CRITERIUM ENERGY LTD. CRITERIUM ENERGY LTD.
(formerly Softrock Minerals Ltd.)
Interim Condensed Consolidated Financial Statements
For the Three and Six Months Ended June 30, 2023 and 2022
(Expressed in Canadian Dollars)
(unaudited)
CRITERIUM ENERGY LTD.
(formerly Softrock Minerals Ltd.)
For the Three and Six Months Ended June 30, 2023 and 2022
Interim Condensed Consolidated Financial Statements | Page |
Interim Condensed Consolidated Statements of (Loss) Income and | |
Comprehensive (Loss) Income | 1 |
Interim Condensed Consolidated Statements of Financial Position | 2 |
Interim Condensed Consolidated Statements of Changes in Shareholders' Equity | 3 |
Interim Condensed Consolidated Statements of Cash Flows | 4 |
Notes to the Interim Condensed Consolidated Financial Statements | 5 |
CRITERIUM ENERGY LTD.
(formerly Softrock Minerals Ltd.)
Interim Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (unaudited)
(Expressed in Canadian Dollars) | Three Months | Six Months | ||||||
Ended June 30 | Ended June 30 | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Royalty revenue | $ | 30,369 | $ | 62,671 | $ | 59,449 | $ | 102,442 |
Expenses | 208,011 | 409,264 | ||||||
Salaries and benefits | - | - | ||||||
Professional fees | 272,374 | 15,818 | 339,322 | 21,602 | ||||
Consulting fees | 210,863 | - | 292,312 | - | ||||
Exploration expense | 201,708 | - | 234,165 | - | ||||
General and administrative | 76,749 | 18,499 | 193,476 | 34,346 | ||||
Stock-based compensation (Note 10) | 73,545 | - | 147,090 | - | ||||
Travel | 49,880 | - | 106,643 | - | ||||
Geological and geophysical expense | 27,949 | - | 27,949 | - | ||||
Depreciation (Note 6) | 8,925 | - | 17,851 | - | ||||
Finance expense (Note 8 and 9) | 5,750 | - | 11,736 | - | ||||
Operating expenses | 4,052 | 4,337 | 8,552 | 6,961 | ||||
(1,139,806) | (38,654) | (1,788,360) | (62,909) | |||||
Net (loss) income before other items | (1,109,437) | 24,017 | (1,728,911) | 39,533 | ||||
Interest income | 700 | 197 | 1,501 | 295 | ||||
Foreign exchange loss | (1,391) | - | (7,328) | - | ||||
(691) | 197 | (5,827) | 295 | |||||
Net (loss) income | $ | (1,110,128) | $ | 24,214 | $ | (1,734,738)$ | 39,828 | |
Other comprehensive loss | ||||||||
Items that may be reclassified subsequently to | ||||||||
loss: | (18,237) | (23,336) | ||||||
Currency translation adjustment | - | - | ||||||
Total other comprehensive loss | (18,237) | - | (23,336) | - | ||||
Total comprehensive (loss) income | $ | (1,128,365) | $ | 24,214 | $ | (1,758,074)$ | 39,828 | |
Weighted average number of shares | ||||||||
outstanding (Note 10) | 37,665,639 | 8,970,585 | 37,183,596 | 8,970,585 | ||||
Basic (loss) income per share | (0.03) | 0.00 | (0.05) | 0.00 |
See accompanying notes to the condensed consolidated financial statements.
1
CRITERIUM ENERGY LTD.
(formerly Softrock Minerals Ltd.)
Interim Condensed Consolidated Statements of Financial Position (unaudited)
(Expressed in Canadian Dollars)
As at | ||||||
June 30 December 31 | ||||||
2023 | 2022 | |||||
ASSETS | (audited) | |||||
Current assets | ||||||
Cash | $ | 2,123,996 | $ | 3,720,751 | ||
Amounts receivable (Note 4) | 56,769 | 160,829 | ||||
Prepaids and deposits (Note 5) | 68,032 | 26,381 | ||||
2,248,797 | 3,907,961 | |||||
Reclamation deposit (Note 8) | 43,993 | 42,655 | ||||
Right-of-use assets (Note 6) | 139,836 | 157,687 | ||||
Exploration and evaluation assets (Note 7) | 2,178,868 | 2,228,896 | ||||
$ | 4,611,494 | $ | 6,337,199 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities | ||||||
Accounts payable and accrued liabilities | $ | 697,348 | $ | 507,555 | ||
Acquisition payable (Note 3) | 794,400 | 1,625,280 | ||||
Current portion of lease obligations (Note 9) | 26,256 | 24,370 | ||||
Decommissioning liabilities (Note 8) | 31,028 | 31,011 | ||||
1,549,032 | 2,188,216 | |||||
Lease obligations (Note 9) | 123,080 | 136,697 | ||||
1,672,112 | 2,324,913 | |||||
Shareholders' equity | ||||||
Share capital (Note 10) | 8,699,392 | 8,161,312 | ||||
Other comprehensive loss | (29,003) | (5,667) | ||||
Contributed surplus (Note 11) | 524,149 | 377,059 | ||||
Deficit | (6,255,156) | (4,520,418) | ||||
2,939,382 | 4,012,286 | |||||
$ | 4,611,494 | $ | 6,337,199 | |||
Nature of operations and continuance of business (Note 1) | ||||||
Mont D'Or Petroleum Ltd. transaction (Note 15) | ||||||
Approved on Behalf of the Board | ||||||
______"Dave Dunlop"___, Director | ||||||
______"Robin Auld" | _, Director |
See accompanying notes to the condensed consolidated financial statements.
2
CRITERIUM ENERGY LTD.
(formerly Softrock Minerals Ltd.)
Interim Condensed Consolidated Statements of Changes in Shareholders' Equity (unaudited)
(Expressed in Canadian Dollars)
Share capital | Other | |||||||||||
comprehensive | ||||||||||||
# of shares | $ | Reserves | loss | Deficit | Total equity | |||||||
Balance, December 31, 2021 | 8,970,585 | $ | 3,061,457 | $ | 245,378 | $ | - | $ | (3,197,273) | $ | 109,562 | |
Net income | - | - | - | - | 39,828 | 39,828 | ||||||
Balance, June 30, 2022 | 8,970,585 | 3,061,457 | 245,378 | - | (3,157,445) | 149,390 | ||||||
Balance, December 31, 2022 | 36,227,382 | 8,161,312 | 377,059 | (5,667) | (4,520,418) | 4,012,286 | ||||||
Share issue costs | - | (2,570) | - | - | - | (2,570) | ||||||
Exercise of warrants (Note 10) | 2,162,600 | 540,650 | - | - | - | 540,650 | ||||||
Stock-based compensation (Note 10) | - | - | 147,090 | - | - | 147,090 | ||||||
Other comprehensive loss | - | - | - | (23,336) | - | (23,336) | ||||||
Net loss | - | - | - | - | (1,734,738) | (1,734,738) | ||||||
Balance, June 30, 2023 | 38,389,982 | $ | 8,699,392 | $ | 524,149 | $ | (29,003) | $ | (6,255,156) | $ | 2,939,382 |
See accompanying notes to the condensed consolidated financial statements.
3
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Criterium Energy Ltd. published this content on 30 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2023 15:31:13 UTC.
