Northern Graphite Corporation
Condensed Interim Financial Statements
For the Three Month Periods Ended March 31, 2021 and 2020
(expressed in Canadian dollars)
NOTICE
The Company's independent auditors have not performed a review of these condensed interim financial statements.
Northern Graphite Corporation
Unaudited Condensed Interim Statements of Financial Position
(expressed in Canadian dollars)
As at | As at | |
March 31, | December 31, | |
2021 | 2020 | |
$ | $ | |
Assets | ||
Current | ||
Cash and cash equivalents | 4,871,161 | 1,211,575 |
HST receivable | 39,836 | 15,496 |
Prepaid expenses and deposits | 105,953 | 89,185 |
Marketable securities (note 4) | 609,500 | 182,708 |
5,626,450 | 1,498,964 | |
Marketable securities (note 4) | - | 153,607 |
Reclamation deposit (note 12) | 845,895 | 845,145 |
Property and equipment | 93,246 | 101,120 |
Exploration and evaluation assets (note 5) | 12,675,607 | 12,623,846 |
Total assets | 19,241,198 | 15,222,682 |
Liabilities | ||
Current | ||
Accounts payable and accrued liabilities | 172,025 | 207,739 |
Reclamation and close down provision (note 12) | 347,650 | 345,925 |
Total liabilities | 519,675 | 553,664 |
Shareholders' equity | ||
Share capital (note 6) | 28,482,620 | 25,098,662 |
Warrants (note 6) | 1,563,619 | 945,813 |
Contributed surplus (note 6) | 2,411,966 | 2,405,345 |
Accumulated deficit | (13,736,682) | (13,780,802) |
Total shareholders' equity | 18,721,523 | 14,669,018 |
Total liabilities and shareholders' equity | 19,241,198 | 15,222,682 |
The accompanying notes are an integral part of these condensed interim financial statements.
Approved by the Board of Directors and authorized for issue on May 25, 2021
(signed) Gregory Bowes | (signed) Donald Christie |
Director | Director |
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Northern Graphite Corporation
Unaudited Condensed Interim Statements of Income (Loss) and
Comprehensive Income (Loss)
(expressed in Canadian dollars)
Three months ended | |||
March 31, | |||
2021 | 2020 | ||
$ | $ | ||
General and administrative expenses | |||
Legal and audit | 8,952 | 7,831 | |
Office, management and director fees (note 10) | 142,463 | 88,969 | |
Promotion and investor relations | 47,484 | 35,257 | |
Regulatory and transfer agent | 17,719 | 10,291 | |
Share-based payments (notes 6 and 10) | 6,621 | - | |
Depreciation | 7,874 | 8,769 | |
231,113 | 151,117 | ||
Loss from operations | (231,113) | (151,117) | |
Interest income | 2,048 | 7,342 | |
Gain on marketable securities (note 4) | 273,185 | - | |
Income (loss) and comprehensive income (loss) | |||
for the period | 44,120 | (143,775) | |
Income (loss) per share - basic and diluted | 0.00 | (0.00) | |
Weighted average number of shares - basic and diluted | 71,361,952 | 65,112,756 |
The accompanying notes are an integral part of these condensed interim financial statements.
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Northern Graphite Corporation
Unaudited Condensed Interim Statements of Changes in Shareholders' Equity
(expressed in Canadian dollars)
Number of | Contributed | Accumulated | ||||
shares | Share capital | Warrants | surplus | deficit | Total | |
$ | $ | $ | $ | $ | ||
Balance, December 31, 2020 | 65,112,756 | 25,098,662 | 945,813 | 2,362,599 | (13,072,050) | 15,335,024 |
Issuance of common shares and warrants (note 6) | 10,688,000 | 1,816,890 | 1,175,750 | - | - | 2,992,640 |
Share issue costs | - | (198,876) | - | - | - | (198,876) |
Exercise of warrants (note 6) | 3,020,000 | 1,639,035 | (431,035) | - | - | 1,208,000 |
Expiry of warrants (note 6) | - | 126,909 | (126,909) | - | - | - |
Share-based payment expense (note 6) | - | - | - | 6,621 | - | 6,621 |
Income and comprehensive income for the period | - | - | - | - | 44,120 | 44,120 |
Balance, March 31, 2021 | 78,820,756 | 28,482,620 | 1,563,619 | 2,411,966 | (13,736,682) | 18,721,523 |
Balance, December 31, 2019 | 65,112,756 | 25,098,662 | 945,813 | 2,362,599 | (13,072,050) | 15,335,024 |
Expiry of stock options (note 6) | - | - | - | (153,676) | 153,676 | - |
Loss and comprehensive loss for the period | - | - | - | - | (143,775) | (143,775) |
Balance, March 31, 2020 | 65,112,756 | 25,098,662 | 945,813 | 2,208,923 | (13,062,149) | 15,191,249 |
The accompanying notes are an integral part of these condensed interim financial statements.
3
Northern Graphite Corporation
Unaudited Condensed Interim Statements of Cash Flows
(expressed in Canadian dollars)
Three months ended
March 31,
2021 | 2020 | |
$ | $ | |
Cash provided by (used in) | ||
Operating activities | ||
Income (loss) for the period | 44,120 | (143,775) |
Items not affecting cash: | ||
Accretion of asset retirement obligation (note 12) | 975 | (1,562) |
Unrealized gain on marketable securities (note 4) | 273,185 | - |
Depreciation | 7,874 | 8,769 |
Share-based payments (note 6) | 6,621 | - |
Change in non-cash working capital items: | ||
HST receivable | (24,340) | 6,396 |
Prepaid expenses and deposits | (16,768) | (41,606) |
Accounts payable and accrued liabilities | (52,604) | (30,808) |
Net cash used in operating activities | (307,307) | (202,586) |
Investing activities | ||
Exploration and evaluation costs (note 5) | (34,871) | (21,046) |
Net cash used in investing activities | (34,871) | (21,046) |
Financing activities | ||
Issuance of common shares and warrants (note 6) | 2,992,640 | - |
Share issue costs | (198,876) | - |
Proceeds from exercise of warrants (note 6) | 1,208,000 | - |
Net cash provided by financing activities | 4,001,764 | - |
Net increase (decrease) in cash and cash equivalents | 3,659,586 | (223,632) |
Cash and cash equivalents, beginning of period | 1,211,575 | 1,384,798 |
Cash and cash equivalents, end of period | 4,871,161 | 1,161,166 |
Supplemental cash flow information (note 8)
The accompanying notes are an integral part of these condensed interim financial statements.
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Northern Graphite Corporation published this content on 26 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2021 13:50:03 UTC.