JAZZ RESOURCES INC.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2022 AND 2021
(Expressed in Canadian dollars)
(UNAUDITED - PREPARED BY MANAGEMENT)
NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated financial statements have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with standards established by the Canadian Institute of Chartered Professional Accountants for a review of interim financial statements by an entity's auditor.
JAZZ RESOURCES INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at March 31, 2022 and June 30, 2021
(Unaudited - Prepared by Management)
Nature and continuance of operations and going concern (Note 1)
Subsequent events (Note 15)
Approved and authorized on behalf of the Board:
"Rob Klenk" | Director | "Kirk Fisher" | Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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JAZZ RESOURCES INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS For the three and nine months ended March 31, 2022 and 2021.
(Unaudited - Prepared by Management)
Three Month Period | Three Month Period | Nine Month Period | Nine Month Period | |
Note | Ended March 31, | Ended March 31, | Ended March 31, | Ended March 31, |
2022 | 2021 | 2022 | 2021 |
EXPENSES | ||||||||
Filing fees | $ | 10,655 | $ | 10,708 | $ | 12,618 | $ | 13,100 |
Interest and charges | 8,9 | 33,361 | (25) | 121,369 | 18,435 | |||
Office and miscellaneous | 32,331 | 8,488 | 42,527 | 25,354 | ||||
Accretion expense | 9 | 54,398 | - | 197,903 | - | |||
Professional fees | 37,249 | 108,036 | 127,164 | 158,902 | ||||
Consulting fees | 38,055 | 10,000 | 130,240 | 35,795 | ||||
Transfer agent fees | 2,181 | 6,095 | 40,205 | 6,759 | ||||
Share based compensation | 10 | 38,478 | 76,089 | 117,146 | 76,089 | |||
Total general and administrative expenses | 246,709 | 219,392 | 789,172 | 334,434 | ||||
Gain on forgiveness of loan | 8 | - | - | (2,208) | - | |||
Loss and comprehensive loss for the period | $ | (246,709) | $ | (219,392) | $ | (786,964) | $ | (334,434) |
Basic and diluted loss per common share | $ | (0.01) | $ | (0.02) | $ | (0.04) | $ | (0.04) |
Weighted average number of common shares | ||||||||
outstanding - basic and diluted | 23,516,966 | 14,464,310 | 21,962,667 | 8,984,196 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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JAZZ RESOURCES INC.
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) For the nine months ended March 31, 2022 and 2021.
(Unaudited - Prepared by Management)
Number of | Subscriptions | Contributed | Equity Portion of | |||||||||||
Note | Share Capital | Convertible | Deficit | Total | ||||||||||
Shares | Receivable | Surplus | ||||||||||||
Debentures | ||||||||||||||
Balance, June 30, 2020 | 2,576,885 | $ | 4,193,934 | $ | - | $ | 842,508 | $ | - | $ | (5,449,628) | $ | (413,186) | |
Shares issued in private placement | 10 | 12,053,150 | 2,486,915 | - | - | - | - | 2,486,915 | ||||||
Shares isssued to settle loan payable | 10 | 350,000 | 70,000 | - | - | - | - | 70,000 | ||||||
Shares issued in acquisition of mineral rights | 5, 10 | 3,150,000 | 1,072,500 | - | - | - | - | 1,072,500 | ||||||
Broker warrants in connection with private placement | 10 | - | (12,461) | - | 12,461 | - | - | - | ||||||
Subscriptions received | 10 | - | - | (32,500) | - | - | - | (32,500) | ||||||
Share based compensation | 10 | - | - | 76,089 | - | - | 76,089 | |||||||
Exercise of warrants | 10 | 61,350 | 12,270 | - | - | - | - | 12,270 | ||||||
Net loss for the period | - | - | - | - | - | (334,434) | (334,434) | |||||||
Balance, March 31, 2021 | 18,191,385 | 7,823,158 | (32,500) | 931,058 | - | (5,784,062) | 2,937,654 | |||||||
Shares issued in private placement | 10 | 38,850 | 118,335 | 18,200 | - | - | - | 136,535 | ||||||
Share issuance costs | 10 | - | (61,853) | - | - | - | - | (61,853) | ||||||
Shares issued in acquisition of net profit interests | 5, 10 | 1,975,000 | 908,500 | - | - | - | - | 908,500 | ||||||
Broker warrants in connection with private placement | 10 | - | (7,754) | - | 7,754 | - | - | - | ||||||
Share based compensation | 10 | - | - | - | 17,225 | - | - | 17,225 | ||||||
Equity portion of convertible debenture | 9 | - | - | - | - | 378,542 | - | 378,542 | ||||||
Net loss for the period | - | - | - | - | - | (134,041) | (134,041) | |||||||
Balance, June 30, 2021 | 20,205,235 | 8,780,386 | (14,300) | 956,037 | 378,542 | (5,918,103) | 4,182,562 | |||||||
Shares issued in private placement | 10 | 1,876,671 | 1,349,350 | (24,100) | - | - | - | 1,325,250 | ||||||
Share issuance costs | 10 | - | (15,915) | - | - | - | - | (15,915) | ||||||
Equity portion of convertible debenture | 9 | - | - | - | - | 39,144 | - | 39,144 | ||||||
Broker warrants in connection with private placement | 10 | - | (5,809) | - | 5,809 | - | - | - | ||||||
Expiry of broker warrants | 10 | - | 4,266 | - | (4,266) | - | - | - | ||||||
Share based compensation | 10 | - | - | - | 117,145 | - | - | 117,145 | ||||||
Exercise of warrants | 10 | 4,310,360 | 1,530,628 | (279,500) | - | - | - | 1,251,128 | ||||||
Net loss for the period | - | - | - | - | - | (786,964) | (786,964) | |||||||
Balance, March 31, 2022 | 26,392,266 | $ | 11,642,906 | $ | (317,900) | $ | 1,074,725 | $ | 417,686.00 | $ | (6,705,067) | $ | 6,112,350 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Jazz Resources Inc. published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 01:19:04 UTC.