1100 - 1199 West Hastings Street,
Vancouver, BC, V6E 3T5
Tel: 604-684-9384
Condensed Consolidated Interim Financial Statements
Nine Months Ended September 30, 2021 and 2020
(Expressed in Canadian Dollars)
(Unaudited)
Index | Page |
Notice of No Auditor Review | 2 |
Condensed Consolidated Interim Financial Statements | |
Condensed Consolidated Interim Statements of Comprehensive Loss | 3 |
Condensed Consolidated Interim Statements of Financial Position | 4 |
Condensed Consolidated Interim Statements of Changes in Equity (Deficit) | 5 |
Condensed Consolidated Interim Statements of Cash Flows | 6 |
Notes to the Condensed Consolidated Interim Financial Statements | 7-15 |
NOTICE OF NO AUDITOR REVIEW
The accompanying unaudited condensed consolidated interim financial statements of the Company for the nine months ended September 30, 2021, and comparatives for the nine months ended September 30, 2020, were prepared by management and have not been reviewed or audited by the Company's auditors.
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Page 2 of 15
Valterra Resource Corporation
(An Exploration Stage Company)
Condensed Consolidated Interim Statements of Comprehensive Loss
Nine Months Ended September 30, 2021 and 2020
(Expressed in Canadian Dollars, Unaudited)
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
Note | 2021 | 2020 | 2021 | 2020 | |||||
Operating Expenses | |||||||||
Administration | 8 | $ | 15,000 | $ | - | $ | 45,000 | $ | - |
Consulting | 8 | 237,805 | 29,810 | 259,038 | 35,810 | ||||
Exploration and evaluation | 6 & 8 | 9,859 | 27,763 | 15,576 | 46,314 | ||||
Investor relations | 8 | 11,982 | 53,500 | 48,548 | 107,600 | ||||
Office and general | 8 | 4,834 | 4,174 | 17,540 | 15,886 | ||||
Professional fees | 8 | 9,982 | 22,930 | 92,574 | 88,274 | ||||
Regulatory fees and taxes | 20,194 | 15,947 | 34,050 | 25,658 | |||||
Share-based payments | 131 | - | 2,892 | - | |||||
Shareholders' communications | 3,731 | 1,150 | 6,555 | 3,250 | |||||
Transfer agent | 1,172 | 2,384 | 7,708 | 4,950 | |||||
314,690 | 157,658 | 529,481 | 327,742 | ||||||
Foreign Exchange (Gain) Loss | 5,530 | (1,498) | 748 | 4,476 | |||||
Mineral property impairment | 6 | 292,158 | 160,077 | 292,158 | 160,077 | ||||
Unrealized (Gain) Loss on Marketable Securities | 5 | 550 | - | (1,050) | - | ||||
298,238 | 158,579 | 291,856 | 164,553 | ||||||
Net Loss and Comprehensive Loss for the Period | $ | 612,928 | $ | 316,237 | $ | 821,337 | $ | 492,295 | |
Loss per share - basic and diluted | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.03 | |
Weighted average number of common shares | |||||||||
outstanding | 67,388,187 | 36,205,155 | 63,573,899 | 18,901,067 | |||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
Page 3 of 15
Valterra Resource Corporation
(An Exploration Stage Company)
Condensed Consolidated Interim Statements of Financial Position
(Expressed in Canadian Dollars, Unaudited)
September 30 | December 31 | |||||
As at | Note | 2021 | 2020 | |||
Assets | ||||||
Current | ||||||
Cash | $ | 307,060 | $ | 368,106 | ||
Receivables | 2,663 | 7,306 | ||||
Marketable securities | 5 | 4,200 | - | |||
Prepaids | 7,460 | 9,809 | ||||
321,383 | 385,221 | |||||
Non-current | ||||||
Mineral properties | 6 | - | - | |||
Reclamation bonds | 5 | 12,000 | 29,667 | |||
Loan | 7 | 2,103,500 | 2,028,500 | |||
2,115,500 | 2,058,167 | |||||
$ | 2,436,883 | $ | 2,443,388 | |||
Liabilities | ||||||
Current | ||||||
Accounts payable and accrued liabilities | 6 & 7 | $ | 919,026 | $ | 651,893 | |
Due to related parties | 8 | 615,008 | 465,886 | |||
1,534,034 | 1,117,779 | |||||
Equity | ||||||
Share capital | 9 | 17,628,788 | 17,247,842 | |||
Share-based payments reserve | 623,373 | 609,461 | ||||
Warrant reserve | 201,290 | 257,308 | ||||
Deficit | (17,550,602) | (16,789,002) | ||||
902,849 | 1,325,609 | |||||
$ | 2,436,883 | $ | 2,443,388 | |||
Approved on behalf of the Board | ||||||
"Lawrence Page" | "Brian McGrath" | |||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
Page 4 of 15
Valterra Resource Corporation
(An Exploration Stage Company)
Condensed Consolidated Interim Statements of Changes in Equity (Deficit) Nine Months Ended September 30, 2021 and 2020
(Expressed in Canadian Dollars, Unaudited)
Share Capital | Share-based | Total | |||||||||
Number | Payments | Warrant | Equity | ||||||||
of Shares | Amount | Reserve | Reserve | Deficit | (Deficit) | ||||||
Balance as at December 31, 2019 | 9,375,155 | $ | 14,170,805 | $ | 245,695 | $ | 257,308 | $ | (15,590,708) | $ | (916,900) |
Issued | |||||||||||
Private Placement | 28,170,000 | 1,408,500 | - | - | - | 1,408,500 | |||||
Mineral property | 70,000 | 5,600 | - | - | - | 5,600 | |||||
Share issue costs | - | (110,040) | 54,990 | - | - | (55,050) | |||||
Subscriptions received | - | 22,500 | - | - | - | 22,500 | |||||
Net loss | - | - | - | - | (492,295) | (492,295) | |||||
Balance as at September 30, 2020 | 37,615,155 | $ | 15,497,365 | $ | 300,685 | $ | 257,308 | $ | (16,083,003) | $ | (27,645) |
Balance as at December 31, 2020 | 61,635,144 | $ | 17,247,842 | $ | 609,461 | $ | 257,308 | $ | (16,789,002) | $ | 1,325,609 |
Issued | |||||||||||
Private Placement | 8,270,000 | 413,500 | - | - | - | 413,500 | |||||
Share issue costs | - | (32,554) | 14,739 | - | - | (17,815) | |||||
Share-based payments | - | - | 2,892 | - | - | 2,892 | |||||
Fair value of warrants expired | - | - | (3,719) | (56,018) | 59,737 | - | |||||
Net loss | - | - | - | - | (821,337) | (821,337) | |||||
Balance as at September 30, 2021 | 69,905,144 | $ | 17,628,788 | $ | 623,373 | $ | 201,290 | $ | (17,550,602) | $ | 902,849 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
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Valterra Resource Corporation published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 22:30:11 UTC.