___________________________________________________________________
Condensed Interim Consolidated Financial Statements
For the nine months ended April 30, 2022, and 2021
Presented in Canadian dollars
____________________________________________________________
NOTICE TO READER
NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
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 standards established by the Canadian Institute of Chartered Professional Accountants for a review of interim financial statements.
TARACHI GOLD CORP.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)
Note | April 30, 2022 | July 31, 2021 | |||
ASSETS | |||||
Current assets | |||||
Cash | $ | 1,028,278 | $ | 1,467,649 | |
Accounts receivable | 3 | 1,120,028 | 853,423 | ||
Prepaid expenses | 1,195,965 | 276,902 | |||
Total current assets | $ | 3,344,271 | $ | 2,597,974 | |
Exploration and evaluation assets | 4 | 23,227,017 | 22,094,865 | ||
TOTAL ASSETS | $ | 26,571,288 | $ | 24,692,839 | |
LIABILITIES | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | 5 | $ | 20,877 | $ | 983,157 |
Shares to be issued | 6 | - | 2,255,500 | ||
Total current liabilities | $ | 20,877 | $ | 3,238,657 | |
Contingent consideration | 7 | 5,776,722 | 6,603,844 | ||
Total liabilities | $ | 5,797,599 | $ | 9,842,501 | |
SHAREHOLDERS' EQUITY | |||||
Share capital | 7 | 23,874,192 | 17,025,164 | ||
Contributed surplus | 7 | 3,038,487 | 2,871,240 | ||
Accumulated deficit | (6,138,990) | (5,046,066) | |||
Total shareholders' equity | $ | 20,773,689 | $ | 14,850,338 | |
Total liabilities and shareholders' equity | $ | 26,571,288 | $ | 24,692,839 | |
Nature of operations and going concern (Note 1) | |||||
Approved on behalf of the board of directors on June 29, 2022: | |||||
"Michael Konnert" | "Lorne Warner" | ||||
________________________________ | ________________________________ | ||||
Michael Konnert, Chairman of the Board | Lorne Warner, Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
Page | 3
TARACHI GOLD CORP.
Condensed Interim Consolidated Statements of Operations and Comprehensive Income / (Loss) (Expressed in Canadian Dollars)
Three Months | Three Months | Nine Months | Nine Months | ||||||
Note | Ended | Ended | Ended | Ended | |||||
April 30, 2022 | April 30, 2021 | April 30, 2022 | April 30, 2021 | ||||||
EXPENSES | |||||||||
Consulting fees | 10 | $ | 72,006 | $ | 86,385 | $ | 207,428 | $ | 635,589 |
General and administrative costs | 119,616 | 279,742 | 214,060 | 850,429 | |||||
Insurance | 14,992 | 1,404 | 43,500 | 43,750 | |||||
Management fees | 10 | 39,817 | 38,980 | 113,670 | 64,943 | ||||
Professional fees | 52,389 | 43,376 | 58,396 | 55,924 | |||||
Project investigation | 8,800 | 63,494 | 47,116 | 82,656 | |||||
Shareholder information and investor relations | 121,986 | 27,286 | 408,095 | 129,169 | |||||
Stock-based compensation | 25,505 | 376,628 | 203,492 | 1,649,945 | |||||
Transfer agent and filing fees | 14,292 | 6,299 | 37,176 | 34,392 | |||||
$ | (469,403) | $ | (923,594) | $ | (1,332,933) | $ | (3,546,797) | ||
Other income (expenses) | |||||||||
Foreign exchange gain / (loss) | (33,923) | 21,779 | (59,267) | 21,779 | |||||
Interest income | 104 | 1,845 | 287 | 3,934 | |||||
Fair value loss of shares issued | 7 | (1,292,257) | - | (560,000) | - | ||||
Contingent consideration revaluation gain / (loss) | 7 | (61,434) | - | 793,392 | - | ||||
NET AND COMPREHENSIVE LOSS | $ | (1,856,913) | $ | (899,970) | $ | (1,158,521) | $ | (3,521,084) | |
LOSS PER SHARE (basic and diluted) | $ | (0.02) | $ | (0.01) | $ | (0.01) | $ | (0.06) | |
WEIGHTED AVERAGE NUMBER OF SHARES | 103,750,376 | 65,754,267 | 88,480,879 | 61,688,343 | |||||
OUTSTANDING (basic and diluted) | |||||||||
The accompanying notes are an integral part of these condensed interim consolidated financial statements
Page | 4
TARACHI GOLD CORP.
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in Canadian Dollars)
Nine Months | Nine Months | |
Ended | Ended | |
April 30, 2022 | April 30, 2021 | |
OPERATING ACTIVITIES | $ | $ |
Net income / (loss) for the year | (1,158,521) | (3,521,084) |
Item not effecting cash: | ||
Stock based compensation | 203,492 | 1,231,056 |
Foreign exchange loss | 17,760 | - |
Shares issued for services | - | 41,068 |
Contingent consideration revaluation gain | (793,392) | - |
Shares issued for E&E acquisition | (82,257) | - |
Changes in non-cash working capital items: | ||
Change in tax and other receivable | (266,605) | (1,589,085) |
Change in prepaid expenses | (919,063) | (12,290) |
Change in accounts payable and accrued liabilities | (962,281) | - |
(4,012,358) | (3,850,335) | |
INVESTING ACTIVITIES | ||
Exploration and evaluation assets - acquisition | - | (2,388,539) |
Exploration and evaluation assets - expenditures | (1,132,151) | (1,056,152) |
(1,132,151) | (3,444,691) | |
FINANCING ACTIVITIES | ||
Proceeds from issuance of shares, net of share issuance costs | 4,697,638 | 7,550,940 |
Proceeds from options exercised | 7,500 | 32,350 |
Proceeds from warrant exercised | - | 172,500 |
4,705,138 | 7,755,790 | |
NET CHANGE IN CASH | (439,371) | 460,944 |
CASH, beginning of the period | 1,467,649 | 2,568,358 |
CASH, end of the period | 1,028,278 | 3,029,302 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
Page | 5
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Tarachi Gold Corp. published this content on 29 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2022 17:11:35 UTC.