NG ENERGY INTERNATIONAL CORP. NG ENERGY INTERNATIONAL CORP.
INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
JUNE 30, 2022
NG ENERGY INTERNATIONAL CORP.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited, expressed in U.S. Dollars) | June 30, 2022 | December 31, 2021 |
Assets | ||
Current Assets | 9,863,805 | 5,848,957 |
Cash and cash equivalents | ||
Deposit in escrow (Note 8) | 947,220 | ‐ |
Accounts receivable and prepaids | 1,223,857 | 682,799 |
Non‐current Assets | 12,034,882 | 6,531,756 |
2,268,890 | ||
Restricted cash (Note 4) | 2,340,244 | |
VAT receivable | 2,577,702 | 2,284,965 |
Exploration and evaluation assets (Note 5) | 18,994,852 | 11,980,739 |
Property, plant and equipment (Note 6) | 19,057 | 8,129 |
Total Assets | 35,895,383 | 23,145,833 |
Liabilities | ||
Current Liabilities | 4,508,709 | |
Accounts payable and accrued liabilities | 2,615,205 | |
Current portion of debt (Note 7) | 3,194,102 | 2,990,801 |
Non‐current Liabilities | 7,702,811 | 5,606,006 |
9,123,958 | ||
Liability component of convertible debentures (Note 8) | ‐ | |
Decommissioning obligation | 1,303,328 | 806,830 |
Total Liabilities | 18,130,097 | 6,412,836 |
Shareholders' Equity | 104,789,474 | 103,572,805 |
Share capital (Note 9a) | ||
Contributed surplus | 10,344,927 | 10,349,516 |
Warrants (Note 9c) | 16,821,209 | 14,669,362 |
Equity component of convertible debentures (Note 8) | 225,564 | ‐ |
Deficit | (113,673,225) | (111,018,304) |
Accumulated other comprehensive loss | (742,663) | (840,382) |
Total Shareholders' Equity | 17,765,286 | 16,732,997 |
Total Liabilities and Shareholders' Equity | 35,895,383 | 23,145,833 |
Going concern (Note 2)
Related parties (Note 11)
Commitments (Note 13)
Subsequent events (Note 15)
See accompanying notes to the interim condensed consolidated financial statements.
NG ENERGY INTERNATIONAL CORP.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
For the three and six months ended June 30
For the three months ended | For the six months ended | |||
(Unaudited, expressed in U.S. Dollars) | 2022 | 2021 | 2022 | 2021 |
Expenses: | 867,185 | 782,674 | 1,915,746 | 1,549,595 |
General and administrative | ||||
Exploration and evaluation expense (Note 5) | 109,964 | ‐ | 158,126 | ‐ |
Depletion and depreciation (Note 6) | 6,162 | 1,709 | 8,067 | 3,245 |
Net finance expense (Note 10) | 254,808 | 168,772 | 357,185 | 328,908 |
Foreign exchange loss (gain) | 997,668 | (16,663) | 594,918 | 353,416 |
2,235,787 | 936,492 | 3,034,042 | 2,235,164 | |
Loss before income taxes | (2,235,787) | (936,492) | (3,034,042) | (2,235,164) |
Deferred income tax recovery (Note 8) | 379,121 | ‐ | 379,121 | ‐ |
Net loss | (1,856,666) | (936,492) | (2,654,921) | (2,235,164) |
Other comprehensive income (loss) | 125,742 | 97,719 | ||
Foreign currency translation adjustment | 39,371 | 55,170 | ||
Comprehensive Loss | (1,730,924) | (897,121) | (2,557,202) | (2,179,994) |
Loss per share ‐ basic and diluted (Note 9d) | (0.02) | (0.01) | (0.02) | (0.02) |
Weighted average number of common shares outstanding | 123,727,676 | 105,608,072 | 122,780,179 | 101,635,020 |
See accompanying notes to the interim condensed consolidated financial statements.
NG ENERGY INTERNATIONAL CORP.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three and six months ended June 30
For the three months ended | For the six months ended | |||
(Unaudited, expressed in U.S. Dollars) | 2022 | 2021 | 2022 | 2021 |
Operating Activities | (1,856,666) | (936,492) | (2,654,921) | (2,235,164) |
Net loss | ||||
Items not affecting cash: | 6,162 | 1,709 | 8,067 | 3,245 |
Depletion and depreciation (Note 6) | ||||
Unrealized foreign exchange loss | 587,694 | 90,521 | 340,903 | 462,615 |
Net finance expense (Note 10) | 254,808 | 168,772 | 357,185 | 328,908 |
Current income tax recovery | (379,121) | ‐ | (379,121) | ‐ |
Change in non‐cash working capital (Note 14) | (43,084) | 79,699 | (230,728) | (216,115) |
Cash used in operating activities | (1,430,207) | (595,791) | (2,558,615) | (1,656,511) |
Investing Activities | (5,916,155) | (3,977,803) | (6,524,475) | (4,551,489) |
Exploration and evaluation asset additions (Note 5) | ||||
Property, plant and equipment additions (Note 6) | (11,092) | ‐ | (18,995) | (2,338) |
Change in restricted cash | (10,839) | 3,776 | (12,234) | (3,555) |
Change in non‐cash working capital (Note 14) | 2,538,003 | 1,228,418 | 1,290,437 | 121,756 |
Cash used in investing activities | (3,400,083) | (2,745,609) | (5,265,267) | (4,435,626) |
Financing Activities | 12,069,445 | ‐ | 12,069,445 | ‐ |
Proceeds on convertible debentures, net of costs (Note 8) | ||||
Proceeds on debt issuance, net of costs | ‐ | 600,000 | ‐ | 800,000 |
Proceeds on private placement, net of costs | ‐ | ‐ | ‐ | 6,992,748 |
Proceeds on warrant exercises | 415,706 | 109,144 | 1,002,644 | 523,972 |
Proceeds on option exercises | ‐ | ‐ | 6,519 | 25,905 |
Proceeds put into escrow (Note 8) | (947,220) | ‐ | (947,220) | ‐ |
Net finance paid | (94,359) | (4,085) | (91,845) | 10,271 |
Cash provided by financing activities | 11,443,572 | 705,059 | 12,039,543 | 8,352,896 |
Net increase (decrease) in cash | 6,613,282 | (2,636,341) | 4,215,661 | 2,260,759 |
Foreign exchange loss on cash | (274,034) | (44,669) | (200,813) | (39,405) |
Increase (decrease) in cash | 6,339,248 | (2,681,010) | 4,014,848 | 2,221,354 |
Cash, beginning of period | 3,524,557 | 6,111,129 | 5,848,957 | 1,208,765 |
Cash, end of period | 9,863,805 | 3,430,119 | 9,863,805 | 3,430,119 |
Cash is defined as cash and cash equivalents.
See accompanying notes to the interim condensed consolidated financial statements.
NG ENERGY INTERNATIONAL CORP.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Number of | Contributed | ECCD(1) | Deficit | AOCL(2) | ||||
(Unaudited, expressed in U.S. Dollars) | Common Shares | Share Capital | Surplus | Warrants | Total | |||
Balance at December 31, 2021 | 119,930,155 | 103,572,805 | 10,349,516 | 14,669,362 | ‐ | (111,018,304) | (840,382) | 16,732,997 |
Net loss | ‐ | ‐ | ‐ | ‐ | ‐ | (2,654,921) | ‐ | (2,654,921) |
Shares issued through warrant exercise | 5,011,111 | 1,205,561 | ‐ | (202,917) | ‐ | ‐ | ‐ | 1,002,644 |
Shares issued through option exercise | 30,000 | 11,108 | (4,589) | ‐ | ‐ | ‐ | ‐ | 6,519 |
Issuance of convertible debentures | ‐ | ‐ | ‐ | 2,354,764 | 225,564 | 2,580,328 | ||
Foreign currency translation adjustment | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | 97,719 | 97,719 |
Balance at June 30, 2022 | 124,971,266 | 104,789,474 | 10,344,927 | 16,821,209 | 225,564 | (113,673,225) | (742,663) | 17,765,286 |
Balance at December 31, 2020 | 89,597,033 | 89,676,395 | 10,179,700 | 11,954,739 | ‐ | (104,303,857) | (845,886) | 6,661,091 |
Net loss | ‐ | ‐ | ‐ | ‐ | ‐ | (2,235,164) | ‐ | (2,235,164) |
Shares issued through private placement | 8,939,300 | 5,585,450 | ‐ | ‐ | ‐ | ‐ | ‐ | 5,585,450 |
Warrants issued through private placement | ‐ | ‐ | ‐ | 1,368,882 | ‐ | ‐ | ‐ | 1,368,882 |
Shares issued to service provider | 4,000,000 | 1,099,592 | (1,099,592) | ‐ | ‐ | ‐ | ‐ | ‐ |
Warrants issued to broker | ‐ | ‐ | ‐ | 426,868 | ‐ | ‐ | ‐ | 426,868 |
Shares issued through warrant exercise | 3,638,332 | 1,502,156 | ‐ | (978,184) | ‐ | ‐ | ‐ | 523,972 |
Shares issued through option exercise | 120,000 | 44,263 | (18,358) | ‐ | ‐ | ‐ | ‐ | 25,905 |
Foreign currency translation adjustment | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | 55,170 | 55,170 |
Balance at June 30, 2021 | 106,294,665 | 97,907,856 | 9,061,750 | 12,772,305 | ‐ | (106,539,021) | (790,716) | 12,412,174 |
(1) Equity component of convertible debentures
(2) Accumulated other comprehensive loss
See accompanying notes to the interim condensed consolidated financial statements.
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NG Energy International Corp. published this content on 16 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2022 22:03:07 UTC.
