GRID METALS CORP.
INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2022
INDEX | |
Consolidated Statements of Financial Position | 1 |
Consolidated Statements of Operations and Comprehensive Loss | 2 |
Consolidated Statements of Changes in Shareholders' Equity | 3 |
Consolidated Statements of Cash Flows | 4 |
Notes to the Consolidated Financial Statements | 5 |
Notice of no auditor review of interim financial statements:
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the interim unaudited condensed consolidated financial statements, they must be accompanied by a notice indicating that the interim condensed consolidated financial statements have not been reviewed by an auditor.
The accompanying interim unaudited condensed 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 interim condensed consolidated financial statements.
GRID METALS CORP.
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT
(In Canadian dollars)
March 31, | December 31, | |||
2022 | 2021 | |||
ASSETS | ||||
Current | ||||
Cash | $5,891,944 | $2,895,647 | ||
Marketable securities, (Note 5) | 26,647 | 12,147 | ||
Amount receivable from a government | 169,996 | 47,162 | ||
Prepaids | 415,533 | 16,213 | ||
Total current assets | 6,504,120 | 2,971,169 | ||
Capital assets (Notes 6 and 10) | 63,380 | 30,359 | ||
Total assets | $6,567,500 | $3,001,528 | ||
LIABILITIES | ||||
Current | ||||
Accounts payable and accrued liabilities, (Notes 9 and 13) | $260,191 | $258,615 | ||
Lease obligations, (Note 10) | 12,893 | 12,733 | ||
Exploraion program advances (Note 11) | 539,980 | - | ||
Flow through share premium, (Note 8(a)) | 167,090 | 167,090 | ||
Total current liabilities | 980,154 | 438,438 | ||
Non-current | ||||
Term loan payable, (Note 12) | 60,000 | 60,000 | ||
Long term lease obligations, (Note 10) | 14,712 | 17,996 | ||
Total liabilities | 1,054,866 | 516,434 | ||
SHAREHOLDERS' EQUITY | ||||
Capital stock, (Note 7) | 56,894,568 | 55,192,232 | ||
Contributed surplus | 9,704,280 | 9,147,409 | ||
Deficit | (61,086,214) | (61,854,547) | ||
Total shareholders' equity | 5,512,634 | 2,485,094 | ||
Total liabilities and shareholders' equity | $6,567,500 | $3,001,528 | ||
Going concern (Note 2) | ||||
Commitments and contingencies (Notes 8 and 9) | ||||
Approved on Behalf of the Board | ||||
'Thomas W. Meredith' | Director | |||
'Robin E. Dunbar' | Director |
The accompanying notes are an integral part of these consolidated financial statements. | 1 |
GRID METALS CORP.
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In Canadian dollars)
Three months ended March 31 | 2022 | 2021 | ||
Expenses | ||||
Exploration and evaluation expenditures | $ | 2,997,298 | $ | 932,954 |
Office, general and administrative | 148,050 | 121,176 | ||
Professional and consulting fees | 88,330 | 50,342 | ||
Management fees and directors fees (Note 13) | 66,250 | 74,750 | ||
Public company costs | 61,056 | 67,122 | ||
Share-based payments, (Note 7(b)) | 550,969 | - | ||
Amortization, (Note 6) | 4,464 | 2,788 | ||
Flow-through share premium recovery (Note 7(a)) | - | (519,761) | ||
Loss from operations before the undernoted | (3,916,417) | (729,371) | ||
Other income (expense) | 7,000 | 9,044 | ||
Gain on joint venture transaction | 4,677,750 | - | ||
Net income (loss) and comprehensive loss for the period | $ | 768,333 | $ | (720,327) |
Net income (loss) per share | ||||
Basic and diluted | $ | 0.01 | $ | (0.01) |
Weighted average number of common shares outstanding - basic | ||||
and diluted | 87,646,078 | 77,940,388 |
The accompanying notes are an integral part of these consolidated financial statements. | 2 |
GRID METALS CORP.
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE PERIODS ENDED MARCH 31, 2022 AND 2021
(In Canadian dollars)
Capital Stock | Contributed | ||||
# of shares | Amount | Surplus | Deficit | Total | |
Balance, December 31, 2020 | 77,882,099 | $52,606,067 | $7,967,037 | $(58,073,878) | $2,499,226 |
Common shares issued in connection with unit private placements (Note 7(a)) | 9,588,363 | 2,109,440 | - | - | 2,109,440 |
Flow through common shares issued in connection with a private placment (Note 7(a)) | 5,562,240 | 1,390,560 | - | - | 1,390,560 |
Flow through share premium (Note 7(a)) | - | (167,090) | - | - | (167,090) |
Fair value assigned to warrants issued in connection with the private placement (Note 7(c)) | - | (794,763) | 794,763 | - | - |
Cash share issue costs (Note 7(a)) | - | (244,365) | - | - | (244,365) |
Shares issued for RSU vesting | 100,000 | 25,000 | (25,000) | - | - |
Shares issued in satisfaction of a property acquisition(Note 7(a)) | 250,000 | 46,750 | - | 46,750 | |
Stock-based compensation (Note 7(b)) | - | - | 527,840 | - | 527,840 |
Warrants expired (Note 7(c)) | - | - | (72,000) | 72,000 | - |
Warrants exercised (Note 7(c)) | 1,109,600 | 175,402 | - | - | 175,402 |
Original fair value of warrants exercised (Note 7(c)) | - | 45,231 | (45,231) | - | - |
Net loss for the year | - | - | - | (3,852,669) | (3,852,669) |
Balance, December 31, 2021 | 94,492,302 | 55,192,232 | 9,147,409 | (61,854,547) | 2,485,094 |
Common shares issued in connection with unit private placements (Note 7(a)) | 13,962,404 | 1,650,356 | - | - | 1,650,356 |
Cash share issue costs (Note 7(a)) | - | (9,400) | - | - | (9,400) |
Shares issued in satisfaction of a property acquisition(Note 7(a)) | 558,000 | 61,380 | 5,902 | - | 67,282 |
Stock-based compensation (Note 7(b)) | - | - | 550,969 | - | 550,969 |
Net loss for the period | - | - | - | 768,333 | 768,333 |
Balance, March 31, 2022 | 109,012,706 | $56,894,568 | $9,704,280 | $(61,086,214) | $5,512,634 |
The accompanying notes are an integral part of these consolidated financial statements. | 3 |
GRID METALS CORP.
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021
(In Canadian dollars)
Three months ended March 31, | 2022 | 2021 | ||
Cash flows used in operating activities | ||||
Net income (loss) for the year | $ | 768,333 | $ | (720,327) |
Adjustments not affecting cash | ||||
Shares issued for property acquisition | 61,380 | |||
Amortization | 4,464 | 2,788 | ||
Flow-through share premium recovery | - | (519,761) | ||
Share based payments | 550,969 | - | ||
Interest on lease obligations | 242 | - | ||
(Gain) loss on marketable securities | (7,000) | (9,044) | ||
Changes in non-cash working capital | ||||
Amounts receivable | (122,834) | (61,120) | ||
Unrealized loss (gain) on marketable securities | - | - | ||
Prepaids | (399,320) | (172,553) | ||
Lease obligations | (3,124) | - | ||
Accounts payable and accrued liabilities | 1,576 | 392,099 | ||
Advance on exploration | 539,980 | |||
Cash flows used in operating activities | 1,394,666 | (1,087,918) | ||
Cash flows used in investing activities | ||||
Additions to capital assets | (34,232) | - | ||
Cash flows used in investing activities | (34,232) | - | ||
Cash flows from financing activities | ||||
Payment of lease obligations | (3,495) | (2,948) | ||
Issuance of common shares and warrants | 1,650,356 | - | ||
Share issue costs | (9,400) | - | ||
Term loan proceeds | - | - | ||
Warrants issued in satisfaction of a property acquisition | 5,902 | |||
Share received pursuant to property sale | (7,500) | - | ||
Proceeds on sale of maretable securities | - | 60,218 | ||
Proceeds on exercise of warrants | - | 49,402 | ||
Cash flows provided by financing activities | 1,635,863 | 106,672 | ||
Change in cash for the year | 2,996,297 | (981,246) | ||
Cash, beginning of year | 2,895,647 | 3,033,899 | ||
Cash, end of year | $ | 5,891,944 | $ | 2,052,653 |
The accompanying notes are an integral part of these consolidated financial statements. | 4 |
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Grid Metals Corp. published this content on 12 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 July 2022 21:43:02 UTC.