CERRO MINING CORP.
Condensed Interim Consolidated Financial Statements
Six Months Ended July 31, 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 six months ended July 31, 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
July 31 | January 31, | ||
2020 | 2020 | ||
Notes | $ | $ | |
ASSETS | |||
Current | |||
Cash | 382,001 | 3,674 | |
Marketable securities | 3 | 2,665 | 4,550 |
GST receivable | 3,116 | 849 | |
Prepaids and deposits | - | - | |
Total assets | 387,782 | 9,073 | |
LIABILITIES | |||
Current | |||
Trade payables and accrued liabilities | 68,524 | 293,121 | |
Loans payable | 6 | 59,664 | 31,414 |
Total current liabilities | 128,188 | 324,535 | |
EQUITY (DEFICIENCY) | |||
Share capital | 7 | 42,228,051 | 41,734,214 |
Share-based payment reserve | 9,263,967 | 9,263,967 | |
Accumulated other comprehensive loss | (879,109) | (877,224) | |
Deficit | (50,353,315) | (50,436,419) | |
Total equity (deficiency) | 259,594 | (315,462) | |
Total equity (deficiency) and liabilities | 387,782 | 9,073 |
Nature of operations and going concern (note 1)
Approved and authorized for issue by the board of directors on September 28, 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 | Six Months Ended | ||||
July 31, | July 31, | ||||
2020 | 2019 | 2020 | 2019 | ||
Note | $ | $ | $ | $ | |
General and administrative expenses | |||||
Consulting fees | - | 21,170 | - | 35,990 | |
Exploration and evaluation costs | 4 | - | 7,691 | 2,765 | 25,720 |
Financing | 375 | - | 3,245 | - | |
Foreign exchange (gain) loss | (1,471) | (194) | 13,724 | (3,290) | |
General and administrative | 1,045 | 194 | 1,128 | 362 | |
Management fees | 4,000 | - | 12,191 | - | |
Professional fees | 25,167 | 10,050 | 28,832 | 11,258 | |
Transfer agent and filing fees | 2,828 | 15,013 | 7,564 | 16,831 | |
Loss from operations | (31,944) | (53,924) | (69,449) | (86,871) | |
Other items | |||||
Other income (expense) | 1,774 | (288) | 1,774 | (288) | |
Gain on settlement of liabilities | 18,000 | - | 18,000 | - | |
Gain on sale of subsidiary | 5 | - | - | 132,779 | - |
Income (loss) for the period | (12,170) | (54,212) | 83,104 | (87,159) | |
Items that will not be reclassified to income (loss): | |||||
Unrealized loss on marketable securities | (455) | (910) | (1,885) | (1,560) | |
Comprehensive income (loss) for the period | (12,625) | (55,122) | 81,219 | (88,719) | |
Income (loss) per share, basic and diluted | (0.00) | (0.01) | 0.01 | (0.01) | |
Weighted average common shares outstanding, | 15,613,494 | 7,243,929 | 11,474,698 | 7,243,929 | |
basic and diluted |
See accompanying notes
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CERRO MINING CORP.
Condensed Interim Consolidated Statements of Changes in Shareholders' Deficiency
Unaudited - Expressed in Canadian dollars
Accumulated | ||||||
Other | ||||||
Number of | Common | Comprehensive | Equity | |||
Shares | Shares | Reserves | Income (Loss) | Deficit | (Deficiency) | |
$ | $ | $ | $ | $ | ||
Balance - January 31, 2019 | 7,243,929 | 41,734,214 | 9,263,967 | (876,100) | (50,296,093) | (174,012) |
Unrealized loss on marketable securities | - | - | - | (1,560) | (1,560) | |
Loss for the period | - | - | - | (87,159) | (87,159) | |
Balance - July 31, 2019 | 7,243,929 | 41,734,214 | 9,263,967 | (877,660) | (50,383,252) | (262,731) |
Accumulated | ||||||
Other | ||||||
Number of | Common | Comprehensive | Equity | |||
Shares | Shares | Reserves | Income (Loss) | Deficit | (Deficiency) | |
$ | $ | $ | $ | $ | ||
Balance - January 31, 2020 | 7,243,929 | 41,734,214 | 9,263,967 | (877,224) | (50,436,419) | (315,462) |
Issuance of common shares | 10,000,000 | 500,000 | - | - | - | 500,000 |
Share issue costs | (6,163) | - | - | - | (6,163) | |
Unrealized loss on marketable securities | - | - | - | (1,885) | - | (1,885) |
Loss for the period | - | - | - | - | 83,104 | 83,104 |
Balance - July 31, 2020 | 17,243,929 | 42,228,051 | 9,263,967 | (879,109) | (50,353,315) | 259,594 |
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 16:11:06 UTC.