NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim financial statements of Arctic Hunter Energy Inc. (the "Company") have been prepared by and are the responsibility of the Company's management. The unaudited condensed interim financial statements are prepared in accordance with International Financial Reporting Standards and reflect management's best estimates and judgements based on information currently available.
The Company's independent auditor has not performed a review of these condensed interim financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditor.
ARCTIC HUNTER ENERGY INC. STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian Dollars)
December 31,
June 30,
2019
2019
ASSETS
Current
Cash
$
11,315
$
31,990
Amounts receivable (Note 3)
1,836
20,651
13,151
52,641
Property, plant and equipment (Note 4)
61,318
65,954
Intangible - TORRI (Note 4)
223,684
223,684
$
298,153
$
342,279
LIABILITIES AND EQUITY
Current
Trade payables and accrued liabilities (Note 5)
$
67,352
$
81,061
Decommissioning liabilities (Note 4)
37,200
37,082
104,552
118,143
Equity
Share capital (Note 7)
2,186,281
2,186,281
Reserves (Note7)
1,499,708
1,499,708
Deficit
(3,492,388)
(3,461,853)
193,601
224,136
$
298,153
$
342,279
Nature and continuance of operations (Note 1)
Approved and authorized for issue by the Board on February 26, 2020
On behalf of the Board:
"Tim Coupland"
Director
"Lawrence Ilich"
Director
The accompanying notes are an integral part of these financial statements.
ARCTIC HUNTER ENERGY INC.
STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in Canadian Dollars)
Three Months
Three Months
Six Months
Six Months
Ended
Ended
Ended
Ended
December 31,
December 31,
December 31,
December 31,
2019
2018
2019
2018
PETROLEUM REVENUE
$
6,223
$ 3,617
$
44,606
$
40,740
OPERATING EXPENSES
Petroleum royalties
69
55
2,104
2,229
Petroleum production and transportation
3,001
8,001
26,456
33,197
Depletion and depreciation (Note 4)
675
1,040
4,636
6,553
(3,745)
(9,096)
(33,196)
(41,979)
NET PETROLEUM PRODUCTION REVENUE
2,478
(5,479)
11,410
(1,239)
ADMINISTRATIVE EXPENSES
Consulting fees
3,290
3,250
3,290
10,815
Filing fees
7,342
5,266
7,721
5,676
General and administration
1,722
3,046
6,369
6,032
Management fees (Note 6)
25,500
33,000
49,500
54,000
Professional fees (Note 6)
5,846
15,537
11,046
27,225
Promotion
2,297
5,276
4,084
8,267
(45,997)
(65,375)
(82,010)
(112,015)
(LOSS) BEFORE OTHER ITEMS
(43,519)
(70,854)
(70,600)
(113,254)
OTHER ITEMS
Financing income and costs (Note 8)
(59)
(383)
(118)
-
Forgiveness of debt
40,000
-
40,000
-
Foreign exchange gain
-
4,514
183
2,359
NET AND COMPREHENSIVE (LOSS)
$
(3,578)
$
(66,340)
$
(30,535)
$(110,895)
NET (LOSS) PER SHARE
Basic
$
(0.00)
$
(0.00)
$ (0.00)
$
( 0.01)
Diluted
$
(0.00)
$
(0.00)
$ (0.00)
$
(0.01)
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING
Basic
18,175,350
18,175,350
18,175,350
17,197,480
Diluted
18,175,350
18,175,350
18,175,350
17,197,480
The accompanying notes are an integral part of these financial statements.
(2)
ARCTIC HUNTER ENERGY INC. STATEMENTS OF CHANGES IN EQUITY (Expressed in Canadian Dollars)
Common
Common
Stock
Shares
Shares
option
Warrants
(Number)
(Amount)
reserve
reserve
Deficit
Total
Balance - June 30, 2018
15,926,250
$
1,963,496
$
341,006
$
1,158,702
$
(3,262,399)
$
200,805
Shares issued (Note 7)
2,249,100
224,910
-
-
-
224,910
Share issue costs (Note 7)
-
(2,125)
-
-
-
(2,125)
Net and comprehensive loss for the period
-
-
-
-
(110,895)
(110,895)
Balance - December 31, 2018
18,175,350
$
2,186,281
$
341,006
$
1,158,702
$
(3,373,294)
$
312,695
Balance - June 30, 2019
18,175,350
2,186,281
341,006
1,158,702
(3,461,853)
224,136
Shares issued (Note 7)
-
-
-
-
-
-
Net and comprehensive loss for the Period
-
-
-
-
(30,535)
(30,535)
Balance - December 31, 2019
18,175,350
$
2,186,281
$
341,006
$
1,158,702
$
(3,492,388)
$
193,601
The accompanying notes are an integral part of these financial statements.
(3)
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Trans Canada Gold Corp. published this content on 20 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2022 01:05:08 UTC.
Trans Canada Gold Corp. is a discovery focused oil and gas resource development and mineral exploration company. The Company is focused on developing its production of conventional heavy oil exploration opportunities. The Company identifies, acquires, and finances the acquisition of gold exploration properties and the ongoing development of mining and oil and gas assets primarily situated in Canada. The Company is permitting and developing its Pickle Lake gold exploration property. Its Trans Canada Gold Project is located to the northwest of Dryden, Ontario. These areas collectively comprise the Trans Canada Gold Project and encompass a contiguous area of approximately 14,880 hectares. Its Gold Crow Project is located in a 700-kilometre-long belt across the Canadian Shield from Lake Winnipeg to the James Bay Lowlands, that is well endowed with gold. It is also engaged in drilling a multilateral horizontal oil well. The well is in close proximity to Lloydminster, Alberta.
TRANS CANADA GOLD CORP. 
