Condensed Interim Consolidated Financial Statements of
Kaizen Discovery Inc.
For the three months ended March 31, 2023 and 2022
(Unaudited)
Kaizen Discovery Inc. | |
Condensed Interim Consolidated Financial Statements | |
Table of contents | |
Condensed interim consolidated statements of financial position | 1 |
Condensed interim consolidated statements of income (loss) and comprehensive income (loss) | 2 |
Condensed interim consolidated statements of changes in shareholders' equity | 3 |
Condensed interim consolidated statements of cash flows | 4 |
Notes to the condensed interim consolidated financial statements | 5-12 |
Kaizen Discovery Inc.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited)
(Stated in thousands of Canadian dollars)
March 31, | December 31, | ||||||||
Notes | 2023 | 2022 | |||||||
Assets | |||||||||
Current assets | |||||||||
Cash | $ | 919 | $ | 867 | |||||
Short-term financial assets | 88 | 139 | |||||||
Receivables | 20 | 15 | |||||||
Prepaid expenses and deposits | 12 | 288 | 282 | ||||||
Total current assets | 1,315 | 1,303 | |||||||
Non-current assets | |||||||||
Other assets | 44 | 44 | |||||||
Property, plant and equipment | 59 | 63 | |||||||
Mineral properties | 3 | 3,416 | 3,419 | ||||||
Total assets | $ | 4,834 | $ | 4,829 | |||||
Liabilities | |||||||||
Current liabilities | |||||||||
Accounts payable and accrued liabilities | 12 | $ | 312 | $ | 207 | ||||
Provision | 57 | 57 | |||||||
Total current liabilities | 369 | 264 | |||||||
Non-current liabilities | |||||||||
Non-current provision | 4 | - | 467 | ||||||
Total liabilities | $ | 369 | $ | 731 | |||||
Shareholders' equity | |||||||||
Share capital | 5 | $ | 62,980 | $ | 62,916 | ||||
Share-based payment reserve | 10 | 4,670 | 4,696 | ||||||
Other reserves | 452 | 452 | |||||||
Share purchase warrants | 5 | 1,291 | 1,291 | ||||||
Accumulated other comprehensive loss | (523) | (519) | |||||||
Accumulated deficit | (64,405) | (64,738) | |||||||
Total shareholders' equity | $ | 4,465 | $ | 4,098 | |||||
Total liabilities and shareholders' equity | $ | 4,834 | $ | 4,829 | |||||
Description of business and going concern (Note 1) | |||||||||
Subsequent event (Note 13) | |||||||||
Approved and authorized for issue on behalf of the Board on May 4, 2023: | |||||||||
/s/ Terry Krepiakevich | /s/ Eric Finlayson | ||||||||
Terry Krepiakevich, Director | Eric Finlayson, Director |
See accompanying notes to the condensed interim consolidated financial statements.
Page | 1
Kaizen Discovery Inc.
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
(Unaudited)
(Stated in thousands of Canadian dollars, except for share and per share amounts)
Three months ended March 31, | |||||
Notes | 2023 | 2022 | |||
Operating expenses | |||||
Exploration expenses | 7 | $ | (247) | $ | (940) |
Administrative expenses | 8 | (388) | (752) | ||
Loss from operations | (635) | (1,692) | |||
Other income (expenses) | |||||
Interest income | 8 | 10 | |||
Loss on foreign exchange | (3) | (52) | |||
Interest expense | - | (11) | |||
Depreciation expense | (4) | (3) | |||
Other income | 4, 6 | 967 | 579 | ||
Income (loss) before income taxes | 333 | (1,169) | |||
Income taxes | - | - | |||
Net income (loss) for the period | $ | 333 | $ | (1,169) | |
Other comprehensive income (loss) | |||||
Items that will not be reclassified subsequently to loss: | |||||
Change in fair value of marketable securities | - | 13 | |||
Items that may be reclassified subsequently to loss: | |||||
Currency translation adjustment | (4) | (51) | |||
Total other comprehensive loss for the period | $ | (4) | $ | (38) | |
Total comprehensive income (loss) for the period | $ | 329 | $ | (1,207) | |
Earnings (loss) per share | 9 | ||||
Basic | $ | 0.01 | $ | (0.02) | |
Diluted | $ | 0.01 | $ | (0.02) | |
Weighted average number of shares outstanding | |||||
Basic | 65,895,893 | 65,828,426 | |||
Diluted | 66,387,559 | 65,828,426 | |||
See accompanying notes to the condensed interim consolidated financial statements.
Page | 2
Kaizen Discovery Inc.
Condensed Interim Consolidated Statements of Shareholders' Equity
(Unaudited)
(Stated in thousands of Canadian dollars, except for share amounts)
Accumulated | ||||||||||||||||
Share-based | Share | other | ||||||||||||||
Notes | Number of | Share | payment | Other | purchase comprehensive | Accumulated | ||||||||||
shares | capital | reserve | reserves | warrants | loss | deficit | Total | |||||||||
Balance at January 1, 2022 | 65,828,426 | 62,916 | 4,103 | 452 | 1,291 | (744) | (60,167) | 7,851 | ||||||||
Net loss for the period | - | - | - | - | - | - | (1,169) | (1,169) | ||||||||
Other comprehensive loss | - | - | - | - | - | (38) | - | (38) | ||||||||
Share-based payments | - | - | 320 | - | - | - | - | 320 | ||||||||
Balance at March 31, 2022 | 65,828,426 | $ | 62,916 | $ | 4,423 | $ | 452 | $ | 1,291 | $ | (782) | $ | (61,336) | $ | 6,964 | |
Balance at January 1, 2023 | 65,828,426 | $ | 62,916 | $ | 4,696 | $ | 452 | $ | 1,291 | $ | (519) | $ | (64,738) | $ | 4,098 | |
Net income for the period | - | - | - | - | - | - | 333 | 333 | ||||||||
Settlement of restricted share units | 10 | 114,566 | 64 | (67) | - | - | - | - | (3) | |||||||
Other comprehensive loss | - | - | - | - | - | (4) | - | (4) | ||||||||
Share-based payments | - | - | 41 | - | - | - | - | 41 | ||||||||
Balance at March 31, 2023 | 65,942,992 | $ | 62,980 | $ | 4,670 | $ | 452 | $ | 1,291 | $ | (523) | $ | (64,405) | $ | 4,465 |
See accompanying notes to the condensed interim consolidated financial statements.
Page | 3
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Kaizen Discovery Inc. published this content on 05 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2023 11:30:04 UTC.