NULEGACY GOLD CORPORATION Condensed Interim Consolidated Financial Statements
For the six months ended September 30, 2021 and 2020
(Expressed in Canadian Dollars - Unaudited)
NULEGACY GOLD CORPORATION
Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian dollars - Unaudited)
Note | September 30, 2021 | March 31, 2021 | |||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | $ | 7,271,005 | $ | 15,675,502 | |
Receivables | 16,194 | 48,394 | |||
Prepaid expenses | 8 | 93,944 | 62,807 | ||
Investments | 3 | 43,205 | 90,792 | ||
7,424,348 | 15,877,495 | ||||
Non-current assets | |||||
Deposits | 4 | 863,478 | 601,202 | ||
Fixed assets | 5 | 257,898 | 420,404 | ||
Exploration and evaluation assets | 6 | 40,841,187 | 33,316,356 | ||
$ | 49,386,911 | $ | 50,215,457 | ||
Liabilities and Shareholders' Equity | |||||
Current liabilities | |||||
Trade and other payables | 7,8 | $ | 848,380 | $ | 648,000 |
Shareholders' Equity | |||||
Share capital | 9 | 58,621,966 | 58,621,966 | ||
Warrants reserve | 9 | 14,670,145 | 14,670,145 | ||
Share options reserve | 9 | 8,092,857 | 7,631,045 | ||
Revaluation reserve | (3,258,272) | (3,211,806) | |||
Accumulated deficit | (29,588,165) | (28,143,893) | |||
48,538,531 | $ | 49,567,457 | |||
$ | 49,386,911 | $ | 50,215,457 | ||
Corporate Information and Going Concern (Note 1) |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
1
NULEGACY GOLD CORPORATION
Condensed Interim Consolidated Statements of Comprehensive Loss (Expressed in Canadian dollars - Unaudited)
Three months ended | Six months ended | ||||||||
September 30, | September 30, | ||||||||
Note | 2021 | 2020 | 2021 | 2020 | |||||
Operating Expenses | |||||||||
Consulting | $ | 59,863 | $ | 87,435 | $ | 125,844 | $ | 149,143 | |
Depreciation | 5 | 40,765 | 17,755 | 70,521 | 35,028 | ||||
Directors fees | 15,000 | 15,000 | 30,000 | 30,000 | |||||
Insurance | 18,454 | 14,373 | 27,790 | 26,512 | |||||
Investor relations | 6,183 | 22,894 | 11,198 | 93,418 | |||||
Management fees | 8 | 107,100 | 107,100 | 314,200 | 212,440 | ||||
Office and administration | 8 | 93,215 | 80,100 | 187,906 | 174,839 | ||||
Professional fees | 8 | 35,726 | 46,446 | 45,770 | 80,477 | ||||
Regulatory and transfer agent | 27,354 | 18,110 | 40,235 | 26,295 | |||||
Rent | 27,593 | 31,678 | 55,468 | 63,303 | |||||
Share based payments | 8,9 | 192,793 | 148,105 | 461,812 | 329,111 | ||||
Travel and accomodation | 5,574 | 5,146 | 6,999 | 9,876 | |||||
$ | 629,620 | $ | 594,142 | $ | 1,377,743 | $ | 1,230,442 | ||
Other items | |||||||||
Foreign exchange gain (loss) | 229,759 | (187,051) | (54,355) | (430,678) | |||||
Interest income | 21 | - | 90 | - | |||||
Loss on sale of assets | (12,264) | - | (12,264) | - | |||||
217,516 | (187,051) | (66,529) | (430,678) | ||||||
Net loss for the period | $ | (412,104) | $ | (781,193) | $ | (1,444,272) | $ | (1,661,120) | |
Other comprehensive loss | |||||||||
Net change in fair value of available for sale | |||||||||
financial assets | 3 | (46,466) | - | (46,466) | (6,411) | ||||
Comprehensive loss for the period | $ | (458,570) | $ | (781,193) | $ | (1,490,738) | $ | (1,667,531) | |
Basic and diluted loss per share | |||||||||
Net loss for the period | 9 | $ | (0.00) | $ | (0.00) | $ | (0.00) | $ | (0.00) |
Comprehensive loss for the period | $ | (0.00) | $ | (0.00) | $ | (0.00) | $ | (0.00) | |
Weighted average common shares outstanding | 588,852,453 | 484,238,153 | 588,852,453 | 459,132,591 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
2
NULEGACY GOLD CORPORATION
Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian dollars - Unaudited)
Six months ended September 30, | ||||
2021 | 2020 | |||
Operating activities | ||||
Net loss for the period | $ | (1,444,272) | $ | (1,661,120) |
Items not affecting cash and cash equivalents | ||||
Depreciation | 70,521 | 35,028 | ||
Share based payments | 461,812 | 329,111 | ||
Unrealized gains | 1,121 | 4,426 | ||
Loss on sale of fixed assets | 12,264 | - | ||
Changes in non-cash working capital | ||||
Receivables | 32,200 | (24,023) | ||
Prepaid expenses and deposits | (31,137) | (16,510) | ||
Trade and other payables | (549,676) | (80,710) | ||
Total cash outflows from operating activities | $ | (1,447,167) | $ | (1,413,798) |
Financing activities | ||||
Proceeds from issuance of common shares | - | 5,675,000 | ||
Share issuance costs | - | (372,082) | ||
Proceeds from exercise of warrants | - | 503,964 | ||
Total cash inflows from financing activities | $ | - | $ | 5,806,882 |
Investiing activities | ||||
Exploration and evaluation asset expenditures | $ | (6,774,775) | $ | (1,597,341) |
Deposits | (262,276) | 70,116 | ||
Purchase of fixed assets | (15,155) | (17,246) | ||
Proceeds from sale of fixed assets | 94,876 | - | ||
Total cash outflows from investing activities | $ | (6,957,330) | $ | (1,544,471) |
Net change in cash and cash equivalents | $ | (8,404,497) | $ | 2,848,613 |
Cash and cash equivalents, beginning of period | 15,675,502 | 5,251,540 | ||
Cash and cash equivalents, end of period | $ | 7,271,005 | $ | 8,100,153 |
Other non-cash items | ||||
Change in fair market value of available for sale financial assets | $ | 46,466 | $ | 6,411 |
Exploration and evaluation assets in trade and other payables | 750,056 | 129,363 | ||
Supplementary disclosures: | ||||
Interest received | $ | 90 | $ | 509 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
3
NULEGACY GOLD CORPORATION
Condensed Interim Consolidated Statements of Changes in Equity (Expressed in Canadian dollars - Unaudited)
Number of | |||||
Note | shares | Share capital | |||
Balance, March 31, 2020 | 407,173,804 | 46,701,357 | |||
Shares issued, private placement | 9 | 75,000,000 | 5,625,000 | ||
Share issuance costs, private placement | 9 | (529,965) | |||
Share purchase warrants, private placement | 9 | (1,425,672) | |||
Shares issued, finders' fee | 9 | 666,666 | 50,000 | ||
Warrants exercised | 9 | 4,199,700 | 611,683 | ||
Share based payments | 9 | - | - | ||
Comprehensive loss for the period | - | - | |||
Balance, September 30, 2020 | 487,040,170 | 51,032,403 | |||
Shares issued, private placement | 9 | 100,000,000 | 12,500,000 | ||
Share issuance costs, private placement | 9 | (896,920) | |||
Share purchase warrants, private placement | 9 | (4,362,001) | |||
Warrants exercised | 9 | 1,212,283 | 207,064 | ||
Stock options exercised | 9 | 600,000 | 141,420 | ||
Share based payments | 9 | - | - | ||
Comprehensive loss for the period | - | - | |||
Balance, March 31, 2021 | 588,852,453 | $ | 58,621,966 | $ | |
Share based payments | 9 | - | - | ||
Comprehensive loss for the period | - | - | |||
Balance, September 30, 2021 | 588,852,453 | $ | 58,621,966 | $ |
Share | ||||||||
Warrants | options | Revaluation | Accumulated | |||||
reserve | reserve | reserve | deficit | Total | ||||
8,704,851 | 7,065,744 | (3,205,395) | (24,740,605) | 34,525,952 | ||||
- | - | - | - | 5,625,000 | ||||
157,883 | - | - | - | (372,082) | ||||
1,425,672 | - | - | - | - | ||||
- | - | - | 50,000 | |||||
(107,719) | 503,964 | |||||||
- | 329,111 | - | - | 329,111 | ||||
- | - | (6,411) | (1,661,120) | (1,667,531) | ||||
10,180,687 | 7,394,855 | (3,211,806) | (26,401,725) | 38,994,414 | ||||
- | - | - | - | 12,500,000 | ||||
196,332 | - | - | - | (700,588) | ||||
4,362,001 | - | |||||||
(68,875) | - | - | - | 138,189 | ||||
- | (51,420) | - | - | 90,000 | ||||
- | 287,610 | - | - | 287,610 | ||||
- | - | - | (1,742,168) | (1,742,168) | ||||
14,670,145 | $ | 7,631,045 | $ | (3,211,806) | $ | (28,143,893) | $ | 49,567,457 |
- | 461,812 | - | - | 461,812 | ||||
- | - | (46,466) | (1,446,561) | (1,493,027) | ||||
14,670,145 | $ | 8,092,857 | $ | (3,258,272) | $ | (29,590,454) | $ | 48,536,242 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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NuLegacy Gold Corporation published this content on 24 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2021 23:29:04 UTC.
