BARSELE MINERALS CORP.
CONDENSED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian Dollars - Unaudited)
SEPTEMBER 30, 2021
Notice to Reader
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed interim financial statements, they must be accompanied by a notice indicating that the condensed interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these condensed interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of financial statements by an entity's auditor.
BARSELE MINERALS CORP.
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
(Expressed in Canadian Dollars - Unaudited)
As at
September 30, | December 31, | ||||||||
2021 | 2020 | ||||||||
ASSETS | |||||||||
Current | |||||||||
Cash | $ | 858,949 | $ | 168,238 | |||||
Receivables | 53,140 | 47,817 | |||||||
Prepaid expenses | 92,378 | 22,707 | |||||||
1,004,467 | 238,762 | ||||||||
Equity investment - exploration and evaluation assets (Note 4) | 1 | 1 | |||||||
$ | 1,004,468 | $ | 238,763 | ||||||
LIABILITIES | |||||||||
Current | |||||||||
Accounts payable and accrued liabilities (Note 8) | $ | 140,521 | $ | 58,646 | |||||
Shareholders' equity | |||||||||
Share capital (Note 5) | 8,874,338 | 6,599,632 | |||||||
Reserves (Note 5) | 6,442,381 | 5,394,047 | |||||||
Deficit | (14,452,772) | (11,813,562) | |||||||
863,947 | 180,117 | ||||||||
$ | 1,004,468 | $ | 238,763 | ||||||
Nature and continuance of operations (Note 1) | |||||||||
Subsequent event (Note 4) | |||||||||
Approved and authorized by the board on November 22, 2021 | |||||||||
/s/ Gary Cope | Director | /s/ Rick Sayers | Director | ||||||
Gary Cope | Rick Sayers |
The accompanying notes are an integral part of these condensed interim financial statements.
BARSELE MINERALS CORP.
CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in Canadian Dollars)
Three months ended September 30, | Nine months ended September 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
EXPLORATION EXPENSES | ||||||||
General exploration (Notes 4, 8) | $ | 53,600 | $ | 70,049 | $ | 175,882 | $ | 187,814 |
GENERAL EXPENSES | ||||||||
Consulting (Note 8) | 2,000 | 13,750 | 21,250 | 71,750 | ||||
Foreign exchange (gain) loss | (2,028) | 357 | 3,314 | 418 | ||||
Investor relations (Note 8) | 113,500 | 6,446 | 311,736 | 96,215 | ||||
Management fees (Note 8) | 116,500 | 60,720 | 348,242 | 182,160 | ||||
Office and administrative (Note 8) | 84,733 | 69,913 | 245,511 | 199,449 | ||||
Professional fees | 235,854 | 6,250 | 259,868 | 27,885 | ||||
Share-based payments (Note 5, 8) | - | - | 1,203,969 | - | ||||
Transfer agent and filing fees | 15,004 | 9,238 | 69,438 | 34,926 | ||||
565,563 | 166,674 | 2,463,328 | 612,803 | |||||
Loss before interest income | (619,163) | (236,723) | (2,639,210) | (800,617) | ||||
Interest income | - | - | - | 5,858 | ||||
Loss and comprehensive loss for the period | $ | (619,163) | $ | (236,723) | $ | (2,639,210) | $ | (794,759) |
Basic and diluted loss per common share | $ | (0.00) | $ | (0.00) | $ | (0.02) | $ | (0.01) |
Weighted average number of common shares | ||||||||
outstanding | 129,085,845 | 123,441,761 | 129,085,845 | 123,441,761 |
The accompanying notes are an integral part of these condensed interim financial statements.
BARSELE MINERALS CORP.
CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Expressed in Canadian Dollars - Unaudited)
Total | |||||||||
Common | Shareholders' | ||||||||
Shares | Share Capital | Reserves | Deficit | Equity | |||||
Balance, December 31, 2019 | 122,920,699 | $ | 6,130,527 | $ | 5,655,652 | $ | (10,696,392) | $ | 1,089,787 |
Options exercised | 1,400,000 | 342,677 | (202,677) | - | 140,000 | ||||
Loss and comprehensive loss | - | - | - | (794,759) | (794,759) | ||||
Balance, September 30, 2020 | 124,320,699 | 6,473,204 | 5,452,975 | (11,491,151) | 435,028 | ||||
Options exercised | 675,000 | 126,428 | (58,928) | - | 67,500 | ||||
Loss and comprehensive loss | - | - | - | (322,411) | (322,411) | ||||
Balance, December 31, 2020 | 124,995,699 | 6,599,632 | 5,394,047 | (11,813,562) | 180,117 | ||||
Options exercised | 1,425,000 | 341,135 | (155,635) | - | 185,500 | ||||
Issuance of common shares | 3,176,845 | 2,064,949 | - | - | 2,064,949 | ||||
Share issuance costs | - | (131,378) | - | - | (131,378) | ||||
Share-based payments | - | - | 1,203,969 | - | 1,203,969 | ||||
Loss and comprehensive loss | - | - | - | (2,639,210) | (2,639,210) | ||||
Balance, September 30, 2021 | 129,597,544 | $ | 8,874,338 | $ | 6,442,381 | $ | (14,452,772) | $ | 863,947 |
The accompanying notes are an integral part of these condensed interim financial statements.
BARSELE MINERALS CORP.
CONDENSED INTERIM STATEMENTS OF CASH FLOWS (Expressed in Canadian Dollars - Unaudited)
Nine months ended | Nine months ended | |||
September 30, 2021 | September 30, 2020 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Loss for the period | $ | (2,639,210) | $ | (794,759) |
Items not affecting cash: | ||||
Share-based payments | 1,203,969 | - | ||
Changes in non-cash working capital items: | ||||
Receivables | (5,323) | 5,463 | ||
Prepaid expenses | (69,671) | 28,618 | ||
Accounts payable and accrued liabilities | 81,875 | (14,672) | ||
Cash used in operating activities | (1,428,360) | (775,350) | ||
CASH FLOWS FROM FINANCING ACTIVITY | ||||
Private placement, gross proceeds | 2,064,949 | - | ||
Share issuance costs | (131,378) | - | ||
Proceeds from options exercised | 185,500 | 140,000 | ||
Cash provided by financing activity | 2,119,071 | 140,000 | ||
Change in cash during the period | 690,711 | (635,350) | ||
Cash, beginning of period | 168,238 | 1,046,462 | ||
Cash, end of period | $ | 858,949 | $ | 411,112 |
Supplemental disclosure with respect to cash flows (Note 7) |
The accompanying notes are an integral part of these condensed interim financial statements.
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Barsele Minerals Corp. published this content on 22 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2021 19:44:04 UTC.