GGX GOLD CORP.
(formerly Revolver Resources Inc.)
FOR THE SIX MONTHS ENDED DECEMBER 31, 2021
Condensed Interim Financial Statements
(Expressed in Canadian Dollars)
- Notice of No Auditor Review of Interim Financial Statements
- Condensed Interim Statements of Financial Position
-
Condensed Interim Statements of Changes in
Shareholders' Equity - Condensed Interim Statements of Comprehensive Loss
- Condensed Interim Statements of Cash Flows
- Notes to the Condensed Interim Financial Statements
1
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited interim condensed financial statements of GGX Gold Corp (formerly Revolver Resources Inc.) for the period ended December 31, 2021 have been prepared by management and approved by the Audit Committee and the Board of Directors of the Company and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these interim financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditor.
2
GGX GOLD CORP.
(formerly Revolver Resources Inc.)
Condensed Interim Statements of Financial Position
(Expressed in Canadian Dollars) (Unaudited)
December 31, | June 30, | ||
Note | 2021 | 2021 | |
$ | $ | ||
ASSETS | |||
CURRENT | |||
Cash | 4,517 | 8,426 | |
GST Recoverable | 9,214 | 16,492 | |
Marketable Securities | 4 | 4,370 | 36,320 |
NON-CURRENT | 18,101 | 61,238 | |
Investments | 5 | 48,246 | 604,480 |
Property and Equipment | 6 | 17,377 | 20,151 |
Reclamation Bond | 8 | 21,500 | 21,500 |
105,224 | 707,369 | ||
LIABILITIES | |||
CURRENT | |||
Accounts Payable and Accrued Liabilities | 988,856 | 773,464 | |
Loan Payable | 330,724 | - | |
Due to Related Party | 10 | 89,082 | 89,082 |
1,408,662 | 862,546 | ||
SHAREHOLDERS' EQUITY (DEFICIENCY) | |||
Share Capital | 9 | 10,690,019 | 10,690,019 |
Share Subscription Received | 10,000 | 10,000 | |
Stock Options Reserve | 518,573 | 673,083 | |
Share Purchase Warrants Reserve | 41,724 | 41,724 | |
Deficit | (12,563,754) | (11,570,003) | |
(1,303,438) | (155,177) | ||
105,224 | 707,369 | ||
Nature of Business and Ability to Continue as a Going Concern (Note 1)
The accompanying notes form an integral party of these financial statements
Approved on Behalf of the Board: | ||
"Barry Brown" | "Scott Kent" | |
Barry Brown, Director | Scott Kent, Director |
3
GGX GOLD CORP.
(formerly Revolver Resources Inc.)
Condensed Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian Dollars) (Unaudited)
Share | Total | |||||||
Number of | Share | Stock | Purchase | Shareholders' | ||||
Common | Share | Subscription | Options | Warrants | Equity | |||
Shares | Capital | Received | Reserve | Reserve | Deficit | (Deficiency) | ||
$ | $ | $ | $ | $ | $ | |||
Balance, June 30, 2020 | 25,451,768 | 9,764,346 | - | 618,612 | 83,815 | (11,090,004) | (623,231) | |
Shares Issued for Cash | 9(b) | 5,052,500 | 638,400 | - | - | - | - | 638,400 |
Shares Issued on Exercise of Warrants | 9(b) | 62,500 | 28,125 | - | - | - | - | 28,125 |
Share Issuance Costs | - | (31,224) | - | - | - | - | (31,224) | |
Fair Value of Agents' Warrants Issued | - | (7,378) | - | - | 7,378 | - | - | |
Fair Value of Agents' Warrants Expired | - | - | - | - | (23,455) | 23,455 | - | |
Share-Based Compensation | - | - | - | 63,870 | - | - | 63,870 | |
Net Comprehensive Loss | - | - | - | - | - | (907,534) | (907,534) | |
Balance, December 31, 2020 | 30,566,768 | 10,392,269 | - | 682,482 | 67,738 | (11,974,083) | (831,594) | |
Balance, June 30, 2021 | 32,617,348 | 10,690,019 | 10,000 | 673,083 | 41,724 | (11,570,003) | (155,177) | |
Fair Value of Options Expired | 9(e) | - | - | - | (154,510) | - | 154,510 | - |
Net Comprehensive Loss | - | - | - | - | - | (1,148,261) | (1,148,261) | |
Balance, December 31, 2021 | 32,617,348 | 10,690,019 | 10,000 | 518,573 | 41,724 | (12,563,754) | (1,303,438) | |
The accompanying notes form an integral party of these financial statements
4
GGX GOLD CORP.
(formerly Revolver Resources Inc.)
Condensed Interim Statements of Comprehensive Loss
(Expressed in Canadian Dollars) (Unaudited)
Three Months Ended | Six Months Ended | ||||
December 31, | December 31, | ||||
Note | 2021 | 2020 | 2021 | 2020 | |
$ | $ | $ | $ | ||
EXPENSES | |||||
Advertising and Promotion | 50,500 | 4,912 | 99,721 | 9,239 | |
Consulting | 4,400 | 25,200 | 4,400 | 50,200 | |
Depreciation | 6 | 1,387 | 619 | 2,774 | 1,238 |
Exploration and Acquisition Costs | 7 | 25,893 | 735,897 | 282,819 | 1,165,560 |
Insurance | - | 4,500 | - | 4,500 | |
Interest | 13,924 | - | 13,924 | - | |
Management and Administration | 64,500 | 10,500 | 129,000 | 21,000 | |
Office and Miscellaneous | 1,650 | 1,108 | 4,766 | 3,106 | |
Professional Fees | 1,000 | 16,000 | 10,000 | 25,000 | |
Rent | 10,500 | 10,500 | 21,000 | 21,000 | |
Share-Based Compensation | 8(f) | - | 63,870 | - | 63,870 |
Transfer Agent and Regulatory Fees | 19,200 | 6,779 | 23,123 | 9,826 | |
LOSS BEFORE OTHER ITEMS | (192,954) | (879,885) | (591,527) | (1,374,539) | |
BC Mining Tax Credit | - | - | - | 439,672 | |
Gain (Loss) on the Sale of Marketable Securities | - | 1,105 | 1,110 | (6,800) | |
Loss on Derecognition of Investments | - | - | (519,882) | - | |
Investment Income | - | 48,960 | - | 48,960 | |
Unrealized Loss on Investments | (2,792) | - | (36,352) | - | |
Write-Down of Marketable Securities to Market | (1,380) | (14,070) | (1,610) | (14,827) | |
NET LOSS AND COMPREHENSIVE LOSS | (197,126) | (843,890) | (1,148,261) | (907,534) | |
Basic and Diluted Loss per share | (0.01) | (0.03) | (0.04) | (0.03) | |
Weighted Average Number of Common Shares Outstanding | 32,617,348 | 28,045,137 | 32,617,348 | 27,672,025 | |
The accompanying notes form an integral party of these financial statements
5
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GGX Gold Corp. published this content on 22 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2022 18:53:05 UTC.