4 unchanged sentences
Factors that could cause or contribute to such differences include, but are not limited to;
−Removed: those discussed below and elsewhere in this annual report, particularly in the section entitled Risk Factors beginning on page 10 of this annual report.
+Added: those discussed below and elsewhere in this annual report, particularly in the section Item 1A entitled Risk Factors of this annual report.
Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.
24 unchanged sentences
August 31, 2021
−Removed: Cost of Goods Sold
Non-operating (Income) Expenses
5 unchanged sentences
Research and Development
−Removed: Stock-based Compensation
Other administrative costs
Net (income) loss
−Removed: During the year ended August 31, 2020, we signed a 1% Royalty agreement with respect to any future commercial lithium production from our Clayton Valley, Nevada claims in exchange for $250,000.
−Removed: This $250,000 will assist the Company with its future exploration plans and was recognized as income.
−Removed: Our financial statements report a net loss of $389,368 for the year ended August 31, 2021.
−Removed: This is comparison to a net income of $34,132 for the year ended August 31, 2020.
−Removed: The loss in the current year was mainly due to a stock-based compensation expense of $297,691 that was incurred in the current year as a result of more stock options that were granted in the current year.
−Removed: Apart from the stock-based compensation, our other operating costs during the year ended August 31, 2021 were $164,263 higher than the year ended August 31, 2020 which increased the loss incurred in the current year.
−Removed: The increase in costs were primarily attributable to the higher level of activity for the year ended August 31, 2021 compared to August 31, 2020.
−Removed: The Company incurred significantly higher costs for its legal and consulting expenses (2021 - $83,307;
−Removed: 2020 - $8,688).
+Added: Our financial statements report no revenue for the years ended August 31, 2022, and August 31, 2021.
+Added: Our financial statements report a net income of $1,974,407 for the year ended August 31, 2022, compared to a net loss of $389,368 for the year ended August 31, 2021.
+Added: Our net income has increased by $2,363,775 for the year ended August 31, 2022, primarily due to the increase in non-operating income as a result of the sale of our Clayton Valley unpatented mining claims.
+Added: Our operating costs were higher by $951,453 for August 31, 2022, compared to August 31, 2021, primarily due to research and development costs for the Hydrogen Technology project - $293,416 (August 31, 2021 - $0), Rainmaker and Soler Booster projects - $25,717 (August 31, 2021 - $0) and Battery Management Technology - $480,000 (August 31, 2021 - $0).
+Added: The increase of exploration costs by $204,460 is due to increase in the exploration activities of the Company after a slowdown period due to COVID -19, the exploration costs are primarily attributable to the West Tonopah property.
+Added: Overall, the operating expenses have increased due to increase in the exploration activity and addition of new research and development projects during the year ended August 31, 2022.
Liquidity and Financial Condition
5 unchanged sentences
Cash flows from investing activities
−Removed: Cash flows from (used in) financing activities
+Added: Cash flows from financing activities
Net increase in cash during year
4 unchanged sentences
Net cash provided in investing activities was $1,099,564 for the year ended August 31, 2022 compared to $307,168 in the same period in 2021.
−Removed: The net cash inflow was primarily the result of the Company's 1% Royalty agreement with respect to any future commercial lithium production from our Clayton Valley, Nevada claims.
+Added: The net cash inflow was primarily the result of the sale of Clayton Valley, Nevada claims.
Financing Activities
−Removed: Net cash provided in financing activities was $409,792 for the year ended August 31, 2021, compared to net cash used in financing activities of $15,968 in the same period in 2020.
+Added: Net cash provided in financing activities was $131,390 for the year ended August 31, 2022, compared to $409,792 in the same period in 2021.
Contractual Obligations
2 unchanged sentences
Our financial statements have been prepared in accordance with accounting principles generally accepted in the United States applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.
−Removed: The Company had a working capital deficit of $5,841 as at August 31, 2021 (2020 - $392,956).
+Added: The Company had a working capital of $2,845,286 as at August 31, 2022 (2021 - deficit of $5,841).
As at August 31, 2022, the Company has incurred cumulative losses of $ 12,694,988.
14 unchanged sentences
Mineral Properties
−Removed: Acquisition costs of mineral rights are initially capitalized as incurred while exploration and pre-extraction
−Removed: expenditures are expensed as incurred until such time proven or probable reserves are established for that project.
+Added: Acquisition costs of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time proven or probable reserves are established for that project.
Acquisition costs include cash consideration and the fair market value of shares issued on the acquisition of mineral properties.
18 unchanged sentences
Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.
−Removed: Recently Issued Accounting Standards
−Removed: In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses".
−Removed: The standard, including subsequently issued amendments (ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10 and ASU 2019-11), requires a financial asset measured at amortized cost basis, such as accounts receivable and certain other financial assets, to be presented at the net amount expected to be collected based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount.
−Removed: In November 2019, the FASB issued ASU No.
−Removed: 2019-10 to postpone the effective date of ASU No.
−Removed: 2016-13 for public business entities eligible to be smaller reporting companies defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.
−Removed: The Company is evaluating the impact of this guidance on its consolidated financial statements.
−Removed: In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740):
−Removed: Simplifying the Accounting for Income Taxes:
−Removed: 2019-12 is effective as for public business entities, for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years.
−Removed: This ASU removes specific exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles (GAAP).
−Removed: It eliminates the need for an organization to analyses whether the following apply in a given period:
−Removed: -Exception to the incremental approach for intra period tax allocation;
−Removed: -Exceptions to accounting for basis differences when there are ownership changes in foreign investments;
−Removed: -Exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses.
−Removed: The ASU also improves financial statement preparers' application of income tax-related guidance and simplifies GAAP for:
−Removed: - Franchise taxes that are partially based on income;
−Removed: - Transactions with a government that result in a step up in the tax basis of goodwill;
−Removed: - Separate financial statements of legal entities that are not subject to tax;
−Removed: - Enacted changes in tax laws in interim periods.
−Removed: Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company's financial statements upon adoption.
Quantitative and Qualitative Disclosures About Market Risk
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.