WINSTON GOLD CORP. Winston Gold Corp.
(An Exploration Stage Company)
Condensed Interim Consolidated Financial Statements
(Expressed in Canadian Dollars)
(unaudited)
For the Nine and Three Months ended September 30, 2021 and 2020
Notice to Reader
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed interim consolidated financial statements; they must be accompanied by a notice indicating that the condensed interim consolidated financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these unaudited condensed interim consolidated financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of condensed interim consolidated financial statements by an entity's auditor.
Winston Gold Corp.
(An Exploration Stage Company)
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)
(unaudited)
As atSeptember 30, 2021 December 31, 2020Assets
Current assets
Cash | $ | 46,045 | $ | 1,694,849 |
Accounts receivable (Note 20) | 13,543 | 94,782 | ||
Prepaid expenses and deposits (Note 7) | 55,593 | 79,026 | ||
Total current assets | 115,181 | 1,868,657 | ||
Non-current assets | ||||
Equipment (Note 8) | 1,019,330 | 1,155,352 | ||
Right-of-use asset (Note 9) | 731,936 | 891,974 | ||
Reclamation bonds (Note 13) | 86,906 | 56,572 | ||
Total non-current assets | 1,838,172 | 2,103,898 | ||
Total Assets | $ | 1,953,353 | $ | 3,972,555 |
Liabilities | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | $ | 1,138,792 | $ | 438,937 |
Due to related party (Note 20) | 259,252 | - | ||
Loans advanced (Note 19(e)) | 637,050 | - | ||
Debenture interest payable (Note 11) | 41,254 | 11,011 | ||
Debentures payable (Note 11) | 1,234,247 | 1,296,436 | ||
Lease liability (Note 9) | 196,920 | 175,966 | ||
Due to directors (Note 10) | 168,234 | 322,857 | ||
Total current liabilities | 3,675,749 | 2,245,207 | ||
Non-current liabilities | ||||
Due to director, long-term (Note 12) | 382,230 | 381,960 | ||
Lease liability (Note 9) | 616,665 | 766,530 | ||
Restoration liabilities (Note 13) | 86,906 | 56,572 | ||
Total non-current liabilities | 1,085,801 | 1,205,062 | ||
Total Liabilities | 4,761,550 | 3,450,269 | ||
Shareholders' Equity (Deficiency) | 34,755,937 | |||
Share capital (Note 15) | 29,445,331 | |||
Share purchase warrants (Note 17) | 10,576,718 | 8,147,576 | ||
Share subscriptions received (Note 14) | 62,500 | 670,400 | ||
Contributed surplus (Note 18) | 3,584,569 | 3,019,784 | ||
Accumulated other comprehensive (loss) | (152,702) | (115,213) | ||
Deficit | (51,635,219) | (40,645,592) | ||
Total Shareholders' Equity (Deficiency) | (2,808,197) | 522,286 | ||
Total Liabilities and Shareholders' Equity (Deficiency) | $ | 1,953,353 | $ | 3,972,555 |
Nature of operations and going concern (Note 1)
Subsequent events (Note 24)
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
Approved by The Board of Directors on November 23, 2021
"Murray Nye" | "Stan Stewin" | |
Director | Director |
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Winston Gold Corp.
(An Exploration Stage Company)
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss For the nine and three months ended September 30, 2021 and 2020 (Expressed in Canadian Dollars)
(unaudited)
Nine months ended September 30, | Three months ended September 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Expenses | ||||||||
Exploration and evaluation expenses (Notes 19, 20) | $ | 8,004,941 | $ | 5,133,909 | $ | 1,739,114 | $ | 2,345,882 |
Office and administrative costs (Note 20) | 351,530 | 298,973 | 123,074 | 176,092 | ||||
Management fees (Note 20) | 337,500 | 240,000 | 106,500 | 90,000 | ||||
Professional and consulting fees | 1,127,768 | 984,101 | 167,544 | 591,191 | ||||
Travel | 131,905 | 73,562 | 30,888 | 44,504 | ||||
Depreciation expense (Note 8) | 165,245 | 96,245 | 55,678 | 39,267 | ||||
Interest and accretion expense (Note 11) | 92,604 | 143,824 | 31,386 | 35,477 | ||||
Shareholder loan interest (forgiveness) (Note 20) | (49,460) | 45,425 | (53,623) | 15,680 | ||||
Debenture bonus expense (Note 11) | - | 154,391 | - | - | ||||
Share based payments (Notes 16, 20) | 773,462 | 632,845 | - | 336,320 | ||||
Loss (gain) on embedded derivative (Note 11) | - | (109,447) | - | - | ||||
Gain on settlement of debt | (1,604) | - | - | - | ||||
Unrealized (gain) loss on revaluation of securities (Note 6) | - | 113,415 | - | - | ||||
Gain on disposal of securities (Note 6) | - | (84,526) | - | - | ||||
Foreign exchange (gain) loss | 55,736 | 213,806 | 59,251 | (90,062) | ||||
Loss for the period | (10,989,627) | (7,936,523) | (2,259,812) | $ | (3,584,351) | |||
Foreign exchange on translation of subsidiaries | (37,489) | (54,856) | 3,438 | (78,206) | ||||
Loss and comprehensive loss for the period | $ | (11,027,116) | $ | (7,991,379) | $ | (2,256,374) | $ | (3,662,557) |
Basic and diluted loss per share | $(0.028) | $(0.038) | $(0.005) | $(0.014) | ||||
Weighted average number of common shares outstanding | ||||||||
Basic and diluted | 387,998,381 | 209,765,433 | 411,844,875 | 252,990,090 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
2
Winston Gold Corp.
(An Exploration Stage Company)
Condensed Interim Statements of Changes in Shareholders' Deficiency
As at September 30, 2021
(Expressed in Canadian Dollars)
Share | Accumulated Other | Share | ||||||||||||
Number of | Share | Contributed | Purchase | Comprehensive | Subscriptions | |||||||||
Shares | Capital | Surplus | Warrants | Income | Received | Deficit | Total | |||||||
(Note 15) | (Note 15) | (Note 18) | (Note 17) | (Note 14) | ||||||||||
Balance, January 1, 2020 | 173,233,373 | $ | 21,747,152 | $ | 1,489,906 | $ | 2,562,992 | $ | (8,647) | $ | - | (27,488,063) | $ | (1,696,660) |
Shares issued for cash | 108,253,608 | 7,382,142 | - | - | - | - | - | 7,382,142 | ||||||
Allocated to warrants | - | (3,558,101) | - | 3,558,101 | - | - | - | - | ||||||
Shares issued for warrant exercise | 4,721,000 | 585,973 | - | (113,873) | - | - | - | 472,100 | ||||||
Shares issued for stock option exercise | 2,170,000 | 184,072 | (75,572) | - | - | - | - | 108,500 | ||||||
Broker shares issued | 572,000 | 40,040 | - | - | - | - | - | 40,040 | ||||||
Share subscriptions received | - | - | - | - | - | 709,432 | - | 709,432 | ||||||
Share issue costs | - | (107,465) | - | 52,037 | - | - | - | (55,428) | ||||||
Share based payments | - | - | 632,845 | - | - | - | - | 632,845 | ||||||
Loss and comprehensive loss for the period | - | - | - | - | (54,856) | - | (7,936,523) | (7,991,379) | ||||||
Balance, September 30, 2020 | 288,949,981 | 26,273,813 | 2,047,179 | 6,059,257 | (63,503) | 709,432 | (35,424,586) | (398,408) | ||||||
Shares issued for cash | 44,599,013 | 4,636,351 | - | - | - | (39,032) | - | 4,597,319 | ||||||
Allocated to warrants | - | (2,236,172) | - | 2,236,172 | - | - | - | - | ||||||
Shares issued for warrant exercise | 5,877,000 | 735,554 | - | (147,853) | - | - | - | 587,701 | ||||||
Shares issued for stock option exercise | 510,000 | 47,777 | (20,277) | - | - | - | - | 27,500 | ||||||
Share issue costs | - | (11,992) | - | - | - | - | (11,992) | |||||||
Share based payments | - | - | 992,882 | - | - | - | - | 992,882 | ||||||
Loss and comprehensive loss for the period | - | - | - | - | (51,710) | - | (5,221,006) | (5,272,716) | ||||||
Balance, December 31, 2020 | 339,935,994 | 29,445,331 | 3,019,784 | 8,147,576 | (115,213) | 670,400 | (40,645,592) | 522,286 | ||||||
Shares issued for cash | 72,071,850 | 6,239,553 | - | - | - | (670,400) | - | 5,569,153 | ||||||
Allocated to warrants | - | (2,734,353) | - | 2,734,353 | - | - | - | - | ||||||
Shares issued for warrant exercise | 9,582,683 | 1,310,530 | - | (291,595) | - | - | - | 1,018,935 | ||||||
Shares issued for stock option exercise | 3,300,000 | 567,479 | (256,479) | - | - | - | - | 311,000 | ||||||
Broker warrants expired | - | - | 159 | (159) | - | - | - | - | ||||||
Warrants expired | - | - | 47,643 | (47,643) | - | - | - | - | ||||||
Share issue costs | - | (72,603) | - | 34,186 | - | - | - | (38,417) | ||||||
Share subscriptions received | - | - | - | - | - | 62,500 | - | 62,500 | ||||||
Share-based payments | - | - | 773,462 | - | - | - | - | 773,462 | ||||||
Loss and comprehensive loss for the period | - | - | - | - | (37,489) | - | (10,989,627) | (11,027,116) | ||||||
Balance, September 30, 2021 | 424,890,527 | $ | 34,755,937 | $ | 3,584,569 | $ | 10,576,718 | $ | (152,702) | $ | 62,500 | (51,635,219) | $ | (2,808,197) |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Winston Gold Corp. published this content on 30 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 20:40:06 UTC.
