WESTWARD GOLD INC.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED
JUNE 30, 2022 and 2021
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED - PREPARED BY MANAGEMENT)
NOTICE TO READER
The accompanying unaudited condensed interim financial statements of Westward Gold Inc. have been prepared by and are the responsibility of management. The unaudited condensed interim financial statements have not been reviewed by the Company's auditors.
Westward Gold Inc.
Condensed interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)
(Unaudited - Prepared by Management)
As at | As at | ||||
June 30, | March 31, | ||||
2022 | 2022 | ||||
ASSETS | |||||
Current assets | |||||
Cash | $ | 1,587,548 | $ | 2,525,682 | |
Receivables | 50,731 | 46,370 | |||
Prepaid expenses (note 8) | 113,510 | 134,559 | |||
Total current assets | 1,751,789 | 2,706,611 | |||
Non-current assets | |||||
Exploration and evaluation assets (notes 9 and 12) | 5,971,175 | 4,852,596 | |||
Reclamation deposit (note 9) | 169,222 | 164,021 | |||
Total assets | $ | 7,892,186 | $ | 7,723,228 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities (notes 10) | $ | 522,674 | $ | 143,002 | |
Total liabilities | 522,674 | 143,002 | |||
Shareholders' equity | |||||
Share capital (note 11) | 9,248,277 | 9,085,261 | |||
Reserves (note 11) | 751,629 | 729,741 | |||
Deficit | (2,630,394) | (2,234,776) | |||
Total shareholders' equity | 7,369,512 | 7,580,226 | |||
Total liabilities and shareholders' equity | $ | 7,892,186 | $ | 7,723,228 | |
Nature of operations and going concern (note 1) | |||||
Subsequent notes (note 13) | |||||
Approved on behalf of the Board: | |||||
(Signed) " Mark Monaghan " | Director | ||||
(Signed) " John Dewdney " | Director |
The accompanying notes to the condensed interim consolidated financial statements are an integral part of these statements.
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Westward Gold Inc.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars)
(Unaudited - Prepared by Management)
Three months ended June 30, | ||||
2022 | 2021 | |||
Operating expenses | ||||
Consulting fees | $ | 45,336 | $ | 16,979 |
Corporate communications | 168,330 | 14,314 | ||
Filing fees | 8,742 | 5,055 | ||
Foreign exchange gain | (3,388) | (2,960) | ||
Gain on acquisition of Golden Oasis Exploration | - | (38,566) | ||
General and administrative | 12,124 | 3,602 | ||
Management fees (note 12) | 106,510 | 13,185 | ||
Professional fees | 29,750 | 55,148 | ||
Share-based payments (notes 11 and 12) | 21,888 | 141,900 | ||
Travel (note 12) | 6,326 | - | ||
Net loss and comprehensive loss for the period | $ | (395,618) | $ | (208,657) |
Basic and diluted net loss per share | $ | (0.01) | $ | (0.01) |
Weighted average number of common shares outstanding | 67,737,720 | 25,112,025 |
The accompanying notes to the condensed interim consolidated financial statements are an integral part of these statements.
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4
Westward Gold Inc.
Condensed interim Consolidated Statements of Changes in Shareholders' Equity (Expressed in Canadian Dollars)
(Unaudited - Prepared by Management)
Number of | Share | Reserves | |||||||||
Shares | Capital | Options | Warrants | Deficit | Total | ||||||
Balance, March 31, 2021 | 21,771,333 | $ | 1,593,555 | $ | 64,002 | $ | 20,318 | $ | (406,633) | $ | 1,271,242 |
Shares issued for cash | 4,100,000 | 984,000 | - | - | - | 984,000 | |||||
Exercise of warrants | 347,000 | 52,918 | - | (18,218) | - | 34,700 | |||||
Share-based payments | - | - | 141,900 | - | - | 141,900 | |||||
Net loss for the period | - | - | - | - | (208,657) | (208,657) | |||||
Balance, June 30, 2021 | 26,218,333 | 2,630,473 | 205,902 | 2,100 | (615,290) | 2,223,185 | |||||
Units issued for cash | 16,584,636 | 1,498,156 | - | - | - | 1,498,156 | |||||
Units issuance costs - cash | - | (79,823) | - | - | - | (79,823) | |||||
Units issuance costs - warrant | - | (58,300) | - | 58,300 | - | - | |||||
Shares issued for mineral properties | 4,410,889 | 1,032,188 | - | - | - | 1,032,188 | |||||
Acquisition of Momentum Minerals Ltd. | 19,817,400 | 4,062,567 | - | - | - | 4,062,567 | |||||
Share-based payments | - | - | 463,439 | - | - | 463,439 | |||||
Net loss for the period | - | - | - | - | (1,619,486) | (1,619,486) | |||||
Balance, March 31, 2022 | 67,031,258 | 9,085,261 | 669,341 | 60,400 | (2,234,776) | 7,580,226 | |||||
Restricted share units | - | - | 21,888 | - | - | 21,888 | |||||
Shares issued for mineral properties | 1,148,000 | 163,016 | - | - | - | 163,016 | |||||
Net loss for the period | - | - | - | - | (395,618) | (395,618) | |||||
Balance, June 30, 2022 | 68,179,258 | $ | 9,248,277 | $ | 691,229 | $ | 60,400 | $ | (2,630,394) | $ | 7,369,512 |
The accompanying notes to the condensed interim consolidated financial statements are an integral part of these statements.
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Westward Gold Inc. published this content on 29 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 02:57:44 UTC.