PASOFINO GOLD LIMITED CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED
OCTOBER 31, 2021 AND 2020
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED)
Pasofino Gold Limited
Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)
(Unaudited)
As at | As at | |||||
October 31, | April 30, | |||||
2021 | 2021 | |||||
ASSETS | ||||||
Current assets | $ | 645,958 | ||||
Cash | $ | 1,925,956 | ||||
Sales tax receivables | 45,407 | 34,371 | ||||
Marketable securities (note 5) | 45,261 | - | ||||
Prepaid expenses | 57,400 | 123,411 | ||||
Advance (note 4) | 32,620 | 492,806 | ||||
Deferred transaction costs | - | 202,525 | ||||
Total current assets | 826,646 | 2,779,069 | ||||
Non-current assets | 45,483 | |||||
Property and equipment (note 6) | 55,589 | |||||
Total non-current assets | 45,483 | 55,589 | ||||
Total assets | $ | 872,129 | $ | 2,834,658 | ||
LIABILITIES AND SHAREHOLDERS' DEFICIENCY | ||||||
Current liabilities | $ | 1,345,788 | ||||
Amounts payable and other liabilities (note 11) | $ | 3,150,925 | ||||
Share subscription liability (note 7(b)(i)) | - | 1,901,027 | ||||
Total liabilities | 1,345,788 | 5,051,952 | ||||
Shareholders' Deficiency | 60,120,265 | |||||
Capital stock (note 7(b)) | 52,172,889 | |||||
Contributed surplus (note 7(d)(e)) | 6,755,404 | 4,175,730 | ||||
Deficit | (67,349,328) | (58,565,913) | ||||
Total shareholders' deficiency | (473,659) | (2,217,294) | ||||
Total liabilities and shareholders' deficiency | $ | 872,129 | $ | 2,834,658 |
Nature of business and going concern (note 1)
Commitments and contingencies (note 12)
Amendments to prior period (note 13)
Subsequent event (note 14)
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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Pasofino Gold Limited
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars)
(Unaudited)
Three months ended | Six months ended | |||||||||
October 31, | October 31, | |||||||||
2021 | 2020 | 2021 | 2020 | |||||||
(note 13) | (note 13) | |||||||||
Expenses | $ | 2,621,303 | $ | 6,458,683 | ||||||
Exploration expense (note 9) | $ 34,125,389 | $ 34,295,476 | ||||||||
Share-based payments (note 7(d)) | 996,238 | - | 2,186,704 | - | ||||||
Management fees (note 11) | 304,874 | 37,000 | 616,892 | 52,000 | ||||||
Professional fees (notes 10 and 11) | 243,609 | 282,475 | 399,684 | 337,474 | ||||||
Office and general (note 10) | 106,678 | 121,214 | 215,914 | 260,097 | ||||||
Director fees | 52,500 | - | 105,000 | - | ||||||
Investor relations | 2,632 | 261,967 | 97,534 | 261,967 | ||||||
Depreciation (note 6) | 5,053 | - | 10,106 | - | ||||||
Communications and travel | 307 | 1,793 | 4,144 | 1,793 | ||||||
Loss before the undernoted | (4,333,194) | (34,829,838) | (10,094,661) | (35,208,807) | ||||||
Foreign exchange loss | (196,878) | (70,872) | (131,684) | (113,718) | ||||||
Unrealized gain on marketable securities (note 5) | 38,064 | - | 15,064 | - | ||||||
Realized gain on sale of marketable securities (note 5) | 186,366 | - | 186,366 | - | ||||||
Sale of property interest (note 9(a)) | - | - | 1,241,500 | - | ||||||
Net loss and comprehensive loss for the period | $ | (4,305,642) | $(34,900,710) | $ (8,783,415) | $(35,322,525) | |||||
Basic and diluted loss per share (note 8) | $ | (0.14) | $ | (2.37) | $ | (0.28) | $ | (3.19) | ||
Weighted average number of common shares | 31,635,000 | 31,331,249 | ||||||||
outstanding - basic and diluted | 14,705,673 | 11,086,950 |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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Pasofino Gold Limited
Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian Dollars)
(Unaudited)
Six months ended | ||||||
October 31, | ||||||
2021 | 2020 | |||||
(note 13) | ||||||
Operating activities: | $ | (8,783,415) | ||||
Net loss for the period | $(35,322,525) | |||||
Adjustments for: | 10,106 | |||||
Depreciation (note 6) | - | |||||
Share-based payments (note 7(d)) | 2,186,704 | - | ||||
Unrealized gain on marketable securities (note 5) | (15,064) | - | ||||
Realized gain on marketable securities (note 5) | (186,366) | - | ||||
Shares issued to acquire ARX (note 4) | - | 30,809,344 | ||||
Shares received in connection with sale of property interest (note 9(a)) | (241,500) | - | ||||
Changes in non-cash working capital items: | (11,036) | |||||
Sales tax receivables | (110,667) | |||||
Prepaid expenses | 66,011 | (195,865) | ||||
Advance | 460,186 | (752,437) | ||||
Accounts payable and other liabilities | (1,577,556) | 1,125,640 | ||||
Net cash used in operating activities | (8,091,930) | (4,446,510) | ||||
Investing activities: | - | |||||
Advance to ARX prior to acquisition | (2,914,046) | |||||
Proceeds from sale of marketable securities | 498,314 | - | ||||
Purchase of marketable securities | (100,645) | - | ||||
Cash acquired from the acquisition of ARX (note 4) | - | 12,242 | ||||
Net cash provided by (used in) investing activities | 397,669 | (2,901,804) | ||||
Financing activities: | 7,098,978 | |||||
Shares issued for cash (note 7(b)) | 6,300,000 | |||||
Special warrants (note 7(c)) | - | 10,020,000 | ||||
Share issue costs | (684,715) | (1,061,087) | ||||
Exercise of warrants (note 7(b)) | - | 575,600 | ||||
Net cash provided by financing activities | 6,414,263 | 15,834,513 | ||||
Net change in cash | (1,279,998) | 8,486,199 | ||||
Cash, beginning of period | 1,925,956 | 119,228 | ||||
Cash, end of period | $ | 645,958 | $ | 8,605,427 | ||
Supplemental information: | ||||||
Issuance of broker warrants (note 7(b)) | $ | 392,970 | $ | - | ||
Shares issued as settlement of debt (note 7(b)) | $ | 227,581 | $ | - | ||
Issuance of broker options (note 7(c)) | $ | - | $ | 340,000 |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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Pasofino Gold Limited
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency) (Expressed in Canadian Dollars)
(Unaudited)
Equity attributable to shareholders | ||||||||||
Number of | ||||||||||
common | Capital | Special | Contributed | |||||||
shares | stock | warrants | surplus | Deficit | Total | |||||
Balance, April 30, 2020 | 943,518 | $ | 9,425,365 | $ | - | $ | 3,237,903 | $(12,709,052) | $ | (45,784) |
Shares issued to acquire ARX (notes 4 and 7(b)) | 9,632,860 | 27,902,913 | - | - | - | 27,902,913 | ||||
Issue of shares for cash (note 7(b)) | 8,766,234 | 6,300,000 | - | - | - | 6,300,000 | ||||
Issue of special warrants for cash (note 7(c)) | - | 10,360,000 | - | - | 10,360,000 | |||||
Share issue costs | - | (83,948) | (1,317,139) | - | - | (1,401,087) | ||||
Exercise of warrants (note 7(b)) | 342,619 | 693,118 | - | (117,518) | - | 575,600 | ||||
Net loss and comprehensive loss for the period | - | - | - | (35,322,525) | (35,322,525) | |||||
Balance, October 31, 2020 | 19,685,231 | $ | 44,237,448 | $ | 9,042,861 | $ | 3,120,385 | $(48,031,577) | $ | 8,369,117 |
Balance, April 30, 2021 | 22,313,485 | $ | 52,172,889 | $ | - | $ | 4,175,730 | $(58,565,913) | $ | (2,217,294) |
Issue of shares for cash (note 7(b)) | 9,183,679 | 9,000,005 | - | - | - | 9,000,005 | ||||
Shares issue costs | - | (887,240) | - | - | - | (887,240) | ||||
Broker warrants (note 7(b)) | - | (392,970) | - | 392,970 | - | - | ||||
Shares issued as settlement of debt (note 7(b)) | 147,780 | 227,581 | - | - | - | 227,581 | ||||
Share-based payments (note 7(d)) | - | - | - | 2,186,704 | - | 2,186,704 | ||||
Net loss and comprehensive loss for the period | - | - | - | - | (8,783,415) | (8,783,415) | ||||
Balance, October 31, 2021 | 31,644,944 | $ | 60,120,265 | $ | - | $ | 6,755,404 | $(67,349,328) | $ | (473,659) |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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Pasofino Gold Limited published this content on 31 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 December 2021 18:46:01 UTC.
