SUN PEAK METALS CORP. CONDENSED INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2022
(Unaudited - Expressed in Canadian dollars)
NOTICE TO READER
These condensed interim consolidated financial statements of Sun Peak Metals Corp. have been prepared by management and approved by the Audit Committee of the Board of Directors of the Company. In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its external auditors have not reviewed these condensed interim consolidated financial statements, notes to the financial statements or the related Management's Discussion and Analysis.
SUN PEAK METALS CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in Canadian dollars)
June 30, | December 31, | ||||
Note | 2022 | 2021 | |||
ASSETS | |||||
Current | |||||
Cash | 4 | $ | 8,561,200 | $ | 9,217,664 |
Receivables | 5 | 7,500 | 151,381 | ||
Prepaid expenses | 6 | 33,160 | 28,866 | ||
8,601,860 | 9,397,911 | ||||
Equipment | 7 | 302,745 | 160,279 | ||
Exploration and evaluation assets | 8 | 11,465 | 11,465 | ||
Deferred acquisition costs | 9 | 3,301,554 | 3,237,124 | ||
Equity investment | 10 | 44,625 | 54,558 | ||
$ | 12,262,249 | $ | 12,861,337 | ||
LIABILITIES | |||||
Current | |||||
Trade and other payables | 11 | $ | 85,980 | $ | 72,298 |
EQUITY | |||||
Share capital | 12 | 19,044,808 | 19,044,808 | ||
Reserve | 12 | 1,338,475 | 1,338,475 | ||
Deficit | (8,207,014) | (7,594,244) | |||
12,176,269 | 12,789,039 | ||||
$ | 12,262,249 | $ | 12,861,337 | ||
Nature of operations | 1 |
These condensed interim consolidated financial statements were approved and authorized for issue by the Audit Committee of the Board of Directors of the Company on August 19, 2022.
On behalf of the Board:
/s/ David Awram | Director | /s/ Greg Davis | Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
SUN PEAK METALS CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited - Expressed in Canadian dollars)
Three months ended June 30, | Six months ended June 30, | ||||||||
Note | 2022 | 2021 | 2022 | 2021 | |||||
Expenses | |||||||||
Consulting fees | 13 | $ | 30,000 | $ | 30,000 | $ | 60,000 | $ | 60,000 |
Depreciation | 7 | 20,849 | 36,757 | 42,959 | 52,230 | ||||
Exploration and evaluation expenditures | 8 | - | 44,208 | - | 184,021 | ||||
Foreign exchange | (88,870) | 10,166 | 15,184 | 35,855 | |||||
Investor relations | - | 255 | - | 1,033 | |||||
Office expenses | 43,552 | 5,552 | 57,384 | 20,821 | |||||
Marketing fees | 13 | 3,000 | 6,000 | 6,000 | 21,129 | ||||
Professional fees | 20,757 | 9,755 | 20,757 | 12,184 | |||||
Project investigation costs | 19,931 | - | 19,931 | - | |||||
Regulatory costs | 20,577 | 6,636 | 48,757 | 77,011 | |||||
Salaries and benefits | 13 | 148,114 | 147,514 | 331,101 | 326,076 | ||||
Share-based compensation | - | - | - | 32,852 | |||||
Travel expenses | 12,867 | - | 21,645 | 44,350 | |||||
Dilution gain on equity investment | (230,777) | (296,843) | (623,718) | (867,562) | |||||
- | 185,625 | - | 185,625 | ||||||
Interest income | 15,128 | 5,587 | 20,881 | 10,158 | |||||
Loss on equity investment | 10 | (6,693) | (33,512) | (9,933) | (33,512) | ||||
Management services | - | 96,000 | 96,000 | ||||||
Loss and comprehensive loss for the period | $ | (222,342) | $ | (43,143) | $ | (612,770) | $ | (609,291) | |
Basic and diluted loss per share | $ | (0.00) | $ | (0.00) | $ | (0.01) | $ | (0.01) | |
Weighted average number of shares | |||||||||
outstanding | 87,098,634 | 78,769,573 | 87,098,634 | 78,469,573 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
SUN PEAK METALS CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - Expressed in Canadian dollars)
Six months ended June 30, | ||||
2022 | 2021 | |||
Cash flows to operating activities | ||||
Loss for the period | $ | (612,770) | $ | (609,291) |
Items not involving cash: | ||||
Depreciation | 42,959 | 52,230 | ||
Share-based compensation | - | 32,852 | ||
Dilution gain on equity investment | - | (185,625) | ||
Loss on equity investment | 9,933 | 33,512 | ||
Change in non-cash working capital items: | ||||
Receivables | 143,881 | 64,128 | ||
Prepaid expenses | (4,294) | 26,280 | ||
Trade and other payables | 13,682 | (190,135) | ||
(406,609) | (776,049) | |||
Cash flows to investing activities | ||||
Purchase of equipment | (185,425) | (31,003) | ||
Deferred acquisition costs | (64,430) | (355,776) | ||
Equity investment | - | (2,500) | ||
(249,855) | (389,279) | |||
Cash flows from financing activities | ||||
Exercise of warrants | - | 60,000 | ||
- | 60,000 | |||
Decrease in cash for the period | (656,464) | (1,105,328) | ||
Cash, beginning of period | 9,217,664 | 9,760,495 | ||
Cash, end of period | $ | 8,561,200 | $ | 8,655,167 |
Supplementary information | ||||
Interest paid | $ | - | $ | - |
Income taxes paid | - | - |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Sun Peak Metals Corp. published this content on 22 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 August 2022 19:05:09 UTC.
