CERRO MINING CORP.
Condensed Interim Consolidated Financial Statements
Three Months Ended April 30, 2020
Unaudited - Expressed in Canadian dollars
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
The accompanying unaudited condensed interim consolidated financial statements of Cerro Mining Corp. for the three months ended April 30, 2020 have been prepared by the management of the Company and approved by the Company's board of directors.
The accompanying unaudited condensed interim consolidated 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 consolidated financial statements in accordance with standards established by the Canadian Institute of Chartered Professional Accountants for a review of the condensed interim consolidated financial statements by an entity's auditor
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CERRO MINING CORP.
Condensed Interim Consolidated Statements of Financial Position
Unaudited - Expressed in Canadian dollars
April 30, 2020 | January 31, 2020 | ||||
Notes | |||||
Assets | |||||
Current assets | |||||
Cash | $ | 8,260 | $ | 3,674 | |
Marketable securities | 3 | 3,120 | 4,550 | ||
GST receivable | 765 | 849 | |||
Prepaid expenses | 5,915 | - | |||
Total assets | $ | 18,060 | $ | 9,073 | |
Liabilities | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | $ | 182,178 | $ | 294,535 | |
Loans payable | 6 | 57,500 | 30,000 | ||
Total liabilities | 239,678 | 324,535 | |||
Shareholders' deficiency | |||||
Share capital | 7 | 41,734,214 | 41,734,214 | ||
Share-based payment reserve | 9,263,967 | 9,263,967 | |||
Accumulated other comprehensive loss | (878,654) | (877,224) | |||
Deficit | (50,341,145) | (50,436,419) | |||
Total shareholders' deficiency | (221,618) | (315,462) | |||
Total liabilities and shareholders' deficiency | $ | 18,060 | $ | 9,073 |
Nature of operations and going concern (note 1)
Subsequent events (note 12)
Approved and authorized for issue by the board of directors on June 26, 2020:
"Andrew Bowering" | "Anthony Paterson" | |
Andrew Bowering, Director | Anthony Paterson, Director |
See accompanying notes
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CERRO MINING CORP.
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss Unaudited - Expressed in Canadian dollars
Three Months Ended April 30 | 2020 | 2019 | |||
Notes | |||||
Expenses | |||||
Exploration and evaluation costs | 4 | $ | 2,765 | $ | 18,029 |
Financing | 2,870 | - | |||
Foreign exchange (gain) loss | 15,195 | (3,096) | |||
General and administrative | 83 | 168 | |||
Management fees | 8,191 | 14,820 | |||
Professional fees | 3,665 | 1,208 | |||
Transfer agent and filing fees | 4,736 | 1,818 | |||
37,505 | 32,947 | ||||
Loss from operations | (37,505) | (32,947) | |||
Other items | |||||
Gain on sale of subsidiary | 5 | 132,779 | - | ||
Income (loss) for the period | 95,274 | (32,947) | |||
Items that will not be reclassified to net income (loss): | |||||
Unrealized loss on marketable securities | (1,430) | (650) | |||
Comprehensive income (loss) for the period | $ | 93,844 | $ | (33,597) | |
Income (loss) per share, basic and diluted | $ | (0.01) | $ | (0.00) | |
Weighted average shares outstanding | 7,243,929 | 7,243,929 |
See accompanying notes
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CERRO MINING CORP.
Condensed Interim Consolidated Statements of Changes in Shareholders' Deficiency
Unaudited - Expressed in Canadian dollars
Share capital | Share-based | Accumulated | Deficit | Total | |||||||
payment | other | ||||||||||
Number of | Amount | reserve | comprehensive | ||||||||
shares | income | ||||||||||
January 31, 2019 | 7,243,929 | $ | 41,734,214 | $ | 9,263,967 | $ | (876,100) | $ | (50,296,093) | $ | (174,012) |
Comprehensive loss | - | - | - | (650) | - | (650) | |||||
Loss for the period | - | - | - | - | (32,947) | (32,947) | |||||
April 30, 2019 | 7,243,929 | $ | 41,734,214 | $ | 9,263,967 | $ | (876,750) | $ | (50,329,040) | $ | (207,609) |
Comprehensive loss | - | - | - | (474) | - | (474) | |||||
Loss for the period | - | - | - | - | (107,379) | (107,379) | |||||
January 31, 2020 | 7,243,929 | $ | 41,734,214 | $ | 9,263,967 | $ | (877,224) | $ | (50,436,419) | $ | (315,462) |
Comprehensive loss | - | - | - | (1,430) | - | (1,430) | |||||
Income for the period | - | - | - | - | 95,274 | 95,274 | |||||
April 30, 2020 | 7,243,929 | $ | 41,734,214 | $ | 9,263,967 | $ | (878,654) | $ | (50,341,145) | $ | (221,618) |
See accompanying notes
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Cerro Mining Corp. published this content on 01 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2022 16:11:05 UTC.