CORE ASSETS CORP. Condensed Interim Financial Statements
For the nine months ended June 30, 2022
(Unaudited - Expressed in Canadian Dollars)
The accompanying unaudited condensed interim financial statements of Core Assets Corp. for the nine months ended June 30, 2022, have been prepared by management and approved by the Audit Committee and the Board of Directors of the Company. These condensed interim financial statements have not been reviewed by the Company's external auditors.
Core Assets Corp.
Condensed Interim Statements of Financial Position As expressed in Canadian dollars
(Unaudited - prepared by management)
June 30, | September | |||
2022 | 30, 2021 | |||
Assets | ||||
Current | $ | 3,052,077 | ||
Cash | $ | 1,528,966 | ||
Sales taxes and other receivables | 76,073 | 24,408 | ||
Prepaid expenses | 166,781 | 72,499 | ||
3,294,931 | 1,625,873 | |||
Promissory notes (Note 9) | 38,717 | 81,970 | ||
Exploration and evaluation assets (Note 6 and Note 9) | 2,820,681 | 1,307,716 | ||
Reclamation bonds (Note 5) | 25,500 | 25,500 | ||
$ | 6,179,829 | $ | 3,041,059 | |
Liabilities | ||||
Current | $ | 808,258 | ||
Accounts payable and accrued liabilities | $ | 85,910 | ||
Due to related parties (Note 9) | 82,074 | 17,912 | ||
Shareholders' Equity | 890,332 | 103,822 | ||
6,876,845 | ||||
Share capital (Note 7) | 3,834,809 | |||
Share subscriptions received | - | 31,500 | ||
Reserves (Note 8) | 709,486 | 318,831 | ||
Deficit | (2,296,834) | (1,247,903) | ||
5,289,497 | 2,937,237 | |||
$ | 6,179,829 | $ | 3,041,059 |
Approved and authorized by the Board of Directors on August 18, 2022:
"Nick Rodway" | "David Hodge" |
_______________________ | ________________________ |
Director | Director |
The accompanying notes are an integral part of these condensed interim financial statements.
Core Assets Corp.
Condensed Interim Statements of Operations and Comprehensive Loss For the three and nine months ended June 30,
As expressed in Canadian dollars (Unaudited - prepared by management)
Three Months Ended | Nine Months Ended | |||||||
June 30, | June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Expenses | 15,139 | 15,139 | ||||||
Accounting and audit fees | $ | $ | - | $ | $ | 10,500 | ||
Administrative fees (Note 10) | 37,500 | 37,500 | 112,500 | 112,500 | ||||
Advertising and travel expenses | 125,968 | 4,649 | 232,012 | 12,603 | ||||
Consulting fees and salaries (Note 10) | 70,170 | 326,538 | 149,128 | 399,157 | ||||
Legal fees | 2,299 | 8,137 | 23,431 | 16,999 | ||||
Office and miscellaneous | 4,280 | 2,173 | 10,837 | 5,624 | ||||
Professional fees | - | 8,784 | - | 8,784 | ||||
Share-based payments (Note 9) | - | 191,568 | 481,666 | 304,878 | ||||
Transfer agent and filing fees | 8,633 | 33,184 | 34,561 | 46,337 | ||||
Other income | 263,989 | 612,533 | 1,059,274 | 917,382 | ||||
7,166 | 10,343 | |||||||
Interest income | 897 | 1,153 | ||||||
7,166 | 897 | 10,434 | 1,153 | |||||
Net Loss and Comprehensive Loss for | 256,823 | 611,636 | 1,048,931 | 916,229 | ||||
the Period | ||||||||
Basic and Diluted Loss Per Share | $ | 0.00 | $ | 0.02 | $ | 0.02 | $ | 0.03 |
Weighted Average Number of | ||||||||
Common Shares Outstanding - Basic | ||||||||
and Diluted | 67,879,781 | 37,808,787 | 62,980,595 | 29,089,725 |
The accompanying notes are an integral part of these condensed interim financial statements.
Core Assets Corp.
Condensed Interim Statements of Changes in Equity For the nine months ended June 30,
As expressed in Canadian dollars (Unaudited - prepared by management)
Number of | Share | Shares | |||||||||
Shares | Capital | Reserves | Subscribed | Deficit | Total | ||||||
Balance, September 30, 2020 | 21,216,600 | $ | 674,259 | $ | - | $ | - | $ | (177,527) | $ | 496,732 |
Shares issued for property (Note 6, 7) | 1,000,000 | 90,000 | - | - | - | 90,000 | |||||
Shares issued (Note 7) | 12,177,767 | 1,095,999 | - | - | - | 1,095,999 | |||||
Shares issued - flow through (Note 7) | 2,838,334 | 326,408 | - | - | - | 326,408 | |||||
Bonus shares | 2,000,000 | 280,000 | - | - | - | 280,000 | |||||
Share issuance costs | - | (56,792) | 13,953 | - | - | (42,839) | |||||
Share-based payments (Note 8) | - | - | 304,878 | - | - | 304,878 | |||||
Net loss for the period | - | - | - | - | (916,229) | (916,229) | |||||
Balance, June 30, 2021 | 40,232,701 | $ | 2,544,874 | $ | 318,831 | $ | - | $ | (1,093,756) | $ | 1,769,949 |
Number of | Share | Shares | |||||||||
Shares | Capital | Reserves | Subscribed | Deficit | Total | ||||||
Balance, September 30, 2021 | 57,867,479 | $ | 3,834,809 | $ | 318,831 | $ | 31,500 | $ | (1,247,903) | $ | 2,937,237 |
Shares issued (Note 7) | 6,657,752 | 1,597,860 | - | - | - | 1,597,860 | |||||
Share issuance costs | - | (30,929) | - | - | - | (30,929) | |||||
Options exercised (Note 7) | 1,300,000 | 232,011 | (91,011) | 141,000 | |||||||
Warrants exercised (Note 7) | 8,287,292 | 1,243,094 | - | (31,500) | - | 1,211,594 | |||||
Share-based payments (Note 8) | - | - | 481,666 | - | - | 481,666 | |||||
Net loss for the period | - | - | - | - | (1,048,931) | (1,048,931) | |||||
Balance, June 30, 2022 | 74,112,523 | $ | 6,876,845 | $ | 709,486 | $ | - | $ | (2,296,834) | $ | 5,289,497 |
The accompanying notes are an integral part of these condensed interim financial statements.
Core Assets Corp.
Condensed Interim Statements of Cash Flows For the nine months ended June 30,
As expressed in Canadian dollars (Unaudited - prepared by management)
2022 | 2021 | |||
CASH FLOWS (USED IN) OPERATING ACTIVITIES: | $ | (1,048,931) | ||
Net loss for the period | $ | (916,229) | ||
Add (deduct) items not affecting cash: | - | |||
Bonus shares issued | 280,000 | |||
Share-based compensation | 481,666 | 304,878 | ||
Changes in non-cash working capital items related to operations: | (94,282) | |||
Prepaid expenses | (150,301) | |||
Promissory notes | 43,253 | (81,970) | ||
Sales taxes and other receivables | (51,665) | (2,695) | ||
Accounts payable and accrued liabilities | 36,410 | 66,628 | ||
Net cash flows (used in) operating activities | (633,549) | (499,689) | ||
CASH FLOWS (USED IN) INVESTING ACTIVITIES: | - | |||
Reclamation bond | (12,000) | |||
Mining tax credits | 3,378 | - | ||
Exploration and evaluation costs, net of tax credits | (766,243) | (107,857) | ||
Net cash flows (used in) investing activities | (762,865) | (119,857) | ||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | 1,597,860 | |||
Issue of common shares | 1,436,599 | |||
Stock options exercised | 141,000 | - | ||
Warrants exercised | 1,243,094 | - | ||
Share issuance costs | (62,429) | (42,839) | ||
Net cash flows from financing activities | 2,919,525 | 1,393,760 | ||
Increase (decrease) in cash | 1,523,111 | 774,214 | ||
Cash, beginning of period | 1,528,966 | 232,832 | ||
Cash, end of period | $ | 3,052,077 | $ | 1,007,046 |
Supplemental Cash Flows Information | ||||
Exploration and evaluation assets in accounts payable | $ | 822,761 | $ | - |
The accompanying notes are an integral part of these condensed interim financial statements.
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Core Assets Corp. published this content on 18 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2022 17:03:05 UTC.
