JADE LEADER CORP. Jade Leader Corp.
Condensed Interim Consolidated Financial Statements
(Expressed in Canadian Dollars)
Three and Nine Months Ended June 30, 2022
(Unaudited)
Notice to Reader
These condensed interim consolidated financial statements have not been reviewed by the Company's external auditors. These statements have been prepared by and are the responsibility of the Company's management.
Jade Leader Corp.
Condensed Interim Statements of Financial Position
(Expressed in Canadian Dollars)
As at June 30, 2022 and September 30, 2021
(Unaudited - prepared by management)
June 30, | September 30 | |||
2022 | 2021 | |||
ASSETS | ||||
Current Assets | ||||
Cash (Note 4) | $ | 210,196 | $ | 203,786 |
Accounts receivable (Note 5) | 1,933 | 8,318 | ||
Prepaid expenses | 20,025 | 22,706 | ||
Short-term investments (Note 6) | 1,520 | 3,120 | ||
233,674 | 237,930 | |||
Non-current Assets | ||||
Exploration and evaluation asset advances and deposits | ||||
(Note 7) | 4,357 | 4,357 | ||
Exploration and evaluation assets (Note 7) | 1,219,354 | 1,197,291 | ||
Equipment and software (Note 8) | 22,602 | 25,548 | ||
1,246,313 | 1,227,196 | |||
TOTAL ASSETS | $ | 1,479,987 | $ | 1,465,126 |
EQUITY AND LIABILITIES | ||||
Current Liabilities | ||||
Deferred sublease revenue | $ | 913 | $ | 913 |
Accounts payable and accrued liabilities (Note 9) | 120,665 | 121,372 | ||
121,578 | 122,285 | |||
Non-current Liabilities | ||||
Decommissioning obligation | 12,750 | 12,750 | ||
TOTAL LIABILITIES | 134,328 | 135,035 | ||
EQUITY | ||||
Share capital (Note 10) | 14,516,707 | 14,384,351 | ||
Reserves | 3,535,243 | 3,446,111 | ||
Deficit | (16,706,291) | (16,500,371) | ||
TOTAL EQUITY | 1,345,659 | 1,330,091 | ||
TOTAL EQUITY AND LIABILITIES | $ | 1,479,987 | $ | 1,465,126 |
Nature and continuance of operations (Note 1)
Approved by the Board
"Jean Pierre Jutras"
__________________________ Director
"Shane Ebert"
___________________________ Director
See accompanying notes to the financial statements.
1
Jade Leader Corp.
Condensed Interim Statements of Net and Comprehensive Loss
(Expressed in Canadian Dollars)
For the three and nine month periods ended June 30, 2022 and 2021
(Unaudited - prepared by management)
Three months ended | Nine months ended | |||||||
June 30, | June 30, | June 30, | June 30, | |||||
2022 | 2021 | 2022 | 2021 | |||||
Expenses | ||||||||
General and | ||||||||
administrative (Note 12) | $ | 45,520 | $ | 57,448 | $ | 172,861 | $ | 173,203 |
Reporting to shareholders | (2,253) | - | 13,479 | 15,265 | ||||
Professional fees | 1,688 | 2,310 | 12,952 | 24,253 | ||||
Stock exchange and | ||||||||
transfer agent fees | 2,037 | 2,118 | 7,831 | 8,411 | ||||
Depreciation | 983 | 1,068 | 2,946 | 3,204 | ||||
Mineral production tax | - | - | 5,005 | - | ||||
Pre-acquisition expenses | 1,596 | - | 3,179 | - | ||||
49,571 | 62,944 | 218,253 | 224,336 | |||||
Loss before other items | (49,571) | (62,944) | (218,253) | (224,336) | ||||
Other items | ||||||||
Sublease revenue | 4,697 | 4,697 | 14,092 | 14,091 | ||||
Interest and other | 505 | (132) | (159) | (208) | ||||
(Loss) gain from short- | ||||||||
term investments | (760) | (840) | (1,600) | 1,800 | ||||
Legal settlement (Note 17) | - | - | - | (28,833) | ||||
4,442 | 3,725 | 12,333 | (13,150) | |||||
Net loss and | ||||||||
comprehensive loss | $ | (45,129) | $ | (59,219) | $ | (205,920) | $ | (237,486) |
Basic and diluted loss | ||||||||
per share | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
Weighted average | ||||||||
shares outstanding - | ||||||||
basic and diluted | 59,702,293 | 51,267,708 | 59,148,918 | 51,267,708 |
Nature and continuance of operations (Note 1)
See accompanying notes to the financial statements.
2
Jade Leader Corp.
Condensed Interim Statements of Cash Flows
(Expressed in Canadian Dollars)
For the three and nine month periods ended June 30, 2022 and 2021
(Unaudited - prepared by management)
Three months ended | Nine months ended | |||||||
June 30, | June 30, | June 30, | June 30, | |||||
2022 | 2021 | 2022 | 2021 | |||||
Increase (decrease) in cash at bank | ||||||||
Operating activities | ||||||||
Cash received from sublease revenue (Note 15) | $ | 9,629 | $ | 9,629 | $ | 19,024 | $ | 18,560 |
Cash paid to suppliers and contractors (Note 15) | (25,813) | (37,346) | (168,812) | (198,825) | ||||
Cash expended on legal settlement (Note 17) | - | - | - | (28,833) | ||||
Cash used in operating activities | (16,184) | (27,717) | (149,788) | (209,098) | ||||
Investing activities | ||||||||
Interest and other | 505 | (132) | (159) | (208) | ||||
Cash received (expended) on exploration and | ||||||||
evaluation assets (Note 15) | 12,639 | (1,104) | (65,131) | (9,469) | ||||
Cash expended on equipment and software | - | - | - | (809) | ||||
Cash provided by (used in) investing activities | 13,144 | (1,236) | (65,290) | (10,486) | ||||
Financing Activities | ||||||||
Private placement proceeds | - | - | 225,000 | - | ||||
Share issue costs | (1,275) | - | (3,512) | - | ||||
Cash (used in) provided by financing activities | (1,275) | - | 221,488 | - | ||||
Increase (decrease) in cash at bank | (4,315) | (28,953) | 6,410 | (219,584) | ||||
Cash at bank: | ||||||||
Beginning of period | 214,511 | 80,496 | 203,786 | 271,127 | ||||
End of period | $ | 210,196 | $ | 51,543 | $ | 210,196 | $ | 51,543 |
Supplementary information:
Interest and taxes
During the three and nine month periods ended June 30, 2022 and June 30, 2021, the Company did not expend cash on interest. During the nine-month period ended June 30, 2022, the Company expended $5,005, ($3,954 USD) on mineral production taxes (2021 - $Nil).
Non-cash transactions:
Nine months ended June 30
During the nine-month period ended June 30, 2022, there were no non-cash transactions.
During the nine-month period ended June 30, 2021, the Company received 4,000 common shares of Mindset Pharma Inc. in exchange for 200,000 common shares of North Sur Resources Inc. Refer to Note 6 - "Short-term investments" for further information.
Three months ended June 30
During the three month periods ended June 30, 2022 and June 30, 2021, there were no non-cash transactions.
See accompanying notes to the financial statements.
3
Jade Leader Corp.
Condensed Interim Statement of Changes in Equity
(Expressed in Canadian Dollars) (Unaudited - prepared by management)
Reserves | |||||||
Common | Equity-settled | ||||||
share | share based | Total | |||||
capital | payment | Warrants | Other* | Reserves | Deficit | Total | |
$ | $ | $ | $ | $ | $ | $ | |
Balance, September 30, 2020 | 14,234,128 | 637,312 | 815,107 | 1,822,107 | 3,274,526 | (15,674,670) | 1,833,984 |
Net and comprehensive loss for the period | - | - | - | - | - | (237,486) | (237,486) |
Options expired, January 2021 | - | (223,872) | - | 223,872 | - | - | - |
Options expired, March 2021 | - | (78,316) | - | 78,316 | - | - | - |
Balance, June 30, 2021 | 14,234,128 | 335,124 | 815,107 | 2,124,295 | 3,274,526 | (15,912,156) | 1,596,498 |
Net and comprehensive loss for the period | - | - | - | - | - | (588,215) | (588,215) |
Private placement share and warrant issue | 153,862 | - | 107,153 | - | 107,153 | - | 261,015 |
Share issuance costs | (3,639) | - | - | - | - | - | (3,639) |
Options issued, September 2021 | - | 64,432 | - | - | 64,432 | - | 64,432 |
Options expired, September 2021 | - | (11,438) | - | 11,438 | - | - | - |
Balance, September 30, 2021 | 14,384,351 | 388,118 | 922,260 | 2,135,733 | 3,446,111 | (16,500,371) | 1,330,091 |
Net and comprehensive loss for the period | - | - | - | - | - | (205,920) | (205,920) |
Warrants expired, October 2021 | - | - | (629,728) | 629,728 | - | - | - |
Private placement share and warrant issue | 135,868 | - | 89,132 | - | 89,132 | - | 225,000 |
Warrants expired, December 2021 | - | - | (53,944) | 53,944 | - | - | - |
Warrants expired, January 2022 | - | - | (18,413) | 18,413 | - | - | - |
Options expired, February 2022 | - | (43,500) | - | 43,500 | - | - | - |
Options expired, May 2022 | - | (10,500) | - | 10,500 | - | - | - |
Share issuance costs | (3,512) | - | - | - | - | - | (3,512) |
Balance, June 30, 2022 | 14,516,707 | 334,118 | 309,307 | 2,891,818 | 3,535,243 | (16,706,291) | 1,345,659 |
*Other reserves are comprised of the aggregate of the carrying value of escrow shares that were cancelled for no proceeds and the value of options and warrants that expired without exercise. These values were relieved from common share capital, share based payment reserve and warrants reserve respectively upon the cancellation/expiry of the equity instrument.
See accompanying notes to the financial statements.
4
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Jade Leader Corp. published this content on 30 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2022 18:19:05 UTC.
