GOLD LINE RESOURCES Condensed interim consolidated financial statements of
Gold Line Resources Ltd.
Three months ended March 31, 2022 and 2021 (Expressed in Canadian Dollars)
(Unaudited)
NOTICE OF NO AUDITOR REVIEW
The accompanying unaudited condensed interim consolidated financial statements of Gold Line Resources Ltd. (the "Company") have been prepared by and are the responsibility of the Company's management.
In accordance with National Instrument 51-102, the Company discloses that its independent auditor has not performed a review of these condensed interim consolidated financial statements.
Gold Line Resources Ltd.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian dollars) (Unaudited)
March 31, | December 31, | |||
2022 | 2021 | |||
Assets | ||||
Current assets | ||||
Cash | $ | 718,334 | $ | 166,313 |
Amounts receivable (Note 3) | 154,650 | 125,479 | ||
Prepaid expenses | 289,671 | 297,444 | ||
1,162,655 | 589,236 | |||
Exploration and evaluation assets (Note 4) | 13,894,139 | 9,857,040 | ||
Total assets | $ | 15,056,794 | $ | 10,446,276 |
Liabilities | ||||
Current liabilities | ||||
Amounts payable and accrued liabilities | $ | 508,456 | $ | 396,555 |
508,456 | 396,555 | |||
Shareholders' equity | ||||
Share capital (Note 6) | 23,527,372 | 18,575,719 | ||
Commitment to issue shares (Note 6) | - | - | ||
Equity reserves (Note 6) | 2,364,567 | 1,974,772 | ||
Deficit | (11,343,601) | (10,500,770) | ||
Total shareholders' equity | 14,548,338 | 10,049,721 | ||
Total liabilities and shareholders' equity | $ | 15,056,794 | $ | 10,446,276 |
Nature of operations and going concern (Note 1)
Approved by the Board of Directors and authorized for issue on May 27, 2022:
Adam Cegielski | Director |
Simon Studer | Director |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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Gold Line Resources Ltd.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
(Expressed in Canadian dollars) (Unaudited)
Three months ended March 31, | ||||
2022 | 2021 | |||
Expenses | ||||
Advisory and consulting (Note 8) | $ | 206,896 | $ | 262,370 |
License fees | 136 | 377 | ||
Marketing and advertisement | 88,310 | 630,137 | ||
Professional fees | 109,398 | 118,773 | ||
Regulatory and transfer agent | 30,336 | 51,904 | ||
Rent and office | 35,891 | 13,534 | ||
Salaries and benefits (Note 8) | 34,307 | - | ||
Share-based compensation (Note 6(c) and 8) | 307,117 | 379,434 | ||
Travel | 26,120 | 2,261 | ||
(838,511) | (1,458,790) | |||
Foreign exchange loss | (6,968) | (19,680) | ||
Finance income | 2,648 | 4,317 | ||
(4,320) | (15,363) | |||
Loss and comprehensive loss for the period | $ | (842,831) | $ | (1,474,153) |
Basic and diluted loss per share | $ | (0.01) | $ | (0.02) |
Weighted average number of common shares | ||||
outstanding - basic and diluted | 127,372,701 | 84,622,328 |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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Gold Line Resources Ltd.
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars) (Unaudited)
Share capital | Commitment | Equity | Total shareholders' | ||||||||
Number | Amount | to issue shares | reserves | Deficit | equity | ||||||
Balance at December 31, 2020 | 84,282,485 | $ | 13,316,512 | $ | 30,000 | $ | 1,508,785 | $ | (6,770,134) | $ | 8,085,163 |
Shares issued on exercise of warrants | 866,200 | 333,664 | - | (17,164) | - | 316,500 | |||||
Shares issued on exercise of options | 100,000 | 17,386 | - | (7,386) | - | 10,000 | |||||
Share-based compensation | - | - | - | 379,434 | - | 379,434 | |||||
Loss and comprehensive loss | - | - | - | - | (1,474,153) | (1,474,153) | |||||
Balance at March 31, 2021 | 85,248,685 | 13,667,562 | 30,000 | 1,863,669 | (8,244,287) | 7,316,944 | |||||
Private placement | 11,200,000 | 1,344,000 | - | - | - | 1,344,000 | |||||
Share issuance costs | - | (75,072) | - | 9,941 | - | (65,131) | |||||
Shares issued on exercise of warrants | 2,842,400 | 957,190 | - | (106,390) | - | 850,800 | |||||
Shares issued on exercise of options | 255,000 | 44,335 | - | (18,835) | - | 25,500 | |||||
Share-based compensation | - | - | - | 226,387 | - | 226,387 | |||||
Shares issued for the acquisition of exploration | |||||||||||
and evaluation assets | 9,009,490 | 2,637,704 | - | - | - | 2,637,704 | |||||
Commitment to issue shares to be settled in | |||||||||||
cash | (30,000) | - | - | (30,000) | |||||||
Loss and comprehensive loss | - | - | - | - | (2,256,483) | (2,256,483) | |||||
Balance at December 31, 2021 | 108,555,575 | 18,575,719 | - | 1,974,772 | (10,500,770) | 10,049,721 | |||||
Private placement | 25,625,000 | 4,100,000 | - | - | - | 4,100,000 | |||||
Share issuance costs | - | (376,775) | - | 82,678 | - | (294,097) | |||||
Share-based compensation | - | - | - | 307,117 | - | 307,117 | |||||
Shares issued for the acquisition of exploration | |||||||||||
and evaluation assets | 9,647,418 | 1,228,428 | - | - | - | 1,228,428 | |||||
Loss and comprehensive loss | - | - | - | - | (842,831) | (842,831) | |||||
Balance at March 31, 2022 | 143,827,993 | $ | 23,527,372 | $ | - | $ | 2,364,567 | $ | (11,343,601) | $ | 14,548,338 |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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Gold Line Resources Ltd. published this content on 28 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2022 10:48:04 UTC.
