PASINEX RESOURCES LIMITED PASINEX RESOURCES LIMITED
CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
THREE AND SIX MONTHS ENDED
JUNE 30, 2023
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED)
Notice to Reader
The accompanying unaudited condensed interim consolidated financial statements of Pasinex Resources Limited (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements have not been reviewed by the Company's auditors.
Pasinex Resources Limited
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)
Unaudited
As at | As at | |||
June 30, 2023 December 31, 2022 | ||||
Assets | ||||
Current Assets | $ | 819,866 | $ | |
Cash | 855,567 | |||
Receivables | 13,112 | 48,456 | ||
Due from related parties | 641,367 | - | ||
Prepaid expenses and deposits | 153,089 | 247,185 | ||
Total current assets | 1,627,434 | 1,151,208 | ||
Non-current assets | 3,808 | |||
Equipment | 4,608 | |||
Value added tax receivable | 15,885 | 16,445 | ||
Exploration and evaluation assets (note 5) | 1,860,795 | 1,893,020 | ||
Equity investment in Horzum AS (note 4) | 449,738 | 1,016,855 | ||
Total non-current assets | 2,330,226 | 2,930,928 | ||
Total assets | $ | 3,957,660 | $ | 4,082,136 |
Shareholders' equityand liabilities | ||||
Current liabilities | $ | 392,884 | $ | |
Accounts payable and accrued liabilities (note 6) | 715,580 | |||
Due to related parties (notes 3 and 13) | 12,898 | 406,236 | ||
Shareholder loans (notes 7 and 13) | 2,421,695 | 2,403,147 | ||
Loan payable (note 8) | 40,000 | 40,000 | ||
Total current liabilities | 2,867,477 | 3,564,963 | ||
Total liabilities | 2,867,477 | 3,564,963 | ||
Shareholders' equity | 12,888,506 | |||
Share capital (note 9) | 12,888,506 | |||
Reserves | 2,157,117 | 2,157,117 | ||
Deficit | (9,390,788) | (10,302,322) | ||
Accumuated other comprehensive loss | (4,564,652) | (4,226,128) | ||
Total shareholders' equity | 1,090,183 | 517,173 | ||
Total liabilities and shareholders' equity | $ | 3,957,660 | $ | 4,082,136 |
Basis of measurement and going concern (note 2(c)) | |||
Approved on behalf of the Board: | |||
"Larry Seeley" | Director | "Victor Wells" | Director |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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Pasinex Resources Limited
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Expressed in Canadian Dollars)
Unaudited
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Equity gain from Horzum AS (note 4) | $ | 821,044 | $ | - $ | 1,596,806 | $ | - | |
Expenses | (46,995) | (539,726) | ||||||
Exploration costs | (285,618) | (370,723) | ||||||
General and administrative costs (note 12) | (379,530) | (301,381) | (695,602) | (550,294) | ||||
Share-based payments (notes 10 and 13) | - | - | - | (57,000) | ||||
Total expenses | (426,525) | (586,999) | (1,235,328) | (978,017) | ||||
Other income (loss) | 1,536 | 2,380 | ||||||
Other income | 316 | 621 | ||||||
Interest expense (note 7) | (34,105) | (38,876) | (68,548) | (77,325) | ||||
Foreign exchange gain | 37,186 | 54,537 | 37,206 | 45,723 | ||||
Dividend income | 779,128 | - | 779,128 | 4,072,320 | ||||
Loss on net monetary position | (71,147) | (319,323) | (200,110) | (319,323) | ||||
Total other income (loss) | 712,598 | (303,346) | 550,056 | 3,722,016 |
Net income (loss) for the period | 1,107,117 |
Other comprehensive income (loss)
Item that will be reclassified subsequently to profit and loss:
Currency translation adjustment | (430,997) |
(890,345) | 911,534 | 2,743,999 |
98,883 | (338,524) | (250,762) |
Total comprehensive income (loss) for the period | $ | 676,120 | $ | (791,462) | $ | 573,010 | $ | 2,493,237 |
Net income (loss) per share | ||||||||
- basic and diluted (note 11) | $ | 0.01 | $ | (0.01) | $ | 0.01 | $ | 0.02 |
Weighted average number of shares outstanding | ||||||||
- basic and diluted (note 11) | 144,554,371 | 144,554,371 | 144,554,371 | 144,554,371 |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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Pasinex Resources Limited
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in Canadian Dollars)
Unaudited
Six Months Ended | ||
June 30, | ||
2023 | 2022 |
Operating activities | $ | 911,534 | ||
Net (loss) income for the period | $ | 2,743,999 | ||
Net equity gain from Horzum AS | (1,596,806) | - | ||
Dividend and other receivables received (note 3) | 1,539,434 | 3,401,084 | ||
Adjustments for items not involving cash: | 68,548 | |||
Interest accrual (note 7) | 77,325 | |||
Share-based payments (notes 10 and 13) | - | 57,000 | ||
Foreign exchange | (94,240) | (26,814) | ||
Loss on net monetary position | 200,110 | 319,323 | ||
Depreciation | 917 | 888 | ||
Changes in non-cash working capital items: | 83,342 | |||
Prepaid expenses and deposits | (18,675) | |||
Accounts payable and accrued liabilities | (313,822) | 17,559 | ||
Due to related parties | (31,338) | (401,767) | ||
Due from related parties | (625,661) | - | ||
Dividend receivable | - | (4,072,320) | ||
Other | 29,799 | (14,264) | ||
Net cash provided by operating activities | 171,817 | 2,083,338 | ||
Investing activities | (1,823) | |||
Equipment acquisiton | - | |||
Net cash used in investing activities | (1,823) | - | ||
Financing activities | (50,000) | |||
Cash paid on shareholders loans (note 7) | (129,688) | |||
Net cash used in financing activities | (50,000) | (129,688) | ||
Net change in cash | 119,994 | 1,953,650 | ||
Effect of foreign currencies on cash | (155,695) | (23,810) | ||
Cash, beginning of period | 855,567 | 100,031 | ||
Cash, end of period | $ | 819,866 | $ | 2,029,871 |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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Pasinex Resources Limited
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency)
(Expressed in Canadian Dollars)
Unaudited
Accumulated | |||||||||||
Other | |||||||||||
Number of | Share | Comprehensive | |||||||||
Shares | Capital | Reserves | Deficit | Loss | Total | ||||||
(note 8) | (note 8) | ||||||||||
Balance as at December 31, 2021 | 144,554,371 | $ | 12,888,506 | $ | 2,100,117 | $ | (12,049,182) | $ | (4,061,553) | $ | (1,122,112) |
Impact of hyperinflation adjustment | - | - | - | - | - | - | (296,313) | - | 296,313 | - | |
Balance as at January 1, 2022 | 144,554,371 | $ | 12,888,506 | $ | 2,100,117 | $ | (12,345,495) | $ | (3,765,240) | $ | (1,122,112) |
Share-based payments (note 10 and 13) | - | - | 57,000 | - | - | 57,000 | |||||
Currency translation adjustment | - | - | - | - | (547,075) | (547,075) | |||||
Net income for the period | - | - | - | 2,743,999 | - | 2,743,999 | |||||
Balance as at June 30, 2022 | 144,554,371 | $ | 12,888,506 | $ | 2,157,117 | $ | (9,601,496) | $ | (4,312,315) | $ | 1,131,812 |
Balance as at December 31, 2022 | 144,554,371 | $ | 12,888,506 | $ | 2,157,117 | $ | (10,302,322) | $ | (4,226,128) | $ | 517,173 |
Currency translation adjustment | - | - | - | - | (338,524) | (338,524) | |||||
Net loss for the period | - | - | - | 911,534 | - | 911,534 | |||||
Balance as at June 30, 2023 | 144,554,371 | $ | 12,888,506 | $ | 2,157,117 | $ | (9,390,788) | $ | (4,564,652) | $ | 1,090,183 |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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Pasinex Resources Limited published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 21:29:38 UTC.
