AVALON ADVANCED MATERIALS INC. Condensed Consolidated Interim Financial Statements
For the three months ended November 30, 2021 (Unaudited)
INDEX
Condensed Consolidated Interim Statements of Financial Position | 1 |
Condensed Consolidated Interim Statements of Comprehensive Loss | 2 |
Condensed Consolidated Interim Statements of Changes in Equity | 3 |
Condensed Consolidated Interim Statements of Cash Flows | 4 |
Notes to the Condensed Consolidated Interim Financial Statements | 5 - 20 |
NOTICE TO READER
The accompanying unaudited interim financial statements have been prepared by the Company's management and the Company's independent auditors have not performed a review of these financial statements.
Condensed Consolidated Interim Statements of Financial Position (expressed in Canadian Dollars)
(Unaudited)
November 30, | August 31, | |||||||
Assets | 2021 | 2021 | ||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 1,075,097 | $ | 1,823,459 | ||||
Other receivables | 70,673 | 117,295 | ||||||
Prepaid expenses and deposits | 542,041 | 593,866 | ||||||
1,687,811 | 2,534,620 | |||||||
Non-Current Assets | ||||||||
Exploration and evaluation assets (note 4) | 13,516,119 | 13,288,036 | ||||||
Property, plant and equipment (note 5) | 102,616,438 | 102,646,452 | ||||||
116,132,557 | 115,934,488 | |||||||
$ | 117,820,368 | $ | 118,469,108 | |||||
Liabilities | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 91,696 | $ | 142,821 | ||||
Accrued liabilities | 553,906 | 486,774 | ||||||
Deferred flow-through share premium (note 6) | 14,117 | 36,269 | ||||||
Current portion of lease obligation (note 7) | 195,417 | 192,487 | ||||||
855,136 | 858,351 | |||||||
Non-Current Liabilities | ||||||||
Lease obligation (note 7) | 446,272 | 496,087 | ||||||
Convertible note payable (note 8) | 2,190,000 | 2,990,000 | ||||||
Derivative liabilities (note 9) | 144,984 | 220,754 | ||||||
Site closure and reclamation provisions | 278,600 | 278,600 | ||||||
3,059,856 | 3,985,441 | |||||||
3,914,992 | 4,843,792 | |||||||
Shareholders' Equity | ||||||||
Share Capital (note 10) | 182,718,759 | 181,918,759 | ||||||
Reserve for Warrants (note 10b) | 4,336,380 | 4,336,380 | ||||||
Reserve for Share Based Payments (note 10c) | 17,772,862 | 17,612,415 | ||||||
Reserve for Brokers' Compensation Warrants (note 10d) | 297,113 | 297,113 | ||||||
Accumulated Deficit | (91,219,738) | (90,539,351) | ||||||
113,905,376 | 113,625,316 | |||||||
$ | 117,820,368 | $ | 118,469,108 | |||||
Approved on behalf of the Board | ||||||||
"Donald S. Bubar" | , Director | |||||||
"Alan Ferry" | , Director | |||||||
Avalon Advanced Materials Inc. | Page 1 | |||||||
Unaudited Interim Financial Statements | ||||||||
For the three months ended November 30, 2021 |
Condensed Consolidated Interim Statements of Comprehensive Loss (expressed in Canadian Dollars, except number of shares) (Unaudited)
Three Months Ended | |||||
November 30, | |||||
2021 | 2020 | ||||
Revenue | |||||
Interest | $ | 1,065 | $ | 1,016 | |
Management fees | - | 2,070 | |||
1,065 | 3,086 | ||||
Expenses | |||||
Corporate and administrative (note 11) | 561,313 | 514,011 | |||
General exploration | 14,959 | 14,553 | |||
Depreciation (note 5) | 47,435 | 34,542 | |||
Share based compensation (note 10c) | 147,255 | 25,244 | |||
Interest on lease obligation | 8,412 | 10,667 | |||
Increase (decrease) in fair value of derivative liabilities (note 9) | (75,770) | 193,057 | |||
703,604 | 792,074 | ||||
Net Loss before Income Taxes | (702,539) | (788,988) | |||
Deferred Income Tax Recoveries | 22,152 | 30,872 | |||
Net Loss and Total Comprehensive Loss for the period | $ | (680,387) | $ | (758,116) | |
Loss per Share - Basic and Diluted | $ | (0.002) | $ | (0.002) | |
Weighted Average Number of Common Shares Outstanding | |||||
- Basic and Diluted | 369,166,117 | 348,413,157 |
Avalon Advanced Materials Inc. | Page 2 | |
Unaudited Interim Financial Statements | ||
For the three months ended November 30, 2021 |
.
Condensed Consolidated Interim Statements of Changes in Equity (expressed in Canadian Dollars, except number of shares) (unaudited)
Share Capital | Reserves | |||||||||||
Brokers' | ||||||||||||
Number of | Share Based | Compensation | Accumulated | |||||||||
Shares | Amount | Warrants | Payments | Warrants | Deficit | Total | ||||||
Balance at September 1, 2020 | 348,413,157 | $ 179,329,547 | $ 4,336,481 | $ 17,333,864 | $ | 286,000 | $(86,784,228) | $ | 114,501,664 | |||
Share based compensation | - | - | - | 26,132 | - | - | 26,132 | |||||
Net loss for the three month period | - | - | - | - | - | (758,116) | (758,116) | |||||
Balance at November 30, 2020 | 348,413,157 | 179,329,547 | 4,336,481 | 17,359,996 | 286,000 | (87,542,344) | 113,769,680 | |||||
Equity offerings | 2,500,000 | 400,750 | - | - | - | - | 400,750 | |||||
Issued for deposit on business acquisition | 1,000,000 | 219,200 | - | - | - | - | 219,200 | |||||
Conversion of note payable | 5,134,321 | 610,000 | - | - | - | - | 610,000 | |||||
Exercise of warrants | 6,487,500 | 1,189,175 | - | - | - | - | 1,189,175 | |||||
Reserve transferred on exercise of warrants | - | 101 | (101) | - | - | - | - | |||||
Exercise of options | 2,760,000 | 304,700 | - | - | - | - | 304,700 | |||||
Reserve transferred on exercise of options | - | 116,665 | - | (116,665) | - | - | - | |||||
Common shares redeemed | (955,949) | (200,750) | - | - | - | - | (200,750) | |||||
Compensation warrants issued on equity offerings | - | - | - | - | 11,113 | - | 11,113 | |||||
Share based compensation | - | - | - | 369,084 | - | - | 369,084 | |||||
Share issuance costs - cash | - | (39,516) | - | - | - | - | (39,516) | |||||
Share issuance costs - compensation warrants issued | - | (11,113) | - | - | - | - | (11,113) | |||||
Net loss for the nine month period | - | - | - | - | - | (2,997,007) | (2,997,007) | |||||
Balance at August 31, 2021 | 365,339,029 | 181,918,759 | 4,336,380 | 17,612,415 | 297,113 | (90,539,351) | 113,625,316 | |||||
Conversion of note payable | 8,137,330 | 800,000 | - | - | - | - | 800,000 | |||||
Share based compensation | - | - | - | 160,447 | - | - | 160,447 | |||||
Net loss for the three month period | - | - | - | - | - | (680,387) | (680,387) | |||||
Balance at November 30, 2021 | 373,476,359 | $ 182,718,759 | $ 4,336,380 | $ 17,772,862 | $ | 297,113 | $(91,219,738) | $ | 113,905,376 |
Avalon Advanced Materials Inc. | Page 3 |
Unaudited Interim Financial Statements | |
For the three months ended November 30, 2021 |
Condensed Consolidated Interim Statements of Cash Flows (expressed in Canadian Dollars)
(unaudited)
Three Months Ended
November 30,
20212020
Operating Activities
Cash paid to employees Cash paid to suppliers Interest received Management fees received
Cash Used by Operating Activities
$ | (276,772) | $ | (163,305) | |
(190,137) | (155,100) | |||
1,065 | 1,016 | |||
- | 3,327 | |||
(465,844) | (314,062) | |||
Financing Activities | ||||
Share issuance costs paid | - | (9,508) | ||
Lease payments | (17,198) | (23,450) | ||
Cash Used by Financing Activities | (17,198) | (32,958) | ||
Investing Activities | ||||
Exploration and evaluation assets | (237,838) | (104,448) | ||
Property, plant and equipment | (27,482) | (1,070) | ||
Cash Provided (Used) by Investing Activities | (265,320) | (105,518) | ||
Change in Cash and Cash Equivalents | (748,362) | (452,538) |
Cash and Cash Equivalents - beginning of period | 1,823,459 | 1,295,723 | ||
Cash and Cash Equivalents - end of period | $ | 1,075,097 | $ | 843,185 |
Supplemental Cash Flow Information (note 14)
Avalon Advanced Materials Inc. | Page 4 |
Unaudited Interim Financial Statement | |
For the three months ended November 30, 2021 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Avalon Advanced Materials Inc. published this content on 12 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2022 20:05:00 UTC.
