GALANTAS GOLD CORPORATION GALANTAS GOLD CORPORATION
Condensed Interim Consolidated Financial Statements
(Expressed in Canadian Dollars)
(Unaudited)
Three and Six Months Ended June 30, 2021
NOTICE TO READER
The accompanying unaudited condensed interim consolidated financial statements of Galantas Gold Corporation (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements have not been reviewed by the Company's auditors.
Galantas Gold Corporation
Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)
(Unaudited)
As at | As at | |||
June 30, | December 31, | |||
2021 | 2020 | |||
ASSETS | ||||
Current assets | $ | 6,142,477 | ||
Cash and cash equivalents | $ | 612,094 | ||
Accounts receivable and prepaid expenses (note 4) | 751,128 | 594,960 | ||
Inventories (note 5) | 143,858 | 81,169 | ||
Total current assets | 7,037,463 | 1,288,223 | ||
Non-current assets | 21,886,598 | |||
Property, plant and equipment (note 6) | 21,158,103 | |||
Long-term deposit (note 8) | 513,780 | 521,430 | ||
Exploration and evaluation assets (note 7) | 827,182 | 750,741 | ||
Total non-current assets | 23,227,560 | 22,430,274 | ||
Total assets | $ | 30,265,023 | $ | 23,718,497 |
EQUITY AND LIABILITIES | ||||
Current liabilities | $ | 2,390,715 | ||
Accounts payable and other liabilities (notes 9 and 16) | $ | 1,350,142 | ||
Current portion of financing facilities (note 10) | - | 2,186,272 | ||
Due to related parties (note 14) | 100,842 | 5,461,893 | ||
Total current liabilities | 2,491,557 | 8,998,307 | ||
Non-current liabilities | 4,601,474 | |||
Non-current portion of financing facilities (note 10) | - | |||
Due to related parties (note 14) | 2,577,137 | - | ||
Decommissioning liability (note 8) | 594,906 | 598,275 | ||
Total non-current liabilities | 7,773,517 | 598,275 | ||
Total liabilities | 10,265,074 | 9,596,582 | ||
Equity | 57,559,598 | |||
Share capital (note 11(a)(b)) | 52,933,594 | |||
Reserves | 14,514,682 | 9,734,121 | ||
Deficit | (52,074,331) | (48,545,800) | ||
Total equity | 19,999,949 | 14,121,915 | ||
Total equity and liabilities | $ | 30,265,023 | $ | 23,718,497 |
The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
Going concern (note 1)
Incorporation and nature of operations (note 2)
Contingency (note 16)
Events after the reporting period (note 17)
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Galantas Gold Corporation
Condensed Interim Consolidated Statements of Loss (Expressed in Canadian Dollars)
(Unaudited)
Three Months | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Revenues | $ | - | $ | - | ||||
Sales of concentrate (note 13) | $ | - | $ | - | ||||
Cost and expenses of operations | 61,333 | 107,481 | ||||||
Cost of sales | 31,239 | 67,075 | ||||||
Depreciation (note 6) | 87,088 | 84,391 | 159,153 | 173,118 | ||||
148,421 | 115,630 | 266,634 | 240,193 | |||||
Loss before general administrative and other | ||||||||
expenses | (148,421) | (115,630) | (266,634) | (240,193) | ||||
General administrative expenses | 81,951 | 226,034 | ||||||
Management and administration wages (note 14) | 143,114 | 284,336 | ||||||
Other operating expenses | 39,835 | 57,360 | 72,415 | 151,420 | ||||
Accounting and corporate | 73,273 | 15,109 | 88,457 | 29,253 | ||||
Legal and audit | 31,464 | 28,834 | 80,637 | 70,952 | ||||
Stock-based compensation (note 11(d)) | 1,230,510 | 12,064 | 1,235,141 | (4,224) | ||||
Shareholder communication and investor relations | 116,888 | 45,882 | 176,741 | 92,958 | ||||
Transfer agent | 9,046 | 26,738 | 11,907 | 54,474 | ||||
Director fees (note 14) | 15,500 | 8,500 | 24,000 | 14,750 | ||||
General office | 7,770 | 2,776 | 11,339 | 5,489 | ||||
Accretion expenses (notes 8 and 10) | 27,856 | 164,797 | 132,416 | 310,918 | ||||
Loan interest and bank charges less deposit | 80,780 | 160,883 | ||||||
interest (notes 10 and 14) | 145,553 | 297,169 | ||||||
Financing costs (note 10) | 1,004,182 | - | 1,004,182 | - | ||||
Other expenses | 2,719,055 | 650,727 | 3,224,152 | 1,307,495 | ||||
21,092 | 37,745 | |||||||
Foreign exchange loss (gain) | 25,784 | (75,232) | ||||||
21,092 | 25,784 | 37,745 | (75,232) | |||||
Net loss for the period | $ | (2,888,568) | $ | (792,141) | $ | (3,528,531) | $ | (1,472,456) |
Basic and diluted net loss per share (note 12) | $ | (0.05) | $ | (0.02) | $ | (0.07) | $ | (0.05) |
Weighted average number of common shares | ||||||||
outstanding - basic and diluted | 60,494,975 | 32,321,472 | 53,501,436 | 32,321,472 |
The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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Galantas Gold Corporation
Condensed Interim Consolidated Statements of Comprehensive Loss (Expressed in Canadian Dollars)
(Unaudited)
Three Months | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2021 | 2020 | 2021 | 2020 | ||||
Net loss for the period | $ | (2,888,568) | $ | (792,141) | $ | (3,528,531) | $ (1,472,456) |
Other comprehensive loss | |||||||
Items that will be reclassified subsequently to | |||||||
profit or loss | |||||||
Exchange differences on translating foreign | (198,369) | (295,294) | |||||
operations | (670,131) | (287,422) | |||||
Total comprehensive loss | $ | (3,086,937) | $ | (1,462,272) | $ | (3,823,825) | $ (1,759,878) |
The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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Galantas Gold Corporation
Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian Dollars)
(Unaudited)
Six Months Ended | ||||
June 30, | ||||
2021 | 2020 | |||
Operating activities | $ | (3,528,531) | ||
Net loss for the period | $ | (1,472,456) | ||
Adjustment for: | 159,153 | |||
Depreciation (note 6) | 173,118 | |||
Stock-based compensation (note 11(d)) | 1,235,141 | (4,224) | ||
Accrued interest (notes 10 and 14) | 158,239 | 295,889 | ||
Foreign exchange loss | 344,243 | 53,274 | ||
Accretion expenses (notes 8 and 10) | 132,416 | 310,918 | ||
Financing costs (note 10) | 1,004,182 | - | ||
Non-cash working capital items: | (168,600) | |||
Accounts receivable and prepaid expenses | 26,588 | |||
Inventories | (64,831) | (427,718) | ||
Accounts payable and other liabilities | 124,053 | (422,474) | ||
Due to related parties | (67,781) | 168,784 | ||
Net cash and cash equivalents used in operating activities | (672,316) | (1,298,301) | ||
Investing activities | (1,194,831) | |||
Purchase of property, plant and equipment | (345,669) | |||
Exploration and evaluation assets | (87,456) | (57,119) | ||
Net cash and cash equivalents used in investing activities | (1,282,287) | (402,788) | ||
Financing activities | 7,998,980 | |||
Proceeds of private placements (note 11(b)(i)) | - | |||
Share issue costs | (783,262) | - | ||
Proceeds from exercise of warrants | 330,000 | - | ||
Repayment of financing facilities (note 10) | (23,802) | (8,353) | ||
Net cash and cash equivalents provided by (used in) financing activities | 7,521,916 | (8,353) | ||
Net change in cash and cash equivalents | 5,567,313 | (1,709,442) | ||
Effect of exchange rate changes on cash held in foreign currencies | (36,930) | (4,025) | ||
Cash and cash equivalents, beginning of period | 612,094 | 1,913,420 | ||
Cash and cash equivalents, end of period | $ | 6,142,477 | $ | 199,953 |
Cash | $ | 6,142,477 | $ | 199,953 |
Cash equivalents | - | - | ||
Cash and cash equivalents | $ | 6,142,477 | $ | 199,953 |
The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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Galantas Gold Corporation published this content on 30 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2021 21:31:06 UTC.
