MUNDORO CAPITAL INC. Mundoro Capital Inc.
Condensed Interim Consolidated Financial Statements
(Unaudited)
September 30, 2021
Expressed in Canadian Dollars
Reader's Note:
These unaudited condensed interim consolidated financial statements of Mundoro Capital Inc. have been
prepared by management and have not been reviewed by the Company's auditors.
MUNDORO CAPITAL INC.
(An exploration stage company)
Consolidated Statements of Financial Position (Unaudited)
(Expressed in Canadian Dollars)
As at | September 30, 2021 | December 31, 2020 | ||
(Unaudited) | ||||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ | 3,885,749 | $ | 2,083,665 |
Amounts receivable (note 4) | 103,724 | 136,900 | ||
Deposits | 37,469 | 19,806 | ||
Prepaid expenses | 119,983 | 92,076 | ||
4,146,925 | 2,332,447 | |||
Non-current assets | ||||
Investments (note 5) | 574,484 | 493,964 | ||
Equipment and vehicles (note 6) | 138,554 | 189,184 | ||
Mineral interests (note 7) | 224,025 | 72,474 | ||
937,063 | 755,622 | |||
TOTAL ASSETS | $ | 5,083,988 | $ | 3,088,069 |
LIABILITIES | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities (notes 10 & 12) | $ | 412,668 | $ | 361,240 |
Advances from joint venture partners (note 10) | 416,812 | 519,728 | ||
Short-term loan (note 8) | 40,000 | - | ||
TOTAL LIABILITIES | 869,480 | 880,968 | ||
EQUITY | ||||
Share capital (note 11) | 53,500,308 | 50,384,465 | ||
Contributed surplus | 8,994,887 | 8,994,887 | ||
Stock options reserve | 1,458,922 | 1,205,763 | ||
Accumulated other comprehensive income | (104,441) | (74,023) | ||
Deficit | (59,635,168) | (58,303,991) | ||
TOTAL EQUITY | 4,214,508 | 2,207,101 | ||
TOTAL EQUITY AND LIABILITIES | $ | 5,083,988 | $ | 3,088,069 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
These condensed interim consolidated financial statements are authorized for issue by the Board of Directors on November 23, 2021.
The are signed on the Company's behalf by:
/s/ Michael Calyniuk, Director | /s/ Teo Dechev, Director |
Page 2 of 13
MUNDORO CAPITAL INC.
(An exploration stage company)
Consolidated Statements of Loss and Comprehensive Loss (Unaudited)
(Expressed in Canadian Dollars)
For the three months ended | For the nine months ended | |||||||
September 30, | September 30, | September 30, | September 30, | |||||
2021 | 2020 | 2021 | 2020 | |||||
Exploration and project evaluation (note 9) | $ | 638,423 | $ | 471,358 | $ | 2,343,774 | $ | 2,213,508 |
Less: recoveries | (214,660) | (236,828) | (1,492,611) | (1,434,645) | ||||
423,763 | 234,530 | 851,163 | 778,863 | |||||
EXPENSES | ||||||||
Regulatory and corporate governance | 82,917 | 40,680 | 191,616 | 145,616 | ||||
General and administrative | 24,051 | 22,894 | 76,888 | 79,508 | ||||
Accounting and audit | 34,593 | 33,347 | 126,805 | 116,951 | ||||
Corporate communication | 92,289 | 51,712 | 162,540 | 164,450 | ||||
Operator fees earned | (21,466) | (23,683) | (149,261) | (139,985) | ||||
212,384 | 124,950 | 408,588 | 366,540 | |||||
LOSS BEFORE OTHER EXPENSES | 636,147 | 359,480 | 1,259,751 | 1,145,403 | ||||
OTHER (INCOME) EXPENSES | ||||||||
Interest and other income | (1,272) | (1,064) | (23,967) | (4,885) | ||||
Share-based payments | 91,604 | 21,986 | 253,160 | 104,033 | ||||
Depreciation (note 6) | 8,853 | 28,944 | 38,978 | 60,187 | ||||
Change in fair value of investments | 26,049 | (85,248) | (80,520) | (201,188) | ||||
Gain on disposal of fixed assets | - | 1,466 | - | 1,466 | ||||
Write-down of mineral properties | - | 389,317 | - | 389,317 | ||||
Foreign exchange (gain) loss | (285,892) | (247,098) | (116,225) | (602,838) | ||||
(160,658) | 108,303 | 71,426 | (253,908) | |||||
NET LOSS (INCOME) FOR THE PERIOD | $ | 475,489 | $ | 467,783 | 1,331,177 | $ | 891,495 | |
OTHER COMPREHENSIVE (INCOME) LOSS WHICH MAY | ||||||||
BE RE-CLASSIFIED TO PROFIT OR LOSS | ||||||||
IN SUBSEQUENT PERIODS | ||||||||
Foreign currency translation differences | ||||||||
for foreign operations | 180,611 | 159,067 | 30,418 | 386,305 | ||||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | $ | 656,100 | $ | 626,850 | $ | 1,361,595 | $ | 1,277,800 |
Loss per share | ||||||||
Basic and diluted gain (loss) per share: | $ | (0.01) | $ | (0.01) | $ | (0.01) | $ | (0.01) |
Page 3 of 13
MUNDORO CAPITAL INC.
(An exploration stage company) Consolidated Statements of Change in Equity (Unaudited)
(Expressed in Canadian Dollars)
Share capital | Reserves | ||||||||||||
Accum. Other | |||||||||||||
Contributed | Stock options | Comprehensive | |||||||||||
Number of shares | Amount | Surplus | reserve | Income | Deficit | Total | |||||||
Balance at December 31, 2019 | 80,664,527 | $ | 50,288,125 | $ | 9,000,153 | $ | 1,090,160 | $ | 61,321 | $ | (56,476,395) | $ | 3,963,364 |
Units issued for cash-private | 735,473 | 99,289 | - | - | - | - | 99,289 | ||||||
placement | |||||||||||||
Units issued for cash-stock option | 45,001 | 5,400 | - | - | - | - | 5,400 | ||||||
Share issue costs | - | (8,349) | - | - | - | - | (8,349) | ||||||
Share-based payments (Note 11 (b)) | - | - | (5,266) | 115,603 | - | - | 110,336 | ||||||
Net comprehensive loss for the year | - | - | - | - | (135,344) | (1,827,596) | (1,962,940) | ||||||
Balance at December 31, 2020 | 81,445,001 | $ | 50,384,465 | $ | 8,994,887 | $ | 1,205,763 | $ | (74,023) | $ | (58,303,991) | $ | 2,207,101 |
Balance at December 31, 2020 | 81,445,001 | $ | 50,384,465 | $ | 8,994,887 | $ | 1,205,763 | $ | (74,023) | $ | (58,303,991) | $ | 2,207,101 |
Units issued for cash-private | 19,287,500 | 3,086,000 | - | - | - | - | 3,086,000 | ||||||
placement | |||||||||||||
Units issued for cash-stock option | 1,016,795 | 124,350 | - | - | - | - | 124,350 | ||||||
Share issue costs | - | (94,507) | - | - | - | - | (94,507) | ||||||
Share-based payments (Note 11 (b)) | - | - | - | 253,160 | - | - | (8,741,727) | ||||||
Net comprehensive loss for the period | - | - | - | - | (30,418) | (1,331,177) | 7,633,292 | ||||||
Balance at September 30, 2021 | 101,749,296 | $ | 53,500,308 | $ | 8,994,887 | $ | 1,458,922 | $ | (104,441) | $ | (59,635,168) | $ | 4,214,508 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
Page 4 of 13
MUNDORO CAPITAL INC.
(An exploration stage company) Consolidated Statements of Cash Flows (Unaudited)
(Expressed in Canadian Dollars)
For the nine months ended | ||||
September 30, 2021 | September 30, 2020 | |||
Cash flows provided from (used in): | ||||
OPERATING ACTIVITIES | ||||
Net Income (loss) for the period | $ | (1,331,177) | $ | (891,495) |
Adjustments for items not affecting cash: | ||||
Depreciation | 38,978 | 51,580 | ||
Share-based payments | 253,159 | 104,033 | ||
Foreign exchange (gain) loss | (116,225) | (602,838) | ||
Change in fair value of investments (note 5) | (80,520) | (201,188) | ||
Write-down of mineral properties | - | 389,317 | ||
(1,235,785) | (1,150,591) | |||
Net changes in non-cash working capital items: | ||||
Amounts receivable | 23,354 | 929,542 | ||
Prepaid expenses | (29,344) | (23,257) | ||
Deposits | (18,803) | (1,330) | ||
Accounts payable and accrued liabilities | 67,071 | (623,601) | ||
Advances from option partners | (102,916) | (204,400) | ||
Net cash provided by (used in) operating activities | (1,296,423) | (1,073,637) | ||
FINANCING ACTIVITIES | ||||
Funds transferred from escrow, net of costs | - | (8,349) | ||
Issuance of common shares for cash, net of share issue costs | 3,086,000 | 99,289 | ||
Issuance of common shares for cash, stock option exercise | 124,350 | - | ||
Share issuance cost | (94,507) | - | ||
Proceeds from government loan | 40,000 | - | ||
Net cash flows from financing activities | 3,155,843 | 90,940 | ||
INVESTING ACTIVITIES | ||||
Expenditures on resource properties | (155,166) | (5,824) | ||
Purchase of equipment | (11,173) | (15,071) | ||
Proceeds from disposition of assets | 15,463 | 26,014 | ||
Restricted cash | - | 1,773 | ||
Net cash flows from investing activities | (150,876) | 6,892 | ||
Effects of exchange rate changes on cash and cash equivalents | 93,540 | 186,332 | ||
Net increase (decrease) in cash and cash equivalents | 1,802,084 | (789,474) | ||
Cash and cash equivalents, beginning of period | 2,083,665 | 2,744,516 | ||
Cash and cash equivalents, end of period | $ | 3,885,749 | $ | 1,955,043 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
Page 5 of 13
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Mundoro Capital Inc. published this content on 23 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 November 2021 22:59:10 UTC.
