10-K Filing

5E ADVANCED MATERIALS, INC. CIK: 1888654 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0000950170-23-045509`
Period End Date	20230630
Filing Date	20230830
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	feam-20230630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 46 Cash Flow Statement 78 Stockholders Equity 22

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Common stock, par or stated value per share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par or stated value per share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	180.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	180.00M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	44.19M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	43.30M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.32M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$31.06M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.51M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.81M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$32.56M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$22.13M	USD	Point-in-time
Mineral rights and properties, net	`MineralPropertiesNet`	$7.64M	USD	Point-in-time
Mineral rights and properties, net	`MineralPropertiesNet`	$8.36M	USD	Point-in-time
Construction in progress	`ConstructionInProgress`	$67.55M	USD	Point-in-time
Construction in progress	`ConstructionInProgress`	$25.62M	USD	Point-in-time
Properties, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.87M	USD	Point-in-time
Properties, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$3.06M	USD	Point-in-time
Reclamation bond deposit	`ReclamationBondDeposit`	$1.09M	USD	Point-in-time
Reclamation bond deposit	`ReclamationBondDeposit`	$309.00K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$207.00K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$371.00K	USD	Point-in-time
Other assets	`OtherAssets`	$6.00K	USD	Point-in-time
Other assets	`OtherAssets`	$6.00K	USD	Point-in-time
Total assets	`Assets`	$70.89M	USD	Point-in-time
Total assets	`Assets`	$100.90M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$7.21M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$8.73M	USD	Point-in-time
Lease liabilities, current	`OperatingLeaseLiabilityCurrent`	$136.00K	USD	Point-in-time
Lease liabilities, current	`OperatingLeaseLiabilityCurrent`	$164.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.38M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.86M	USD	Point-in-time
Long-term debt, net	`LongTermDebt`	$37.67M	USD	Point-in-time
Long-term debt, net	`LongTermDebt`	$148.00K	USD	Point-in-time
Lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$211.00K	USD	Point-in-time
Lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$74.00K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$377.00K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$489.00K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$724.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$8.22M	USD	Point-in-time
Total liabilities	`Liabilities`	$47.33M	USD	Point-in-time
Commitments and contingencies (Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value; 180,000 shares authorized; 44,187 and 43,305 shares outstanding June 30, 2023 and 2022 respectively	`CommonStockValue`	$441.00K	USD	Point-in-time
Common stock, $0.01 par value; 180,000 shares authorized; 44,187 and 43,305 shares outstanding June 30, 2023 and 2022 respectively	`CommonStockValue`	$433.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$191.11M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$169.59M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-137.99M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-107.36M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$53.57M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$62.33M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$62.66M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$100.90M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$70.89M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Project expenses	`ProjectExpenses`	$9.99M	USD	Annual
Project expenses	`ProjectExpenses`	$12.90M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$25.36M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$54.68M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$133.00K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$262.00K	USD	Annual
Impairment	`AssetImpairmentCharges`	$908.00K	USD	Annual
Impairment	`AssetImpairmentCharges`	-	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortization`	$112.00K	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortization`	$184.00K	USD	Annual
Total operating expenses	`OperatingExpenses`	$36.71M	USD	Annual
Total operating expenses	`OperatingExpenses`	$67.83M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-67.83M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-36.71M	USD	Annual
Other income	`OtherNonoperatingIncome`	$62.00K	USD	Annual
Other income	`OtherNonoperatingIncome`	$65.00K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$1.15M	USD	Annual
Interest income	`InvestmentIncomeInterest`	$3.00K	USD	Annual
Derivative gain (loss)	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	Annual
Derivative gain (loss)	`GainLossOnDerivativeInstrumentsNetPretax`	$11.74M	USD	Annual
Interest expense	`InterestExpense`	$6.00K	USD	Annual
Interest expense	`InterestExpense`	$6.85M	USD	Annual
Other income (expense)	`OtherNonOperatingIncomeExpenseExcludingOtherIncome`	$-15.00K	USD	Annual
Other income (expense)	`OtherNonOperatingIncomeExpenseExcludingOtherIncome`	$1.06M	USD	Annual
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$6.08M	USD	Annual
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$1.12M	USD	Annual
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-30.62M	USD	Annual
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-66.71M	USD	Annual
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-30.62M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-66.71M	USD	Annual
Net income (loss) per common share - basic	`EarningsPerShareBasic`	$-0.70	USD	Annual
Net income (loss) per common share - basic	`EarningsPerShareBasic`	$-1.63	USD	Annual
Earnings Per Share, Diluted, Total	`EarningsPerShareDiluted`	$-0.70	USD	Annual
Earnings Per Share, Diluted, Total	`EarningsPerShareDiluted`	$-1.63	USD	Annual
Weighted average common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	40.81M	shares	Annual
Weighted average common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	43.84M	shares	Annual
Weighted average common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	40.81M	shares	Annual
Weighted average common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	43.84M	shares	Annual
Net income (loss)	`NetIncomeLoss`	$-30.62M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-66.71M	USD	Annual
Reporting currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.42M	USD	Annual
Reporting currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	-	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-30.62M	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-68.13M	USD	Annual

Cash Flow Statement 78 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-30.62M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-66.71M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$184.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$112.00K	USD	Annual
Share based compensation	`ShareBasedCompensation`	$4.95M	USD	Annual
Share based compensation	`ShareBasedCompensation`	$6.70M	USD	Annual
Common stock issued for consulting fees	`CommonStockIssuedForConsultingFees`	-	USD	Annual
Common stock issued for consulting fees	`CommonStockIssuedForConsultingFees`	$-31.03M	USD	Annual
Unrealized (gain) loss on convertible note derivative instrument	`UnrealizedGainLossOnDerivatives`	-	USD	Annual
Unrealized (gain) loss on convertible note derivative instrument	`UnrealizedGainLossOnDerivatives`	$11.74M	USD	Annual
Impairment	`AssetImpairmentCharges`	$908.00K	USD	Annual
Impairment	`AssetImpairmentCharges`	-	USD	Annual
Accretion of asset retirement obligations	`AssetRetirementObligationAccretionExpense`	$9.00K	USD	Annual
Accretion of asset retirement obligations	`AssetRetirementObligationAccretionExpense`	$37.00K	USD	Annual
Amortization of debt issuance costs and discount - convertible note	`AmortizationOfFinancingCostsAndDiscounts`	$4.91M	USD	Annual
Amortization of debt issuance costs and discount - convertible note	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	Annual
Amortization of right of use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$164.00K	USD	Annual
Amortization of right of use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$125.00K	USD	Annual
Interest earned on reclamation bond	`InterestEarnedOnReclamationBond`	-	USD	Annual
Interest earned on reclamation bond	`InterestEarnedOnReclamationBond`	$-1.00K	USD	Annual
Net foreign exchange (gain) loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$1.06M	USD	Annual
Net foreign exchange (gain) loss	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$302.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$1.35M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$821.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.53M	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	-	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$6.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-30.70M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-28.61M	USD	Annual
Construction in progress	`PaymentsForConstructionInProgress`	$39.73M	USD	Annual
Construction in progress	`PaymentsForConstructionInProgress`	$9.99M	USD	Annual
Mineral rights and properties additions	`PaymentsToAcquireMineralRights`	-	USD	Annual
Mineral rights and properties additions	`PaymentsToAcquireMineralRights`	$186.00K	USD	Annual
Properties, plant and equipment additions	`PaymentsToAcquirePropertyPlantAndEquipment`	$352.00K	USD	Annual
Properties, plant and equipment additions	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.22M	USD	Annual
Reclamation bonds	`PaymentsForReclamationBonds`	$-776.00K	USD	Annual
Reclamation bonds	`PaymentsForReclamationBonds`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.40M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-39.31M	USD	Annual
Proceeds from issuance of convertible note	`ProceedsFromConvertibleDebt`	$60.00M	USD	Annual
Proceeds from issuance of convertible note	`ProceedsFromConvertibleDebt`	-	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$4.16M	USD	Annual
Payments on note payable	`RepaymentsOfNotesPayable`	$112.00K	USD	Annual
Payments on note payable	`RepaymentsOfNotesPayable`	$38.00K	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$26.31M	USD	Annual
Share offering costs	`PaymentsOfStockIssuanceCosts`	-	USD	Annual
Share offering costs	`PaymentsOfStockIssuanceCosts`	$797.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$3.47M	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$5.22M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$30.62M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$59.27M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-10.73M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-9.39M	USD	Annual
Effect of exchange rate fluctuation on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	-	USD	Annual
Effect of exchange rate fluctuation on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-361.00K	USD	Annual
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.32M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$40.81M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.06M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.32M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$40.81M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.06M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$7.00K	USD	Annual
Cash paid for interest	`InterestPaidNet`	$6.00K	USD	Annual
Accounts payable and accrued liabilities change related to construction in progress	`AccountsPayableAndAccruedLiabilitiesChangeRelatedToConstructionInProgress`	$2.20M	USD	Annual
Accounts payable and accrued liabilities change related to construction in progress	`AccountsPayableAndAccruedLiabilitiesChangeRelatedToConstructionInProgress`	$2.92M	USD	Annual
Interest paid through issuance of additional convertible notes	`InterestPaidThroughIssuanceOfAdditionalConvertibleNotes`	-	USD	Annual
Interest paid through issuance of additional convertible notes	`InterestPaidThroughIssuanceOfAdditionalConvertibleNotes`	$1.71M	USD	Annual
Construction in progress transferred to properties, plant and equipment	`ConstructionInProgressTransferredToPropertiesPlantAndEquipment`	-	USD	Annual
Construction in progress transferred to properties, plant and equipment	`ConstructionInProgressTransferredToPropertiesPlantAndEquipment`	$55.00K	USD	Annual
Equipment acquired with notes payable	`EquipmentAcquiredWithNotesPayable`	-	USD	Annual
Equipment acquired with notes payable	`EquipmentAcquiredWithNotesPayable`	$206.00K	USD	Annual
Recognition of operating lease liabilities and right of use assets	`RecognitionOfOperatingLeaseLiabilitiesAndRightOfUseAssets`	-	USD	Annual
Recognition of operating lease liabilities and right of use assets	`RecognitionOfOperatingLeaseLiabilitiesAndRightOfUseAssets`	$283.00K	USD	Annual
Increase (decrease) in asset retirement costs	`IncreaseDecreaseInAssetRetirementCosts`	$198.00K	USD	Annual
Increase (decrease) in asset retirement costs	`IncreaseDecreaseInAssetRetirementCosts`	$103.00K	USD	Annual

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$53.57M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$62.33M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$62.66M	USD	Point-in-time
Cash, Shares	`StockIssuedDuringPeriodSharesNewIssues`	882,000.00	shares	Annual
Cash, Shares	`StockIssuedDuringPeriodSharesNewIssues`	4.90M	shares	Annual
Cash	`StockIssuedDuringPeriodValueNewIssues`	$26.31M	USD	Annual
Exercise of stock options,Shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	835,000.00	shares	Annual
Exercise of stock options,Shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	1.90M	shares	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$5.22M	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$3.47M	USD	Annual
Vesting of restricted share units	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$-44.00K	USD	Annual
Consulting fees	`StockIssuedDuringPeriodValueIssuedForServices`	$31.03M	USD	Annual
Shares issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$797.00K	USD	Annual
Share based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.70M	USD	Annual
Share based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.95M	USD	Annual
Convertible note derivative liability reclassification	`AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt`	$13.15M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-30.62M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-66.71M	USD	Annual
Other comprehensive income (loss), net of tax	`AccumulatedOtherComprehensiveIncomeLoss`	$-1.42M	USD	Annual
Ending balance	`StockholdersEquity`	$53.57M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$62.33M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$62.66M	USD	Point-in-time

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