Unaudited Condensed Interim Financial Statements of
ISOENERGY LTD.
For the three and six months ended June 30, 2022 and 2021
1
ISOENERGY LTD.
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited)
(Expressed in Canadian Dollars)
As at
Note | June 30, 2022 | December 31, 2021 | |||||
ASSETS | |||||||
Current | $ | 7,196,940 | |||||
Cash | $ | 13,617,066 | |||||
Accounts receivable | 88,076 | 129,079 | |||||
Prepaid expenses | 216,892 | 107,253 | |||||
Marketable securities | 6 | 6,032,419 | 9,314,985 | ||||
Non-Current | 13,534,327 | 23,168,383 | |||||
57,739 | |||||||
Property and equipment | 66,549 | ||||||
Exploration and evaluation assets | 7 | 66,729,686 | 60,955,590 | ||||
TOTAL ASSETS | $ | 80,321,752 | $ | 84,190,522 | |||
LIABILITIES | |||||||
Current | $ | 469,535 | |||||
Accounts payable and accrued liabilities | $ | 640,971 | |||||
Non-Current | 22,111,359 | ||||||
Convertible debentures | 8 | 25,101,132 | |||||
Deferred income tax liability | 9 | 1,577,180 | 2,534,750 | ||||
TOTAL LIABILITIES | 24,158,074 | 28,276,853 | |||||
EQUITY | 80,003,335 | ||||||
Share capital | 10 | 78,901,944 | |||||
Share option and warrant reserve | 10 | 9,597,362 | 6,469,143 | ||||
Accumulated deficit | (35,612,121) | (34,346,954) | |||||
Other comprehensive income | 2,175,102 | 4,889,536 | |||||
TOTAL EQUITY | 56,163,678 | 55,913,669 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 80,321,752 | $ | 84,190,522 |
Nature of operations (Note 2)
Commitments (Note 8)
Subsequent event (Note 15)
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 August 3, 2022
"Tim Gabruch" | "Trevor Thiele" | |
Tim Gabruch, CEO, Director | Trevor Thiele, Director | |
2 |
ISOENERGY LTD.
CONDENSED INTERIM STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (Unaudited)
(Expressed in Canadian Dollars)
For the three and six months ended June 30
For the three months ended | For the six months ended | ||||||||
June 30 | June 30 | ||||||||
Note | 2022 | 2021 | 2022 | 2021 | |||||
General and administrative costs | 10, | ||||||||
Share-based compensation | $ | 1,116,062 | $ | 760,109 | $ | 2,736,450 | $ | 1,015,445 | |
11 | |||||||||
289,508 | 744,522 | ||||||||
Administrative salaries, contract and director fees | 11 | 295,389 | 1,460,402 | ||||||
Investor relations | 113,961 | 57,688 | 218,587 | 153,808 | |||||
Office and administrative | 103,912 | 21,433 | 131,988 | 60,879 | |||||
Professional and consultant fees | 281,675 | 42,733 | 357,726 | 79,350 | |||||
Travel | 41,737 | - | 50,418 | - | |||||
Public company costs | 51,113 | 26,745 | 126,956 | 79,963 | |||||
Depreciation expense | - | 14,699 | - | 29,398 | |||||
Total general and administrative costs | (1,997,968) | (1,218,796) | (4,366,647) | (2,879,245) | |||||
Interest income | 16,124 | 19,144 | 26,155 | 39,255 | |||||
Interest expense | (386) | (2,615) | (386) | (5,230) | |||||
Interest on convertible debentures | 8 | (162,797) | (156,749) | (324,238) | (318,215) | ||||
Fair value gain/(loss) on convertible debentures | 8 | 10,043,078 | (2,109,169) | 2,864,787 | (4,707,283) | ||||
Gain on sale of assets | 5 | - | 2,236,489 | - | 2,236,489 | ||||
Foreign exchange gain/(loss) | 47,850 | (34,969) | 20,738 | (60,330) | |||||
Other income | - | 9,087 | - | 18,174 | |||||
Income/(loss) from operations | 7,945,901 | (1,257,578) | (1,779,591) | (5,676,385) | |||||
Deferred income tax recovery/(expense) | 9 | 264,613 | (513,967) | 514,424 | (194,902) | ||||
Income/(loss) | $ | 8,210,514 | $ | (1,771,545) | $ | (1,265,167) | $ | (5,871,287) | |
Other comprehensive income/(loss) | |||||||||
Change in fair value of convertible debentures | 8 | 109,315 | 48,086 | 124,986 | (62,672) | ||||
attributable to the change in credit risk | |||||||||
Change in fair value of marketable securities | 6 | (2,359,165) | 933,534 | (3,282,566) | 933,534 | ||||
Deferred tax recovery/(expense) | 9 | 318,487 | (126,027) | 443,146 | (126,027) | ||||
Total comprehensive income/(loss) for the | $ | 6,279,151 | $ | (915,952) | $ | (3,979,601) | $ | (5,126,452) | |
period | |||||||||
Income/(loss) per common share | |||||||||
- basic | $ | 0.08 | $ | (0.02) | $ | (0.01) | $ | (0.06) | |
- diluted | $ | (0.01) | $ | (0.02) | $ | (0.03) | $ | (0.06) | |
Weighted average number of common shares | |||||||||
outstanding | |||||||||
- basic | 106,801,044 | 98,178,807 | 106,580,177 | 96,571,474 | |||||
- diluted | 118,578,919 | 98,178,807 | 118,039,549 | 96,571,474 |
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 option | Accumulated | ||||||||
Accumulated | other | Total | ||||||||
Note | common | Share capital | and warrant | |||||||
deficit | comprehensive | |||||||||
shares | reserve | |||||||||
loss | ||||||||||
Balance as at January | 94,472,998 | $ | 67,491,167 | $ | 4,235,150 | $(18,566,260) | $ | (72,466) | $ 53,087,591 | |
1, 2021 | ||||||||||
Shares issued on the | 10 | 2,509,618 | 1,650,782 | (8,592) | - | - | 1,642,190 | |||
exercise of warrants | ||||||||||
Shares issued on the | 10 | 1,781,666 | 1,923,469 | (768,411) | - | - | 1,155,058 | |||
exercise of stock options | ||||||||||
Shares issued to settle | 31,120 | 91,194 | - | - | - | 91,194 | ||||
interest | ||||||||||
Share-based payments | 10 | - | - | 1,538,404 | - | - | 1,538,404 | |||
Loss for the period | - | - | - | (5,871,287) | - | (5,871,287) | ||||
Other comprehensive | 6,8 | |||||||||
(loss) / income for the | - | - | - | - | 744,835 | 744,835 | ||||
period | ||||||||||
Balance as at June 30, | 98,795,402 | $ | 71,156,612 | $ | 4,996,551 | $(24,437,547) | $ | 672,369 | $ 52,387,985 | |
2021 | ||||||||||
Balance as at January | 105,908,770 | $ | 78,901,944 | $ | 6,469,143 | $(34,346,954) | $ | 4,889,536 | $ 55,913,669 | |
1, 2022 | ||||||||||
Shares issued on the | 10 | 897,500 | 1,005,344 | (396,884) | - | - | 608,460 | |||
exercise of stock options | ||||||||||
Shares issued to settle | 10 | 29,644 | 96,047 | - | - | - | 96,047 | |||
interest | ||||||||||
Share-based payments | 10 | - | - | 3,525,103 | - | - | 3,525,103 | |||
Loss for the period | - | - | - | (1,265,167) | - | (1,265,167) | ||||
Other comprehensive | 6,8 | - | - | - | - | (2,714,434) | (2,714,434) | |||
loss for the period | ||||||||||
Balance as at June 30, | 106,835,914 | $ | 80,003,335 | $ | 9,597,362 | $(35,612,121) | $ | 2,175,102 | $ 56,163,678 | |
2022 | ||||||||||
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
2022 | 2021 | |||
Cash flows used in operating activities | ||||
Loss for the period | $ | (1,265,167) | $ | (5,871,287) |
Items not involving cash: | ||||
Share-based compensation | 2,736,450 | 1,015,445 | ||
Deferred income tax (recovery) expense | (514,424) | 194,902 | ||
Depreciation expense | - | 29,398 | ||
Interest on lease liability | - | 5,230 | ||
Interest on convertible debentures | 324,238 | 318,215 | ||
Fair value (gain)/loss on convertible debentures | (2,864,787) | 4,707,283 | ||
Gain on sale of asset | - | (2,236,489) | ||
Foreign exchange (gain)/loss | (15,852) | 53,733 | ||
Changes in non-cash working capital | ||||
Accounts receivable | 41,003 | 30,487 | ||
Prepaid expenses | (109,639) | 89,250 | ||
Accounts payable and accrued liabilities | 32,833 | (107,297) | ||
$ | (1,635,345) | $ | (1,771,130) | |
Cash flows used in investing activities | ||||
Additions to exploration and evaluation assets | $ | (5,180,902) | $ | (727,182) |
Acquisition of exploration and evaluation assets | - | (27,139) | ||
Additions to equipment | - | (41,776) | ||
Proceeds on sale of assets | - | 96,100 | ||
$ | (5,180,902) | $ | (699,997) | |
Cash flows from financing activities | ||||
Shares issued for warrant exercise | - | 1,642,190 | ||
Shares issued for option exercise | 608,460 | 1,155,058 | ||
Interest on debentures | (232,551) | (227,021) | ||
Lease liability payments: | ||||
Principal | - | (28,024) | ||
Interest | - | (5,230) | ||
$ | 375,909 | $ | 2,536,973 | |
Effects of exchange rate changes on cash | 20,212 | (55,795) | ||
Change in cash | $ | (6,420,126) | $ | 10,051 |
Cash, beginning of period | 13,617,066 | 14,034,565 | ||
Cash, end of period | $ | 7,196,940 | $ | 14,044,616 |
Supplemental disclosure with respect to cash flows (Note 14)
The accompanying notes are an integral part of the condensed interim financial statements
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Isoenergy Ltd. published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 23:16:09 UTC.