NG ENERGY INTERNATIONAL CORP. 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 |
- Restated for correction of accounting treatment based on IFRS clarification ‐ see Note 3
- 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 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.
