SOLIS MINERALS LTD.
(FORMERLY WESTMINSTER
RESOURCES LTD.)
(An Exploration Stage Company)
CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
For the Nine Months Ended February 28, 2022
(Unaudited - Expressed in Canadian Dollars)
NOTICE OF NO AUDITOR REVIEW OF 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 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 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 interim financial statements by an entity's auditor.
Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars - Unaudited)
February 28, 2022
May 31, 2021
Assets Current
Cash Receivables Prepaid expenses
Non-Current
Receivables (Note 6) Deposits
Equipment (Note 7)
Exploration and evaluation assets (Note 4)
Liabilities and Shareholders' Equity Current Liabilities
Accounts payable (Note 6)
Accrued liabilities (Note 6)
Short-term borrowing (Note 8)
$
5,027,980
43,694 66,267
132,149 27,985
$ 2,548,807
5,203,823
117,455 117,455
- 28,843
9,372 10,828
4,389,702
$
9,720,352
$
735,197 $ 380,190
103,250 104,986
- 51,016
2,643,059
3,360,003
$
6,160,188
838,447
536,192
Shareholders' Equity Share capital (Note 5) Reserves (Note 5) Deficit
Nature of Operations and Going Concern - Note 1
Approved on behalf of the Board of Directors:
Signed "Jason Cubitt"
30,153,973 26,161,373
3,576,668 2,611,568
(24,848,736)
8,881,905
$
9,720,352
, Director
Signed " Chafika Eddine"
(23,148,945)
5,623,996
$
6,160,188
, Director
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
(Expressed in Canadian Dollars - Unaudited)
Three Months Ended
Nine Months Ended
February 28,
February 28,
2022
2021
2022
2021
Expenses
Accounting, audit and legal Accretion of office lease liability Amortization of right-of-use asset Amortization of equipment (Note 7) Bank charges and interest Consulting fees (Note 6) Foreign exchange loss (gain)
$
93,123 - -
$
15,904 $
553,707
$ 56,599
1,415 - 7,207
38,259 - 114,541
485
747
190,851
32,531
628 273 24,000 2,871
1,456 1,884
2,695 7,764
406,401 102,000
12,933
(14,921)
Gain on change in fair value of warrants (Note 5)
(12,100)
Gain on settlement of accounts payable and accrued liabilities
-
- -
(12,100)
-
(19,003) (610,896)
Gain on settlement of short-term borrowing
Management fees (Note 6) Office
Property investigation Regulatory and filing fees Share-based compensation (Note 5) Sublease office rent income
Travel and entertainment
- 30,000 151,292 - 45,655 - - 5,752
(66,926)
- (66,926)
15,000
92,500 30,000
18,386 -
262,143 37,550
2,125
-
10,892
137,882 22,384
271,100
253,300 271,100
(55,900)
-- 5,752
(74,854)
-
Income (loss) and comprehensive income (loss)
$
(538,336) $
(275,902)
$
(1,699,791)
$
116,568
Income (loss) per common share, basic and diluted
$
(0.01) $
(0.01)
$
(0.04)
$
0.01
Weighted average number of common shares outstanding - basic and diluted
56,148,321
18,962,903
40,476,727
13,982,101
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
SOLIS MINERALS LTD.
(An Exploration Stage Company)
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Expressed in Canadian Dollars - Unaudited)
Share Capital
r personal use only
Balance - May 31, 2020
Private placements
Shares issuance costs - cash Shares issued for debt settlement Share-based compensation
Income and comprehensive income for the period
Balance - February 28, 2021
Balance - May 31, 2021
Private placements Warrants exercised Finder's warrants
Fair value adjustment on finder's warramts Share issuance costs
Share-based compensation
Loss and comprehensive loss for the period
Balance - February 28, 2022
Number
Amount
Reserves
DeficitTotal shareholders' equity
9,454,099 $ 6,963,400
- 2,545,404 - -
22,505,856 $ 696,340 (27,160)
2,289,468 $ - -(22,963,972) $ - -
407,265 - - 407,265
- -271,100 - 271,100
-
116,568 116,568
18,962,903 $
23,582,301 $
2,560,568
(22,847,404) $
32,741,654 $ 27,500,000 225,000 - - - - -
26,161,373 $
2,611,568 $
(23,148,945) 5,623,996
5,045,230 - - 5,045,230
45,000 (723,900)
- 723,900
- -
- (373,730)
(12,100) - (12,100)
- - (373,730)
-
-253,300 -
- (1,699,791)
60,466,654 $
30,153,973 $
3,576,668 $
(24,848,736) $
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
1,831,352 696,340 (27,160)
3,295,465
45,000 -253,300 (1,699,791)
8,881,905
3
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Solis Minerals Ltd. published this content on 19 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 April 2022 02:33:00 UTC.