CAROLINA RUSH CORPORATION PANCONTINENTAL RESOURCES CORPORATION
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2022
(unaudited)
EXPRESSED IN CANADIAN DOLLARS
NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
The accompanying unaudited condensed interim consolidated financial statements of Pancontinental Resources Corporation (the "Company") have been prepared by and are the responsibility of the Company's management. The Company's independent auditor, RSM Canada LLP, 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 interim consolidated financial statements by an entity's auditor.
PANCONTINENTAL RESOURCES CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (unaudited, expressed in Canadian dollars)
June 30 | December 31 | |||
As at | 2022 | 2021 | ||
ASSETS | ||||
Current | ||||
Cash | $ | 989,416 | $ | 918,383 |
Amounts receivable | 15,801 | - | ||
Sales tax receivable | 32,256 | 16,788 | ||
Prepaid expenses and deposits | 137,026 | 162,589 | ||
1,174,499 | 1,097,760 | |||
Investment in Voltage Metals Corp. (notes 11, 12) | 88,889 | 50,000 | ||
Investment in Tortuga Resources Inc. | 1 | 1 | ||
$ | 1,263,389 | $ | 1,147,761 | |
LIABILITIES | ||||
Current | ||||
Accounts payable and accrued liabilities (note 7) | $ | 359,759 | $ | 395,190 |
EQUITY | ||||
Share capital (note 8) | 26,523,257 | 25,534,536 | ||
Contributed surplus | 5,493,494 | 5,483,901 | ||
Warrants (note 9) | 3,055,324 | 2,577,867 | ||
Deficit | (34,168,445) | (32,843,733) | ||
903,630 | 752,571 | |||
$ | 1,263,389 | $ | 1,147,761 | |
Nature of operations and going concern (note 1) | ||||
Commitments and contingencies (note 15) | ||||
Subsequent events (note 17) |
See accompanying notes.
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PANCONTINENTAL RESOURCES CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited, expressed in Canadian dollars)
Three months ended | Six months ended | |||||||
June 30 | June 30 | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Expenses | ||||||||
Corporate and administrative (notes 10, 14) | $ | 235,210 | $ | 598,972 | $ | 458,176 | $ | 822,449 |
Exploration and evaluation (note 11) | 538,349 | 1,051,000 | 881,656 | 1,998,328 | ||||
Share-based payments (notes 8, 14) | 10,956 | 44,092 | 21,247 | 79,422 | ||||
(784,515) | (1,694,064) | (1,361,079) | (2,900,199) | |||||
Other income (expenses) | ||||||||
Unrealized gain (loss) on investment in Voltage | $ | (152,381) | $ | - | $ | 38,889 | $ | - |
Metals Inc. (note 13) | ||||||||
Exploration and evaluation recovery (notes 11, 12) | - | - | - | 300,000 | ||||
Gain on debt settlement (notes 8, 14) | - | 15,450 | - | 15,450 | ||||
Interest income | - | 1,286 | - | 2,913 | ||||
Interest expense (note 14) | (1,000) | - | (1,000) | - | ||||
Foreign exchange loss | (113) | (16,786) | (1,522) | (31,798) | ||||
(153,494) | (50) | 36,367 | 286,565 | |||||
Net loss and comprehensive loss | $ | (938,009) | $ | (1,694,114) | $ | (1,324,712) | $ | (2,613,634) |
Basic and diluted loss per share (note 17) | $ | (0.003) | $ | (0.007) | $ | (0.005) | $ | (0.011) |
Weighted average number of common shares | ||||||||
outstanding: Basic and diluted | 269,014,228 | 243,066,669 | 261,454,405 | 244,433,900 | ||||
See accompanying notes.
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PANCONTINENTAL RESOURCES CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited, expressed in Canadian dollars)
Share capital | Contributed | ||||||||||
Number | Amount | surplus | Warrants | Deficit | Total | ||||||
Balance, December 31, 2020 | 242,764,790 | $ | 23,672,863 | $ | 5,632,438 | $ | 2,657,055 | $ | (28,511,411) | $ | 3,450,945 |
Shares issued for mineral properties (note 8) | 1,250,000 | 212,500 | - | - | - | 212,500 | |||||
Shares issued for debt (note 8) | 515,000 | 87,550 | - | - | - | 87,550 | |||||
Exercise of options (note 8) | 150,000 | 19,430 | (8,430) | - | - | 11,000 | |||||
Exercise of warrants (note 8) | 1,668,000 | 154,046 | - | (37,286) | - | 116,760 | |||||
Share-based payments (note 8) | - | - | 79,422 | - | - | 79,422 | |||||
Net loss for the period | - | - | - | - | (2,613,634) | (2,613,634) | |||||
Balance, June 30, 2021 | 246,347,790 | 24,146,389 | 5,703,430 | 2,619,769 | (31,125,045) | 1,344,543 | |||||
Exercise of options (note 8) | 5,575,000 | 1,215,030 | (566,530) | - | - | 648,500 | |||||
Exercise of warrants (note 8) | 1,874,500 | 173,117 | - | (41,902) | - | 131,215 | |||||
Share-based payments (note 8) | - | - | 347,001 | - | - | 347,001 | |||||
Net loss for the period | - | - | - | - | (1,718,688) | (1,718,688) | |||||
Balance, December 31, 2021 | 253,797,290 | $ | 25,534,536 | $ | 5,483,901 | $ | 2,577,867 | $ | (32,843,733) | $ | 752,571 |
Units issued by private placements (notes 8,9) | 20,265,000 | 1,173,417 | 447,783 | - | 1,621,200 | ||||||
Broker warrants (notes 8,9) | - | - | - | 29,674 | - | 29,674 | |||||
Share issuance costs | - | (210,850) | - | - | - | (210,850) | |||||
Exercise of options (note 8) | 200,000 | 26,154 | (11,654) | - | - | 14,500 | |||||
Share-based payments (note 8) | - | - | 21,247 | - | - | 21,247 | |||||
Net loss for the period | - | - | - | - | (1,324,712) | (1,324,712) | |||||
Balance, June 30, 2022 | 274,262,290 | $ | 26,523,257 | $ | 5,493,494 | $ | 3,055,324 | $ | (34,168,445) | $ | 903,630 |
See accompanying notes. |
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PANCONTINENTAL RESOURCES CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, expressed in Canadian dollars)
Three months ended | Six months ended | |||||||
June 30 | June 30 | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Operating activities | ||||||||
Loss for the period | $ | (938,009) | $ | (1,694,114) | $ | (1,324,712) | $ | (2,613,634) |
Adjustments to reconcile loss to net cash used: | ||||||||
Share-based payments | 10,956 | 44,092 | 21,247 | 79,422 | ||||
Shares issued for mineral properties | - | - | - | 212,500 | ||||
Unrealized gain (loss) on Voltage Metals | 152,381 | - | (38,889) | - | ||||
investment | ||||||||
Gain on debt settlement | - | (15,450) | - | (15,450) | ||||
Unrealized foreign exchange | (4,715) | (69,092) | (2,091) | 21,597 | ||||
(779,387) | (1,734,564) | (1,344,445) | (2,315,565) | |||||
Net changes in non-cash working capital items | ||||||||
Amounts receivable | (1,241) | - | (15,801) | - | ||||
Sales tax receivable | (15,176) | (1,635) | (15,468) | (2,660) | ||||
Prepaid expenses and deposits | 53,880 | 39,392 | 25,988 | 212,927 | ||||
Accounts payable and accrued liabilities | 138,732 | 241,177 | (36,313) | (12,394) | ||||
(603,192) | (1,455,630) | (1,386,039) | (2,117,692) | |||||
Financing activities | ||||||||
Related party loan advances (note 14) | 100,000 | - | 100,000 | - | ||||
Related party loan repayments (note 14) | (100,000) | - | (100,000) | - | ||||
Units issued by private placements | 1,621,200 | - | 1,621,200 | - | ||||
Proceeds from exercise of options | - | 4,000 | 14,500 | 11,000 | ||||
Proceeds from exercise of warrants | - | - | - | 116,760 | ||||
Share issuance costs | (181,176) | - | (181,176) | - | ||||
1,440,024 | 4,000 | 1,454,524 | 127,760 | |||||
Net change in cash | 836,832 | (1,451,630) | 68,485 | (1,989,932) | ||||
Cash, beginning of period | 148,739 | 3,017,781 | 918,383 | 3,645,426 | ||||
Effect of exchange rate changes on cash | 3,845 | 69,384 | 2,548 | (19,959) | ||||
Cash, end of period | $ | 989,416 | $ | 1,635,535 | $ | 989,416 | $ | 1,635,535 |
Supplemental disclosure | ||||||||
Interest paid | $ | 1,000 | $ | - | $ | 1,000 | $ | - |
See accompanying notes.
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Pancontinental Resources Corporation 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 01:16:23 UTC.
