Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Feb. 28, 2022 | Apr. 06, 2022 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Feb. 28, 2022 | |
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 | 145,464,286 | |
Current Fiscal Year End Date | --11-30 | |
Document Fiscal Year Focus | 2022 | |
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. 28, 2022 | Nov. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 4,847 | $ 6,308 |
Accounts receivable | 17 | 19 |
Deposits and prepaid amounts | 242 | 285 |
Total Current Assets | 5,106 | 6,612 |
Investment in Ambler Metals LLC (note 3) | 158,204 | 160,063 |
Fixed assets | 23 | 29 |
Mineral properties | 119 | 119 |
Right of use asset (note 5 (a)) | 443 | 482 |
Total Assets | 163,895 | 167,305 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 4) | 571 | 852 |
Current portion of lease liability | 186 | 179 |
Current liabilities | 757 | 1,031 |
Long-term portion of lease liability (note 5 (b)) | 188 | 235 |
Total Liabilities | 945 | 1,266 |
Shareholders' equity | ||
Share capital (note 6) - unlimited common shares authorized, no par value Issued - 145,464,286 (2021 - 145,009,811) | 181,571 | 180,820 |
Contributed surplus | 122 | 122 |
Contributed surplus - options (note 6(a)) | 26,822 | 25,990 |
Contributed surplus - units (note 6(b)) | 2,063 | 1,712 |
Deficit | (47,628) | (42,605) |
Total Shareholders' Equity | 162,950 | 166,039 |
Total Liabilities and Shareholders' Equity | $ 163,895 | $ 167,305 |
Interim Consolidated Balance _2
Interim Consolidated Balance Sheets (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended |
Feb. 28, 2022 | Nov. 30, 2021 | |
Interim Consolidated Balance Sheets | ||
Unlimited common shares authorized | Unlimited | Unlimited |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares, Issued | 145,464,286 | 145,009,811 |
Interim Consolidated Statements
Interim Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Expenses | ||
Amortization | $ 6 | $ 17 |
Exploration expense | 29 | |
Foreign exchange loss (gain) | 3 | 35 |
General and administrative | 397 | 401 |
Investor relations | 99 | 154 |
Professional fees | 245 | 229 |
Salaries | 414 | 439 |
Salaries and directors expense - stock-based compensation | 1,922 | 2,148 |
Total expenses | 3,115 | 3,423 |
Other items | ||
Share of loss on equity investment (note 3(b)) | 1,910 | 1,120 |
Interest and other income | (2) | (5) |
Services agreement income | (22) | |
Comprehensive loss for the period | $ (5,023) | $ (4,516) |
Basic loss per common share | $ (0.03) | $ (0.03) |
Diluted loss per common share | $ (0.03) | $ (0.03) |
Basic weighted average number of common shares outstanding | 145,286,456 | 144,163,869 |
Diluted weighted average number of common shares outstanding | 145,286,456 | 144,163,869 |
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, 2020 | $ 179,746 | $ 122 | $ 23,303 | $ 1,585 | $ (20,945) | $ 183,811 |
Beginning Balance (Shares) at Nov. 30, 2020 | 144,137,850 | |||||
Exercise of options | $ 334 | (334) | ||||
Exercise of options (Shares) | 76,635 | |||||
Stock-based compensation | 2,112 | 36 | 2,148 | |||
Earnings (Loss) for the period | (4,516) | (4,516) | ||||
Ending Balance at Feb. 28, 2021 | $ 180,080 | 122 | 25,081 | 1,621 | (25,461) | 181,443 |
Ending Balance (Shares) at Feb. 28, 2021 | 144,214,485 | |||||
Beginning Balance at Nov. 30, 2021 | $ 180,820 | 122 | 25,990 | 1,712 | (42,605) | 166,039 |
Beginning Balance (Shares) at Nov. 30, 2021 | 145,009,811 | |||||
Exercise of options | $ 50 | (32) | 18 | |||
Exercise of options (Shares) | 31,674 | |||||
Restricted Share Units | $ 650 | (650) | ||||
Restricted Share Units (Shares) | 391,332 | |||||
Joint venture contribution (Shares) | 31,469 | |||||
Stock-based compensation | 864 | 1,001 | 1,865 | |||
Earnings (Loss) for the period | (5,023) | (5,023) | ||||
Ending Balance at Feb. 28, 2022 | $ 181,571 | $ 122 | $ 26,822 | $ 2,063 | $ (47,628) | 162,950 |
Ending Balance (Shares) at Feb. 28, 2022 | 145,464,286 | |||||
Joint venture contribution | $ 51 | $ 51 |
Interim Consolidated Statemen_3
Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Cash flows used in operating activities | ||
Loss for the period | $ (5,023) | $ (4,516) |
Adjustments to reconcile net loss to cash flows in operating activities | ||
Amortization | 6 | 17 |
Office lease accounting | (4) | (11) |
Loss on equity investment in Ambler Metals LLC (note 3(b)) | 1,910 | 1,120 |
Unrealized foreign exchange loss | 2 | 14 |
Stock-based compensation | 1,865 | 2,148 |
Net change in non-cash working capital | ||
Decrease in accounts receivable | 2 | 105 |
Decrease (increase) in deposits and prepaid amounts | 43 | (33) |
Decrease in accounts payable and accrued liabilities | (281) | (337) |
Cash flows used in operating activities | (1,480) | (1,493) |
Cash flows from financing activities | ||
Proceeds from exercise of options | 18 | |
Cash flows from financing activities | 18 | |
Decrease in cash and cash equivalents | (1,462) | (1,493) |
Effect of exchange rate on cash and cash equivalents | 1 | (1) |
Cash and cash equivalents - beginning of year | 6,308 | 11,125 |
Cash and cash equivalents - end of the year | $ 4,847 | $ 9,631 |
Nature of operations
Nature of operations | 3 Months Ended |
Feb. 28, 2022 | |
Nature of operations | |
Nature of operations | 1) Nature of operations Trilogy Metals Inc. (“Trilogy” or the “Company”) was incorporated in British Columbia under the Business Corporations Act (BC) |
Summary of significant accounti
Summary of significant accounting policies | 3 Months Ended |
Feb. 28, 2022 | |
Summary of significant accounting policies | |
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 subsidiary, 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 unaudited interim consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s financial position as of February 28, 2022 and our results of operations and cash flows for the three months ended February 28, 2022 and February 28, 2021. The results of operations for the three months ended February 28, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2022. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these unaudited 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, 2021, filed with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities on February 11, 2022. These interim consolidated financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on April 5, 2022. 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 of mineral properties and investments in affiliates. Significant estimates include the measurement of the equity method investment, 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. Factors that may be indicative of an impairment include a loss in the value of an investment that is not temporary. Management considers several factors in considering if an indicator of impairment has occurred, including but 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. If an indicator of impairment is determined to exist, the fair value of the impaired investment is determined based on the valuation of cohort companies with similar projects or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and observed market earnings multiples of comparable companies. Management calculates the estimated undiscounted future net cash flows relating to the asset or asset group using estimated future prices, proven and probable reserves and other mineral resources, and operating, capital and reclamation costs. When the carrying value of an asset exceeds the related undiscounted cash flows, the asset is written down to its estimated fair value, which is usually determined using discounted future cash flows. Management’s estimates of mineral prices, mineral resources, foreign exchange rates, production levels operating, capital and reclamation costs are subject to risk and uncertainties that may affect the determination of the recoverability of the long-lived asset. It is possible that material changes could occur that may adversely affect management’s estimates. |
Investment in Ambler Metals LLC
Investment in Ambler Metals LLC | 3 Months Ended |
Feb. 28, 2022 | |
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 US$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 at February 28, 2022, totaled $158 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 $3.8 million for the three-month period ending February 28, 2022 (2021 - $2.2 million). During the three-month period ended February 28, 2022, Trilogy made a $51,000 equity contribution to Ambler Metals through the issuance of 31,469 common shares of the Company as part of the long-term incentive compensation for an Ambler Metals executive. Likewise, South32 made an equivalent equity contribution to Ambler Metals for $51,000 in cash for their 50% share. The carrying value of Trilogy’s 50% investment in Ambler Metals as at February 28, 2022 is summarized on the following table. in thousands of dollars $ November 30, 2021, Investment in Ambler Metals 160,063 Joint venture equity contribution 51 Share of loss on equity investment for the three-month period ending February 28, 2022 (1,910) February 28, 2022, Investment in Ambler Metals 158,204 (c) The following table summarizes Ambler Metals’ Balance Sheet as at February 28, 2022. in thousands of dollars February 28, 2022 November 30, 2021 $ $ Total assets 144,127 149,374 Cash 58,164 61,205 Loan receivable from South32 (current and long-term) 53,156 55,355 Mineral properties 30,757 30,757 Total liabilities (3,514) (5,043) Accounts payable and accrued liabilities (2,673) (4,148) Members' equity (total assets less total liabilities) 140,613 144,331 The loan receivable from South32 is repaid through a quarterly demand notice prepared by Ambler Metals, thirty days prior to the beginning of the following calendar quarter. The demand notice amount is based on Ambler Metals’ expected expenditures, pursuant to their approved program and operating budget (South32’s 50% share) for the applicable calendar quarter. During the three-month period ended February 28, 2022, Ambler Metals received $2.4 million in loan repayments from South32, consisting of $0.3 million in interest and $2.1 million in principal. (d) The following table summarizes Ambler Metals' loss for the three-month period ending February 28, 2022. in thousands of dollars February 28, 2022 February 28, 2021 $ $ Depreciation 23 16 Corporate salaries and wages 474 517 General and administrative 232 235 Mineral property expense 3,040 1,439 Professional fees 297 298 Foreign exchange (gain)/loss 2 6 Interest income (248) (272) Comprehensive loss 3,820 2,239 |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 3 Months Ended |
Feb. 28, 2022 | |
Accounts payable and accrued liabilities. | |
Accounts payable and accrued liabilities | 4) Accounts payable and accrued liabilities in thousands of dollars February 28, 2022 November 30, 2021 $ $ Trade accounts payable 195 205 Accrued liabilities 250 105 Accrued salaries and vacation 126 542 Accounts payable and accrued liabilities 571 852 |
Leases
Leases | 3 Months Ended |
Feb. 28, 2022 | |
Leases | |
Leases | 5) Leases (a) Right-of-use asset in thousands of dollars $ Balance as at November 30, 2021 482 Net amortization (39) Balance as at February 28, 2022 443 (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 28, 2022 February 28, 2021 $ $ Operating lease costs 47 38 Variable lease costs 35 35 Total lease expense 82 73 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 of February 28, 2022, the weighted-average remaining lease term is 2.25 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 months ended February 28, 2022 are as follows: ● Cash paid for amounts included in the measurement of lease liabilities was $50,992 . Future minimum payments relating to the lease recognized in our balance sheet as of February 28, 2022 are as follows: in thousands of dollars February 28, 2022 Fiscal year $ 2022 155 2023 212 2024 35 Total undiscounted lease payments 402 Effect of discounting (28) Present value of lease payments recognized as lease liability 374 |
Share capital
Share capital | 3 Months Ended |
Feb. 28, 2022 | |
Share capital. | |
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, 2021 145,009,811 180,820 Exercise of options 31,674 50 Restricted Share Units 391,332 650 Joint venture equity contribution (note 3(b)) 31,469 51 February 28, 2022, issued and outstanding 145,464,286 181,571 (a) Stock options During the three-month period ended February 28, 2022, the Company made an annual grant of 1,734,500 stock options (2021 - 3,374,150 stock options) at an exercise price of CDN$2.21 (2021 - CDN$2.52) 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 options granted in the period was CDN$0.90 (2021 - CDN$1.07). For the three-month period ended February 28, 2022, Trilogy recognized a stock-based compensation charge of $0.86 million (2021 - $2.1 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 28, 2022 are as provided below. February 28, 2022 Risk-free interest rates 1.07% Exercise price CDN$2.20 Expected life 3 years Expected volatility 60.6% Expected dividends Nil As of February 28, 2022, there were 2,317,838 non-vested options outstanding with a weighted average exercise price of CDN$2.43; the non-vested stock option expense not yet recognized was $0.83 million. This expense is expected to be recognized over the next year. A summary of the Company’s stock option plan and changes during the three-month period ended February 28, 2022 is as follows: February 28, 2022 Weighted average exercise price Number of options CDN$ Balance – beginning of the period 10,539,324 2.54 Granted 1,734,500 2.21 Exercised (31,674) 0.70 Balance – end of the period 12,242,150 2.50 During the three-month period ended February 28, 2022, the Company received net proceeds of $17,640 upon the exercise of 31,674 options. The following table summarizes information about the stock options outstanding at February 28, 2022. Outstanding Exercisable Unvested Weighted Weighted Number of Weighted average Number of average Number of outstanding average years exercise price exercisable exercise price unvested Range of exercise price (CDN$) options to expiry CDN$ options CDN$ options $0.50 to $1.00 50,000 0.19 0.94 50,000 0.94 — $1.01 to $1.50 870,000 0.77 1.05 870,000 1.05 — $2.01 to $2.50 2,599,500 4.10 2.26 1,676,498 2.29 923,002 $2.51 to $3.00 6,925,150 3.20 2.64 5,530,314 2.66 1,394,836 $3.01 to $3.41 1,797,500 2.82 3.03 1,797,500 3.03 12,242,150 3.15 2.50 9,924,312 2.51 2,317,838 The aggregate intrinsic value of vested share options (the market value less the exercise price) at February 28, 2022 was $0.15 million (2021 - $3.3 million) and the aggregate intrinsic value of exercised options for the three months ended February 28, 2022 was $0.03 million (2021 - $0.17 million). (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 ended February 28, 2022 is as follows: Number of RSUs Number of DSUs Balance – beginning of the period — 1,277,445 Granted 648,600 160,740 Vested (391,332) — Balance – end of the period 257,268 1,438,185 For the three-month period ended February 28, 2022, Trilogy recognized a stock-based compensation charge of $1.0 million (2021 - $0.04 million), net of estimated forfeitures. |
Financial instruments
Financial instruments | 3 Months Ended |
Feb. 28, 2022 | |
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 28, 2022 is limited to the Canadian dollar balances consisting of cash of approximately CDN$491,000, accounts receivable of approximately CDN$22,000 and accounts payable of approximately CDN$480,000. 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 $3,000. (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 and cash equivalents with Canadian Chartered financial institutions. The Company’s accounts receivable consists of Canadian Goods and Services Tax receivable from the Federal Government of Canada and other receivables for recoverable expenses. The Company’s exposure to credit risk is equal to the balance of cash and cash equivalents and accounts receivable 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 28, 2022 are as follows: in thousands of dollars Total < 1 Year 1–2 Years 2–5 Years Thereafter $ $ $ $ $ Accounts payable and accrued liabilities 571 571 — — — Office lease 402 207 195 — — 973 778 195 — — (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 and cash equivalents. Based on balances as at February 28, 2022, 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. 28, 2022 | |
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. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 3 Months Ended |
Feb. 28, 2022 | |
Summary of significant accounting policies | |
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 subsidiary, 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 unaudited interim consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s financial position as of February 28, 2022 and our results of operations and cash flows for the three months ended February 28, 2022 and February 28, 2021. The results of operations for the three months ended February 28, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2022. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these unaudited 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, 2021, filed with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities on February 11, 2022. These interim consolidated financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on April 5, 2022. |
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 of mineral properties and investments in affiliates. Significant estimates include the measurement of the equity method investment, 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. Factors that may be indicative of an impairment include a loss in the value of an investment that is not temporary. Management considers several factors in considering if an indicator of impairment has occurred, including but 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. If an indicator of impairment is determined to exist, the fair value of the impaired investment is determined based on the valuation of cohort companies with similar projects or upon the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and observed market earnings multiples of comparable companies. Management calculates the estimated undiscounted future net cash flows relating to the asset or asset group using estimated future prices, proven and probable reserves and other mineral resources, and operating, capital and reclamation costs. When the carrying value of an asset exceeds the related undiscounted cash flows, the asset is written down to its estimated fair value, which is usually determined using discounted future cash flows. Management’s estimates of mineral prices, mineral resources, foreign exchange rates, production levels operating, capital and reclamation costs are subject to risk and uncertainties that may affect the determination of the recoverability of the long-lived asset. It is possible that material changes could occur that may adversely affect management’s estimates. |
Investment in Ambler Metals L_2
Investment in Ambler Metals LLC (Tables) | 3 Months Ended |
Feb. 28, 2022 | |
Investment in Ambler Metals LLC | |
Schedule of equity investment | in thousands of dollars $ November 30, 2021, Investment in Ambler Metals 160,063 Joint venture equity contribution 51 Share of loss on equity investment for the three-month period ending February 28, 2022 (1,910) February 28, 2022, Investment in Ambler Metals 158,204 |
Schedule of Ambler Metals LLC's Balance Sheet | in thousands of dollars February 28, 2022 November 30, 2021 $ $ Total assets 144,127 149,374 Cash 58,164 61,205 Loan receivable from South32 (current and long-term) 53,156 55,355 Mineral properties 30,757 30,757 Total liabilities (3,514) (5,043) Accounts payable and accrued liabilities (2,673) (4,148) Members' equity (total assets less total liabilities) 140,613 144,331 |
Schedule of Ambler Metals LLC's net loss | in thousands of dollars February 28, 2022 February 28, 2021 $ $ Depreciation 23 16 Corporate salaries and wages 474 517 General and administrative 232 235 Mineral property expense 3,040 1,439 Professional fees 297 298 Foreign exchange (gain)/loss 2 6 Interest income (248) (272) Comprehensive loss 3,820 2,239 |
Accounts payable and accrued _2
Accounts payable and accrued liabilities (Tables) | 3 Months Ended |
Feb. 28, 2022 | |
Accounts payable and accrued liabilities. | |
Schedule of accounts payable and accrued liabilities | in thousands of dollars February 28, 2022 November 30, 2021 $ $ Trade accounts payable 195 205 Accrued liabilities 250 105 Accrued salaries and vacation 126 542 Accounts payable and accrued liabilities 571 852 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Feb. 28, 2022 | |
Leases | |
Schedule of right-of-use asset | in thousands of dollars $ Balance as at November 30, 2021 482 Net amortization (39) Balance as at February 28, 2022 443 |
Schedule of lease expenses | in thousands of dollars Three months ended Three months ended February 28, 2022 February 28, 2021 $ $ Operating lease costs 47 38 Variable lease costs 35 35 Total lease expense 82 73 |
Schedule of future minimum payments | in thousands of dollars February 28, 2022 Fiscal year $ 2022 155 2023 212 2024 35 Total undiscounted lease payments 402 Effect of discounting (28) Present value of lease payments recognized as lease liability 374 |
Share capital (Tables)
Share capital (Tables) | 3 Months Ended |
Feb. 28, 2022 | |
Share capital. | |
Schedule of common stock outstanding roll forward | in thousands of dollars, except share amounts Number of shares Ascribed value $ November 30, 2021 145,009,811 180,820 Exercise of options 31,674 50 Restricted Share Units 391,332 650 Joint venture equity contribution (note 3(b)) 31,469 51 February 28, 2022, issued and outstanding 145,464,286 181,571 |
Schedule of assumptions used in the pricing model | February 28, 2022 Risk-free interest rates 1.07% Exercise price CDN$2.20 Expected life 3 years Expected volatility 60.6% Expected dividends Nil |
Summary of the company's stock option plan | February 28, 2022 Weighted average exercise price Number of options CDN$ Balance – beginning of the period 10,539,324 2.54 Granted 1,734,500 2.21 Exercised (31,674) 0.70 Balance – end of the period 12,242,150 2.50 |
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 $0.50 to $1.00 50,000 0.19 0.94 50,000 0.94 — $1.01 to $1.50 870,000 0.77 1.05 870,000 1.05 — $2.01 to $2.50 2,599,500 4.10 2.26 1,676,498 2.29 923,002 $2.51 to $3.00 6,925,150 3.20 2.64 5,530,314 2.66 1,394,836 $3.01 to $3.41 1,797,500 2.82 3.03 1,797,500 3.03 12,242,150 3.15 2.50 9,924,312 2.51 2,317,838 |
Schedule of restricted share Units and deferred share units plans | Number of RSUs Number of DSUs Balance – beginning of the period — 1,277,445 Granted 648,600 160,740 Vested (391,332) — Balance – end of the period 257,268 1,438,185 |
Financial instruments (Tables)
Financial instruments (Tables) | 3 Months Ended |
Feb. 28, 2022 | |
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 571 571 — — — Office lease 402 207 195 — — 973 778 195 — — |
Investment in Ambler Metals L_3
Investment in Ambler Metals LLC - Narrative (Details) - USD ($) | Feb. 11, 2020 | Feb. 28, 2022 | Feb. 28, 2021 | Nov. 30, 2021 |
Schedule of Equity Method Investments [Line Items] | ||||
Joint venture, contributed amount | $ 51,000 | |||
Comprehensive loss | (5,023,000) | $ (4,516,000) | ||
Ambler Metals LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Joint venture, contributed amount | $ 51,000 | |||
Percentage of ownership | 50.00% | 50.00% | ||
Comprehensive loss | $ (3,800,000) | $ (2,200,000) | ||
Fair value ascribed to Ambler Metals LLC interest | $ 160,063,000 | |||
South32 | Ambler Metals LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership | 50.00% | |||
Loan repayments | 2,400,000 | |||
Loan repayments, Interest | 300,000 | |||
Loan repayments, principal | 2,100,000 | |||
Upper Kobuk Mineral Projects | South32 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership | 50.00% | |||
Upper Kobuk Mineral Projects | South32 | Ambler Metals LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment contribution | $ 145,000,000 | |||
Ambler Metals | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Joint venture, contributed amount | $ 51,000 | |||
Joint venture contribution (Shares) | 31,469 | |||
Ambler Metals | South32 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Joint venture, contributed amount | $ 51,000 | |||
Percentage of ownership | 50.00% |
Investment in Ambler Metals L_4
Investment in Ambler Metals LLC - Financial information (Details) - USD ($) | 3 Months Ended | |||
Feb. 28, 2022 | Feb. 28, 2021 | Nov. 30, 2021 | Feb. 11, 2020 | |
The carrying value of equity method investment | ||||
Joint venture contribution | $ 51,000 | |||
Share of loss on equity investment | (1,910,000) | $ (1,120,000) | ||
Investment in Ambler Metals | 158,204,000 | $ 160,063,000 | ||
Assets [Abstract] | ||||
Total assets | 163,895,000 | 167,305,000 | ||
Mineral properties | 119,000 | 119,000 | ||
Liabilities [Abstract] | ||||
Total liabilities | (945,000) | (1,266,000) | ||
Ambler Metals' net loss | ||||
General and administrative | 397,000 | 401,000 | ||
Professional Fees | 245,000 | 229,000 | ||
Foreign exchange loss (gain) | 3,000 | 35,000 | ||
Ambler Metals | ||||
The carrying value of equity method investment | ||||
Joint venture contribution | 51,000 | |||
Ambler Metals' net loss | ||||
Depreciation | 23,000 | 16,000 | ||
Corporate salaries and wages | 474,000 | 517,000 | ||
General and administrative | 232,000 | 235,000 | ||
Mineral properties expense | 3,040,000 | 1,439,000 | ||
Professional Fees | 297,000 | 298,000 | ||
Foreign exchange loss (gain) | 2,000 | 6,000 | ||
Interest income | (248,000) | (272,000) | ||
Comprehensive loss | 3,820,000 | $ 2,239,000 | ||
Ambler Metals LLC | ||||
The carrying value of equity method investment | ||||
Investment in Ambler Metals | 160,063,000 | |||
Joint venture contribution | 51,000 | |||
Share of loss on equity investment | (1,910,000) | |||
Investment in Ambler Metals | 158,204,000 | $ 176,000,000 | ||
Assets [Abstract] | ||||
Total assets | 144,127,000 | 149,374,000 | ||
Cash | 58,164,000 | 61,205,000 | ||
Loan receivable from South32 (current and long-term) | 53,156,000 | 55,355,000 | ||
Mineral properties | 30,757,000 | 30,757,000 | ||
Liabilities [Abstract] | ||||
Total liabilities | (3,514,000) | (5,043,000) | ||
Accounts payable and accrued liabilities | (2,673,000) | (4,148,000) | ||
Members' equity (Total assets less Total liabilities) | 140,613,000 | $ 144,331,000 | ||
South32 | Ambler Metals | ||||
The carrying value of equity method investment | ||||
Joint venture contribution | $ 51,000 |
Accounts payable and accrued _3
Accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands | Feb. 28, 2022 | Nov. 30, 2021 |
Accounts payable and accrued liabilities. | ||
Trade accounts payable | $ 195 | $ 205 |
Accrued liabilities | 250 | 105 |
Accrued salaries and vacation | 126 | 542 |
Accounts payable and accrued liabilities | $ 571 | $ 852 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 3 Months Ended |
Feb. 28, 2022USD ($) | |
Leases | |
Weighted-average remaining lease term | 2 years 3 months |
Weighted-average discount rate | 8.00% |
Cash paid for amounts included in the measurement of lease liabilities | $ 50,992 |
Leases - Right of use asset (De
Leases - Right of use asset (Details) $ in Thousands | 3 Months Ended |
Feb. 28, 2022USD ($) | |
Leases | |
Balance, beginning | $ 482 |
Net amortization | (39) |
Balance, ending | $ 443 |
Leases - Lease liabilities (Det
Leases - Lease liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Leases | ||
Operating lease costs | $ 47 | $ 38 |
Variable lease costs | 35 | 35 |
Total lease expense | $ 82 | $ 73 |
Leases - Future minimum payment
Leases - Future minimum payments (Details) $ in Thousands | Feb. 28, 2022USD ($) |
Future minimum payments | |
2022 | $ 155 |
2023 | 212 |
2024 | 35 |
Total undiscounted lease payments | 402 |
Effect of discounting | (28) |
Present value of lease payments recognized as lease liability | $ 374 |
Share capital - Narrative (Deta
Share capital - Narrative (Details) | 3 Months Ended | |||||
Feb. 28, 2022USD ($)$ / sharesshares | Feb. 28, 2022USD ($)$ / shares$ / sharesshares | Feb. 28, 2021USD ($)$ / sharesshares | Feb. 28, 2021USD ($)$ / shares | Feb. 28, 2022$ / shares | Nov. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares, conversion | 1 | |||||
Stock-based compensation | $ | $ (1,865,000) | $ (2,148,000) | ||||
Non-vested stock options outstanding | 12,242,150 | 12,242,150 | ||||
Weighted average exercise price options outstanding | $ / shares | $ 2.50 | $ 2.50 | ||||
Proceeds from exercise of options | $ | $ 18,000 | |||||
Aggregate intrinsic value, vested options | $ | 150,000 | $ 150,000 | 3,300,000 | $ 3,300,000 | ||
Aggregate intrinsic value, options exercised | $ | $ 30,000 | $ 170,000 | ||||
Share capital | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock committed for issuance | 145,464,286 | 145,464,286 | 145,009,811 | |||
Exercise of options, Number of shares | 31,674 | 76,635 | ||||
Nonvested Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-vested stock options outstanding | 2,317,838 | 2,317,838 | ||||
Weighted average exercise price options outstanding | $ / shares | $ 2.43 | |||||
Stock option expense not yet recognized | $ | $ 830,000 | $ 830,000 | ||||
DSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation | $ | $ 1,000,000 | $ 40,000 | ||||
Granted units | 160,740 | |||||
Outstanding grants | 1,438,185 | 1,438,185 | 1,277,445 | |||
RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted units | 648,600 | |||||
Outstanding grants | 257,268 | 257,268 | ||||
Stock option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options granted, weighted average exercise price | $ / shares | $ 0.70 | |||||
Non-vested stock options outstanding | 12,242,150 | 12,242,150 | 10,539,324 | |||
Weighted average exercise price options outstanding | $ / shares | $ 2.50 | $ 2.50 | $ 2.54 | |||
Exercise of options, Number of shares | 31,674 | |||||
Proceeds from exercise of options | $ | $ 17,640 | |||||
Stock options granted | 1,734,500 | |||||
Weighted-average exercise price | $ / shares | $ 2.21 | |||||
Employees, consultants and directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options granted, expiration period | 5 years | |||||
Stock options granted | 1,734,500 | 3,374,150 | ||||
Vesting period | 2 years | |||||
Weighted-average exercise price | $ / shares | $ 2.21 | $ 2.52 | ||||
Stock options granted, weighted average fair value | $ / shares | $ 0.90 | $ 1.07 | ||||
Directors, employees and service providers | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation | $ | $ 860,000 | $ 2,100,000 |
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. 28, 2022 | Feb. 28, 2021 | Nov. 30, 2021 | |
Class of Stock [Line Items] | |||
Unlimited common shares authorized | Unlimited | Unlimited | |
Common Stock, No Par Value | $ 0 | $ 0 | |
Joint venture contribution | $ 51 | ||
Share capital | |||
Class of Stock [Line Items] | |||
Beginning balance, Number of shares | 145,009,811 | ||
Beginning balance, Ascribed value | $ 180,820 | ||
Exercise of options, Number of shares | 31,674 | 76,635 | |
Exercise of options, Ascribed value | $ 50 | ||
Restricted share units, Number of shares | 391,332 | ||
Restricted share units, Ascribed value | $ 650 | ||
Joint venture equity contribution (note 3(b)), Number of shares | 31,469 | ||
Joint venture contribution | $ 51 | ||
Ending balance, Number of shares | 145,464,286 | 145,009,811 | |
Ending balance, Ascribed value | $ 181,571 | $ 180,820 |
Share capital - Assumptions use
Share capital - Assumptions used in the pricing model (Details) - $ / shares | 3 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Share capital. | ||
Risk-free interest rates | 1.07% | |
Exercise price | $ 2.20 | |
Expected life | 3 years | |
Expected volatility | 60.60% | |
Expected dividends |
Share capital - Stock options p
Share capital - Stock options plans and changes (Details) | 3 Months Ended |
Feb. 28, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance - end of period, number of options | shares | 12,242,150 |
Balance - end of period, weighted average exercise price | $ / shares | $ 2.50 |
Stock option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance - beginning of the year, number of options | shares | 10,539,324 |
Balance - beginning of the year, weighted average exercise price | $ / shares | $ 2.54 |
Number of options, Granted | shares | 1,734,500 |
Weighted average exercise price, Granted | $ / shares | $ 2.21 |
Number of options, Exercised | shares | (31,674) |
Weighted average exercise price, Exercised | $ / shares | $ 0.70 |
Balance - end of period, number of options | shares | 12,242,150 |
Balance - end of period, weighted average exercise price | $ / shares | $ 2.50 |
Share capital - Stock options o
Share capital - Stock options outstanding (Details) | 3 Months Ended |
Feb. 28, 2022$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of outstanding options | shares | 12,242,150 |
Weighted average years to expiry | 3 years 1 month 24 days |
Weighted average exercise price options outstanding | $ 2.50 |
Number of exercisable options | shares | 9,924,312 |
Weighted average exercise price exercisable | $ 2.51 |
Number of unvested options | shares | 2,317,838 |
$0.55 to $1.00 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price lower range limit | $ 0.50 |
Exercise price upper range limit | $ 1 |
Number of outstanding options | shares | 50,000 |
Weighted average years to expiry | 2 months 8 days |
Weighted average exercise price options outstanding | $ 0.94 |
Number of exercisable options | shares | 50,000 |
Weighted average exercise price exercisable | $ 0.94 |
Number of unvested options | shares | 0 |
$1.01 to $1.50 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price lower range limit | $ 1.01 |
Exercise price upper range limit | $ 1.50 |
Number of outstanding options | shares | 870,000 |
Weighted average years to expiry | 9 months 7 days |
Weighted average exercise price options outstanding | $ 1.05 |
Number of exercisable options | shares | 870,000 |
Weighted average exercise price exercisable | $ 1.05 |
Number of unvested options | shares | 0 |
$2.01 to $2.50 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price lower range limit | $ 2.01 |
Exercise price upper range limit | $ 2.50 |
Number of outstanding options | shares | 2,599,500 |
Weighted average years to expiry | 4 years 1 month 6 days |
Weighted average exercise price options outstanding | $ 2.26 |
Number of exercisable options | shares | 1,676,498 |
Weighted average exercise price exercisable | $ 2.29 |
Number of unvested options | shares | 923,002 |
$2.51 to $2.67 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price lower range limit | $ 2.51 |
Exercise price upper range limit | $ 3 |
Number of outstanding options | shares | 6,925,150 |
Weighted average years to expiry | 3 years 2 months 12 days |
Weighted average exercise price options outstanding | $ 2.64 |
Number of exercisable options | shares | 5,530,314 |
Weighted average exercise price exercisable | $ 2.66 |
Number of unvested options | shares | 1,394,836 |
$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 | 1,797,500 |
Weighted average years to expiry | 2 years 9 months 25 days |
Weighted average exercise price options outstanding | $ 3.03 |
Number of exercisable options | shares | 1,797,500 |
Weighted average exercise price exercisable | $ 3.03 |
Share capital - DSU Plan and ch
Share capital - DSU Plan and changes during the year (Details) | 3 Months Ended |
Feb. 28, 2022shares | |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted | 648,600 |
Vested | (391,332) |
Balance - end of period | 257,268 |
DSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance - beginning of the year | 1,277,445 |
Granted | 160,740 |
Balance - end of period | 1,438,185 |
Financial instruments - Narrati
Financial instruments - Narrative (Details) | 3 Months Ended | ||
Feb. 28, 2022USD ($) | Feb. 28, 2022CAD ($) | Nov. 30, 2021USD ($) | |
Accounts receivable | $ 17,000 | $ 19,000 | |
10% change in the US-Canadian exchange rate | |||
Cash | $ 491,000 | ||
Accounts receivable | 22,000 | ||
Accounts payable | $ 480,000 | ||
Change in foreign exchange rate | 10.00% | 10.00% | |
Foreign exchange loss | $ 3,000 | ||
1% change in interest rates | |||
Change in interest rate | 1.00% | 1.00% |
Financial instruments - Contrac
Financial instruments - Contractually obligated cash flow requirements (Details) $ in Thousands | Feb. 28, 2022USD ($) |
Total | $ 973 |
Less than 1 year | 778 |
Less than 1 Year | 195 |
2 - 5 Years | 0 |
Thereafter | 0 |
Accounts payable and accrued liabilities | |
Total | 571 |
Less than 1 year | 571 |
Less than 1 Year | 0 |
2 - 5 Years | 0 |
Thereafter | 0 |
Office lease | |
Total | 402 |
Less than 1 year | 207 |
Less than 1 Year | 195 |
2 - 5 Years | 0 |
Thereafter | $ 0 |