CLIFTON MINING COMPANY
CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2022
Clifton Mining Company
Index to the Consolidated Financial Statements
June 30, 2022
Page | |
Consolidated Financial Statements | |
Consolidated Balance Sheets | 2 |
Consolidated Statements of Operations | 3 |
Consolidated Statements of Cash Flows | 4 |
Consolidated Statements of Changes in Stockholders' Equity | 5 |
Notes to the Consolidated Financial Statements | 6 |
CLIFTON MINING COMPANY
Consolidated Balance Sheets
ASSETS | As of | ||||
June 30, | December 31, | ||||
2022 | 2021 | ||||
CURRENT ASSETS | |||||
Cash | $ | 2,338,893 | $ | 2,458,595 | |
Equity securities (Note 1, 10) | 1 | 1 | |||
Receivables | - | 133 | |||
Prepaid expenses | 31,910 | 18,343 | |||
Total Current Assets | 2,370,804 | 2,477,072 | |||
PROPERTY AND EQUIPMENT - IDLE PROPERTY | |||||
Mineral properties (Note 3) | 1,086,665 | 1,092,815 | |||
Buildings, net (Note 6) | 131,977 | 136,676 | |||
Milling equipment, net (Note 6) | 323,272 | 342,456 | |||
Total Property and Equipment, Net | 1,541,914 | 1,571,947 | |||
OTHER ASSETS | |||||
Equity investment in affiliate (Notes 1, 2) | 1,513,642 | 1,449,490 | |||
Equity securities in affiliate (Notes 1, 3, 10) | 5,810,824 | 5,810,824 | |||
Restricted cash-reclamation bonds (Note 4) | 258,619 | 258,574 | |||
Patent filings (Note 6) | 8,920 | 9,813 | |||
Deposit | 350 | 350 | |||
Total Other Assets | 7,592,355 | 7,529,051 | |||
Total Assets | $ | 11,505,073 | $ | 11,578,070 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
CURRENT LIABILITIES | |||||
Accounts payable and accrued liabilities | $ | 4,590 | $ | 7,547 | |
Total Current Liabilities | 4,590 | 7,547 | |||
LONG-TERM LIABILITIES | |||||
Reclamation and remediation liabilities (Note 4) | 57,591 | 55,901 | |||
Total Liabilities | 62,181 | 63,448 | |||
STOCKHOLDERS' EQUITY | |||||
Preferred stock, $0.001 par value, 10,000,000 shares authorized; 154,584 | |||||
and 154,584 shares issued and outstanding, respectively (Note 7) | 155 | 155 | |||
Common stock, $0.001 par value, 70,000,000 shares authorized; 58,770,791 | |||||
and 58,770,791 shares issued, respectively, 54,867,216 and 55,212,261 | |||||
shares outstanding, respectively (Note 7) | 58,771 | 58,771 | |||
Additional paid-in capital | 17,019,319 | 16,960,931 | |||
Retained deficit | (4,923,827) | (4,859,640) | |||
Less: Treasury stock, at cost, 3,903,575 and 3,558,530 shares as of June | |||||
30, 2022 and December 31, 2021, respectively (Note 7) | (742,163) | (676,561) | |||
Total Clifton Mining Stockholders' Equity | 11,412,255 | 11,483,656 | |||
Noncontrolling interest | 30,637 | 30,966 | |||
Total Stockholders' Equity | 11,442,892 | 11,514,622 | |||
Total Liabilities and Stockholders' Equity | $ | 11,505,073 | $ | 11,578,070 | |
See accompanying notes to consolidated financial statements. | 2 |
CLIFTON MINING COMPANY
Consolidated Statements of Operations
Six Months | Year Ended | |||
Ended June 30, | December 31, | |||
2022 | 2021 | |||
REVENUE | $ | - | $ | - |
EXPENSES | ||||
Exploration costs | 6,750 | 22,300 | ||
General and administrative | 12,921 | 53,394 | ||
Professional fees | 26,801 | 41,345 | ||
Accretion expense | 1,690 | 3,232 | ||
Depreciation and amortization | 24,776 | 49,957 | ||
Salaries and employee benefits | 123,277 | 353,832 | ||
Stock based compensation | 58,388 | 101,955 | ||
Property and claim taxes, filing fees and insurance | 26,761 | 124,568 | ||
Total Expenses | 281,364 | 750,583 | ||
Loss From Operations | (281,364) | (750,583) | ||
OTHER INCOME (EXPENSE) | ||||
Interest income | 197 | 395 | ||
Gain from equity investment | 232,720 | 367,887 | ||
Gain (loss) on equity securities - net | - | (95) | ||
(Loss) gain from affiliate stock transactions | (16,069) | 64,763 | ||
Other Income (Expense) | 216,848 | 432,950 | ||
Income (Loss) Before Income Taxes | (64,516) | (317,633) | ||
Income Taxes | - | - | ||
Net Income (Loss) | (64,516) | (317,633) | ||
Less: Net Loss Attributable to Noncontrolling Interest | 329 | 297 | ||
Net Income (Loss) Attributable to Clifton Mining | $ | (64,187) | $ | (317,336) |
Net income (loss) per share - basic | $ | (0.00) | $ | (0.01) |
Net income (loss) per share - fully diluted | $ | (0.00) | $ | (0.01) |
Weighted average number of common shares outstanding | ||||
during the year: | ||||
Basic | 54,962,425 | 55,482,679 | ||
Diluted | 54,962,425 | 55,482,679 |
See accompanying notes to consolidated financial statements. | 3 |
CLIFTON MINING COMPANY
Consolidated Statements of Cash Flows
Six Months | Year Ended | |||||||
Ended June 30, | December 31, | |||||||
2022 | 2021 | |||||||
Cash Flows From Operating Activities: | ||||||||
Net income (loss) | $ | (64,516) | $ | (317,633) | ||||
Adjustments to reconcile net loss to net cash used by operating activities: | ||||||||
Depreciation and amortization expense | 24,776 | 49,957 | ||||||
Depletion expense | 6,150 | 12,300 | ||||||
Accretion expense | 1,690 | 3,232 | ||||||
Gain from equity investment | (232,720) | (367,887) | ||||||
Loss (gain) from equity securities - net | - | 95 | ||||||
Loss (gain) from affiliate stock transactions | 16,068 | (64,763) | ||||||
Valuation for stock-based compensation expense related to options | 58,388 | 101,955 | ||||||
Changes in operating assets and liabilities: | ||||||||
Decrease (increase) in receivables, prepaid expenses, and other assets | (13,479) | 17,633 | ||||||
Increase (decrease) in accounts payable and accrued liabilities | (2,957) | 5,660 | ||||||
Net Cash Used in Operating Activities | (206,600) | (559,451) | ||||||
Cash Flows From Investing Activities: | ||||||||
Purchase of treasury stock | (65,602) | (237,925) | ||||||
Distributions from equity investment | 152,500 | 289,750 | ||||||
Net Cash Provided by Investing Activities | 86,898 | 51,825 | ||||||
Cash Flows From Financing Activities: | ||||||||
Net Cash Provided by Financing Activities | - | - | ||||||
Net (decrease) increase in cash | (119,702) | (507,626) | ||||||
Cash, beginning of year | 2,458,595 | 2,966,221 | ||||||
Cash, end of year | $ | 2,338,893 | $ | 2,458,595 | ||||
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||||||||
Interest paid | $ | - | $ | - | ||||
Taxes paid | $ | - | $ | - | ||||
NON CASH INVESTING & FINANCING ACTIVITIES: | ||||||||
Noncontrolling interest income allocation | $ | 329 | $ | 297 |
See accompanying notes to consolidated financial statements. | 4 |
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Clifton Mining Co. published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 19:05:02 UTC.