GREEN RIVER GOLD CORP. GREEN RIVER GOLD CORP.
Consolidated Financial Statements
For the Three Months Ended December 31, 2020 & 2019
(Unaudited - Prepared by Management)
NOTICE OF NO AUDITOR REVIEW
The accompanying unaudited interim financial statements have been prepared by management.
The Company's independent auditors have not performed a review of these financial
statements in accordance with the standards established by the Canadian Institue of Chartered Professional Accountants for a review of interim financial statements by an entity's auditors.
GREEN RIVER GOLD CORP.
Consolidated Statement of Financial Position
As at December 31, 2020
(Expressed in Canadian dollars)
December 31 | September 30 | |||
2020 | 2020 | |||
ASSETS | ||||
Current | ||||
Cash | $ | 25,963 | $ | 2,990 |
Trade and other receivables (Note 4) | 35,662 | 31,786 | ||
Equipment inventory (Note 5) | 518,616 | 522,505 | ||
Retail inventory (Note 6) | 51,606 | 54,107 | ||
Reclamation bonds (Note 7) | 17,000 | 17,000 | ||
Prepaid expenses | 65,880 | 90,910 | ||
Due from related parties (Note 8) | 167,239 | 342,869 | ||
881,966 | 1,062,167 | |||
Fixed assets (Note 9) | 79,583 | 37,275 | ||
Exploration and evaluation assets (Note 10) | 624,599 | 527,104 | ||
Right of use asset - leased building (Note 11) | 55,135 | 62,027 | ||
$ | 1,641,283 | $ | 1,688,573 |
LIABILITIES
Current
Trade and other payables (Note 12) Loans payable (Note 13)
Loans payable to related parties (Note 14) Current portion of long term debt (Note 15) Current portion of lease liability (Note 11)
Long term debt (Note 15)
Obligation under lease liability (Note 11) Convertible debentures (Note 16)
EQUITY
Capital stock (Note 17) Reserve for warrants (Note 18)
Equity portion of convertible debentures (Note 16) Accumulated deficit
Going Concern (Note 1)
$ 174,848 $ 263,750
149,617 156,079
15,8329,832
3,9643,964
28,55828,558
372,819 462,183
11,89112,856
27,53934,050
99,42695,802
511,675 604,891
2,149,478 2,066,954
812,891 734,492
28,37428,374
(1,861,135) (1,746,138)
1,129,608 1,083,682
$ 1,641,283 $ 1,688,573
APPROVED ON BEHALF OF THE BOARD OF DIRECTORS ON MARCH 29, 2021
"Perry Little" (signed) | "Shawn Stockdale" (signed) |
_____________________________ | _____________________________ |
Director | Director |
The accompanying notes are an integral part of these unaudited consolidated interim financial statements
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GREEN RIVER GOLD CORP.
Consolidated Statement of Loss and Comprehensive Loss For the Three Month Period Ended December 31, 2020 (Expressed in Canadian dollars)
December 31 | September 30 | ||||
2020 | 2020 | ||||
Revenues | |||||
Retail and equipment sales (Notes 5 and 6) | $ | 23,168 | $ | 3,722 | |
Cost of goods sold | 15,317 | 2,432 | |||
Gross profit | 7,851 | 1,290 | |||
Placer claim rental | 1,200 | - | |||
9,051 | 1,290 | ||||
Expenses | |||||
Accounting fees | 1,366 | 1,250 | |||
Accretion on convertible debentures | 3,624 | 4,327 | |||
Accretion on lease liability | 989 | - | |||
Advertising and promotion | 18,224 | 463 | |||
Audit fees | 8,000 | 8,000 | |||
Bad debts | 11 | - | |||
Consulting fees | 5,000 | - | |||
Contract labour (Note 19) | 20,765 | 8,851 | |||
Depreciation on owned assets | 2,117 | 1,629 | |||
Depreciation on right of use asset - leased building (Note 11) | 6,892 | - | |||
Insurance | 568 | 591 | |||
Interest and bank charges | 9,117 | 4,860 | |||
Legal fees | 1,429 | 6,638 | |||
Management fees | 30,000 | - | |||
Office, general and administration | 4,780 | 6,230 | |||
Postage, courier and freight | 1,795 | - | |||
Regulatory, filing and transfer fees | 4,113 | 2,744 | |||
Rent | - | 1,235 | |||
Repairs and maintenance | 4,405 | 530 | |||
Telecommunications | 652 | 296 | |||
Travel | 201 | - | |||
124,048 | 47,644 | ||||
NET LOSS AND COMPREHENSIVE LOSS | $ | (114,997) | $ | (46,354) | |
Net loss and compresehensive loss per share | |||||
- basic and diluted | $ | (0.01) | $ | (0.01) | |
Weighted average number of common shares | |||||
- basic and diluted (000's) | 45,832 | 24,945 |
The accompanying notes are an integral part of these unaudited consolidated interim financial statements
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GREEN RIVER GOLD CORP.
Statement of Changes in Equity
For the Three Month Period Ended December 31, 2020
(Expressed in Canadian dollars)
Equity Portion | |||||||||||
Number of | Share | Reserves | of Convertible | Accumulated | |||||||
shares | Capital | Warrants | Debentures | deficit | Total | ||||||
Balance at October 1, 2019 | 23,454,749 | $ | 1,401,132 | $ | 255,553 | $ | 28,374 | $ | (1,350,149) | $ | 334,910 |
Shares issued (Note 17) | 20,733,000 | 779,940 | 478,939 | - | - | 1,258,879 | |||||
Share issuance costs | - | (114,118) | - | - | - | (114,118) | |||||
Net loss for the year | - | - | - | - | (395,989) | (395,989) | |||||
Balance at September 30, 2020 | 44,187,749 | $ | 2,066,954 | $ | 734,492 | $ | 28,374 | $ | (1,746,138) | $ | 1,083,682 |
Balance at October 1, 2020 | 44,187,749 | $ | 2,066,954 | $ | 734,492 | $ | 28,374 | $ | (1,746,138) | $ | 1,083,682 |
Shares issued (Note 17) | 2,907,000 | 103,021 | 78,399 | - | - | 181,420 | |||||
Share issuance costs | - | (20,497) | - | - | - | (20,497) | |||||
Net loss for the year | - | - | - | - | (114,997) | (114,997) | |||||
Balance at December 31, 2020 | 47,094,749 | $ | 2,149,478 | $ | 812,891 | $ | 28,374 | $ | (1,861,135) | $ | 1,129,608 |
The accompanying notes are an integral part of these unaudited consolidated interim financial statements 3
GREEN RIVER GOLD CORP. Consolidated Statement of Cash Flows
For the Three Month Period Ended December 31, 2020 (Expressed in Canadian dollars)
December 31 | December 31 | |||
2020 | 2019 | |||
OPERATING ACTIVITIES | ||||
Net loss | $ | (114,997) | $ | (46,354) |
Items not affecting cash: | ||||
Depreciation expense | 9,009 | 1,629 | ||
Accretion expense | 4,613 | 4,327 | ||
Expenses paid by related parties | - | - | ||
Contract labour and rent provided by related parties | - | - | ||
Equipment inventory sold to related parties | - | - | ||
(101,375) | (40,398) | |||
Changes in non-cash working capital (Note 21) | (61,357) | (25,212) | ||
Cash flow used by operating activities | (162,732) | (65,610) | ||
FINANCING ACTIVITIES | ||||
Proceeds from loans payable | (6,462) | 25,909 | ||
Proceeds on loans from related parties | 6,000 | (27,007) | ||
Proceeds on issuance of common shares (Note 17) | 181,420 | 104,300 | ||
Share issuance costs | (20,497) | (8,233) | ||
Proceeds on issuance of convertible debentures | - | - | ||
Convertible debenture issuance costs | - | - | ||
Repayment of long term debt | (965) | (895) | ||
Payments made on lease | (7,500) | - | ||
Cash flow from financing activities | 151,996 | 94,074 | ||
INVESTING ACTIVITIES | ||||
Repayment of loans to related parties | 307,481 | - | ||
Advances to related parties | (131,851) | - | ||
Additions to exploration and evaluation assets | (97,495) | (28,407) | ||
Purchase of fixed assets | (44,426) | - | ||
Exploration assets provided by related parties | - | - | ||
Cash flow from (used by) investing activities | 33,709 | (28,407) | ||
INCREASE IN CASH FLOW | 22,973 | 57 | ||
Cash - beginning of year | 2,990 | 1,381 | ||
CASH - END OF YEAR | $ | 25,963 | $ | 1,438 |
The accompanying notes are an integral part of these unaudited consolidated interim financial statements
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Green River Gold Corp. published this content on 21 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 May 2021 08:40:01 UTC.
