TONOGOLD RESOURCES, INC. TONOGOLD RESOURCES, INC.
FINANCIAL STATEMENTS
(Unaudited)
For the Six months ended June 30th 2022 and 2021
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CONTENTS
PART 1
FINANCIAL STATEMENTS | |
Condensed Balance Sheets | 3 |
Condensed Statements of Operations | 4 |
Condensed Statements of Cash Flow | 5 |
Condensed Statements of Stockholders' (Deficit) | 6 |
Notes to Condensed Financial statements | 7 |
PART 2
MANAGEMENT DISCUSSION | 29 |
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Tonogold Resources Inc
Condensed Balance Sheet
Unaudited
As at . 30-Jun-2022 | 31-Dec-2021 |
ASSETS | ||||||||
Cash | $ | 4,398 | $ | 82,842 | ||||
Prepaid expenses | $ | 57,814 | $ | 180,329 | ||||
Total Current Assets | $ | 62,212 | $ | 263,172 | ||||
Fixed Assets | $ | 46,251 | $ | 46,251 | ||||
Property, plant and equipment, net | ||||||||
Investment in Mil-ler Resources and Energy SA CV (Note 6a) | $ | - | $ | - | ||||
Investment in Persistence Mining (Note 5) | $ | 5,000 | $ | 5,000 | ||||
Investment in Comstock | $ | 30,593,482 | $ | 35,541,322 | ||||
Total Assets | $ | 30,706,946 | $ | 35,855,745 | ||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) Current | Liabilities | |||||||
Convertible Note (Comstock consideration) Note 6d(iv) | $ | - | $ | 6,650,000 | ||||
Mil-Ler Settlement (Note 6a) | $ | - | $ | 188,750 | ||||
Accounts payable | $ | 900 | $ | 300 | ||||
Share subscription account (Note 7g) | $ | 3,026,750 | $ | 1,325,000 | ||||
Accruals other | $ | 2,197,697 | $ | 1,351,963 | ||||
Accrued payroll - Directors | $ | 567,467 | $ | 490,396 | ||||
Accrued interest - Note 8f (ii) | $ | 4,617,252 | $ | 3,231,455 | ||||
Accrued payroll taxes | $ | 112,201 | $ | 122,862 | ||||
Convertible loans payable - Note 8f (i) | $ | 11,514,168 | $ | 11,514,168 | ||||
Total Current Liabilities | $ | 22,036,434 | $ | 24,874,893 | ||||
Stockholders' Deficit | ||||||||
Redeemable Convertible Preference Share 1,000,000 | ||||||||
authorized as at June 30th 2022 and December 31st 2021 | ||||||||
Series D preferred Shares 10,000 Authorised zero issued and | $ | - | $ | - | ||||
outstanding at June 30th 2022 and December 31st 2021 | ||||||||
Common stock, $0.001 par value: shares authorized | ||||||||
999,000,000 at June 30th 2022 and December 31st 2021), and | $ | 345,544 | $ | 345,544 | ||||
345,545,338 shares issued and outstanding at June 30th 2022 | ||||||||
and December 31st 2021 | $ | 47,147,709 | $ | 47,147,709 | ||||
Additional paid-in capital | ||||||||
Deficit accumulated | $ | (38,822,740) | $ | (36,512,400) | ||||
Total Stockholders' Deficit | $ | 8,670,512 | $ | 10,980,852 | ||||
Total Liabilities and Stockholder's (Deficit) | $ | 30,706,946 | $ | 35,855,745 |
The accompanying notes are an integral part of these unaudited financial statements
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Tonogold Resources Inc
Statement of Operations
(Unaudited)
Net Revenues
Cost of Revenue
Gross Profit/(Loss)
Operating Expenses
Mineral Property Costs
General and Administration
Total Operating Expenses
Loss from Operations
Interest expense - Note 8f (ii)
Loss before Provision for income taxes
Partial write back of Mil-ler provision (2015)
Provision for Income Taxes
NET GAIN/(LOSS)
Net loss per share - on issue Net loss per share - fully diluted Weighted number of shares on issue Weighted number of shares fully diluted
3-months ending June 30th | 6-months ending June 30th | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
$ | - | $ | - | $ | - | $ | - | ||||||||||
$ | - | $ | - | $ | - | $ | - | ||||||||||
$ | - | $ | - | $ | - | $ | - | ||||||||||
$ | - | $ | - | $ | - | $ | - | ||||||||||
$ | 724,136 | $ | 739,388 | $ | 1,474,542 | $ | 1,477,589 | ||||||||||
$ | 724,136 | $ | 739,388 | $ | 1,474,542 | $ | 1,477,589 | ||||||||||
$ | (724,136) | $ | (739,388) | $ | (1,474,542) | $ | (1,477,589) | ||||||||||
$ | 712,257 | $ | 411,656 | $ | 1,385,797 | $ | 807,238 | ||||||||||
$ | (1,436,393) | $ | (1,151,044) | $ | (2,860,340) | $ | (2,284,827) | ||||||||||
$ | - | $ | - | $ | (549,999) | $ | - | ||||||||||
$ | - | $ | - | $ | - | $ | - | ||||||||||
$ | (1,436,393) | $ | (1,151,044) | $ | (2,310,341) | $ | (2,284,827) | ||||||||||
$ | (0.00) | $ | (0.00) | $ | (0.01) | $ | (0.01) | ||||||||||
$ | (0.00) | $ | (0.00) | $ | (0.01) | $ | (0.01) | ||||||||||
345,545,338 | 344,269,977 | 345,545,338 | 335,282,687 | ||||||||||||||
367,369,088 | 344,269,977 | 359,367,630 | 335,282,687 | ||||||||||||||
The accompanying notes are an integral part of these unaudited Financial Statements
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Tonogold Resources Inc
Statement of Cash flows
(Unaudited)
3 months ended | 6 months ended | |||||||||||||
30-Jun-22 | 30-Jun-21 | 30-Jun-22 | 30-Jun-21 | |||||||||||
Cash Flows from Operating Activities | ||||||||||||||
Net gain or (loss) | $ | (1,436,393) | $ | (1,151,044) | $ | (2,310,341) | $ | (2,284,827) | ||||||
Adjust to reconcile net loss to net cash provided by ops: | $ | - | ||||||||||||
Depreciation | $ | - | $ | - | $ | - | $ | - | ||||||
Interest on Convertible Loan Notes | $ | 712,259 | $ | 411,656 | $ | 1,385,797 | $ | 807,238 | ||||||
Notes issued for services | $ | - | $ | - | $ | - | $ | - | ||||||
Shares Issued for services | ||||||||||||||
$ | - | $ | - | $ | - | $ | - | |||||||
Provisions Changes in operating working capital: | $ | - | $ | - | ||||||||||
Increase (decrease) in accounts payable | $ | 300 | $ | 300 | $ | 600 | $ | 601 | ||||||
Increase (decrease) in share subscription (Note 7g) | $ | 695,000 | $ | 700,000 | $ | 1,701,750 | $ | 700,000 | ||||||
Increase (decrease) in accrued expenses | $ | (12,654) | $ | (132,475) | $ | 845,734 | $ | 12,634 | ||||||
Increase (decrease) in loans from directors | $ | - | $ | - | $ | - | $ | - | ||||||
Increase (decrease) payroll taxes | $ | - | $ | (1,735) | $ | (10,660) | $ | (6,726) | ||||||
Increase (decrease) accrued payroll liabilities | $ | 137,070 | $ | (220,703) | $ | 77,071 | $ | (237,460) | ||||||
Miller Settlement (Note 6a) | $ | - | $ | - | $ | (188,750) | ||||||||
(Increase) decrease in pre-paid expenses | $ | 61,596 | $ | 157,069 | $ | 122,515 | $ | 238,688 | ||||||
Net change in operating working captital | $ | 881,312 | $ | 502,456 | $ | 2,548,260 | $ | 707,736 | ||||||
Net Cash Provided/(Used) in Operations Cash Flows | ||||||||||||||
From Investing Activities | $ | 157,178 | $ | (236,932) | $ | 1,623,716 | $ | (769,853) | ||||||
Investment in Comstock venture | (187,591) | $ | (667,160) | $ | (1,702,160) | $ | (1,912,434) | |||||||
$ | ||||||||||||||
Investment in property, plant and equipment | $ | - | $ | - | $ | - | $ | (30,112) | ||||||
Net Cash Provided by (Used in) Investments Activities | $ | (187,591) | $ | (667,160) | $ | (1,702,160) | $ | (1,942,546) | ||||||
Cash Flows from Financing Activities | ||||||||||||||
Share Issue - Note 7 | $ | - | - | $ | - | $ | - | |||||||
$ | ||||||||||||||
Convertible loans - Note 8f (i) | $ | - | $ | - | $ | - | $ | - | ||||||
Cost of issues | $ | - | $ | - | $ | - | $ | - | ||||||
Redemption of preference shares | $ | - | $ | - | $ | - | ||||||||
Net Cash Provided by Financing Activities | $ | - | $ | - | $ | - | $ | - | ||||||
Net (Decrease) Increase in Cash | $ | (30,413) | $ | (904,093) | $ | (78,444) | $ | (2,712,399) | ||||||
Cash - Beginning of Period | $ | 34,811 | $ | 1,400,457 | $ | 82,842 | $ | 3,208,763 | ||||||
Cash - Ending of Period | $ | 4,398 | $ | 496,364 | $ | 4,398 | $ | 496,364 | ||||||
The accompanying notes are an integral part of these |
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Tonogold Resources Inc. published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 18:13:09 UTC.
