10-Q Filing

5E ADVANCED MATERIALS, INC. CIK: 1888654 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-062193`
Period End Date	20230930
Filing Date	20231109
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	feam-20230930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 42 Cash Flow Statement 53 Stockholders Equity 17

Balance Sheet 55 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.32M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	44.24M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.80M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	44.19M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.81M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.27M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$22.13M	USD	Point-in-time
Mineral rights and properties, net	`MineralPropertiesNet`	$7.63M	USD	Point-in-time
Mineral rights and properties, net	`MineralPropertiesNet`	$7.64M	USD	Point-in-time
Construction in progress	`ConstructionInProgress`	$71.50M	USD	Point-in-time
Construction in progress	`ConstructionInProgress`	$67.55M	USD	Point-in-time
Properties, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$3.06M	USD	Point-in-time
Properties, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$3.06M	USD	Point-in-time
Reclamation bond deposit	`ReclamationBondDeposit`	$309.00K	USD	Point-in-time
Reclamation bond deposit	`ReclamationBondDeposit`	$308.00K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$207.00K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$167.00K	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`	$95.74M	USD	Point-in-time
Total assets	`Assets`	$100.90M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$9.10M	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`	$122.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.22M	USD	Point-in-time
Long-term debt, net	`LongTermDebt`	$37.67M	USD	Point-in-time
Long-term debt, net	`LongTermDebt`	$40.96M	USD	Point-in-time
Lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$48.00K	USD	Point-in-time
Lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$74.00K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$741.00K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$724.00K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$489.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$50.98M	USD	Point-in-time
Total liabilities	`Liabilities`	$47.33M	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value; 180,000 shares authorized; 44,237 and 44,187 shares outstanding September 30, 2023 and June 30, 2023, respectively	`CommonStockValue`	$442.00K	USD	Point-in-time
Common stock, $0.01 par value; 180,000 shares authorized; 44,237 and 44,187 shares outstanding September 30, 2023 and June 30, 2023, respectively	`CommonStockValue`	$441.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$191.68M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$191.11M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-137.99M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-147.36M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$68.82M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$53.57M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$44.76M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$62.66M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$95.74M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$100.90M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Project expenses	`ProjectExpenses`	$3.60M	USD	1 Quarter
Project expenses	`ProjectExpenses`	$1.58M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.04M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.89M	USD	1 Quarter
Research and Development	`ResearchAndDevelopmentExpense`	$39.00K	USD	1 Quarter
Research and Development	`ResearchAndDevelopmentExpense`	$39.00K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$37.00K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$53.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.56M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.71M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-7.71M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-8.56M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$132.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$61.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$3.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$14.00K	USD	1 Quarter
Derivative gain (loss)	`GainLossOnDerivativeInstrumentsNetPretax`	$13.91M	USD	1 Quarter
Derivative gain (loss)	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$821.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.79M	USD	1 Quarter
Other expense	`OtherNonOperatingIncomeExpenseExcludingOtherIncome`	$-5.00K	USD	1 Quarter
Other expense	`OtherNonOperatingIncomeExpenseExcludingOtherIncome`	-	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$13.16M	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-1.66M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.61M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-9.37M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-9.37M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.61M	USD	1 Quarter
Net income (loss) per common share - basic	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Net income (loss) per common share - basic	`EarningsPerShareBasic`	$-0.21	USD	1 Quarter
Net income (loss) per common share - diluted	`EarningsPerShareDiluted`	$-0.21	USD	1 Quarter
Net income (loss) per common share - diluted	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter
Weighted average common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	44.22M	shares	1 Quarter
Weighted average common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	43.35M	shares	1 Quarter
Weighted average common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.52M	shares	1 Quarter
Weighted average common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	44.22M	shares	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-9.37M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.61M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$4.61M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-9.37M	USD	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-9.37M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.61M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$53.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$37.00K	USD	1 Quarter
Share based compensation	`ShareBasedCompensation`	$1.30M	USD	1 Quarter
Share based compensation	`ShareBasedCompensation`	$599.00K	USD	1 Quarter
Unrealized (gain) loss on convertible note derivative instrument	`UnrealizedGainLossOnDerivatives`	$13.91M	USD	1 Quarter
Unrealized (gain) loss on convertible note derivative instrument	`UnrealizedGainLossOnDerivatives`	-	USD	1 Quarter
Accretion of asset retirement obligations	`AssetRetirementObligationAccretionExpense`	$37.00K	USD	Annual
Accretion of asset retirement obligations	`AssetRetirementObligationAccretionExpense`	$3.00K	USD	1 Quarter
Accretion of asset retirement obligations	`AssetRetirementObligationAccretionExpense`	$17.00K	USD	1 Quarter
Amortization of debt issuance costs and discount - convertible note	`AmortizationOfFinancingCostsAndDiscounts`	$1.45M	USD	1 Quarter
Amortization of debt issuance costs and discount - convertible note	`AmortizationOfFinancingCostsAndDiscounts`	$550.00K	USD	1 Quarter
Amortization of right of use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$40.00K	USD	1 Quarter
Amortization of right of use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$44.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-535.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$27.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-212.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-416.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.89M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.81M	USD	1 Quarter
Construction in progress	`PaymentsForConstructionInProgress`	$1.58M	USD	1 Quarter
Construction in progress	`PaymentsForConstructionInProgress`	$5.12M	USD	1 Quarter
Properties, plant and equipment additions	`PaymentsToAcquirePropertyPlantAndEquipment`	$51.00K	USD	1 Quarter
Properties, plant and equipment additions	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.63M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.13M	USD	1 Quarter
Proceeds from issuance of convertible note	`ProceedsFromConvertibleDebt`	$60.00M	USD	1 Quarter
Proceeds from issuance of convertible note	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$4.16M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Payments on note payable	`RepaymentsOfNotesPayable`	$10.00K	USD	1 Quarter
Payments on note payable	`RepaymentsOfNotesPayable`	$10.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$256.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$56.09M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-10.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$43.15M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-8.53M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.06M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$74.20M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.80M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.32M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.06M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$74.20M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.80M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.32M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$18.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$2.00K	USD	1 Quarter
Accounts payable and accrued liabilities change related to construction in progress	`AccountsPayableAndAccruedLiabilitiesChangeRelatedToConstructionInProgress`	$2.36M	USD	1 Quarter
Accounts payable and accrued liabilities change related to construction in progress	`AccountsPayableAndAccruedLiabilitiesChangeRelatedToConstructionInProgress`	$2.55M	USD	1 Quarter
Interest paid through issuance of additional convertible notes	`InterestPaidThroughIssuanceOfAdditionalConvertibleNotes`	$1.85M	USD	1 Quarter
Interest paid through issuance of additional convertible notes	`InterestPaidThroughIssuanceOfAdditionalConvertibleNotes`	-	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$68.82M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$53.57M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$44.76M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$62.66M	USD	Point-in-time
Exercise of stock options,Shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	50,000.00	shares	1 Quarter
Exercise of stock options,Shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	0.00	shares	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$256.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Vesting of restricted share units	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$-31.00K	USD	1 Quarter
Share based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.30M	USD	1 Quarter
Share based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$599.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-9.37M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.61M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$68.82M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$53.57M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$44.76M	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.