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    GASX   CA62931J1021

NG ENERGY INTERNATIONAL CORP.

(GASX)
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NG Energy International : Interim Financial Statements - Q3

11/24/2021 | 07:20pm EST

NG ENERGY INTERNATIONAL CORP.

(FORMERLY CRUZSUR ENERGY CORP.)

INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

NG ENERGY INTERNATIONAL CORP.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited, expressed in U.S. Dollars)

September 30, 2021

December 31, 2020

Assets

Current Assets

1,690,663

1,208,765

Cash and cash equivalents

Accounts receivable and prepaids

1,000,541

491,454

Inventory

3,939

3,939

Non‐current Assets

2,695,143

1,704,158

2,426,520

Restricted cash (Note 4)

2,706,991

VAT receivable

2,162,656

1,651,981

Exploration and evaluation assets (Note 5)

13,399,432

8,398,358

Property, plant and equipment (Note 6)

9,788

11,801

Total Assets

20,693,539

14,473,289

Liabilities

Current Liabilities

3,038,786

Accounts payable and accrued liabilities

3,177,873

Current portion of debt (Note 7)

4,924,167

2,021,823

Non‐current Liabilities

7,962,953

5,199,696

Non‐current portion of debt (Note 7)

1,985,941

Decommissioning obligation

719,349

626,561

Total Liabilities

8,682,302

7,812,198

Shareholders' Equity

98,599,229

89,676,395

Share capital (Note 8a)

Contributed surplus

10,349,516

10,179,700

Warrants (Note 8c)

12,623,364

11,954,739

Deficit

(108,889,824)

(104,303,857)

Accumulated other comprehensive loss

(671,048)

(845,886)

Total Shareholders' Equity

12,011,237

6,661,091

Total Liabilities and Shareholders' Equity

20,693,539

14,473,289

Going concern (Note 2)

Related parties (Note 11)

Commitments (Note 13)

Subsequent events (Note 16)

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 nine months ended September 30

For the three months ended

For the nine months ended

(Unaudited, expressed in U.S. Dollars)

2021

2020

2021

2020

restated (1)

restated (1)

Expenses:

620,996

647,619

2,168,586

1,334,951

General and administrative

Business development

2,005

48,300

Share‐based compensation (Note 8b)

1,298,396

9,026

1,298,396

270,078

Depletion and depreciation (Note 6)

1,727

4,477

4,972

11,283

Net finance expense (Note 9)

164,268

158,469

493,176

380,161

Fair value loss on derivative liability (Note 3)

14,302,667

14,711,456

Foreign exchange loss

265,416

88,195

618,832

743,469

2,350,803

15,210,453

4,585,967

17,499,698

Loss from continuing operations

(2,350,803)

(15,210,453)

(4,585,967)

(17,499,698)

Loss from discontinued operations (Note 10)

(1,232,194)

(1,691,363)

Net loss

(2,350,803)

(16,442,647)

(4,585,967)

(19,191,061)

Other comprehensive income (loss)

119,668

174,838

Foreign currency translation adjustment

(605,177)

(280,191)

Comprehensive Loss

(2,231,135)

(17,047,824)

(4,411,129)

(19,471,252)

Loss per share ‐ basic and diluted

Loss per share from continuing operations (Note 8d)

(0.02)

(0.32)

(0.04)

(0.46)

Loss per share from discontinued operations (Note 10)

(0.03)

(0.04)

(0.02)

(0.35)

(0.04)

(0.50)

Weighted average number of common

106,839,679

103,388,971

shares outstanding

47,893,807

38,302,150

(1) Restated for correction of accounting treatment based on IFRS clarification ‐ see Note 3

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 nine months ended September 30

For the three months ended

For the nine months ended

(Unaudited, expressed in U.S. Dollars)

2021

2020

2021

2020

restated (1)

restated (1)

Operating Activities

(2,350,803)

(15,210,453)

(4,585,967)

(17,499,698)

Net income (loss)

Items not affecting cash:

1,727

4,477

4,972

11,283

Depletion and depreciation (Note 6)

Share‐based compensation (Note 8b)

1,298,396

9,026

1,298,396

270,078

Unrealized foreign exchange loss

174,438

46,887

637,053

591,493

Net finance expense

164,268

158,469

493,176

380,161

Fair value loss on derivative liability (Note 3)

14,302,667

14,711,456

Change in non‐cash working capital (Note 15)

(781,629)

(136,741)

(997,744)

(11,458)

Continuing operations

(1,493,603)

(825,668)

(3,150,114)

(1,546,685)

Discontinued operations

68,689

(93,258)

Cash used in operating activities

(1,493,603)

(756,979)

(3,150,114)

(1,639,943)

Investing Activities

(495,927)

(878,222)

(5,047,416)

(1,645,190)

Exploration and evaluation asset additions

Property, plant and equipment additions

(621)

(2,961)

(2,959)

(5,528)

Change in restricted cash

(10)

(6,363)

(3,565)

(13,226)

Change in non‐cash working capital (Note 15)

(278,975)

(178,397)

(157,219)

(231,814)

Continuing operations

(775,533)

(1,065,943)

(5,211,159)

(1,895,758)

Discontinued operations

137,196

Cash used in investing activities

(775,533)

(928,747)

(5,211,159)

(1,895,758)

Financing Activities

2,108,075

800,000

2,208,075

Proceeds on debt issuance, net of transaction costs (Note 7)

Proceeds on private placement, net of costs (Note 8a)

(5,646)

6,992,748

1,487,484

Proceeds on warrant exercises

513,898

753,181

1,037,870

753,181

Proceeds on option exercises

17,904

30,715

43,809

30,715

Net finance received (paid)

5,538

14,875

15,809

48,723

Continuing operations

537,340

2,901,200

8,890,236

4,528,178

Discontinued operations

(2,152)

(7,575)

Cash provided by financing activities

537,340

2,899,048

8,890,236

4,520,603

Net increase (decrease) in cash

(1,731,796)

1,213,322

528,963

984,902

Foreign exchange loss on cash

(7,660)

(7,202)

(47,065)

(55,026)

Increase (decrease) in cash

(1,739,456)

1,206,120

481,898

929,876

Cash, beginning of period

3,430,119

1,146,940

1,208,765

1,423,184

Cash, end of period

1,690,663

2,353,060

1,690,663

2,353,060

(1) Restated for correction of accounting treatment based on IFRS clarification ‐ see Note 3

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

AOCL(2)

(Unaudited, expressed in U.S. Dollars)

Common Shares

Share Capital

Surplus

Warrants

Deficit

Total

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 from continuing operations

(4,585,967)

(4,585,967)

Shares issued through private placement

8,939,300

5,633,876

5,633,876

Warrants issued through private placement

1,347,331

1,347,331

Shares issued to service provider

4,000,000

1,099,592

(1,099,592)

Warrants issued to broker

399,993

399,993

Shares issued through warrant exercise

6,467,232

2,116,569

(1,078,699)

1,037,870

Shares issued through option exercise

170,000

72,797

(28,988)

43,809

Foreign currency translation adjustment

174,838

174,838

Share‐based compensation

1,298,396

1,298,396

Balance at September 30, 2021

109,173,565

98,599,229

10,349,516

12,623,364

(108,889,824)

(671,048)

12,011,237

(Unaudited, expressed in U.S. Dollars ‐ restated (1) )

Balance at December 31, 2019

30,175,840

64,997,628

6,956,218

10,297,588

(80,603,452)

(415,762)

1,232,220

Net loss from continuing operations

(17,499,698)

(17,499,698)

Net loss from discontinued operations

(1,691,363)

(1,691,363)

Shares issued through private placement

12,000,000

1,067,957

1,067,957

Warrants issued through private placement

419,527

419,527

Reserve for future share‐based payment

824,964

824,964

Conversion of debentures

21,666,659

10,657,548

8,914,439

19,571,987

Shares issued through warrant exercise

6,604,994

3,448,488

(2,695,307)

753,181

Shares issued through option exercise

90,000

49,850

(19,135)

30,715

Shares issued for interest payment

806,719

115,122

115,122

Foreign currency translation adjustment

(280,191)

(280,191)

Share‐based compensation

270,078

270,078

Balance at September 30, 2020

71,344,212

80,336,593

8,032,125

16,936,247

(99,794,513)

(695,953)

4,814,499

  1. Restated for correction of accounting treatment based on IFRS clarification ‐ see Note 3
  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 24 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2021 00:19:07 UTC.


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Sales 2021 - - -
Net income 2021 - - -
Net cash 2021 4,50 M - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 162 M 162 M -
EV / Sales 2021 -
EV / Sales 2022 1,98x
Nbr of Employees -
Free-Float 69,8%
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Consensus
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Average target price 2,20 $
Spread / Average Target 62,8%
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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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