Unaudited Condensed Interim Financial Statements of
ISOENERGY LTD.
For the three and six months ended June 30, 2021 and 2020
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ISOENERGY LTD.
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited)
(Expressed in Canadian Dollars)
As at
Note | June 30, 2021 | December 31, 2020 | |||||
ASSETS | |||||||
Current | |||||||
Cash | $ | 14,044,616 | $ | 14,034,565 | |||
Accounts receivable | 133,580 | 67,967 | |||||
Prepaid expenses | 108,169 | 197,419 | |||||
Marketable securities | 6 | 3,000, 645 | - | ||||
17,287,010 | 14,299,951 | ||||||
Non-Current | |||||||
Deposit | 9,274 | 9,274 | |||||
Property and equipment | 7 | 187,245 | 182,439 | ||||
Exploration and evaluation assets | 8 | 54,961,976 | 53,731,796 | ||||
TOTAL ASSETS | $ | 72,445,505 | $ | 68,223,460 | |||
LIABILITIES | |||||||
Current | |||||||
Accounts payable and accrued liabilities | $ | 97,441 | $ | 238,650 | |||
Current portion of lease liability | 9 | 66,745 | 66,745 | ||||
164,186 | 305,395 | ||||||
Non-Current | |||||||
Convertible debentures | 10 | 18,803,947 | 14,033,992 | ||||
Long-term lease liability | 9 | 56,871 | 84,895 | ||||
Deferred income tax liability | 12 | 1,032,516 | 711,587 | ||||
TOTAL LIABILITIES | 20,057,520 | 15,135,869 | |||||
EQUITY | |||||||
Share capital | 13 | 71,156,612 | 67,491,167 | ||||
Share option and warrant reserve | 13 | 4,996,551 | 4,235,150 | ||||
Accumulated deficit | (24,437,547) | (18,566,260) | |||||
Other comprehensive loss | 672,369 | (72,466) | |||||
TOTAL EQUITY | 52,387,985 | 53,087,591 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 72,445,505 | $ | 68,223,460 |
Nature of operations (Note 2)
Commitments (Notes 9, 10 and 11)
Subsequent event (Note 19)
The accompanying notes are an integral part of the condensed interim financial statements
These financial statements were authorized for issue by the Board of Directors on July 29, 2021
"Tim Gabruch" | "Trevor Thiele" | |
Tim Gabruch, CEO, Director | Trevor Thiele, Director |
ISOENERGY LTD.
CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited)
(Expressed in Canadian Dollars)
For the three months ended June 30 | For the six months ended June 30 | ||||||||
Note | 2021 | 2020 | 2021 | 2020 | |||||
General and administrative costs | |||||||||
Share-based compensation | 13,14 | $ | 760,109 | $ | 56,770 | $ | 1,015,445 | $ | 199,256 |
Administrative salaries, contract and | 295,389 | 1,460,402 | |||||||
director fees | 14 | 148,740 | 325,255 | ||||||
Investor relations | 57,688 | 231,079 | 153,808 | 380,539 | |||||
Office and administrative | 21,433 | 36,564 | 60,879 | 74,775 | |||||
Professional fees | 42,733 | 63,338 | 79,350 | 122,511 | |||||
Travel | - | - | - | 40,446 | |||||
Public company costs | 26,745 | 19,819 | 79,963 | 61,054 | |||||
Depreciation expense | 14,699 | 15,528 | 29,398 | 31,056 | |||||
Total general and administrative | |||||||||
costs | (1,218,796) | (571,838) | (2,879,245) | (1,234,892) | |||||
Interest income | 19,144 | 3,535 | 39,255 | 26,084 | |||||
Interest on lease liability | 9 | (2,615) | (2,616) | (5,230) | (5,231) | ||||
Interest on convertible debentures | 10 | (156,749) | - | (318,215) | - | ||||
Fair value loss on convertible | (2,109,169) | (4,707,283) | |||||||
debentures | 10 | - | - | ||||||
Gain on sale of assets | 5 | 2,236,489 | - | 2,236,489 | - | ||||
Foreign exchange loss | (34,969) | - | (60,330) | - | |||||
Rental income | 9,087 | 9,087 | 18,174 | 16,663 | |||||
Loss from operations | (1,257,578) | (561,832) | (5,676,385) | (1,197,376) | |||||
Deferred income tax recovery | (513,967) | (194,902) | |||||||
(expense) | 12 | 89,657 | (209,562) | ||||||
Loss | $ | (1,771,545) | $ | (472,175) | $ | (5,871,287) | $ | (1,406,938) | |
Other comprehensive income | |||||||||
(loss) | |||||||||
Change in fair value of convertible | |||||||||
debentures attributable to the change | 48,086 | (62,672) | |||||||
in credit risk | 10 | - | - | ||||||
Change in fair value of marketable | 933,534 | 933,534 | |||||||
securities | 6 | - | - | ||||||
Deferred tax expense on marketable | (126,027) | (126,027) | |||||||
securities | - | - | |||||||
Total comprehensive loss for the | |||||||||
period | (915,952) | (472,175) | (5,126,452) | (1,406,938) | |||||
Loss per common share - basic | |||||||||
and diluted | $ | (0.02) | $ | (0.01) | $ | (0.06) | $ | (0.02) | |
Weighted average number of | |||||||||
common shares outstanding - | |||||||||
basic and diluted | 98,178,807 | 84,298,491 | 96,571,474 | 84.284,225 |
The accompanying notes are an integral part of the condensed interim financial statements
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ISOENERGY LTD.
CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY (Unaudited)
(Expressed in Canadian Dollars)
Number of | Share | Accumulated | ||||||
Note | option and | Accumulated | other | |||||
common | Share capital | Total | ||||||
warrant | deficit | comprehensive | ||||||
shares | ||||||||
reserve | loss | |||||||
Balance as at January 1, 2020 | 84,267,500 | $58,740,682 | $3,769,204 | $(9,022,887) | $ | - | $53,486,999 | |
Shares issued on the exercise of | 13 | 47,310 | 29,678 | (8,815) | - | - | 20,863 | |
warrants | ||||||||
Share-based payments | 13 | - | - | 283,673 | - | - | 283,673 | |
Loss for the period | - | - | - | (1,406,938) | - | (1,406,938) | ||
Balance as at June 30, 2020 | 84,314,810 | $58,770,360 | $4,044,062 | $(10,429,825) | $ | - | $52,384,597 | |
Balance as at January 1, 2021 | 94,472,998 | $67,491,167 | $4,235,150 | $(18,566,260) | $ | (72,466) | 53,087,591 | |
Shares issued on the exercise of | 13 | 2,509,618 | 1,650,782 | (8,592) | - | - | 1,642,190 | |
warrants | ||||||||
Shares issued on the exercise of | 13 | 1,781,666 | 1,923,469 | (768,411) | - | - | 1,155,058 | |
stock options | ||||||||
Shares issued to settle interest | 10 | 31,120 | 91,194 | - | - | - | 91,194 | |
Share-based payments | 13 | - | - | 1,538,404 | - | - | 1,538,404 | |
Loss for the period | - | - | - | (5,871,287) | - | (5,871,287) | ||
Other comprehensive income for | 6,10 | - | - | - | - | 744,835 | 744,835 | |
the period | ||||||||
Balance as at June 30, 2021 | 98,795,402 | $71,156,612 | $4,996,551 | $(24,437,547) | $672,369 | 52,387,985 |
The accompanying notes are an integral part of the condensed interim financial statements
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ISOENERGY LTD.
CONDENSED INTERIM STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in Canadian Dollars) For the six months ended June 30
2021 | 2020 | |||||
Cash flows from (used in) operating activities | ||||||
Loss for the period | $ | (5,871,287) | $ | (1,406,938) | ||
Items not involving cash: | 1,015,445 | |||||
Share-based compensation | 199,256 | |||||
Deferred income tax (recovery) expense | 194,902 | 209,562 | ||||
Depreciation expense | 29,398 | 31,056 | ||||
Interest on lease liability | 5,230 | 5,231 | ||||
Interest on convertible debentures | 318,215 | - | ||||
Fair value loss on convertible debentures | 4,707,283 | - | ||||
Gain on sale of asset | (2,236,489) | - | ||||
Changes in non-cash working capital | ||||||
Accounts receivable | 30,487 | (58,168) | ||||
Prepaid expenses | 89,250 | (7,261) | ||||
Accounts payable and accrued liabilities | (109,359) | (213,385) | ||||
$ | (1,826,925) | $ | (1,240,647) | |||
Cash flows used in investing activities | ||||||
Additions to exploration and evaluation assets | $ | (727,182) | $ | (2,471,903) | ||
Acquisition of exploration and evaluation assets | (27,139) | (136,145) | ||||
Additions to equipment | (41,776) | - | ||||
Proceeds on sale of assets | 96,100 | - | ||||
$ | (699,997) | $ | (2,608,048) | |||
Cash flows from (used in) financing activities | ||||||
Shares issued for warrant exercise | $ | 1,642,190 | $ | 20,863 | ||
Shares issued for option exercise | 1,155,058 | - | ||||
Interest on Debentures | (227,021) | |||||
Lease liability payments: | (28,024) | - | ||||
Principal | (28,024) | |||||
Interest | (5,230) | (5,231) | ||||
$ | 2,536,973 | $ | (12,392) | |||
Change in cash | $ | 10,051 | $ | (3,861,087) | ||
Cash, beginning of period | 14,034,565 | 6,587,075 | ||||
Cash, end of period | $ | 14,044,616 | $ | 2,725,988 |
Supplemental disclosure with respect to cash flows (Note 18)
The accompanying notes are an integral part of the condensed interim financial statements
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Isoenergy Ltd. published this content on 31 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 09:57:49 UTC.