Q-GOLD RESOURCES LTD. Q-Gold Resources Ltd.
Consolidated Financial Statements
For the three months ended March 31, 2022 and 2021
(Expressed in Canadian Dollars)
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated 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 condensed interim consolidated financial statements in accordance with standards established by the Chartered Professional Accountants of Canada (CPA Canada) for a review of interim financial statements by an entity's auditor
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Q-Gold Resources Ltd.
Condensed Interim Consolidated Statements Of Financial Position
(Expressed in Canadian dollars)
As at | March 31, 2022 | December 31, 2021 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash | $ | 983,463 | $ | 44,566 | |||
Amounts receivable (Note 4) | 78,414 | 1,071,855 | |||||
Loan receivable (Note 5) | 250,000 | 250,000 | |||||
Prepaid expenses | 23,500 | 26,685 | |||||
Total current assets | $ | 1,335,377 | $ | 1,393,106 | |||
Non-current assets | |||||||
Equipment (Note 6) | 13,465 | 14,878 | |||||
Total Assets | $ | 1,348,842 | $ | 1,407,984 | |||
LIABILITIES AND SHAREHOLDERS' (DEFICIENCY) EQUITY | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities (Note 8,12) | $ | 789,508 | $ | 666,716 | |||
Loan payable (Note 9) | 262,813 | 255,260 | |||||
Total Liabilities | $ | 1,052,321 | $ | 921,976 | |||
Shareholders' (deficiency) equity | |||||||
Share capital (Note 10) | $ | 23,059,946 | $ | 23,059,946 | |||
Warrants (Note 11) | 376,419 | 376,419 | |||||
Share based payment (Note 11) | 451,883 | 439,495 | |||||
Deficit | (23,591,727) | (23,389,852) | |||||
Total Shareholders' (Deficiency) Equity | $ | 296,521 | $ | 486,008 | |||
Total Liabilities and Shareholders' (Deficiency) Equity | $ | 1,348,842 | $ | 1,407,984 | |||
Nature of operations and going concern (Note 1) | |||||||
Commitments and contingencies (Note 7, 17) | |||||||
Subsequent events (Note 19) | |||||||
Approved by the Board of Directors on May 30, 2022 | |||||||
"Robert C. Bryce" | "Andreas Rompel" | ||||||
Robert C. Bryce, Director | Andreas Rompel, Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Q-Gold Resources Ltd.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
(Expressed in Canadian dollars)
Three months ended March 31, | ||||
2022 | 2021 | |||
EXPENSES | ||||
Consultants (Note 12) | $ | 40,742 | $ | 95,737 |
Share based payments (Note 11) | 12,388 | 168,270 | ||
Exploration and evaluation expenditures (Note 7) | 83,416 | 314,007 | ||
Investor relations and filing fees | 17,045 | 17,154 | ||
Professional fees | 16,500 | 8,617 | ||
Office expenses | 19,881 | 19,929 | ||
Travel | 8,629 | - | ||
Total expenses | $ | 198,601 | $ | 623,714 |
Other income (expense) | ||||
Interest income | $ | 7,397 | $ | 159 |
Interest expense | (9,678) | - | ||
Interest expense on flow through expenditure | (1,349) | (1,049) | ||
Foreign exchange gain | 356 | 18 | ||
Total other (expense) income | (3,274) | (872) | ||
Net loss and comprehensive loss | $ | (201,875) | $ | (624,586) |
Loss per share | ||||
- basic and diluted | $ | (0.004) | $ | (0.021) |
Weighted average number of shares | ||||
- basic and diluted | 45,310,775 | 29,549,103 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Q-Gold Resources Ltd.
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency)
(Expressed in Canadian dollars)
SHARE CAPITAL | RESERVES | ||||||||||
NUMBER OF | SHARE BASED | ||||||||||
SHARES | AMOUNT ($) | WARRANTS | PAYMENTS | DEFICIT | TOTAL | ||||||
Balance at December 31, 2021 | 55,748,695 | $ | 23,059,946 | $ | 376,419 | $ | 439,495 | $ | (23,389,852) | $ | 1,278,711 |
Options granted | - | - | - | 12,388 | - | 12,388 | |||||
Net loss for the period | - | - | - | - | (201,875) | (201,875) | |||||
Balance at March 31, 2022 | 55,748,695 | $ | 23,059,946 | $ | 376,419 | $ | 451,883 | $ | (23,591,727) | $ | 1,089,224 |
Balance at December 31, 2020 | 44,741,119 | $ | 21,995,805 | $ | 144,310 | $ | 344,789 | $ | (21,206,193) | $ | 1,278,711 |
Options granted | - | - | - | 221,520 | - | 221,520 | |||||
Net loss for the period | - | - | - | - | (624,586) | (624,586) | |||||
Balance at March 31, 2021 | 44,741,119 | 21,995,805 | 144,310 | 566,309 | (21,830,779) | 875,645 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Q-Gold Resources Ltd. published this content on 01 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2022 13:41:07 UTC.
