PELOTON MINERALS CORPORATION Peloton Minerals Corporation
Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
For the Nine and Three months Ended September 30, 2022
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Management's Responsibility for Interim Financial Statements
The accompanying unaudited condensed interim financial statements of Peloton Minerals Corporation (the "Company" or "Peloton") are the responsibility of management.
The unaudited condensed interim financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in the notes to the unaudited condensed interim financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the statement of financial position date. In the opinion of management, the unaudited condensed interim financial statements have been prepared within acceptable limits of materiality and are in accordance with International Accounting Standard 34, "Interim Financial Reporting", using accounting policies consistent with International Financial Reporting Standards appropriate in the circumstances.
Management has established processes, which are in place to provide it sufficient knowledge to support management representations that it has exercised reasonable diligence that (i) the unaudited condensed interim consolidated financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of and for the periods presented by, the unaudited condensed interim consolidated financial statements and (ii) the unaudited condensed interim consolidated financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of and for the periods presented by the unaudited condensed interim consolidated financial statements.
The Board of Directors is responsible for reviewing and approving the unaudited condensed interim financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the unaudited condensed interim financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the unaudited condensed interim financial statements together with other financial information of the Company for issuance to the shareholders.
Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.
"Edward Ellwood" | "Eric Plexman" |
(signed) | (signed) |
Notice to Reader
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these unaudited condensed interim financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of condensed interim financial statements by an entity's auditor.
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Peloton Minerals Corporation
Interim Consolidated Statements of Financial Position
(Expressed in United States Dollars)
As at (Unaudited)
September 30, | December 31, | |||
2022 | 2021 | |||
Assets | ||||
Current | ||||
Cash | $ | 68,348 | $ | 219,554 |
HST receivable | - | 13,600 | ||
Prepaid expenses | 18,851 | 83,882 | ||
87,199 | 317,036 | |||
Equipment (Note 3) | 34,049 | 40,859 | ||
Reclamation bonds (Note 5) | 44,317 | 44,317 | ||
$ | 165,565 | $ | 402,212 | |
Liabilities | ||||
Current | ||||
Accounts payable and accrued liabilities (Notes 6 and 11) | $ | 615,698 | $ | 541,576 |
HST payable | 1,867 | - | ||
Convertible debenture (Note 7) | 100,000 | 100,000 | ||
717,565 | 641,576 | |||
Derivative liability - convertible debenture (Note 7) | 55,493 | 68,854 | ||
Derivative liability - foreign currency warrants (Note 9) | 628,204 | 714,999 | ||
1,401,262 | 1,425,429 | |||
Shareholders' Deficiency | ||||
Capital stock (Note 8) | 10,799,139 | 10,653,946 | ||
Contributed surplus | 2,321,534 | 2,265,570 | ||
Deficit | (14,356,370) | (13,942,733) | ||
(1,235,697) | (1,023,217) | |||
$ | 165,565 | $ | 402,212 |
Nature of Operations and Going Concern (Note 1)
Commitments (Note 14)
See accompanying notes.
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Peloton Minerals Corporation
Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) For the Nine and Three months Ended September 30
(Expressed in United States Dollars) (Unaudited)
For the Nine months Ended | For the Three Months Ended | |||||||
September 30, | September 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Expenses | ||||||||
Office and administrative costs | $ | 438,677 | $ | 375,642 | $ | 164,045 | $ | 131,863 |
Professional fees | 33,594 | 43,782 | 10,171 | 14,564 | ||||
Exploration and evaluation | ||||||||
expenditures (Note 4) | 86,270 | 349,100 | 56,630 | 98,458 | ||||
Foreign exchange loss (gain) | (35,155) | 2,228 | (27,414) | (7,524) | ||||
Depreciation | 6,810 | 6,810 | 2,270 | 2,270 | ||||
Stock-based compensation (Note 9) | 55,964 | - | - | - | ||||
586,160 | 777,562 | 205,702 | 239,631 | |||||
Other expenses (income) | ||||||||
Gain on revaluation of foreign | ||||||||
currency warrants (Note 9) | (233,594) | (1,117,576) | (65,465) | (545,453) | ||||
Loss (gain) on revaluation of | ||||||||
derivative liability (Note 7) | (13,361) | (56,040) | 415 | (38,767) | ||||
Accretion expense | - | 2,663 | - | - | ||||
Fair value of warrants extended | 74,432 | 33,870 | 53,569 | - | ||||
(172,523) | (1,137,083) | (11,481) | (584,220) | |||||
Net (loss) income and comprehensive | ||||||||
income (loss) for the period | $ | (413,637) | $ | 359,521 | $ | (194,221) | $ | 344,589 |
(Loss) earnings per share (Note 10)
Basic and diluted | $ | (0.004) | $ | 0.003 | $ | (0.002) | $ | 0.003 |
Weighted average number of common shares outstanding (Note 10)
Basic and diluted | 114,259,647 103,371,384 | 116,079,929 | 105,560,192 |
See accompanying notes.
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Peloton Minerals Corporation
Interim Consolidated Statements of Changes in Equity (Deficiency) (Expressed in United States Dollars)
For the Nine months Ended September 30,
Number of | Capital | Contributed | ||||
Shares | Stock | Surplus | Deficit | Total | ||
Balance, January 1, 2021 | 101,418,641 | $ 10,259,963 | $ | 2,232,386 | $(14,147,942) | $(1,655,593) |
Units issued for cash | 4,301,334 | 260,861 | - | - | 260,861 | |
Allocated to warrants | - | (80,744) | - | - | (80,744) | |
Units issuance fees | - | (19,338) | - | - | (19,338) | |
Broker units | - | (17,883) | 17,883 | - | - | |
Net income and comprehensive income | - | - | - | 359,521 | 359,521 | |
Balance, September 30, 2021 | 105,719,975 | $ 10,402,859 | $ | 2,250,269 | $(13,788,421) | $ (1,135,293) |
Net loss and comprehensive loss | - | - | - | (154,312) | (154,312) | |
Units issued for cash | 7,114,446 | 337,972 | - | - | 337,972 | |
Units issued for exploration services | 500,000 | 23,595 | - | - | 23,595 | |
Allocated to warrants | - | (109,285) | - | - | (109,285) | |
Units issuance fees | - | (1,195) | - | - | (1,195) | |
Stock-based compensation | - | - | 15,301 | - | 15,301 | |
Balance, December 31, 2021 | 113,334,421 | $ 10,653,946 | $ | 2,265,570 | $(13,942,733) | $ (1,023,217) |
Units issued for cash | 5,613,038 | 217,560 | - | - | 217,560 | |
Allocated to warrants | - | (72,367) | - | - | (72,367) | |
Stock-based compensation (Note 9) | - | - | 55,964 | - | 55,964 | |
Net loss and comprehensive loss | - | - | - | (413,637) | (413,637) | |
Balance, September 30, 2022 | 118,947,459 | $ 10,799,139 | $ | 2,321,534 | $(14,356,370) | $ (1,235,697) |
See accompanying notes.
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Peloton Minerals Corp. published this content on 30 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2022 18:22:03 UTC.
