RIVERSIDE RESOURCES INC. RIVERSIDE RESOURCES INC.
(An Exploration Stage Enterprise)
(Expressed in Canadian Dollars)
Condensed Interim Consolidated Financial Statements
For the Nine Months Ended June 30, 2023 and 2022
(Unaudited - Prepared by Management)
RIVERSIDE RESOURCES INC.
Index to Condensed Interim Consolidated Financial Statements
June 30, 2023
Page | |
NOTICE OF NON-REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 3 |
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | |
Condensed Interim Consolidated Statements of Financial Position | 4 |
Condensed Interim Consolidated Statements of Income and Comprehensive Income | 5 |
Condensed Interim Consolidated Statements of Cash Flows | 6 |
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity | 7 |
Notes to the Condensed Interim Consolidated Financial Statements | 8-23 |
NOTICE OF NON-REVIEW OF CONDENSED INTERIM CONSOLIDATED 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 consolidated financial statements, they must be accompanied by a notice indicating that these condensed interim consolidated 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 attached condensed interim consolidated financial statements for the nine months ended June 30, 2023 have not been reviewed by the Company's auditors.
RIVERSIDE RESOURCES INC.
(An Exploration Stage Enterprise)
Consolidated Statements of Financial Position as at, (Expressed in Canadian Dollars)
June 30, | September 30, | ||||
Note | 2023 | 2022 | |||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | 15 | $ | 7,696,262 | $ | 6,923,180 |
Short-term investments | 4 | 167,145 | 130,225 | ||
Receivables | 5 | 345,394 | 203,526 | ||
Asset held for sale | 6 | - | 3,035,967 | ||
Prepaid expenses | 7 | 68,518 | 96,891 | ||
8,277,319 | 10,389,789 | ||||
Receivables | 5 | 802,257 | 1,093,013 | ||
Equipment | 8 | 148,979 | 168,127 | ||
Exploration and evaluation assets | 9 | 5,942,553 | 4,671,861 | ||
$ | 15,171,108 | $ | 16,322,790 | ||
Liabilities and Shareholders' Equity | |||||
Current liabilities: | |||||
Accounts payable and accrued liabilities | 10 | $ | 91,330 | $ | 238,441 |
Flow-through premium liability | - | 8,808 | |||
Exploration advances | 11 | 179,858 | 2,723,531 | ||
Provision liability | 18 | 1,272,219 | 1,117,637 | ||
1,543,407 | 4,088,417 | ||||
Shareholders' equity: | |||||
Capital stock | 12 | 26,017,795 | 26,017,795 | ||
Reserves | 12 | 3,846,519 | 3,770,448 | ||
Accumulated deficit | (16,370,574) | (16,069,897) | |||
Accumulated other comprehensive loss | (133,961) | (1,483,973) | |||
13,627,701 | 12,234,373 | ||||
$ | 15,171,108 | $ | 16,322,790 |
Nature and continuance of operations (Note 1) | |||
On behalf of the Board on August 28, 2023 | |||
"Walter Henry" | Director | "Wendy Chan" | Director |
Water Henry | Wendy Chan |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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RIVERSIDE RESOURCES INC.
(An Exploration Stage Enterprise)
Condensed Interim Consolidated Statements of Income and Comprehensive Income For the nine months ended June 30,
(Unaudited - Expressed in Canadian Dollars)
3 Month Ended | 3 Month Ended | 9 Month Ended | 9 Month Ended | ||||||
Note | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||
Expenses | |||||||||
Management and consulting fees | 9, 13 | $ | 95,875 | $ | 94,247 | $ | 283,805 | $ | 280,672 |
Depreciation | 8 | 14,056 | 16,068 | 40,236 | 46,867 | ||||
Amortization of flow-through premium liability | - | (46,400) | (8,808) | (133,384) | |||||
Director fees | 13 | 9,130 | 9,000 | 22,130 | 27,000 | ||||
Foreign exchange (gain) loss | 34,918 | (179,955) | (26,701) | (87,921) | |||||
General and administration | 42,545 | 42,406 | 117,735 | 125,957 | |||||
Investor relations | 77,009 | 120,148 | 223,364 | 285,407 | |||||
Professional fees | 16,898 | 53,919 | 190,833 | 130,401 | |||||
Property investigation and evaluation | 131 | 59 | 5,384 | 4,611 | |||||
Rent | 13 | 14,550 | 14,550 | 43,650 | 43,650 | ||||
Share-based payments | 12, 13 | 12,011 | 20,751 | 76,071 | 98,039 | ||||
Finance income | (69,694) | (16,132) | (179,844) | (28,252) | |||||
Gain on sale of asset | - | - | (294,671) | - | |||||
Loss on disposal of asset | - | 20,369 | - | 20,369 | |||||
Operational fee recovery | (19,484) | (79,699) | (144,653) | (240,642) | |||||
Other income | (2,816) | (37,027) | (115,934) | (128,668) | |||||
Unrealized loss (gain) on short-term investments | 4 | 35,318 | 63,527 | 68,080 | 1,137,012 | ||||
Realized loss (gain) on short-term investments | 4 | - | - | - | (1,384,833) | ||||
Write - down of E&E assets | - | 54 | - | 4,227 | |||||
Net income (loss) for the period | (260,447) | (95,885) | (300,677) | (200,512) | |||||
Foreign exchange movements | 356,020 | 134,769 | 1,617,934 | 186,811 | |||||
Comprehensive income (loss) for the period | 95,573 | 38,884 | 1,317,257 | (13,701) | |||||
Income (Loss) per share - basic and diluted | $ | (0.00) | $ | (0.00) | $ | (0.00) | $ | (0.00) | |
Weighted average number of | |||||||||
common shares outstanding | |||||||||
- basic | 4(h) | 69,562,521 | 69,562,521 | 67,792,992 | 69,080,729 | ||||
- diluted | 4(h) | 69,562,521 | 69,562,521 | 67,792,992 | 69,080,729 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Riverside Resources Inc. published this content on 28 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 September 2023 19:36:05 UTC.
