GUNGNIR RESOURCES INC. GUNGNIR
Interim Financial Statements
March 31, 2023 and 2022
(expressed in Canadian dollars)
Unaudited - Prepared by Management
Gungnir Resources Inc.
Statements of Financial Position
(expressed in Canadian dollars) | Unaudited - Prepared by Management | ||||
As at | March 31, | December 31, | |||
2023 | 2022 | ||||
Note | |||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 3 | $ | 2,236,497 | $ | 2,498,312 |
Accounts receivable and prepaids | 4 | 15,054 | 21,412 | ||
2,251,551 | 2,519,724 | ||||
Non-current assets | |||||
Deposits | 3 | 29,522 | 29,183 | ||
Reclamation bonds | 5 | 28,938 | 28,851 | ||
Exploration and evaluation properties | 6 | 3,193,948 | 3,159,305 | ||
Total assets | 5,503,959 | 5,737,063 | |||
Liabilities and equity | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | 18,716 | 51,434 | |||
Total liabilities | 18,716 | 51,434 | |||
Equity | |||||
Share capital | 7 | 33,375,967 | 33,375,967 | ||
Stock-based payment reserve | 7 | 1,125,702 | 1,067,519 | ||
Warrants | 7 | 1,211,948 | 1,211,948 | ||
Contributed surplus | 7 | 6,795,385 | 6,795,385 | ||
Deficit | (37,023,759) | (36,765,190) | |||
Total equity | 5,485,243 | 5,685,629 | |||
Total liabilities and equity | $ | 5,503,959 | $ | 5,737,063 | |
Nature and continuance of operations (Note 1) | |||||
Subsequent events (Note 13) |
See accompanying notes to the interim financial statements
Gungnir Resources Inc.
Statements of Comprehensive Loss
(expressed in Canadian dollars) | Unaudited - Prepared by Management | ||||
For the Periods Ended March 31, | Note | 2023 | 2022 | ||
Operating expenses | |||||
General and administration | 10 | $ | 67,731 | $ | 36,635 |
Compensation | 10 | 191,673 | 93,352 | ||
Professional fees | 10 | 1,036 | 3,183 | ||
(260,440) | (133,170) | ||||
Other items | |||||
Interest income | 2,302 | 23 | |||
Foreign exchange | (431) | 2,112 | |||
Write-down of exploration and evaluation properties | - | - | |||
Net loss and comprehensive loss | $ | (258,569) | $ | (131,035) | |
Weighted average number of shares outstanding | 119,618,126 | 88,577,630 | |||
Basic and diluted earnings (loss) per share | $ | (0.00) | $ | (0.00) | |
See accompanying notes to the interim financial statements
Gungnir Resources Inc.
Statements of Cash Flows
(expressed in Canadian dollars) | Unaudited - Prepared by Management | |||
For the Periods Ended March 31, | 2023 | 2022 | ||
Operating activities | ||||
Comprehensive loss for the period | $ | (258,569) | $ | (131,035) |
Adjustments for: | ||||
Accrued interest | (366) | - | ||
Stock-based compensation | 58,183 | - | ||
Foreign exchange | (61) | - | ||
(200,813) | (131.035) | |||
Net change in non-cash working capital: | ||||
GST/VAT and other accounts receivable | 2,896 | (841,424) | ||
Prepaid expenses | 3,462 | (3,461) | ||
Accounts payable and other accrued liabilities | (32,718) | 80,736 | ||
Net cash used in operating activities | (227,173) | (895,184) | ||
Financing activity | ||||
Issue of units, net of share issue costs | - | 2,444,720 | ||
Exercise of options | - | 30,000 | ||
Exercise of warrants | - | 24,000 | ||
Net cash from financing activities | - | 2,498,720 | ||
Investing activities | ||||
Exploration and evaluation expenditures | (34,642) | 237,090 | ||
Net cash used in investing activities | (34,642) | 237,090 | ||
Net increase (decrease) in cash | (261,815) | 1,840,626 | ||
Cash and cash equivalents, beginning of year | 2,498,312 | 1,191,394 | ||
Cash and cash equivalents, end of period | $ | 2,236,497 | $ | 3,032,020 |
See accompanying notes to the interim financial statements
Gungnir Resources Inc.
Statements of Changes in Equity
(expressed in Canadian dollars) | Unaudited - Prepared by Management | ||||||||||||
Shares | Share | Stock-based | Contributed | Total | |||||||||
(Note 7) | Capital | compensation | Warrants | surplus | Deficit | equity | |||||||
January 1, 2022 | 97,379,450 | $ | 31,789,790 | $ | 764,552 | $ | 344,264 | $ | 6,789,497 | $ | (35,802,195) | $ | 3,885,908 |
Warrants exercised | 300,000 | 24,000 | - | - | - | - | 24,000 | ||||||
Re-allocated on exercise of warrants | - | 7,497 | - | (5,385) | (2,112) | - | - | ||||||
Options exercised | 600,000 | 30,000 | - | - | - | - | 30,000 | ||||||
Re-allocated on exercise of options | - | 24,000 | (24,000) | - | - | - | - | ||||||
Re-allocated on expiry of options and warrants | - | - | (8,000) | - | 8,000 | - | - | ||||||
Private placement - units issued | 21,318,336 | 1,685,131 | - | 873,069 | - | - | 2,558,200 | ||||||
Share issue costs | - | (186,051) | 72,572 | - | - | (113,479) | |||||||
Stock-based compensation | - | - | - | - | - | - | - | ||||||
Comprehensive loss | - | - | - | - | - | (131,035) | (131,035) | ||||||
March 31, 2022 | 119,597,786 | 33,374,367 | 805,124 | 1,211,948 | 6,795,385 | (35,933,230) | 6,253,594 | ||||||
Warrants exercised | 32,000 | 1,600 | - | - | - | - | 1,600 | ||||||
Re-allocated on exercise of warrants | - | - | - | - | - | - | - | ||||||
Options exercised | - | - | - | - | - | - | - | ||||||
Re-allocated on exercise of options | - | - | - | - | - | - | - | ||||||
Re-allocated on expiry of options and warrants | - | - | - | - | - | - | - | ||||||
Private placement - units issued | - | - | - | - | - | - | - | ||||||
Share issue costs | - | - | - | - | - | - | - | ||||||
Stock-based compensation | - | - | 262,395 | - | - | - | 262,395 | ||||||
Comprehensive loss | - | - | - | - | - | (831,960) | (831,960) | ||||||
December 31, 2022 | 119,629,786 | $ | 33,375,967 | $ | 1,067,519 | $ | 1,211,948 | $ | 6,795,385 | $ | (36,765,190) | $ | 5,685,629 |
Warrants exercised | - | - | - | - | - | - | - | ||||||
Re-allocated on exercise of warrants | - | - | - | - | - | - | - | ||||||
Options exercised | - | - | - | - | - | - | - | ||||||
Re-allocated on exercise of options | - | - | - | - | - | - | - | ||||||
Re-allocated on expiry of options and warrants | - | - | - | - | - | - | - | ||||||
Private placement - units issued | - | - | - | - | - | - | - | ||||||
Share issue costs | - | - | - | - | - | - | - | ||||||
Stock-based compensation | - | - | 58,183 | - | - | - | 58,183 | ||||||
Comprehensive loss | - | - | - | - | - | (258,569) | (258,569) | ||||||
March 31, 2023 | 119,629,786 | $ | 33,375,967 | $ | 1,125,702 | $ | 1,211,948 | $ | 6,795,385 | $ | (37,023,759) | $ | 5,485,243 |
See accompanying notes to the interim financial statements
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Gungnir Resources Inc. published this content on 26 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 May 2023 12:24:09 UTC.
