PRECIPITATE GOLD CORP. Precipitate Gold Corp.
Condensed Interim Financial Statements
Three and Six Months Ended May 31, 2022 and 2021
Unaudited - Expressed in Canadian Dollars
1
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED INTERIM FINANCIAL STATEMENTS
In accordance with National Instrument 51-102 Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of these condensed interim financial statements they must be accompanied by a notice indicating that these condensed interim 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.
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Precipitate Gold Corp.
Consolidated Statements of Financial Position
Unaudited - Prepared by Management
In Canadian Dollars
ASSETS | May 31, | November 30, | ||
2022 | 2021 | |||
Current | ||||
Cash | $ | 8,184,939 | $ | 446,345 |
Amounts receivable | 50,786 | 40,465 | ||
Prepaid expenses | 91,091 | 43,000 | ||
Investments (Note 5) | 6,000 | 6,000 | ||
8,332,816 | 535,810 | |||
Equipment (Note 6) | 47,858 | 56,913 | ||
Mineral Property Interests (Note 4) | 1,662,549 | 1,912,948 | ||
$ | 10,043,223 | $ | 2,505,671 | |
LIABILITIES | ||||
Current | ||||
Accounts payable and accrued liabilities (Note 9) | $ | 489,739 | $ | 134,931 |
Income taxes payable (Note 4) | 1,850,654 | - | ||
Flow-through liability (Note 7) | 118,600 | - | ||
2,458,993 | 134,931 | |||
SHAREHOLDERS' EQUITY | ||||
Share Capital (Note 7) | 16,922,927 | 15,325,317 | ||
Reserves (Note 7) | 4,422,945 | 4,070,611 | ||
Deficit | (13,761,642) | (17,025,188) | ||
7,584,230 | 2,370,740 | |||
$ | 10,043,223 | $ | 2,505,671 |
Nature of Operations and Going Concern (Note 1)
Approved by the Board of Directors: | |
"Jeffrey Wilson" | "Lon Shaver" |
Jeffrey Wilson, Director | Lon Shaver, Director |
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Precipitate Gold Corp.
Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss) For the Three and Six Months Ended May 31, 2022 and 2021
Unaudited - Prepared by Management
In Canadian Dollars
Three | Three | Six | Six | |||||
months | months | Months | Months | |||||
ended | ended | Ended | Ended | |||||
May 31, | May 31, | May 31, | May 31, | |||||
2022 | 2021 | 2022 | 2021 | |||||
Expenses | ||||||||
Audit and accounting (Note 9) | $ | 36,679 | $ | 16,192 | $ | 53,261 | $ | 26,692 |
Consulting and directors' fees (Note 9) | 110,000 | - | 110,000 | - | ||||
Depreciation (Note 6) | 3,739 | 5,321 | 9,055 | 7,095 | ||||
Exploration and evaluation (Note 4 and 9) | 378,056 | 148,467 | 479,130 | 351,916 | ||||
Foreign exchange loss | 31,592 | 2,926 | 28,987 | 10,447 | ||||
Insurance | 8,658 | 6,289 | 14,231 | 9,002 | ||||
Investor relations | 8,802 | 1,989 | 10,732 | 4,618 | ||||
Legal | 871 | 1,271 | 11,317 | 5,627 | ||||
Marketing, conferences and shareholder relations | 28,700 | 420 | 54,891 | 4,697 | ||||
Office and administrative | 32,370 | 9,233 | 52,155 | 19,650 | ||||
Property investigation costs | 5,945 | - | 6,405 | - | ||||
Rent | 10,130 | 4,573 | 19,783 | 10,257 | ||||
Salaries and wages (Note 9) | 117,499 | 40,756 | 158,537 | 81,820 | ||||
Share-based compensation (Note 6 and 9) | - | - | - | 461,000 | ||||
Transfer agent and filing fees | 7,081 | 4,402 | 21,120 | 12,861 | ||||
Total expenses | (780,122) | (241,839) | (1,029,604) | (1,005,682) | ||||
Interest income | - | 2,524 | - | 5,046 | ||||
Gain on sale of mineral property interests (Note 4) | 6,103,904 | - | 6,103,904 | - | ||||
Other income (Note 7) | 33,921 | - | 39,900 | - | ||||
Unrealized loss on investments (Note 5) | - | (4,000) | - | (10,000) | ||||
Net income (loss) for the period before taxes | 5,357,703 | (243,315) | 5,114,200 | (1,010,636) | ||||
Income tax provision (Note 4) | (1,850,654) | - | (1,850,654) | - | ||||
Net income (loss) for the period | $ | 3,507,049 | $ | (243,315) | $ | 3,263,546 | $ | (1,010,636) |
Earnings (loss) per share, basic and diluted | $ | 0.03 | $ | (0.00) | $ | 0.03 | $ | (0.01) |
Weighted average shares outstanding | 129,716,808 | 106,469,770 | 125,528,166 | 106,421,932 |
- See Accompanying Notes -
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Precipitate Gold Corp.
Consolidated Interim Statements of Cash Flows
For the Three and Six Months Ended May 31, 2022 and 2021
Unaudited - Prepared by Management
In Canadian Dollars
Cash Provided By (Used In): | 2022 | 2021 | ||
Operating activities: | ||||
Net income (loss) for the period | $ | 3,263,546 | $ | (1,010,636) |
Items not affecting cash: | ||||
Depreciation | 9,055 | 7,095 | ||
Gain on sale of mineral property interests | (6,103,904) | - | ||
Other income | (39,900) | - | ||
Unrealized loss (gain) on investments | - | 10,000 | ||
Share-based compensation | - | 461,000 | ||
Change in non-cash working capital: | ||||
Accounts receivable | (10,321) | (1,120) | ||
Prepaid expenses | (48,091) | (21,702) | ||
Accounts payable and accrued liabilities | 354,808 | 35,010 | ||
Income taxes payable | 1,850,654 | - | ||
(724,153) | (520,353) | |||
Financing activities: | ||||
Proceeds from issuance of shares | 2,179,390 | - | ||
Share issue costs paid | (70,946) | - | ||
Proceeds from exercise of options | - | 12,000 | ||
2,108,444 | 12,000 | |||
Investing activities: | ||||
Proceeds from sale of mineral property interests | 6,476,500 | - | ||
Change in cash | 7,860,791 | (508,353) | ||
Effect of exchange rate changes on cash | (122,197) | - | ||
Cash - beginning of period | 446,345 | 1,515,722 | ||
Cash - end of period | $ | 8,184,939 | $ | 1,007,369 |
- See Accompanying Notes -
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Precipitate Gold Corp. published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 02:41:04 UTC.
