TONOGOLD RESOURCES, INC. TONOGOLD RESOURCES, INC.
FINANCIAL STATEMENTS
(Unaudited)
For the Twelve months ended December 31th, 2021 and 2020
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
Tonogold Resources Inc
Condensed Balance Sheet
Unaudited
As at .
ASSETS
31-Dec-2021
31-Dec-2020
Cash | $ | 82,842 | $ | 3,208,763 |
Prepaid expenses | $ | 180,329 | $ | 342,269 |
Total Current Assets | $ | 263,172 | $ | 3,551,032 |
Fixed Assets | ||||
Property, plant and equipment, net | $ | 46,251 | $ | 16,139 |
Investment in Mil-ler Resources and Energy SA CV (Note 6a) | $ | - | $ | 1 |
Investment in Persistence Mining (Note 5) | $ | 5,000 | $ | 5,000 |
Investment in Comstock | $ | 35,541,322 | $ | 29,990,144 |
Total Assets | $ | 35,855,745 | $ | 33,562,316 |
LIABILITIES AND STOCKHOLDERS' (DEFICIT) Current Liabilities
Convertible Note (Comstock consideration) Note 6d(iv) Mil-Ler Settlement (Note 6a)
Accounts payable
Share subscription account (Note 7k) Accruals other
Accrued payroll - Directors Accrued interest - Note 8f (ii) Accrued payroll taxes
Convertible loans payable - Note 8f (i)
Total Current Liabilities
Stockholders' Deficit
Redeemable Convertible Preference Share 1,000,000 authorized as at September 30th 2021 and December 31st 2020
Series D preferred Shares 10,000 Authorised zero issued and outstanding at September 30th 2021 and December 31st 2020 Common stock, $0.001 par value: shares authorized 999,000,000 at December 31st 2021 and 699,000,000 at December 31st 2020), 345,545,338 shares issued and outstanding at December 31st 2021 and 337,567,406 at December 31, 2020
Additional paid-in capital Deficit accumulated
Total Stockholders' Deficit
Total Liabilities and Stockholder's (Deficit)
The accompanying notes are an integral part of these unaudited financial statements
Net Revenues | $ | - | $ | - | ||||
Cost of Revenue | $ | - | $ | - | ||||
Gross Profit/(Loss) | $ | - | $ | - | ||||
Operating Expenses | ||||||||
Mineral Property Costs | $ | - | $ | - | ||||
General and Administration | $ | 885,180 | $ | 2,731,872 | ||||
Total Operating Expenses | $ | 926,872 | $ | 885,180 | $ | 3,139,016 | $ | 2,731,872 |
Loss from Operations | $ | (926,872) | $ | (885,180) | $ | (3,139,016) | $ | (2,731,872) |
Interest expense - Note 8f (ii) | $ | 448,174 | $ | 578,375 | $ | 1,684,516 | $ | 1,631,628 |
Loss before Provision for income taxes | $ | (1,375,046) | $ | (1,463,555) | $ | (4,823,533) | $ | (4,363,500) |
Provision for Income Taxes | $ | - | $ | - | $ | - | $ | - |
NET GAIN/(LOSS) | $ | (1,375,046) | $ | (1,463,555) | $ | (4,823,533) | $ | (4,363,500) |
Net loss per share - on issue | $ | (0.00) | $ | (0.00) | $ | (0.01) | $ | (0.02) |
Net loss per share - fully diluted | $ | (0.00) | $ | (0.00) | $ | (0.01) | $ | (0.02) |
Weighted number of shares on issue | 345,545,338 | 321,152,599 | 343,910,416 | 273,929,850 | ||||
Weighted number of shares fully diluted | 351,873,463 | 326,890,414 | 346,761,104 | 276,798,758 | ||||
4 | Page |
Net gain or (loss) | $ | (1,375,046) | $ | ||
Adjust to reconcile net loss to net cash provided by ops: | |||||
Depreciation | $ | - | $ | ||
Interest on Convertible Loan Notes | $ | 448,174 | $ | ||
Notes issued for services | $ | - | $ | ||
Shares Issued for services | $ | - | $ | ||
Provisions Changes in operating working capital: | |||||
Increase (decrease) in accounts payable | $ | 300 | $ | (13,743) | $ |
Increase (decrease) in share subscription (Note 7k) | $ | 625,000 | $ | (1,209,642) | $ |
Increase (decrease) in accrued expenses | $ | 489,250 | $ | 376,768 | $ |
Increase (decrease) in loans from directors | $ | - | $ | - | $ |
Increase (decrease) payroll taxes | $ | 24,429 | $ | (44,340) | $ |
Increase (decrease) accrued payroll liabilities | $ | 107,501 | $ | (87,150) | $ |
Miller Settlement (Note 6a) | $ | 188,750 | $ | ||
(Increase) decrease in pre-paid expenses | $ | (180,329) | $ | 35,570 | $ |
Net change in operating working captital | $ | 1,254,901 | $ | (942,537) | $ |
Net Cash Provided/(Used) in Operations Cash Flows | |||||
From Investing Activities | $ | 328,029 | $ | (1,501,858) | $ |
Investment in Comstock venture | $ | (275,633) | $ | (1,958,149) | $ |
Investment in property, plant and equipment | $ | - | $ | - | $ |
Net Cash Provided by (Used in) Investments Activities | |||||
$ | (275,633) | $ | (1,958,149) | $ | |
Cash Flows from Financing Activities | $ | ||||
Share Issue - Note 7 | $ | - | $ | 2,885,409 | $ |
Convertible loans - Note 8f (i) | $ | 22,000 | $ | (0) | $ |
Cost of issues | $ | - | $ | ||
Redemption of preference shares | $ | - | $ | ||
Net Cash Provided by Financing Activities | $ | 22,000 | $ | ||
Net (Decrease) Increase in Cash | $ | 74,396 | $ | ||
Cash - Beginning of Period | $ | 8,446 | $ | ||
Cash - Ending of Period | $ | 82,842 | $ | ||
(4,823,533) | $ | (4,363,500) | |
- | $ | - | |
1,684,516 | $ | 1,444,020 | |
- | $ | 122,500 | |
463,093$ | - | $ | 495,218 |
$ | - | $ | - |
300 | $ | (152,848) | |
1,325,000 | $ | (93,347) | |
910,338 | $ | 169,587 | |
- | $ | - | |
(50,879) | $ | (122,096) | |
(36,228) | $ | 161,416 | |
188,750 | |||
753,965 | $ | (331,470) | |
3,091,245 | $ | (368,758) | |
(47,772) | $ | (2,670,520) | |
(3,156,124) | $ | (6,649,576) | |
(30,111) | $ | (16,139) | |
(3,186,235) | $ | (6,665,716) | |
- | $ | - | |
86,085 | $ | 7,909,164 | |
22,000 | $ | 7,325,941 | |
- | $ | (802,200) | |
- | $ | (2,180,000) | |
108,085 | $ | 12,252,905 | |
(3,125,921) | $ | 2,916,670 | |
3,208,763 | $ | 292,094 | |
82,842 | $ | 3,208,763 | |
5 | Page |
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Tonogold Resources Inc. published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2022 00:31:12 UTC.
