VR RESOURCES LTD. VR RESOURCES LTD.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the nine months ended December 31, 2021
(Unaudited)
(Expressed in Canadian Dollars)
1
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 quarter ended December 31, 2021, 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.
2
VR RESOURCES LTD.
CONDENSED CONSOLIDATED INTERM STATEMENTS OF FINANCIAL POSITION (Unaudited)
(Expressed in Canadian Dollars)
December 31, | March 31, | ||||||||
2021 | 2021 | ||||||||
ASSETS | |||||||||
Current | |||||||||
Cash and cash equivalents (Note 3) | $ | 2,329,749 | $ | 2,931,748 | |||||
Receivables (Note 4) | 54,448 | 36,411 | |||||||
Prepaid expenses | 11,165 | 27,169 | |||||||
2,399,362 | 2,995,328 | ||||||||
Equipment (Note 5) | 2,507 | 3,234 | |||||||
Exploration and evaluation assets (Note 6) | 10,678,933 | 8,398,242 | |||||||
$ | 13,080,802 | $ | 11,396,804 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Current | |||||||||
Accounts payable and accrued liabilities (Note 7 and 10) | $ | 28,054 | $ | 189,167 | |||||
Shareholders' equity | |||||||||
Share capital (Note 8) | 20,490,282 | 18,248,469 | |||||||
Reserves (Note 8) | 2,393,708 | 1,955,666 | |||||||
Deficit | (10,056,426) | (9,168,743) | |||||||
Accumulated other comprehensive income | 225,184 | 172,245 | |||||||
13,052,748 | 11,207,637 | ||||||||
$ | 13,080,802 | $ | 11,396,804 | ||||||
Nature of operations and going concern (Note 1) | |||||||||
On behalf of the Board | |||||||||
on February 18, 2022 | |||||||||
"Michael Gunning" | Director | "Craig Lindsay" | Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
3
VR RESOURCES LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited)
(Expressed in Canadian Dollars)
Three Months | Three Months | Nine Months | Nine Months | |||||
Ended Dec. | Ended Dec. | Ended Dec. | Ended Dec. | |||||
31, 2021 | 31, 2020 | 31, 2021 | 31, 2020 | |||||
EXPENSES | ||||||||
Consulting fees (Note 10) | $ | 6,000 | $ | 6,000 | $ | 18,000 | $ | 42,500 |
Depreciation (Note 5) | 243 | 346 | 728 | 1,039 | ||||
Foreign exchange (gain) loss | (2,568) | 10,252 | 2,652 | 47,650 | ||||
Investor relations and promotion | 28,934 | 11,259 | 97,709 | 38,021 | ||||
Impairment of exploration and evaluation assets | - | - | 10,478 | 11,111 | ||||
Office | 13,600 | 13,321 | 43,466 | 36,224 | ||||
Professional fees | 11,576 | 9,415 | 32,014 | 53,030 | ||||
Rent | 6,000 | 3,859 | 18,000 | 16,911 | ||||
Salaries (Note 10) | 49,932 | 72,350 | 212,630 | 192,188 | ||||
Share-based payments (Note 8,10) | - | - | 426,574 | 254,442 | ||||
Regulatory and transfer agent | 6,268 | 8,150 | 31,370 | 35,146 | ||||
Travel | - | 89 | - | 133 | ||||
(119,985) | (135,041) | (893,621) | (728,395) | |||||
Interest income | 1,134 | 3,991 | 5,938 | 15,249 | ||||
Net Gain (loss) for the period | (118,851) | (131,050) | (887,683) | (713,146) | ||||
Other comprehensive income (loss) to be reclassified | ||||||||
to profit or loss in subsequent periods: | ||||||||
Translation adjustment | (30,922) | (199,194) | 52,939 | (448,772) | ||||
Gain (loss) and comprehensive loss for the period | $ | (149,773) | $ | (330,244) | $ | (834,744) | $ | (1,161,918) |
Gain (loss) per common share | ||||||||
-Basic and diluted | $ | (0.00) | $ | (0.00) | $ | (0.01) | $ | (0.01) |
Weighted average number of common shares | ||||||||
outstanding | ||||||||
-Basic and diluted | 81,592,248 | 71,499,735 | 80,286,372 | 68,720,212 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
4
VR RESOURCES LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS FOR THE NINE-MONTH PERIODS ENDED DECEMBER 31
(Unaudited)
(Expressed in Canadian Dollars)
2021 | 2020 | |||
OPERATING ACTIVITIES | ||||
Loss for the period | $ | (887,683) | $ | (713,146) |
Items not affecting cash: | ||||
Share-based payments | 426,574 | 254,442 | ||
Depreciation | 727 | 1,039 | ||
Changes in non-cash working capital items: | ||||
Receivables | (22,037) | 52,312 | ||
Prepaid expenses | 16,004 | 4,565 | ||
Accounts payable and accrued liabilities | (83,881) | (14,270) | ||
Net cash used in operating activities | (550,296) | (415,058) | ||
FINANCING ACTIVITIES | ||||
Proceeds from the issuance of shares, net of share issue cost | 2,253,281 | 2,342,375 | ||
Net cash provided by financing activities | 2,253,281 | 2,342,375 | ||
INVESTING ACTIVITIES | ||||
Exploration and evaluation assets | (2,304,984) | (1,412,159) | ||
Net cash used in investing activities | (2,304,984) | (1,412,159) | ||
Change in cash during the period | (601,999) | 515,158 | ||
Cash, beginning of period | 2,931,748 | 1,468,651 | ||
Cash, end of period | $ | 2,329,749 | $ | 1,983,809 |
Cash paid during the period for: | ||||
Income taxes | $ | - | $ | - |
Interest | $ | - | $ | - |
Supplemental disclosure with respect to cash flows (Note 9)
5
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VR Resources Ltd. published this content on 18 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 February 2022 23:20:02 UTC.
