Borealis Exploration : Quarterly Report for the Three-Month Period Ended 31 March 2022

BOREALIS EXPLORATION LIMITED COMPANY

Unaudited Financial Statements

for the six months ending 31 March 2022

the first two fiscal quarters of Fiscal Year 2022

BOREALIS EXPLORATION LIMITED COMPANY

Registered No (Gibraltar) 66632

PROFIT AND LOSS ACCOUNT

for the six months ended 31 March 2022

	Notes	31 March 2022		31 March 2021
		$	$
Income
Interest - Borealis Holdings Ltd	1	401,480	399,507
Expenditure
Administration expenses incurred		(507)	(1,241)
Net Expenditure		400,973	398,266
Finance gain (loss) Directors loan		38,897	6,683
Gain on foreign exchange		-	274
		439,870	405,223
Profit on disposal of shares in subsidiary companies
Loss on cancellation of shares	1	(2,570)	(459,361)
		$437,300	($54,138)

BOREALIS EXPLORATION LIMITED COMPANY

Registered No (Gibraltar) 66632

BALANCE SHEET at 31 March 2022

		31 March 2022		31 March 2021
		$	$
Current Assets
Accounts receivable
Borealis Holdings Limited	See note below	40,474,560	39,706,535
Roche Bay plc		1,697,769	1,697,769
Faraway plc		2,399,863	2,399,863
Other		1,000		1,000
Total accounts receiveable		44,573,192	43,805,167
Cash at bank		8,106		26,171
Total Assets		$44,581,298	$43,831,338
Capital and Reserves
Called up Share Capital		38,360	38,390
Share Premium Account		18,597,536	18,612,086
Profit and Loss Account		(10,099,994)	(10,908,173)
		8,535,902	7,742,303
Non Current Liabilities
Loan from directors		116,650	189,442
Current Liabilities
Accounts payable
Borealis Technical Limited		35,188,274	35,157,674
WheelTug plc		740,472	741,919
Total Current Liabilities		35,928,746	35,899,593
Net Equity
	$44,581,298		$43,831,338

BOREALIS EXPLORATION LIMITED COMPANY

Registered No (Gibraltar) 66632

STATEMENT OF CHANGES IN EQUITY six months ended 31 March 2022

	Called up Share	Share Premium
Notes	Capital	Account	Earnings/Losses		Total Equity
	$	$	$	$
Balance at 1 October 2021	38,365	18,599,961	(10,537,294)	8,101,032
Shares returned and cancelled	(5)	(2,425)	-	(2,430)
Earnings	-	-	437,300	437,300
Balance at 31 March 2022
$38,360	$18,597,536	($10,099,994)	$8,535,902
CASH FLOW STATEMENT		Notes	31 March 2022		31 March 2021
six months ended 31 March 2022			$	$
Profit for the period			437,300	405,223
Less non cash flow items
Interest accrued - Borealis Holdings Ltd		1	(401,480)	(399,507)
Finance loss (gain) Directors loan			(38,897)	(6,683)
Gain on foreign exchange			-	(274)
Net cash flow from operations
		(3,077)	(1,241)
Adjustments to equity not affecting the flow of cash			(4,331)	(1,825)
Cash related changes in working capital
Increase (Decrease) in Accounts Payable			(10,674)	(35,940)
Net increase cash resources
		(18,082)	(39,006)
Cash at beginning of period			26,188	65,177
Cash at end of period
		$8,106		$26,171

Note

On October 1 2019, Borealis Exploration sold all its shares in its subsidiary companies to Borealis Holdings Limited for $50 million. Borealis Exploration shareholders can return their shares for an equal number of shares in Borealis Holdings Limited. All shares returned are set off at $10 each against the $50 million due by Borealis Holdings Limited, and the balance due at each month end accrues interest at an annual rate of 2%