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    GIS   CA37186Q3089

GENESIS METALS CORP.

(GIS)
SummaryQuotesChartsNewsCompanyFinancials 
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Genesis Metals : FS 2ndQtr September 30 2021

11/26/2021 | 05:59pm EST

Condensed Interim Consolidated Financial Statements

For the six months ended September 30, 2021 and 2020 (Unaudited - Expressed in Canadian Dollars)

Notice to Reader

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the condensed interim consolidated financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company's management.

The Company's independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

GENESIS METALS CORP.

Condensed Interim Consolidated Statements of Financial Position as at, (Expressed in Canadian dollars) - Unaudited

September 30,

March 31,

Note

2021

2021

Assets

Current assets:

Cash

$

2,192,966

$

3,089,455

Receivables

197,635

210,488

Prepaid expenses

56,635

63,779

2,447,236

3,363,722

Exploration and evaluation assets

4

1,492,368

1,492,368

Equipment

5

10,706

12,848

$

3,950,310

$

4,868,938

Liabilities and Shareholders' Equity

Current liabilities:

Accounts payable and accrued liabilities

6

$

300,764

$

337,293

Due to related parties

8

74,249

70,562

Flow-through premium liability

7

182,199

459,911

557,212

867,766

Shareholders' equity:

Share capital

9

28,372,591

27,548,329

Share-based payments reserve

9

4,541,011

4,300,040

Deficit

(29,520,504)

(27,847,197)

3,393,098

4,001,172

$

3,950,310

$

4,868,938

Nature of operations and going concern (Note 1)

Subsequent events (Note 13)

Approved on behalf of the Board on November 26, 2021:

"Jeff Sundar"

Director

"Robert Scott"

Director

Jeff Sundar

Robert Scott

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

Page 3 of 17

GENESIS METALS CORP.

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian dollars) - Unaudited

Three Months Ended

Six Months Ended

September 30,

September 30,

Note

2021

2020

2021

2020

Expenses

Accounting and audit

26,670

28,120

46,130

38,280

Amortization

5

1,031

1,031

2,140

2,140

Consulting

8

84,915

72,748

168,539

147,321

Director fees

8

10,500

22,500

27,000

45,000

Exploration and evaluation expenditures

4

486,676

584,101

1,772,987

927,100

Insurance

3,681

2,980

8,446

6,085

Investor relations

2,621

154,236

67,480

396,859

Listing and filing fees

13,209

10,190

16,526

15,603

Office and sundry

22,638

8,899

32,565

19,636

Professional fees

13,149

8,974

13,149

10,617

Property investigation

(7,500)

-

-

10,100

Salaries and management fees

8

27,000

27,608

54,000

54,608

Share-based payments

8, 9(d)

20,234

429,056

216,576

429,056

Travel

2,123

12,104

4,246

18,007

(706,947)

(1,362,547)

(2,429,784)

(2,120,412)

Interest income

4,722

7,593

11,052

12,508

Other income

7

113,613

300,909

587,961

390,047

Recovery of accounts payable

157,464

-

157,464

-

275,799

308,502

756,477

402,555

Loss and comprehensive loss for the period

(431,148)

(1,054,045)

(1,673,307)

(1,717,857)

Loss per share - basic and diluted

(0.02)

(0.02)

(0.03)

(0.04)

Weighted average number of common shares

59,503,099

48,887,923

58,371,781

46,345,328

outstanding

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

Page 4 of 17

GENESIS METALS CORP.

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Expressed in Canadian dollars) - Unaudited

Number of

Share Capital

Share-based

Deficit

Total

Shares

Payments Reserve

Balance at March 31, 2020

43,756,566

$ 24,878,186

$ 3,797,431

$

(24,704,060)

$ 3,971,557

Shares issued for cash

8,047,355

3,010,399

-

-

3,010,399

Flow-through premium liability

-

(757,140)

-

-

(757,140)

Share issuance costs

-

(80,016)

27,417

-

(52,599)

Share-based payments

-

-

429,056

-

429,056

Warrants exercised

246,443

96,184

(33,654)

-

62,530

Loss for the period

-

-

-

(1,717,857)

(1,717,857)

Balance at September 30, 2020

52,050,364

$ 27,147,613

$

4,220,250

$

(26,421,917)

$ 4,945,946

Balance at March 31, 2021

54,330,090

$

27,548,329

$

4,300,040

$

(27,847,197)

$

4,001,172

Private Placement Flow-through

5,170,835

1,241,000

-

-

1,241,000

Shares issued for community relations

100,000

10,500

500

-

11,000

(Note 4b)

Flow-through premium liability (Note 7)

-

(310,250)

(310,250)

Share issuance costs - cash

-

(93,093)

-

-

(93,093)

Share issuance costs - finder warrants

-

(23,895)

23,895

-

Share-based payments

-

-

216,576

216,576

Loss for the period

-

-

-

(1,673,307)

(1,673,307)

Balance at September 30, 2021

59,600,925

$

28,372,591

$

4,541,011

$

(29,520,504)

$

3,393,098

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Genesis Metals Corp. published this content on 26 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 November 2021 22:59:12 UTC.


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Financials
Sales 2021 - - -
Net income 2021 -3,14 M -2,50 M -2,50 M
Net cash 2021 3,09 M 2,45 M 2,45 M
P/E ratio 2021 -2,75x
Yield 2021 -
Capitalization 9,13 M 7,28 M 7,25 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 98,0%
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Income Statement Evolution
Managers and Directors
David Andrew Terry President, Chief Executive Officer & Director
Lana Safonova Chief Financial Officer
Adrian Wallace Fleming Executive Chairman
Robert James Scott Independent Director
Jeffrey Rohit Sundar Executive Director
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