FenixOro Gold Corp.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Three Months Ended May 31, 2022 and 2021
(Expressed in Canadian Dollars)
(UNAUDITED)
Notice to Reader
The accompanying unaudited condensed interim consolidated financial statements of FenixOro Gold Corp. (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements as at and for the three months ended May 31, 2022 have not been reviewed by the Company's auditors.
FenixOro Gold Corp.
Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)
(Unaudited)
May 31, | February 28, | |||
As at | 2022 | 2022 | ||
Assets | ||||
Current assets | $ | 68,268 | ||
Cash | $ | 76,948 | ||
HST receivable | 11,570 | 24,531 | ||
Prepaid expenses | 156,159 | 157,399 | ||
Warrant exercise receivable | 205,000 | 205,000 | ||
Total current assets | 440,997 | 463,878 | ||
Property and equipment (note 4) | 125,122 | 118,647 | ||
Exploration and evaluation assets (note 5) | 8,093,594 | 8,093,594 | ||
Total Assets | $ | 8,659,713 | $ | 8,676,119 |
Liabilities and Shareholders' Equity | ||||
Current liabilities | $ | 1,309,166 | ||
Accounts payable | $ | 890,126 | ||
Accrued liabilities | 26,710 | 56,960 | ||
Loan payable | 546,200 | - | ||
Total current liabilities | 1,882,076 | 947,086 | ||
Total Liabilities | 1,882,076 | 947,086 | ||
Shareholders' Equity | 16,682,272 | |||
Share capital (note 6(b)) | 16,682,272 | |||
Reserves (notes 6(d)(e)(f)) | 2,318,596 | 2,318,596 | ||
Shares to be issued (note 6(c)) | - | 20,000 | ||
Accumulated other comprehensive (loss) income | 356,989 | 188,785 | ||
Accumulated deficit | (12,580,220) | (11,480,620) | ||
Total shareholders' equity | 6,777,637 | 7,729,033 | ||
Total Liabilities and Equity | $ | 8,659,713 | $ | 8,676,119 |
Nature of operations and going concern (note 1)
Contingency (note )
Subsequent event (note 10)
Approved by the Board of Directors:
Director: John Carlesso
Director: Stuart Moller
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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FenixOro Gold Corp.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss For the Three Months Ended May 31, 2022 and 2021
(Expressed in Canadian Dollars) (Unaudited)
Three months ended | ||||
May 31, | ||||
2022 | 2021 | |||
Expenses | $ | 69,808 | ||
Administration expenses | $ | 19,354 | ||
Exploration expenditures | 973,375 | 198,236 | ||
Filing and transfer agent fees | 3,825 | 9,336 | ||
Professional fees | 46,303 | 24,275 | ||
Stock-based compensation (note 6(f)) | - | 308,642 | ||
Depreciation (note 4) | 1,275 | 1,515 | ||
Loss before other items | (1,094,586) | (561,358) | ||
Foreign exchange loss | (5,014) | (28,533) | ||
Net loss for the period | $ | (1,099,600) | $ | (589,891) |
Other comprehensive income | ||||
Items that will be recycled to profit or loss: | 168,204 | |||
Foreign currency translation adjustment | (38,779) | |||
Comprehensive loss for the period | $ | (931,396) | $ | (628,670) |
Loss per share - basic and diluted | $ | (0.01) | $ | (0.01) |
Weighted average number of | ||||
shares outstanding | 94,479,974 | 79,660,676 |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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FenixOro Gold Corp.
Condensed Interim Consolidated Statements of Changes in Equity (Expressed in Canadian Dollars)
(Unaudited)
Accumulated | |||||||||||||||
Shares | Other | ||||||||||||||
Share Capital | to be | Comprehensive | Accumulated | ||||||||||||
Number | Amount | Issued | Reserves | Loss | Deficit | Total | |||||||||
Balance, February 28, 2021 | 79,652,443 | $ | 13,308,393 | $ | 390,000 | $ | 1,612,331 | $ | 106,951 | $ | (7,222,303) | $ | 8,195,372 | ||
Shares issued on warrants exercised | 700,000 | 70,000 | - | - | - | - | 70,000 | ||||||||
Stock-based compensation | - | - | - | 308,642 | - | - | 308,642 | ||||||||
Net loss and comprehensive loss for the period | - | - | - | - | (38,779) | (589,891) | (628,670) | ||||||||
Balance, May 31, 2021 | 80,352,443 | $ | 13,378,393 | $ | 390,000 | $ | 1,920,973 | $ | 68,172 | $ | (7,812,194) | $ | 7,945,344 | ||
Balance, February 28, 2022 | 94,479,974 | $ | 16,682,272 | $ | 20,000 | $ | 2,318,596 | $ | 188,785 | $ | (11,480,620) | $ | 7,729,033 | ||
Adjustment on shares to be issued | - | - | (20,000) | - | - | - | (20,000) | ||||||||
Net loss and comprehensive loss for the period | - | - | - | - | 168,204 | (1,099,600) | (931,396) | ||||||||
Balance, May 31, 2022 | 94,479,974 | $ | 16,682,272 | $ | - | $ | 2,318,596 | $ | 356,989 | $ | (12,580,220) | $ | 6,777,637 |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements. - 3 -
FenixOro Gold Corp.
Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian Dollars)
(Unaudited)
Three Months Ended May 31, | 2022 | 2021 | ||
Operating Activities | $ | (1,099,600) | ||
Net loss for the period | $ | (589,891) | ||
Items not affecting cash: | - | |||
Stock-based compensation | 308,642 | |||
Depreciation | 1,275 | 1,515 | ||
Changes in non-cash working capital: | 12,961 | |||
HST receivable | (3,617) | |||
Accounts payable and accrued liabilities | 388,790 | 357,494 | ||
Prepaid expenses | 1,240 | (11,966) | ||
Cash used in operating activities | (695,334) | 62,177 | ||
Investing Activities | (4,512) | |||
Purchase of property and equipment | (19,773) | |||
Cash used in investing activities | (4,512) | (19,773) | ||
Financing Activities | - | |||
Proceeds from the exercise of warrants | 70,000 | |||
Return of funds for shares to be issued for exercise of warrants | (20,000) | - | ||
Proceeds from loan | 546,200 | - | ||
Cash provided by financing activities | 526,200 | 70,000 | ||
Change in cash during the period | (173,646) | 112,404 | ||
Impact of foreign exchange on cash | 164,966 | (24,548) | ||
Cash, beginning of the period | 76,948 | 706,328 | ||
Cash, end of the period | $ | 68,268 | $ | 794,184 |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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FenixOro Gold Corp. published this content on 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 20:01:07 UTC.