FREMONT GOLD LTD. Fremont Gold Ltd.
An Exploration Stage Company
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
THREE MONTHS ENDED JUNE 30, 2022
NOTICE
These unaudited interim consolidated financial statements have been prepared by management and have not been the subject of a review by the Company's independent auditor.
Fremont Gold Ltd.
Condensed interim statements of financial position
(Expressed in Canadian Dollars)
Notes | June 30, 2022 | March 31, 2022 | |||
ASSETS | |||||
Current assets | |||||
Cash and cash equivalents | $ | 634,498 | $ | 141,819 | |
Accounts receivable | 50,944 | 49,832 | |||
Prepaid expenses | 7,287 | 13,213 | |||
Total Current assets | 692,729 | 204,864 | |||
Non-current assets | |||||
Mineral properties | 4 | 2,477,078 | 2,396,870 | ||
Fixed assets | 8,022 | 9,887 | |||
Reclamation bonds | 5 | 68,690 | 72,770 | ||
Total Assets | $ | 3,246,519 | $ | 2,684,391 | |
LIABILITIES | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | $ | 94,437 | $ | 86,566 | |
Due to related parties | 9 | 334,559 | 269,837 | ||
Total Current liabilities | 428,996 | 356,403 | |||
Shareholders' equity | |||||
Share capital | 6(a) | 16,491,460 | 16,492,210 | ||
Warrant reserve | 6(b) | 291,763 | 291,763 | ||
Stock option reserve | 6(c) | 1,649,948 | 1,638,055 | ||
Subscription receipts | 6(a) | 537,920 | - | ||
Accumulated other comprehensive income | 57,182 | (17,448) | |||
Accumulated deficit | (16,210,750) | (16,076,592) | |||
Total Shareholders' equity | 2,817,523 | 2,327,988 | |||
Total Liabilities and Shareholders' equity | $ | 3,246,519 | $ | 2,684,391 |
Nature of operations and going concern (Note 1)
Subsequent event (Note 13)
The accompanying notes are an integral part of these consolidated financial statements.
Approved by the Board of Directors | ||
"Randall Chatwin" | "Michael Williams" | |
Randall Chatwin, Director | Michael Williams, Director |
Fremont Gold Ltd.
Condensed interim consolidated statements of loss and comprehensive loss
(Expressed in Canadian Dollars except number of shares)
3 months ended | 3 months ended | ||||
Notes | June 30, 2022 | June 30, 2021 | |||
Expe nse s | |||||
Management | 9 | $ | 43,703 | $ | 42,408 |
General and administration | 23,316 | 15,504 | |||
Exploration and evaluation | 7 | 14,809 | 29,744 | ||
Project development | 8 | 12,159 | - | ||
Stock-based compensation | 6(c) | 11,893 | 52,767 | ||
Travel | 11,102 | - | |||
Professional fees | 9,638 | 6,280 | |||
Marketing | 2,478 | 13,054 | |||
Depreciation | 2,092 | 2,116 | |||
Listing and transfer agent | 1,466 | 1,629 | |||
Reclamation (net) | - | 22,201 | |||
132,656 | 185,703 | ||||
Other income and expenses | |||||
Foreign exchange loss | 1,502 | 1,245 | |||
Loss on sale of marketable securities | - | 9,162 | |||
Gain on sale of fixed assets | - | (274) | |||
Net loss for the period | $ | 134,158 | $ | 195,836 | |
Other comprehensive loss | |||||
Unrealised foreign currency translation items | (74,630) | 24,873 | |||
Total comprehensive loss for the period | $ | 59,528 | $ | 220,709 | |
Loss per share, Basic and diluted | $ | 0.01 | $ | 0.02 | |
Weighted average shares outstanding, | |||||
Basic and diluted | 14,611,431 | 12,538,146 | |||
The accompanying notes are an integral part of these consolidated financial statements.
Fremont Gold Ltd.
Condensed interim consolidated statements of changes in shareholders' equity
(Expressed in Canadian Dollars)
Accumulated | ||||||||||||||
other | Total | |||||||||||||
Issued | S ubscription | Reserves, | Reserves, | comprehensive | Accumulated | shareholders' | ||||||||
common shares | S hare capital | receipts | Warrants | S tock options | income (loss) | deficit | equity | |||||||
Balance at March 31, 2021 | 12,538,147 | $ | 15,888,325 | $ | - | $ | 286,947 | $ | 1,504,620 | ($ | 6,796) ($ | 15,341,910) | $ | 2,331,186 |
Stock-based compensation | - | - | - | - | 52,767 | - | - | 52,767 | ||||||
Comprehensive loss | - | - | - | - | - | (25,223) | (195,836) | (221,059) | ||||||
Balance at June 30, 2021 | 12,538,147 | $ | 15,888,325 | $ | - | $ | 286,947 | $ | 1,557,387 | ($ | 32,019) ($ | 15,537,746) | $ | 2,162,894 |
Balance at March, 31, 2022 | 14,611,431 | $ | 16,492,210 | $ | - | $ | 291,763 | $ | 1,638,055 | ($ | 17,448) ($ | 16,076,592) | $ | 2,327,988 |
Share issuance costs | - | (750) | - | - | - | - | (750) | |||||||
Subscription receipts | - | - | 537,920 | - | - | - | - | 537,920 | ||||||
Stock-based compensation | - | - | - | - | 11,893 | - | - | 11,893 | ||||||
Comprehensive loss | - | - | - | - | - | 74,630 | (134,158) | (59,528) | ||||||
Balance at June 30, 2022 | 14,611,431 | $ | 16,491,460 | $ | 537,920 | $ | 291,763 | $ | 1,649,948 | $ | 57,182 ($ | 16,210,750) | $ | 2,817,523 |
In May 2022, the Company announced that it was consolidating its common shares on a ten for one basis (see Note 6(a)). For accounting purposes, recognition of the share consolidation has been made retroactively such that all share, per share, stock option and share purchase warrant numbers have been adjusted to reflect the share consolidation.
The accompanying notes are an integral part of these consolidated financial statements.
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Fremont Gold Ltd. published this content on 23 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2022 01:05:04 UTC.
