Unaudited Condensed Interim Financial Statements of

ISOENERGY LTD.

For the three and six months ended June 30, 2021 and 2020

1

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

3

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

4

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

5

Attachments

  • Original document
  • Permalink

Disclaimer

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.