SILVER VIPER MINERALS CORP. SILVER VIPER MINERALS CORP.
Condensed Consolidated Interim Financial Statements
(Expressed in Canadian Dollars - Unaudited)
June 30, 2022
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 consolidated interim financial statements, they must be accompanied by a notice indicating that the condensed consolidated interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed consolidated 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 condensed consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of financial statements by an entity's auditor.
SILVER VIPER MINERALS CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Expressed in Canadian Dollars - Unaudited)
As at
June 30, | December 31, | ||||||||
2022 | 2021 | ||||||||
ASSETS | |||||||||
Current | |||||||||
Cash | $ | 631,521 | $ | 1,588,002 | |||||
Taxes receivable | 18,633 | 21,999 | |||||||
Prepaid expenses | 82,668 | 74,939 | |||||||
732,822 | 1,684,940 | ||||||||
Taxes receivable | 2,122,678 | 1,896,590 | |||||||
Exploration and evaluation assets (Note 5) | 550,673 | 292,013 | |||||||
Equipment (Note 4) | 58,041 | 67,741 | |||||||
Deposits | 19,098 | 19,098 | |||||||
$ | 3,483,312 | $ | 3,960,382 | ||||||
LIABILITIES AND SHAREHHOLDERS' EQUITY | |||||||||
Current | |||||||||
Accounts payable and accrued liabilities (Note 9) | $ | 613,096 | $ | 201,301 | |||||
Subscriptions received in advance (Note 12) | 120,000 | - | |||||||
733,096 | 201,301 | ||||||||
Shareholders' equity | |||||||||
Share capital (Note 6) | 24,360,290 | 23,312,281 | |||||||
Reserves (Note 6) | 2,757,286 | 2,757,286 | |||||||
Deficit | (24,367,360) | (22,310,486) | |||||||
2,750,216 | 3,759,081 | ||||||||
$ | 3,483,312 | $ | 3,960,382 | ||||||
Nature and continuance of operations (Note 1) | |||||||||
Subsequent event (Note 12) | |||||||||
Approved and authorized on behalf of the board on August 29, 2022: | |||||||||
/s/ Steve Cope | Director | /s/ Ross Wilmot | Director | ||||||
Steve Cope | Ross Wilmot |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
SILVER VIPER MINERALS CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in Canadian Dollars - Unaudited)
Three months ended June 30, | Six months ended June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
EXPLORATION EXPENSES | ||||||||
Drilling | $ | 67,515 | $ | 855,512 | $ | 471,856 | $ | 1,599,076 |
General exploration | 190,037 | 210,545 | 494,954 | 504,869 | ||||
Geological (Note 9) | 59,652 | 39,783 | 106,002 | 76,283 | ||||
Geophysics | 156,889 | - | 325,420 | - | ||||
Assay | 4,507 | 163,209 | 115,971 | 259,995 | ||||
478,600 | 1,269,049 | 1,514,203 | 2,440,223 | |||||
GENERAL EXPENSES | ||||||||
Consulting fees | 7,500 | 106,500 | 15,000 | 110,500 | ||||
Depreciation (Note 4) | 6,726 | 5,908 | 13,018 | 11,546 | ||||
Filing fees | 27,124 | 19,904 | 33,997 | 26,144 | ||||
Foreign exchange loss (gain) | (32,934) | 8,974 | (45,245) | 71,268 | ||||
Investor relations (Note 9) | 75,942 | 147,838 | 160,662 | 305,809 | ||||
Management fees (Note 9) | 86,384 | 69,378 | 177,425 | 125,718 | ||||
Office and administration (Note 9) | 79,279 | 71,447 | 152,831 | 139,550 | ||||
Professional fees | 35,427 | 13,914 | 35,658 | 41,132 | ||||
Share-based payments (Notes 6 and 9) | - | 1,819,985 | - | 1,819,985 | ||||
285,448 | 2,263,848 | 543,346 | 2,651,652 | |||||
Loss before other income | (764,048) | (3,532,897) | (2,057,549) | (5,091,875) | ||||
Interest income | 50 | 886 | 675 | 3,446 | ||||
Loss and comprehensive loss for the period | $ | (763,998) | $ | (3,532,011) | $ | (2,056,874) | $ | (5,088,429) |
Basic and diluted loss per common share | $ | (0.01) | $ | (0.04) | $ | (0.02) | $ | (0.06) |
Weighted average number of common | ||||||||
shares outstanding | 96,414,917 | 83,628,991 | 95,776,158 | 83,671,447 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
SILVER VIPER MINERALS CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Expressed in Canadian Dollars - Unaudited)
Total | |||||||||
Common | Shareholders' | ||||||||
Shares | Share Capital | Reserves | Deficit | Equity | |||||
Balance, December 31, 2020 | 81,665,456 | $ | 17,099,017 | $ | 905,508 | $ | (14,105,082) | $ | 3,899,443 |
Options exercised | 200,000 | 77,958 | (27,958) | - | 50,000 | ||||
Warrants exercised | 498,889 | 249,445 | - | - | 249,445 | ||||
Share-based payments | - | - | 1,819,985 | - | 1,819,985 | ||||
Issuance of common shares | 12,765,957 | 6,000,000 | - | - | 6,000,000 | ||||
Share issuance costs | - | (108,277) | - | - | (108,277) | ||||
Loss and comprehensive loss | - | - | - | (5,088,429) | (5,088,429) | ||||
Balance, June 30, 2021 | 95,130,302 | 23,318,143 | 2,697,535 | (19,193,511) | 6,822,167 | ||||
Share-based payments | - | - | 59,751 | - | 59,751 | ||||
Issuance of common shares | - | - | - | - | - | ||||
Share issuance costs | - | (5,862) | - | - | (5,862) | ||||
Loss and comprehensive loss | - | - | - | (3,116,975) | (3,116,975) | ||||
Balance, December 31, 2021 | 95,130,302 | 23,312,281 | 2,757,286 | (22,310,486) | 3,759,081 | ||||
Issuance of common shares | 5,566,666 | 1,113,333 | - | - | 1,113,333 | ||||
Share issuance costs | - | (65,324) | - | - | (65,324) | ||||
Loss and comprehensive loss | - | - | - | (2,056,874) | (2,056,874) | ||||
Balance, June 30, 2022 | 100,696,968 | $ | 24,360,290 | $ | 2,757,286 | $ | (24,367,360) | $ | 2,750,216 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
SILVER VIPER MINERALS CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Expressed in Canadian Dollars - Unaudited)
For the six months | For the six months | |||
ended June 30, | ended June 30, | |||
2022 | 2021 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Loss for the period | $ | (2,056,874) | $ | (5,088,429) |
Items not involving cash: | ||||
Depreciation | 13,018 | 11,546 | ||
Share-based payments | - | 1,819,985 | ||
Changes in non-cash working capital items: | ||||
Taxes receivable | (222,722) | (301,143) | ||
Accounts payable and accrued liabilities | 408,184 | 188,557 | ||
Prepaid expenses | (7,729) | (7,905) | ||
Cash used in operating activities | (1,866,123) | (3,377,389) | ||
CASH FLOWS FROM INVESTING ACTIVITY | ||||
Acquisition of exploration and evaluation assets | (258,660) | (123,770) | ||
Acquisition of equipment | (3,318) | (4,569) | ||
Cash used in investing activity | (261,978) | (128,339) | ||
CASH FLOWS FROM FINANCING ACTIVITY | ||||
Private placement, gross proceeds | 1,113,333 | 6,000,000 | ||
Share issuance costs | (61,713) | (108,277) | ||
Exercise of options | - | 50,000 | ||
Exercise of warrants | - | 249,445 | ||
Subscriptions received in advance | 120,000 | - | ||
Cash provided by financing activity | 1,171,620 | 6,191,168 | ||
Change in cash during the period | (956,481) | 2,685,440 | ||
Cash, beginning of period | 1,588,002 | 2,518,873 | ||
Cash, end of period | $ | 631,521 | $ | 5,204,313 |
Supplemental disclosure with respect to cash flows (Note 8)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Silver Viper Minerals Corp. published this content on 29 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 02:57:49 UTC.
