SONORO GOLD CORP. (Formerly Sonoro Metals Corp)
(An Exploration Stage Company)
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 and 2020
(Expressed in Canadian Dollars)
(Unaudited)
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 interim consolidated financial statements, they must be accompanied by a notice indicating that the 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 Company's independent auditor has not performed a review of these condensed interim consolidated 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.
SONORO GOLD CORP.
(Formerly Sonoro Metals Corp.)
(An Exploration Stage Company)
Condensed interim consolidated statements of financial position (Expressed in Canadian Dollars) (Unaudited)
September 30, | December 31, | ||||
As at | Note | 2021 | 2020 | ||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | $ | 405,817 | $ | 2,310,411 | |
Receivable | 14,763 | 51,273 | |||
Prepaid expenses | 49,825 | 39,783 | |||
470,405 | 2,401,467 | ||||
Non-current assets | |||||
VAT receivables | 1,348,306 | 915,077 | |||
Exploration and evaluation assets | 5 | 3,126,827 | 2,337,687 | ||
$ | 4,945,538 | $ | 5,654,231 | ||
Liabilities | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | 6 | $ | 251,677 | $ | 146,111 |
Due to related parties | 7 | 31,979 | 22,017 | ||
Loans payable | 8 | 406,710 | 59,727 | ||
690,366 | 227,855 | ||||
Shareholders' equity | |||||
Share capital | 9 | 19,946,247 | 16,837,074 | ||
Share-based payment reserve | 9 | 1,868,319 | 1,462,819 | ||
Share subscriptions receivable | 9 | - | (40,500) | ||
Deficit | (17,559,394) | (12,833,017) | |||
4,255,172 | 5,426,376 | ||||
$ | 4,945,538 | $ | 5,654,231 |
Approved on behalf of the Board: | ||
"Stephen Kenwood" (signed) | "Ken MacLeod" (signed) | |
Stephen Kenwood, Director | Ken MacLeod, Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
1
SONORO GOLD CORP.
(Formerly Sonoro Metals Corp.)
(An Exploration Stage Company)
Condensed interim consolidated statements of comprehensive loss (Expressed in Canadian Dollars) (Unaudited)
Three Months Ended | Nine Months Ended | |||||||||
September 30 | September 30 | |||||||||
Note | 2021 | 2020 | 2021 | 2020 | ||||||
Expenses | ||||||||||
Consulting fees | 7 | $ | 202,667 | $ | 403,319 | $ | 610,354 | $ | 748,257 | |
Exploration expenditures | 5 | 433,203 | 743,999 | 2,759,795 | 1,063,053 | |||||
Legal and audit | 29,779 | 36,421 | 90,294 | 126,865 | ||||||
Office and administration | 36,516 | 25,614 | 162,236 | 78,340 | ||||||
Share-based payments | 7,9 | - | 983,450 | 409,000 | 1,257,050 | |||||
Transfer agent and filing fees | 7,272 | 45,104 | 70,967 | 66,090 | ||||||
Travel and promotion | 98,253 | 289,771 | 562,190 | 422,545 | ||||||
$ | (807,690) | $ | (2,527,678) | $ | (4,664,836) | $ | (3,762,200) | |||
Other income (expense) | ||||||||||
Interest income | $ | 209 | $ | - | $ | 2,280 | $ | 128 | ||
Foreign exchange gain (loss) | 9,841 | (75,535) | (35,758) | (76,301) | ||||||
Interest expense | 8 | (25,104) | (66,451) | (28,063) | (89,256) | |||||
$ | (15,055) | $ | (141,986) | $ | (61,541) | $ | (165,429) | |||
Loss and total comprehensive | ||||||||||
loss for the period | $ | (822,745) | $ | (2,669,664) | $ | (4,726,377) | $ | (3,927,629) | ||
Basic and diluted loss and | ||||||||||
comprehensive loss per common | ||||||||||
share | $ | (0.01) | $ | (0.04) | $ | (0.05) | $ | (0.08) | ||
Weighted average number of | ||||||||||
common shares outstanding, | ||||||||||
basic and diluted | 102,541,890 | 63,410,695 | 94,796,070 | 49,500,729 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
2
SONORO GOLD CORP.
(Formerly Sonoro Metals Corp.)
(An Exploration Stage Company)
Condensed interim consolidated statements of changes in shareholders' equity (Expressed in Canadian Dollars) (Unaudited)
Balance, December 31, 2019 Private placement, net of issuance costs Exercise of warrants Exercise of options Fair value of options
Share-based payments
Net loss for the period Balance, September 30, 2020
Balance, December 31, 2020 Private placement, net of issuance costs Subscription cancelled Subscription received Fair value of finders' warrants Exercise of options
Reallocation on exercise of options
Share-based payments Net loss for the period Balance, September 30, 2021
Share Capital | Share-Based | Subscription | Shareholders' | ||||||||
Payment | Deficit | ||||||||||
Receivable | Equity | ||||||||||
Note | Shares | Amount | Reserve | ||||||||
42,469,317 | $ | 8,139,909 | $ | 140,489 | $ | - | $ | (7,184,438) | $ | 1,095,960 | |
9 | 37,407,440 | 7,933,773 | 7,933,773 | ||||||||
9 | 1,120,528 | 240,143 | 240,143 | ||||||||
9 | 1,100,000 | 167,000 | 167,000 | ||||||||
96,720 | (96,720) | - | |||||||||
7, 9 | - | - | 1,257,050 | - | - | 1,257,050 | |||||
- | - | - | - | (3,927,629) | (3,927,629) | ||||||
82,097,285 | $ | 16,577,545 | $ | 1,300,819 | $ | - | $ | (11,112,067) | $ | 6,766,297 | |
85,077,285 | $ | 16,837,074 | $ | 1,462,819 | $ | (40,500) | $ | (12,833,017) | $ | 5,426,376 | |
9 | 17,293,308 | 3,045,772 | 3,045,772 | ||||||||
(70,000) | 10,500 | 10,500 | |||||||||
9 | 93,000 | 27,900 | 30,000 | 57,900 | |||||||
(16,300) | 16,300 | - | |||||||||
9 | 200,000 | 32,000 | 32,000 | ||||||||
19,800 | (19,800) | - | |||||||||
7, 9 | - | - | 409,000 | - | - | 409,000 | |||||
- | - | - | - | (4,726,377) | (4,726,377) | ||||||
102,593,593 | $ | 19,946,247 | $ | 1,868,319 | $ | - | $ | (17,559,394) | $ | 4,255,172 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Sonoro Gold Corp. published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 15:50:06 UTC.
