PASOFINO GOLD LIMITED CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED
JANUARY 31, 2022 AND 2021
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED)
NOTICE TO READER
The accompanying unaudited condensed interim consolidated financial statements of Pasofino Gold 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.
Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)
(Unaudited)
As at January 31, 2022
As at April 30, 2021
ASSETSCurrent assets
Cash
Sales tax receivables Marketable securities (note 5) Prepaid expenses
Advance (note 4) Deferred transaction costs
$
4,253,339 $ 12,951 8,410
1,925,956 34,371 -
148,977 123,411
45,088 492,806
- 202,525
Total current assets
4,468,765
2,779,069
Non-current assets
Property and equipment (note 6)
Total non-current assets
40,430 40,430
55,589 55,589
Total assets
$
4,509,195
$
2,834,658
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY)
Current liabilities
Amounts payable and other liabilities (note 11)
Share subscription liability (note 7(b)(i))
$
985,911
$ 3,150,925
- 1,901,027
Total liabilities
985,911
5,051,952
Shareholders' Equity (Deficiency)
Capital stock (note 7(b)) Contributed surplus (note 7(d)(e)) Deficit
66,723,255 52,172,889
7,172,398 4,175,730
(70,372,369) (58,565,913)
Total shareholders' equity (deficiency)
3,523,284 (2,217,294)
Total liabilities and shareholders' equity (deficiency)
$
4,509,195
$
2,834,658
Nature of business and going concern (note 1)
Commitments and contingencies (note 12)
Amendments to prior period (note 13)
Subsequent events (note 14)
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars)
(Unaudited)
Three months ended
January 31,
Nine months ended
January 31,
2022 | |
Expenses | |
Exploration expense (note 9) | $ 1,934,091 |
Share-based payments (note 7(d)) | 416,994 |
Management fees (note 11) | 310,941 |
Professional fees (notes 10 and 11) | 185,385 |
Office and general (note 10) | 87,302 |
Director fees | 52,500 |
Investor relations | 1,609 |
Depreciation (note 6) | 5,053 |
Communications and travel | 340 |
Loss before the undernoted | (2,994,215) |
Foreign exchange loss | (24,965) |
Unrealized (loss) gain on marketable | |
securities (note 5) | (13,716) |
2021 | 2022 | 2021 | |
(note 13) | (note 13) | ||
$ 3,358,983 | $ 8,392,774 | $ 37,654,459 | |
- | 2,603,698 | - | |
133,544 | 927,833 | 185,544 | |
375,674 | 585,069 | 713,148 | |
93,802 | 303,216 | 353,899 | |
- | 157,500 | - | |
180,887 | 99,143 | 442,854 | |
- | 15,159 | - | |
- | 4,484 | 1,793 | |
(4,142,890) | (13,088,876) | (39,351,697) | |
(49,180) | (156,649) | (162,898) | |
- | 1,348 | - | |
Realized gain on sale of marketable securities (note 5) | - | 196,221 | - |
Sale of property interest (note 9(a)) | - | 1,241,500 | - |
$(39,514,595) |
9,855
-Net loss and comprehensive loss for the period Basic and diluted loss per share (note 8) Weighted average number of common shares outstanding - basic and diluted
$ (3,023,041) $ (4,192,070) $(11,806,456)
$ | (0.09) | $ | (0.21) $ | (0.36) | $ | (1.92) |
34,998,868 | 19,858,304 | 32,583,383 | 20,595,056 |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian Dollars)
(Unaudited)
Nine months ended
January 31,
2022 | 2021 | |
(note 13) | ||
Operating activities: | ||
Net loss for the period | $ (11,806,456) | $ (39,514,595) |
Adjustments for: | ||
Depreciation (note 6) | 15,159 | - |
Share-based payments (note 7(d)) | 2,603,698 | - |
Unrealized gain on marketable securities (note 5) | (1,348) | - |
Realized gain on marketable securities (note 5) | (196,221) | - |
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: | ||
Sales tax receivables | 21,420 | (138,681) |
Prepaid expenses | (25,566) | (35,240) |
Advance | 447,718 | (600,203) |
Amounts payable and other liabilities | (1,937,433) | 469,085 |
Net cash used in operating activities | (11,120,529) | (9,010,290) |
Investing activities: | ||
Advance to ARX prior to acquisition | - | (2,914,046) |
Proceeds from sale of marketable securities | 531,304 | - |
Purchase of marketable securities | (100,645) | - |
Purchase of property and equipment | - | (2,457) |
Cash acquired from the acquisition of ARX (note 4) | - | 12,242 |
Net cash provided by (used in) investing activities | 430,659 | (2,904,261) |
Financing activities: | ||
Shares issued for cash (note 7(b)) | 13,733,523 | 6,300,000 |
Special warrants (note 7(c)) | - | 10,020,000 |
Share issue costs | (716,270) | (1,120,384) |
Exercise of warrants (note 7(b)) | - | 575,600 |
Net cash provided by financing activities | 13,017,253 | 15,775,216 |
Net change in cash | 2,327,383 | 3,860,665 |
Cash, beginning of period | 1,925,956 | 119,228 |
Cash, end of period | ||
Supplemental information: | ||
Issuance of broker warrants (note 7(b)) | ||
Shares issued as settlement of debt (note 7(b)) | ||
Issuance of broker options (note 7(c)) |
$ | 4,253,339 | $ | 3,979,893 |
$ | 392,970 | $ | - |
$ | 227,581 | $ | - |
$ | - | $ | 229,000 |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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 sharesCapital stock
Balance, April 30, 2020
Shares issued to acquire ARX (notes 4 and 7(b))
Issue of shares for cash (note 7(b))
Issue of special warrants for cash (note 7(c)) Share issue costs
Conversion of special warrants to
shares (note 7(b)(c))
Warrants (note 7(b))
Broker warrants (note 7(c))
Exercise of warrants (note 7(b))
Net loss and comprehensive loss for the period Balance, January 31, 2021
943,518 9,632,860 8,766,234 - - 2,624,286 - - 342,619 - 22,309,517
$ 9,425,365 27,902,913 6,300,000 - (83,948)
Special warrants
$
- - - 10,020,000 (1,036,436)
8,983,564
(8,983,564)
(826,345) - 826,345
(229,000) - 229,000
693,118 - $ 52,165,667
Balance, April 30, 2021
Issue of shares for cash (note 7(b)) Shares issue costs
Broker warrants (note 7(b))
Shares issued as settlement of debt (note 7(b))
Share-based payments (note 7(d))
Net loss and comprehensive loss for the period Balance, January 31, 2022
22,313,485 $ 52,172,889
18,661,600 15,634,550
- - 147,780 - - 41,122,865
(918,795) (392,970) 227,581 - - $ 66,723,255
$
$
$
- -
-
- - - - - - -
-$
$
$
$
Contributed | ||
surplus | Deficit | Total |
$ (12,709,052) $ | (45,784) | |
- | 27,902,913 | |
- | 6,300,000 | |
- | 10,020,000 | |
- | (1,120,384) | |
- | - | |
- | - | |
- | - | |
- | 575,600 | |
(39,514,595) | (39,514,595) | |
$ (52,223,647) $ | 4,117,750 | |
$ (58,565,913) $ | (2,217,294) | |
- | 15,634,550 | |
- | (918,795) | |
- | - | |
- | 227,581 | |
- | 2,603,698 | |
(11,806,456) | (11,806,456) | |
$ (70,372,369) $ | 3,523,284 |
-
3,237,903 - - - - -
(117,518)
4,175,730
4,175,730 - - 392,970 - 2,603,698 -
7,172,398
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 04 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 April 2022 18:56:03 UTC.
