BMEX Gold Inc.
CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE PERIODS ENDED MAY 31, 2022 AND MAY 31, 2021
(Expressed in Canadian Dollars)
(Unaudited - Prepared by Management)
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited 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 financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor
BMEX GOLD INC.
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
AS AT MAY 31, 2022 and AUGUST 31 2021
(Expressed in Canadian Dollars) (Unaudited)
May 31, | August 31, | |||
2022 | 2021 | |||
ASSETS | ||||
Current assets | $ | 1,307,236 | ||
Cash | $ | 2,757,978 | ||
GST receivables | 6,148 | 195,967 | ||
Prepaid expenses (Note 4) | 6,018 | 76,002 | ||
Total current assets | 1,319,402 | 3,029,947 | ||
Non-current assets | 135,000 | |||
Prepaid exploration and evaluation deposit | 175,000 | |||
Exploration and evaluation assets (Note 5) | 12,486,051 | 10,954,239 | ||
Equipment (Note 6) | 825 | 1,404 | ||
TOTAL ASSETS | $ | 13,941,278 | $ | 14,160,590 |
LIABILITIES | ||||
Current liabilities | $ | 180,423 | ||
Accounts payable (Note 8) | $ | 385,857 | ||
Flow-through premium (Note 7) | 380,819 | 787,667 | ||
Total current liabilities | 561,242 | 1,173,524 | ||
SHAREHOLDERS' EQUITY | 16,446,104 | |||
Share capital | 15,846,104 | |||
Share-based payment reserve | 1,325,754 | 1,195,711 | ||
Accumulated deficit | (4,391,822) | (4,054,749) | ||
TOTAL SHAREHOLDERS' EQUITY | 13,380,036 | 12,987,066 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 13,941,278 | $ | 14,160,590 |
Nature of operations and going concern (Note 1)
Subsequent Event (Note 12)
These condensed interim financial statements were approved for issue by the Board of Directors on July 29, 2022 and are signed on its behalf by:
On behalf of the Board:
"Robert Pryde" | Director | "Verlee Webb" | Director |
The accompanying notes are an integral part of these condensed interim financial statements. | 3 |
BMEX GOLD INC.
CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
FOR THE NINE MONTHS ENDED MAY 31, 2022 and MAY 31, 2021
(Expressed in Canadian dollars) (Unaudited)
Three months ended | Nine months ended | |||||||
May 31, | May 31, | May 31, | May 31, | |||||
2022 | 2021 | 2022 | 2021 | |||||
EXPENSES | $ | |||||||
Advertising and marketing | 2,868 | $ | 214,518 | $ | 89,165 | $ | 555,745 | |
Amortization (Note 5) | 193 | 686 | 579 | 1,286 | ||||
Consulting (Notes 7 & 8) | 38,276 | 135,298 | 175,412 | 470,424 | ||||
Directors' fees (Note 8) | 39,321 | 18,000 | 93,448 | 56,000 | ||||
Executive compensation (Notes 7 & 8) | 31,000 | 99,425 | 110,000 | 234,175 | ||||
Management fees (Note 8) | - | 69,000 | 43,500 | 207,000 | ||||
Office and administration (Note 8) | 6,959 | 6,387 | 23,645 | 38,674 | ||||
Professional fees | 22,352 | 64,534 | 62,631 | 131,250 | ||||
Rent (Note 8) | - | 22,500 | 37,500 | 67,500 | ||||
Share-based compensation (Notes 7 & 8) | - | 122,742 | 53,183 | 146,220 | ||||
Transfer agent and regulatory fees | 4,070 | 24,428 | 45,995 | 122,922 | ||||
Travel, meals and related costs | 594 | 22,753 | 8,247 | 25,436 | ||||
(145,633) | (800,271) | (743,305) | (2,056,632) | |||||
Other Income (Note 7) | 21,507 | - | 406,848 | - | ||||
Loss on foreign exchange | - | - | (616) | (618) | ||||
Loss and comprehensive loss for the period | $ | (124,126) | $ | (800,271) | (337,073) | (2,057,250) | ||
Basic and diluted loss per common share | $ | (0.00) | $ | (0.01) | $ | (0.01) | $ | (0.06) |
Weighted average number of common | ||||||||
shares outstanding | 66,696,765 | 58,422,242 | 66,242,553 | 36,006,153 |
The accompanying notes are an integral part of these condensed interim financial statements. | 4 |
BMEX GOLD INC.
CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Expressed in Canadian dollars) (unaudited)
Number of | Share capita | Share-based | Deficit | Total | |||||
shares | payment reserve | shareholders' | |||||||
equity | |||||||||
August 31, 2020 | 25,730,000 | $ | 2,285,317 | $ | 360,060 | $ | (1,837,324) | $ | 808,053 |
Private placement | 10,510,000 | 3,153,000 | - | - | 3,153,000 | ||||
Share issuance costs - cash | - | (277,904) | - | - | (277,904) | ||||
Share issuance costs - warrants | - | (270,529) | 270,529 | - | - | ||||
Private placement - flow through shares | 6,666,666 | 3,550,000 | - | - | 3,550,000 | ||||
Share issuance costs - cash | - | (422,304) | - | - | (422,304) | ||||
Share issuance costs - warrants | - | (216,127) | 216,127 | - | - | ||||
Shares issued for exploration and evaluation assets | 13,000,000 | 8,060,000 | - | - | 8,060,000 | ||||
Shares issued as finder's fee | 625,000 | 468,750 | - | - | 468,750 | ||||
Stock option exercises | 225,000 | 30,000 | - | - | 30,000 | ||||
Fair value of stock options exercised | - | 22,100 | (22,100) | - | - | ||||
Warrants exercised | 1,671,350 | 349,918 | - | - | 349,918 | ||||
Fair value of warrants exercised | - | 23,571 | (23,571) | - | - | ||||
Share-based compensation | - | - | 146,220 | - | 146,220 | ||||
Loss and comprehensive loss for the period | - | - | - | (2,057,250) | (2,057,250) | ||||
May 31, 2021 | 58,428,016 | $ | 16,755,792 | $ | 947,265 | $ | (3,894,574) | $ | 13,808,483 |
August 31, 2021 | 62,696,765 | $ | 15,846,104 | $ | 1,195,711 | $ | (4,054,749) | $ | 12,987,066 |
Shares issued for exploration and evaluation assets | 4,000,000 | 600,000 | - | - | 600,000 | ||||
RSUs issued for consulting and directors fees | - | - | 76,860 | - | 76,860 | ||||
Share-based compensation | - | - | 53,183 | - | 53,183 | ||||
Net loss for the period | - | - | - | (337,073) | (337,073) | ||||
May 31, 2022 | 66,696,765 | $ | 16,446,104 | $ | 1,325,754 | $ | (4,391,822) | $ | 13,380,036 |
The accompanying notes are an integral part of these condensed interim financial statements.
5
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