WINSTON GOLD CORP. Winston Gold Corp.
(An Exploration Stage Company)
Condensed Interim Consolidated Financial Statements
(Expressed in Canadian Dollars)
(unaudited)
For the Three Months ended March 31, 2022 and 2021
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 atMarch 31, 2022 December 31, 2021Assets
Current assets
Cash | $ | 53,704 | $ | 114,829 |
Accounts receivable (Note 18) | 13,543 | 13,543 | ||
Prepaid expenses | 42,240 | 42,695 | ||
Total current assets | 109,487 | 171,067 | ||
Non-current assets | ||||
Equipment (Note 6) | 889,291 | 958,267 | ||
Right-of-use asset (Note 7) | 612,808 | 675,025 | ||
Reclamation bonds (Note 11) | 85,235 | 86,476 | ||
Total non-current assets | 1,587,334 | 1,719,768 | ||
Total Assets | $ | 1,696,821 | $ | 1,890,835 |
Liabilities | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | $ | 2,112,144 | $ | 2,212,311 |
Due to related party (Note 18) | 254,267 | 257,971 | ||
Loans advanced (Notes 8,18) | 624,800 | 633,900 | ||
Loans advanced interest payable (Notes 8,18) | 19,674 | 19,960 | ||
Debenture interest payable (Note 9) | 42,467 | 10,431 | ||
Debentures payable (Note 9) | 1,210,514 | 1,228,144 | ||
Lease liability (Note 7) | 208,079 | 203,387 | ||
Due to directors (Note 8) | 2,091,094 | 912,194 | ||
Total current liabilities | 6,563,039 | 5,478,298 | ||
Non-current liabilities | ||||
Due to director, long-term (Note 10) | 374,880 | 380,340 | ||
Lease liability (Note 7) | 496,892 | 559,892 | ||
Restoration liabilities (Note 11) | 85,235 | 86,476 | ||
Total non-current liabilities | 957,007 | 1,026,708 | ||
Total Liabilities | 7,520,046 | 6,505,006 | ||
Shareholders' Equity (Deficiency) | 35,473,223 | |||
Share capital (Note 13) | 35,473,223 | |||
Share purchase warrants (Note 15) | 10,851,593 | 10,851,593 | ||
Share subscriptions received (Note 12) | 375,000 | 375,000 | ||
Contributed surplus (Note 16) | 3,551,150 | 3,551,150 | ||
Accumulated other comprehensive (loss) | (147,874) | (160,379) | ||
Deficit | (55,926,317) | (54,704,758) | ||
Total Shareholders' Equity (Deficiency) | (5,823,225) | (4,614,171) | ||
Total Liabilities and Shareholders' Equity (Deficiency) | $ | 1,696,821 | $ | 1,890,835 |
Nature of operations and going concern (Note 1)
Subsequent events (Note 22)
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
Approved by The Board of Directors on May 26, 2022
"Murray Nye" | "Joseph Carrabba" | |
Director | Director |
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Winston Gold Corp.
(An Exploration Stage Company)
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss For the three months ended March 31, 2022 and 2021
(Expressed in Canadian Dollars) (unaudited)
Three months ended March 31, | ||||
2022 | 2021 | |||
Expenses | ||||
Exploration and evaluation expenses (Notes 7,17,18) | $ | 988,557 | $ | 3,138,191 |
Office and administrative costs (Note 18) | 81,860 | 109,400 | ||
Management fees (Note 18) | 105,000 | 120,000 | ||
Professional and consulting fees | 46,024 | 926,271 | ||
Travel | 16,881 | 48,415 | ||
Depreciation expense (Note 6) | 55,952 | 55,614 | ||
Interest and accretion expense (Note 9) | 29,848 | 31,850 | ||
Shareholder loan interest (forgiveness) (Note 18) | - | 2,201 | ||
Share based payments (Notes 14,18) | - | 314,310 | ||
Gain on settlement of debt | - | (1,604) | ||
Foreign exchange (gain) loss | (64,919) | (10,697) | ||
Total expenses | (1,259,203) | (4,733,951) | ||
Recovery from sale of concentrate (Note 17) | 37,644 | - | ||
Loss for the period | (1,221,559) | (4,733,951) | ||
Foreign exchange on translation of subsidiaries | 12,505 | (13,478) | ||
Loss and comprehensive loss for the period | $ | (1,209,054) | $ | (4,747,429) |
Basic and diluted loss per share | $(0.003) | $(0.013) | ||
Weighted average number of common shares outstanding | ||||
Basic and diluted | 445,390,527 | 363,690,091 |
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' Equity (Deficiency)
As at March 31, 2022
(Expressed in Canadian Dollars)
Share | Accumulated Other | Share | |||||||||||||
Number of | Share | Contributed | Purchase | Comprehensive | Subscriptions | ||||||||||
Shares | Capital | Surplus | Warrants | Income | Received | Deficit | Total | ||||||||
(Note 13) | (Note 13) | (Note 16) | (Note 15) | (Note 12) | |||||||||||
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 | 36,855,183 | 3,598,303 | - | - | - | (670,400) | - | 2,927,903 | |||||||
Allocated to warrants | - | (1,730,494) | - | 1,730,494 | - | - | - | - | |||||||
Shares issued for warrant exercise | 5,707,683 | 830,220 | - | (198,786) | - | - | - | 631,434 | |||||||
Shares issued for stock option exercise | 2,200,000 | 465,062 | (212,561) | - | - | - | - | 252,501 | |||||||
Broker warrants expired | - | - | 159 | (159) | - | - | - | - | |||||||
Share issue costs | - | (66,260) | - | 42,260 | - | - | - | (24,000) | |||||||
Share based payments | - | - | 314,310 | - | - | - | - | 314,310 | |||||||
Loss and comprehensive loss for the period | - | - | - | - | (13,478) | - | (4,733,951) | (4,747,429) | |||||||
Balance, March 31, 2021 | 384,698,860 | 32,542,162 | 3,121,692 | 9,721,385 | (128,691) | - | (45,379,543) | (122,995) | |||||||
Shares issued for cash | 55,716,667 | 3,666,250 | - | - | - | - | - | 3,666,250 | |||||||
Allocated to warrants | - | (1,292,958) | - | 1,292,958 | - | - | - | - | |||||||
Shares issued for warrant exercise | 3,875,000 | 480,310 | - | (92,809) | - | - | - | 387,501 | |||||||
Shares issued for stock option exercise | 1,100,000 | 46,227 | 12,272 | - | - | - | - | 58,499 | |||||||
Broker warrants expired | - | - | 14,224 | (14,224) | - | - | - | - | |||||||
Warrants expired | - | 47,643 | - | (47,643) | - | - | - | - | |||||||
Share subscriptions received | - | - | - | - | - | 375,000 | - | 375,000 | |||||||
Share issue costs | - | (16,411) | - | (8,074) | - | - | (24,485) | ||||||||
Share based payments | - | - | 402,962 | - | - | - | - | 402,962 | |||||||
Loss and comprehensive loss for the period | - | - | - | - | (31,688) | - | (9,325,215) | (9,356,903) | |||||||
Balance, December 31, 2021 | 445,390,527 | 35,473,223 | 3,551,150 | 10,851,593 | (160,379) | 375,000 | (54,704,758) | (4,614,171) | |||||||
Loss and comprehensive loss for the period | - | - | - | - | 12,505 | - | (1,221,559) | (1,209,054) | |||||||
Balance, March 31, 2022 | 445,390,527 | $ | 35,473,223 | $ | 3,551,150 | $ | 10,851,593 | $ | (147,874) | $ | 375,000 | $ | (55,926,317) | $ | (5,823,225) |
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 01 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2022 16:11:05 UTC.
