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    GASX   CA62931J1021

NG ENERGY INTERNATIONAL CORP.

(GASX)
  Report
Delayed Bourse de Toronto  -  03:11 2022-09-29 pm EDT
0.8000 CAD   -1.23%
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09/02NG Energy Details Reserves and Resources on Magico-1x Well in Colombia's Sinu-9 Block
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NG Energy International : Interim Financial Statements - Q2

08/16/2022 | 06:04pm EDT

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.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

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.


© Publicnow 2022
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Financials (USD)
Sales 2022 8,70 M - -
Net income 2022 - - -
Net Debt 2022 28,1 M - -
P/E ratio 2022 -
Yield 2022 -
Capitalization 73,0 M 73,0 M -
EV / Sales 2022 11,6x
EV / Sales 2023 0,98x
Nbr of Employees 10
Free-Float 70,3%
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Last Close Price 0,58 $
Average target price 1,53 $
Spread / Average Target 162%
Managers and Directors
Serafino Rose Iacono Chief Executive Officer & Director
Marianella Bernal Parada Chief Financial Officer
Ronald Pantin Executive Chairman
Gordon Bruce Keep Independent Director
Frederico Restrepo Solano Independent Director
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