Altius Renewable Royalties Corp.
Condensed Consolidated Financial Statements
For the three and six months ended June 30, 2022 and 2021
(Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited, Expressed in United States Dollars, rounded to the nearest hundred
Note | As at | |
June 30 , 20 22 | December 31, 20 21 | |
ASSETS | ||||
Cur r ent assets | ||||
Cash and cash equivalents | $ | 61,907,200 | $ | 49,304,200 |
Accounts receivableand prepaid expenses | 583,600 | 121,600 | ||
$ | 62,490,800 | $ | 49,425,800 | |
Non - cur r ent assets | ||||
Interest in joint venture | 4 | 112,842,800 | 116,139,600 | |
$ | 112,842,800 | $ | 116,139,600 | |
TOTAL ASSETS | $ | 175,333,600 | $ | 165,565,400 |
LI ABI LI TI ES | ||||
Cur r ent liabilities | ||||
Accounts payableand accrued liabilities | 190,600 | 511,400 | ||
Incometax payable | 128,700 | 1,852,000 | ||
$ | 319,300 | $ | 2,363,400 | |
Non - cur r ent liabilities | ||||
Deferred tax liability | 5 | 7,456,200 | 4,146,100 | |
$ | 7,456,200 | $ | 4,146,100 | |
TOTAL LI ABI LI TI ES | $ | 7,775,500 | $ | 6,509,500 |
EQUI TY | ||||
Shareholders' equity | 167,558,100 | 159,055,900 | ||
$ | 167,558,100 | $ | 159,055,900 | |
TOTAL LI ABI LI TI ES AND EQUI TY | $ | 175,333,600 | $ | 165,565,400 |
Seeaccompanying notes to theCondensed Consolidated Financial Statements
1
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
Unaudited, Expressed in United States Dollars, rounded | Note | Three months ended | Six months ended | |||||
to the nearest hundred, except per share amounts | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||
Revenue and other income | ||||||||
Inter est | $ | 133,900 | $ | 16,600 | $ | 174,700 | $ | 19,100 |
$ | 133,900 | $ | 16,600 | $ | 174,700 | $ | 19,100 | |
Costs and Expenses | ||||||||
Office and administrative | $ | 179,000 | $ | 162,900 | $ | 342,800 | $ | 214,100 |
Share based compensation | 7 | 171,200 | 41,000 | 201,000 | 171,600 | |||
Professional fees | 169,400 | 80,000 | 295,300 | 103,000 | ||||
Management fees | 7 | 140,500 | 159,200 | 278,800 | 238,500 | |||
Director fees | 31,700 | 68,000 | 64,200 | 135,200 | ||||
Travel and accommodations | 3,700 | - | 8,200 | - | ||||
Foreign exchange (gain) loss | 16,200 | (51,600) | 8,800 | (260,400) | ||||
$ | 711,700 | $ | 459,500 | $ | 1,199,100 | $ | 602,000 | |
Loss before the following | (577,800) | (442,900) | (1,024,400) | (582,900) | ||||
Dilution gain on issuance of equity in joint venture | 4 | - | 16,100 | - | 299,100 | |||
Share of earnings (loss) in joint venture | 4 | 225,400 | (504,600) | 391,700 | (942,000) | |||
Loss before income taxes | (352,400) | (931,400) | (632,700) | (1,225,800) | ||||
Income tax expense (recovery) | 5 | 116,100 | (248,900) | 78,300 | (412,500) | |||
Net loss | $ | (468,500) | $ | (682,500) | $ | (711,000) | $ | (813,300) |
Loss per share | ||||||||
Basic and diluted | $ | (0.02) | $ | (0.03) | $ | (0.03) | $ | (0.04) |
See accompanying notes to the Condensed Consolidated Financial Statements
2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
Unaudited, Expressed in United States Dollars, rounded to the nearest hundred
Note | Thr ee months ended | Six months ended | |
June 30 , 20 22 | June 30 , 20 21 | June 30 , 20 22 | June 30 , 20 21 |
Net loss | $ | (468,500) | $ | (682,500) | $ | (711,000) | $ | (813,300) |
Other compr ehensive ear nings | ||||||||
To not be classifed subsequently to pr ofit or loss | ||||||||
Shareof revaluation of investments held in joint venture | ||||||||
Gross amount | 4 | 11,728,000 | 3,101,000 | 12,264,500 | 9,015,600 | |||
Tax effect | (3,213,500) | (899,900) | (3,252,300) | (2,616,300) | ||||
Net amount | $ | 8,514,500 | $ | 2,201,100 | $ | 9,012,200 | $ | 6,399,300 |
Total other comprehensiveearnings | $ | 8,514,500 | $ | 2,201,100 | $ | 9,012,200 | $ | 6,399,300 |
Total compr ehensive ear nings | $ | 8,046,000 | $ | 1,518,600 | $ | 8,301,200 | $ | 5,586,000 |
Seeaccompanying notes to theCondensed Consolidated Financial Statements
3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited, Expressed in United States Dollars, rounded to the nearest hundred | Note | Six months ended | ||
June 30, 2022 | June 30, 2021 | |||
Operating activities | ||||
Net loss | $ | (711,000) | $ | (813,300) |
Adjustments for operating activities: | ||||
Sharebased compensation | 7 | 201,000 | 171,600 | |
Incometax expense(recovery) | 5 | 78,300 | (412,500) | |
Gain on dilution of joint venture | 4 | - | (299,100) | |
Incometaxes paid | (1,640,900) | - | ||
Share of (earnings)loss of joint venture | 4 | (391,700) | 942,000 | |
(1,753,300) | 402,000 | |||
Changes in non-cash operating working capital: | ||||
Increasein accounts receivables and prepaid expenses | (462,000) | (65,700) | ||
Decreasein accounts payableand accrued liabilities | (320,700) | (159,400) | ||
Changes in non-cash operating working capital | (782,700) | (225,100) | ||
$ | (3,247,000) | $ | (636,400) | |
Financing activities | ||||
Proceeds on issuanceof common shares | - | 85,325,000 | ||
Shareissuancecosts | - | (6,544,100) | ||
Repayment to related party loan | 7 | - | (164,500) | |
$ | - | $ | 78,616,400 | |
Investing activity | ||||
Distributions from joint venture | 4 | 20,850,000 | - | |
Investment in joint venture | 4 | (5,000,000) | - | |
$ | 15,850,000 | $ | - | |
Net increasein cash and cash equivalents | 12,603,000 | 77,980,000 | ||
Cash and cash equivalents, beginning of period | 49,304,200 | 19,200 | ||
Cash and cash equivalents, end of period | $ | 61,907,200 | $ | 77,999,200 |
Seeaccompanying notes to theCondensed Consolidated Financial Statements
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Altius Renewable Royalties Corp. published this content on 08 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2022 14:14:02 UTC.