VR RESOURCES LTD.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the three months ended June 30, 2022 (Unaudited - Prepared by Management)
(Expressed in Canadian Dollars)
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NOTICE TO READER
Pursuant to National Instrument 51-102, Part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if an auditor has not performed a review of the interim condensed financial statements, they must be accompanied by a notice indicating that the condensed consolidated financial statements have not been reviewed by an auditor.
The condensed consolidated interim financial statements of the Company for the first quarter ended June 30, 2022 have been prepared by and are the responsibility of the Company's management.
The Company's independent auditors have not performed a review of these unaudited condensed consolidated interim financial statements in accordance with the standards established by the CPA Canada for a review of interim condensed consolidated financial statements by an entity's auditor.
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VR RESOURCES LTD.
CONDENSED CONSOLIDATED INTERM STATEMENTS OF FINANCIAL POSITION (Unaudited - Prepared by management)
(Expressed in Canadian Dollars)
June 30, | March 31, | |||||||
2022 | 2022 | |||||||
ASSETS | ||||||||
Current | ||||||||
Cash and cash equivalents (Note 3) | $ | 192,270 | $ | 1,968,469 | ||||
Receivables (Note 4) | 146,291 | 8,730 | ||||||
Prepaid expenses | 102,335 | 65,364 | ||||||
440,896 | 2,042,563 | |||||||
Equipment (Note 5) | 2,094 | 2,264 | ||||||
Exploration and evaluation assets (Note 6) | 10,663,336 | 9,146,463 | ||||||
Reclamation bond (Note 7) | 55,357 | 55,357 | ||||||
$ | 11,163,683 | $ | 11,246,647 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current | ||||||||
Accounts payable and accrued liabilities (Note 8) | $ | 38,098 | $ | 109,552 | ||||
Flow-through premium liability (Note 9) | - | 208,758 | ||||||
38,098 | 318,310 | |||||||
Shareholders' equity | ||||||||
Share capital (Note 9) | 20,161,916 | 20,161,916 | ||||||
Reserves (Note 9) | 2,407,994 | 2,407,994 | ||||||
Deficit | (11,773,342) | (11,781,303) | ||||||
Accumulated other comprehensive income | 327,017 | 139,730 | ||||||
11,123,585 | 10,928,337 | |||||||
$ | 11,161,683 | $ | 11,246,647 | |||||
Nature of operations and going concern (Note 1) | ||||||||
Subsequent events (Note 15) | ||||||||
On behalf of the Board | ||||||||
on August 24, 2022 | ||||||||
"Michael Gunning" | Director | "Craig Lindsay" | Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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VR RESOURCES LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS FOR THE THREE-MONTH PERIODS ENDED JUNE 30
(Unaudited - Prepared by management) (Expressed in Canadian Dollars)
2022 | 2021 | |||
EXPENSES | ||||
Consulting fees | $ | 11,350 | $ | 6,000 |
Depreciation (Note 5) | 170 | 243 | ||
Foreign exchange (gain) loss | 3,873 | 1,952 | ||
Investor relations and promotion | 37,077 | 28,125 | ||
Office | 11,871 | 12,987 | ||
Professional fees | 11,382 | 7,485 | ||
Rent | 6,000 | 6,000 | ||
Regulatory and transfer agent | 5,894 | 11,863 | ||
Salaries (Note 10) | 90,005 | 80,133 | ||
Travel | 2,171 | - | ||
(179,793) | (154,788) | |||
Interest income | 2,432 | 2,901 | ||
Other income - flow-through (Note 9) | 208,758 | - | ||
Impairment of exploration and evaluation assets | (23,436) | 2,901 | ||
Gain (Loss) for the period | 7,961 | (151,887) | ||
Other comprehensive income (loss) to be reclassified to profit or loss in subsequent | ||||
years: | ||||
Translation adjustment | 187,289 | (62,669) | ||
Loss and comprehensive loss for the period | $ | 195,248 | $ | (214,556) |
Loss per common share | ||||
-Basic and diluted | $ | (0.00) | $ | (0.00) |
Weighted average number of common shares outstanding | ||||
-Basic and diluted | 83,701,942 | 78,825,887 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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VR RESOURCES LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS FOR THE THREE-MONTH PERIODS ENDED JUNE 30
(Unaudited - Prepared by management) (Expressed in Canadian Dollars)
2022 | 2021 | |||
OPERATING ACTIVITIES | ||||
Gain (loss) for the period | $ | 7,961 | $ | (151,887) |
Items not affecting cash: | ||||
Depreciation | 170 | 242 | ||
Flow-through premium liability | (208,758) | - | ||
Changes in non-cash working capital items: | ||||
Receivables | (137,561) | 30,704 | ||
Prepaid expenses | (36,971) | 4,808 | ||
Accounts payable and accrued liabilities | 5,685 | (66,883) | ||
Net cash used in operating activities | (369,474) | (183,016) | ||
FINANCING ACTIVITIES | ||||
Proceeds from the issuance of shares, net of share issue cost | - | 1,087,552 | ||
Net cash provided by financing activities | - | 1,087,552 | ||
INVESTING ACTIVITIES | ||||
Exploration and evaluation assets | (1,406,725) | (429,860) | ||
Net cash used in investing activities | (1,406,725) | (429,860) | ||
Change in cash during the period | (1,776,199) | 474,676 | ||
Cash, beginning of period | 1,968,469 | 2,931,748 | ||
Cash, end of period | $ | 192,270 | $ | 3,406,424 |
Cash paid during the period for: | ||||
Income taxes | $ | - | $ | - |
Interest | $ | - | $ | - |
Supplemental disclosure with respect to cash flows (Note 10)
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VR Resources Ltd. published this content on 24 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2022 22:47:01 UTC.