CENTAURUS ENERGY INC.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020
(UNAUDITED)
NOTICE OF NO AUDITORS' REVIEW OF INTERIM FINANCIAL STATEMENTS
The accompanying unaudited interim condensed financial statements of Centaurus Energy 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 financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditors.
Condensed Interim Consolidated Statements of Financial Position (Unaudited)
At | At | |||
September 30 | December 31 | |||
USD 000s | Note | 2021 | 2020 | |
Assets | ||||
Current assets | ||||
Cash and cash equivalents | 345 | 114 | ||
Trade and other receivables | 23,266 | 2,959 | ||
Inventory | 469 | 897 | ||
Other current assets | 251 | 548 | ||
Total current assets | 24,331 | 4,518 | ||
Property, plant and equipment | 3 | 1,016 | 1,228 | |
Exploration and evaluation assets | 4 | 3,864 | 30,766 | |
Other long-term assets | 6 | 2,743 | 2,729 | |
Total non-current assets | 7,623 | 34,723 | ||
TOTAL ASSETS | 31,954 | 39,241 | ||
Liabilities | ||||
Current liabilities | ||||
Current Loan | 7 | 20,240 | 12,080 | |
Short term debt | 8 | 2,193 | 2,122 | |
Derivative liability | 8 | 5 | 5 | |
Trade and other payables | 35,850 | 21,579 | ||
Taxes payable | 185 | 292 | ||
Short-term lease liability | 9 | 8 | 8 | |
Total current liabilities | 58,517 | 36,086 | ||
Non-current Loan | 7 | - | 14,488 | |
Non-current decommissioning obligations | 9,239 | 12,643 | ||
Other long-term liabilities | 13 | 958 | 1,325 | |
Total non-current liabilities | 10,197 | 28,456 | ||
TOTAL LIABILITIES | 68,714 | 64,542 | ||
Shareholders' Equity | ||||
Share capital | 11 | 239,029 | 239,029 | |
Contributed surplus | 18,751 | 18,587 | ||
Accumulated other comprehensive loss | (26,941) | (26,941) | ||
Deficit | (267,599) | (255,976) | ||
Total equity | (36,760) | (25,301) | ||
TOTAL LIABILITIES AND EQUITY | 31,954 | 39,241 |
Commitments and Other Long-term Liabilities (note 15)
See the accompanying Notes to the Condensed Interim Consolidated Financial Statements.
Centaurus Energy Inc. | Condensed Interim Consolidated Financial Statements Q3 2021| 2 |
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited)
Three months ended | Nine months ended | |||||
September 30 | September 30 | |||||
USD 000s, except per share amounts | Note | 2021 | 2020 | 2021 | 2020 | |
Revenues | ||||||
Oil and natural gas revenues | 15 | 5,425 | 6,895 | 14,869 | 20,950 | |
Royalties | (715) | (1,214) | (2,107) | (3,370) | ||
Other Income | - | 29 | (86) | 88 | ||
4,710 | 5,710 | 12,676 | 17,668 | |||
Expenses | ||||||
Operating | 16 | 2,555 | 3,994 | 7,624 | 14,511 | |
General and administrative | 16 | 432 | 658 | 1,385 | 2,605 | |
Finance (income) expenses | 17 | (122) | 687 | (464) | 2,150 | |
Share-based and long-term incentive | ||||||
compensation | 19, 20 | (79) | 531 | 163 | 535 | |
Depletion and depreciation | 3 | 118 | 3,248 | 1,420 | 10,778 | |
Depreciation of right-of-use assets | 5 | - | - | - | 73 | |
Loss (Gain) on disposal of assets | 3, 4, 12 | - | 378 | 242 | 868 | |
Fair value change on warrant liability | - | (3) | - | (14) | ||
Impairment | 3 | - | - | 14,214 | 9,326 | |
Other gains and losses | (89) | (25) | (285) | (124) | ||
2,815 | 9,468 | 24,299 | 40,708 | |||
Gain (Loss) before income taxes | 1,895 | (3,758) | (11,623) | (23,040) | ||
Income tax recovery (expense) | ||||||
Current | - | - | - | - | ||
Deferred | - | - | - | - | ||
- | - | - | - | |||
Gain (Loss) | 1,895 | (3,758) | (11,623) | (23,040) | ||
Comprehensive Gain (Loss) | 1,895 | (3,758) | (11,623) | (23,040) | ||
Net Gain (Loss) per share | ||||||
Basic and diluted - continuing | 13 | 0.00 | (0.01) | (0.02) | (0.04) | |
Basic and diluted - total | 13 | 0.00 | (0.01) | (0.02) | (0.04) |
See the accompanying Notes to the Condensed Interim Consolidated Financial Statements.
Centaurus Energy Inc. | Condensed Interim Consolidated Financial Statements Q3 2021| 3 |
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
Equity | |||||||||||||
Component o | f | Accumulated | |||||||||||
Share | Convertible | Other | |||||||||||
Capital | Contributed | Debentures | Comprehensive | Total | |||||||||
USD 000s | (note 11) | Surplus | (note 8) | Loss | Deficit | Equity | |||||||
Balance at December 31, 2020 | 239,029 | 18,587 | - | (26,941) | (255,976) | (25,301) | |||||||
Net Loss | - | - | - | - | (11,623) | (11,623) | |||||||
Share-based compensation (note11) | - | 164 | - | - | - | 164 | |||||||
Balance at September 30, 2021 | 239,029 | 18,751 | - | (26,941) | (267,599) | (36,760) | |||||||
Balance at December 31, 2019 | |||||||||||||
239,029 | 18,097 | - | (26,941) | (217,956) | 12,229 | ||||||||
Net Loss | - | - | - | - | (23,040) | (23,040) | |||||||
Share-based compensation (note 11) | - | 543 | - | - | - | 543 | |||||||
Convertible debentures maturity | - | - | - | - | - | - | |||||||
Balance at September 30, 2020 | 239,029 | 18,640 | - | (26,941) | (240,996) | (10,268) |
See the accompanying Notes to the Condensed Interim Consolidated Financial Statements.
Centaurus Energy Inc. | Condensed Interim Consolidated Financial Statements Q3 2021| 4 |
Condensed Interim Consolidated Statements of Cash Flows (Unaudited)
Three months | |||||||
ended | Nine months ended | ||||||
September 30 | September 30 | ||||||
USD 000s | Note | 2021 | 2020 | 2021 | 2020 | ||
Cash provided by (used in): | |||||||
Operating | |||||||
Net Gain (Loss) | 1,895 | (3,758) | (11,623) | (23,040) | |||
Items not affecting cash: | |||||||
Depletion and depreciation | 3 | 118 | 3,248 | 1,420 | 10,778 | ||
Depreciation of right-of-use assets | 5 | - | - | - | 73 | ||
Impairment | 3 | - | - | 14,214 | 9,326 | ||
Accretion | 33 | 39 | 103 | 149 | |||
Fair value change on convertible deventures | - | (3) | - | (14) | |||
held | |||||||
Loss (Gain) on disposal of assets | 3, 12 | - | 378 | 242 | 868 | ||
Share-based and long-term incentive | |||||||
compensation | 18, 19 | (79) | 531 | 163 | 535 | ||
Lease commitment liability | (86) | - | (281) | ||||
Deferred income tax expense (recovery) | - | - | - | - | |||
Unrealized (gain) loss on foreign exchange | 17 | (673) | (68) | (2,013) | (111) | ||
Non-cash increase of contingent liability | 3 | 7 | 8 | 15 | |||
Change in non-cash working capital | 13 | (1,054) | (449) | (1,658) | 685 | ||
Cash flow from (used in) operating activities | 157 | (75) | 575 | (736) | |||
Investing | |||||||
Property, plant and equipment additions | 3 | (39) | 37 | (122) | 37 | ||
Evaluation and exploration assets additions | 4 | - | - | - | (7) | ||
Change in non-cash working capital | 13 | - | 191 | - | 382 | ||
Net cash from (used in) investing activities | (39) | 228 | (122) | 412 | |||
Financing | |||||||
Loan term debt proceeds | 8 | - | - | 66 | - | ||
Convertible debentures repayment | 8 | - | - | - | - | ||
Lease payment | 9 | - | (10) | - | (72) | ||
Change in non-cash working capital | - | - | - | - | |||
Net cash used in financing activities | - | (10) | 66 | (72) | |||
Change in cash and cash equivalents | 50 | 143 | 231 | (396) | |||
Cash and cash equivalents, beginning of period | 296 | 60 | 114 | 599 | |||
Cash and cash equivalents, end of period | 345 | 203 | 345 | 203 |
- Non-cashadditions related to CASE $4,950 YTD (note 3).
- Non-cashloan received from PAE, net of repayments $13,514 YTD (note 7)
See the accompanying Notes to the Condensed Interim Consolidated Financial Statements.
Centaurus Energy Inc. | Condensed Interim Consolidated Financial Statements Q3 2021| 5 |
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Centaurus Energy Inc. published this content on 19 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2021 14:53:06 UTC.