $ 0 | ||
South32 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Contribution made to joint venture | $ 145,000,000 |
Accounts payable and accrued _3
Accounts payable and accrued liabilities (Details) - USD ($) | Mar. 01, 2024 | Feb. 29, 2024 | Dec. 01, 2023 | Nov. 30, 2023 |
Subsequent Event [Line Items] | ||||
Trade accounts payable | $ 159,000 | $ 146,000 | ||
Accrued liabilities | 60,000 | 54,000 | ||
Accrued salaries and vacation | 245,000 | $ 155,000 | 232,000 | |
Accounts payable and accrued liabilities | $ 464,000 | $ 432,000 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Accrued salaries and vacation | $ 155,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 3 Months Ended |
Feb. 29, 2024 USD ($) | |
Leases | |
Lessee, Operating Lease, Existence of Option to Extend [true false] | false |
Weighted-average remaining lease term | 3 months 18 days |
Weighted-average discount rate | 8% |
Cash paid for amounts included in the measurement of lease liabilities | $ 33,158 |
Leases - Right of use asset (De
Leases - Right of use asset (Details) $ in Thousands | 3 Months Ended |
Feb. 29, 2024 USD ($) | |
Leases | |
Balance, beginning | $ 113 |
Net amortization | (48) |
Balance, ending | $ 65 |
Leases - Lease liabilities (Det
Leases - Lease liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Leases | ||
Operating lease costs | $ 49 | $ 47 |
Variable lease costs | 58 | 36 |
Total lease expense | $ 107 | $ 83 |
Share capital - Narrative (Deta
Share capital - Narrative (Details) | 3 Months Ended | |||||
Feb. 29, 2024 USD ($) $ / shares shares | Feb. 29, 2024 USD ($) $ / shares $ / shares shares | Feb. 28, 2023 USD ($) shares | Feb. 28, 2023 USD ($) $ / shares | Feb. 29, 2024 $ / shares | Nov. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares, conversion | 1 | |||||
Non-vested stock options outstanding | 14,354,400 | 14,354,400 | ||||
Stock-based compensation | $ | $ (1,999,000) | $ (2,220,000) | ||||
Weighted average exercise price options outstanding | $ / shares | $ 1.79 | $ 1.79 | ||||
Period for recognition of stock compensation expense | 22 months | |||||
Aggregate intrinsic value, vested options | $ | $ 0 | $ 0 | 20,000 | $ 20,000 | ||
Aggregate intrinsic value, options exercised | $ | $ 0 | |||||
Share capital | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock committed for issuance | 159,766,930 | 159,766,930 | 155,925,990 | |||
Nonvested Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-vested stock options outstanding | 2,533,339 | 2,533,339 | ||||
Weighted average exercise price options outstanding | $ / shares | $ 0.66 | |||||
Stock option expense not yet recognized | $ | $ 500,000 | $ 500,000 | ||||
DSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation | $ | $ 1,500,000 | $ 1,100,000 | ||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-vested stock options outstanding | 14,354,400 | 14,354,400 | 12,649,400 | |||
Weighted average exercise price options outstanding | $ / shares | $ 1.79 | $ 1.79 | $ 2.15 | |||
Exercise of options, Number of shares | 0 | |||||
Stock options granted | 2,775,000 | |||||
Weighted-average exercise price | $ / shares | $ 0.59 | |||||
Employees, consultants and directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options granted, expiration period | 5 years | 5 years | ||||
Stock options granted | 2,775,000 | 3,230,000 | ||||
Vesting period | 2 years | |||||
Weighted-average exercise price | $ / shares | $ 0.59 | $ 0.78 | ||||
Stock options granted, weighted average fair value | $ / shares | $ 0.27 | $ 0.37 | ||||
Directors, employees and service providers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation | $ | $ 300,000 | $ 500,000 | ||||
Directors, employees and service providers | NovaGold Arrangement | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares, conversion | 6 | |||||
Directors, employees and service providers | NovaGold Arrangement | Nonvested Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-vested stock options outstanding | 5,144 | 5,144 | ||||
Common stock committed for issuance | 859 | 859 |
Share capital - Authorized unli
Share capital - Authorized unlimited common shares, no par value (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | Nov. 30, 2023 | |
Class of Stock [Line Items] | |||
Unlimited common shares authorized | Unlimited | Unlimited | |
Common Stock, No Par Value | $ 0 | $ 0 | |
Services settled by common shares, Ascribed value | $ 30 | $ 4 | |
Number of shares, issued | 159,766,930 | 155,925,990 | |
Share capital | |||
Class of Stock [Line Items] | |||
Restricted share units, Number of shares | 3,633,065 | 2,346,366 | |
Restricted share units, Ascribed value | $ 1,804 | ||
Services settled by common shares, Number of shares | 64,368 | 7,793 | |
Services settled by common shares, Ascribed value | $ 30 | $ 4 | |
Joint venture equity contribution (note 3(b)), Number of shares | 143,507 | 143,505 | |
Joint venture equity contribution (note 3(b)), Ascribed value | $ 112 | ||
Ending balance, Number of shares outstanding | 159,766,930 | 155,925,990 | |
Beginning balance, Number of shares | 155,925,990 | ||
Ending balance, Ascribed value | $ 189,832 | $ 187,886 | |
Beginning balance, Ascribed value | $ 187,886 |
Share capital - Assumptions use
Share capital - Assumptions used in the pricing model (Details) | 3 Months Ended |
Feb. 29, 2024 $ / shares | |
Share-Based Payment Arrangement [Abstract] | |
Risk-free interest rates | 3.84% |
Exercise price | $ 0.59 |
Expected life | 3 years |
Expected volatility | 65.50% |
Expected dividends |
Share capital - Stock options p
Share capital - Stock options plans and changes (Details) | 3 Months Ended |
Feb. 29, 2024 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance - end of period, number of options | 14,354,400 |
Balance - end of period, weighted average exercise price | $ / shares | $ 1.79 |
Stock option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance - beginning of the year, number of options | 12,649,400 |
Balance - beginning of the year, weighted average exercise price | $ / shares | $ 2.15 |
Number of options, Granted | 2,775,000 |
Weighted average exercise price, Granted | $ / shares | $ 0.59 |
Number of options, Exercised | 0 |
Number of options, Expired | (1,070,000) |
Weighted average exercise price, Expired | $ / shares | $ 2.94 |
Balance - end of period, number of options | 14,354,400 |
Balance - end of period, weighted average exercise price | $ / shares | $ 1.79 |
Share capital - Stock options o
Share capital - Stock options outstanding (Details) | 3 Months Ended |
Feb. 29, 2024 $ / shares shares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of outstanding options | shares | 14,354,400 |
Weighted average years to expiry | 2 years 8 months 1 day |
Weighted average exercise price options outstanding | $ 1.79 |
Number of exercisable options | shares | 11,821,061 |
Weighted average exercise price exercisable | $ 2.03 |
Number of unvested options | shares | 2,533,339 |
$0.59 to $1.00 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price lower range limit | $ 0.59 |
Exercise price upper range limit | $ 1 |
Number of outstanding options | shares | 5,955,000 |
Weighted average years to expiry | 4 years 2 months 26 days |
Weighted average exercise price options outstanding | $ 0.69 |
Number of exercisable options | shares | 3,421,661 |
Weighted average exercise price exercisable | $ 0.72 |
Number of unvested options | shares | 2,533,339 |
$2.01 to $3.00 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price lower range limit | $ 2.01 |
Exercise price upper range limit | $ 3 |
Number of outstanding options | shares | 7,016,900 |
Weighted average years to expiry | 1 year 8 months 19 days |
Weighted average exercise price options outstanding | $ 2.47 |
Number of exercisable options | shares | 7,016,900 |
Weighted average exercise price exercisable | $ 2.47 |
Number of unvested options | shares | 0 |
$3.01 to $3.41 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price lower range limit | $ 3.01 |
Exercise price upper range limit | $ 3.41 |
Number of outstanding options | shares | 1,382,500 |
Weighted average years to expiry | 9 months 21 days |
Weighted average exercise price options outstanding | $ 3.03 |
Number of exercisable options | shares | 1,382,500 |
Weighted average exercise price exercisable | $ 3.03 |
Number of unvested options | shares | 0 |
Share capital - Unit plans and
Share capital - Unit plans and changes (Details) | 3 Months Ended |
Feb. 29, 2024 shares | |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance - beginning of the period | 1,610,638 |
Granted | 4,905,134 |
Vested/Converted | (4,222,433) |
Balance - end of the period | 2,293,339 |
DSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance - beginning of the period | 2,428,701 |
Granted | 194,819 |
Balance - end of the period | 2,623,520 |
Financial instruments - Narrati
Financial instruments - Narrative (Details) | 3 Months Ended | |||
Feb. 29, 2024 USD ($) | Mar. 01, 2024 USD ($) | Feb. 29, 2024 CAD ($) | Nov. 30, 2023 USD ($) | |
Accounts receivable | $ 14,000 | $ 33,000 | ||
Subsequent Event | ||||
Accrued salaries | $ 155,000 | |||
10% change in the US-Canadian exchange rate | ||||
Cash | $ 542,000 | |||
Accounts receivable | 19,000 | |||
Accounts payable | $ 340,000 | |||
Change in foreign exchange rate | 10% | 10% | ||
Foreign exchange loss | $ 15,000 | |||
1% change in interest rates | ||||
Change in interest rate | 1% | 1% |
Financial instruments - Contrac
Financial instruments - Contractually obligated cash flow requirements (Details) $ in Thousands | Feb. 29, 2024 USD ($) |
Total | $ 289 |
Less than 1 year | 289 |
1 - 2 Years | 0 |
2 - 5 Years | 0 |
Thereafter | 0 |
Accounts payable and accrued liabilities | |
Total | 289 |
Less than 1 year | 289 |
1 - 2 Years | 0 |
2 - 5 Years | 0 |
Thereafter | 0 |
Office lease | |
Thereafter | $ 0 |
Subsequent event (Details)
Subsequent event (Details) - USD ($) | 3 Months Ended | |
Mar. 01, 2024 | Feb. 29, 2024 | |
RSUs | ||
Subsequent Event [Line Items] | ||
Granted units | 4,905,134 | |
Subsequent Event | RSUs | Senior management | ||
Subsequent Event [Line Items] | ||
Granted (in shares) | 353,347 | |
Stock issued in lieu of salaries | $ 155,000 | |
Subsequent Event | DSUs. | Director | ||
Subsequent Event [Line Items] | ||
Granted (in shares) | 188,670 | |
Stock issued in lieu of director fees | $ 82,750 |
Document Information
Document Information | 3 Months Ended |
Feb. 29, 2024 | |
Document Information: | |
Document Type | 10-Q |
Amendment | false |
CIK | 0001543418 |
Registrant Name | TRILOGY METALS INC. |
Period End Date | Feb. 29, 2024 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (3,601) | $ (5,072) |