MONTERO MINING AND EXPLORATION LTD.
CONDENSED INTERIM FINANCIAL STATEMENTS
September 30, 2022 and 2021
Expressed in Canadian Dollars
The accompanying unaudited interim financial statements of Montero Mining and Exploration Ltd. (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 interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
MONTERO MINING AND EXPLORATION LTD.
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars - unaudited)
Notes | September 30, | December 31, | ||||
2022 | 2021 | |||||
$ | $ | |||||
ASSETS | ||||||
Current assets | ||||||
Cash | 14,871 | 241,178 | ||||
Other receivables | 3,507 | 4,924 | ||||
Prepaid expenses and deposits | 37,780 | 49,547 | ||||
Total current assets | 56,158 | 295,649 | ||||
Non-current assets | ||||||
Plant and equipment | 4 | 694 | 906 | |||
Exploration and evaluation assets | 5 | 830,293 | 474,835 | |||
Total non-current assets | 830,987 | 475,741 | ||||
TOTAL ASSETS | 887,145 | 771,390 | ||||
LIABILITIES | ||||||
Current liabilities | ||||||
Trade and other payables | 6 | 964,403 | 438,969 | |||
Total current liabilities | 964,403 | 438,969 | ||||
SHAREHOLDERS' EQUITY | ||||||
Share capital | 7 | 18,116,063 | 18,116,063 | |||
Warrants | 7 | 756,506 | 756,506 | |||
Share based payment reserve | 7 | 8,080,043 | 8,080,043 | |||
Foreign currency translation reserve | 1,047,560 | 1,047,560 | ||||
Accumulated deficit | (28,077,430) | (27,667,751) | ||||
Total shareholders' equity | (77,258) | 332,421 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 887,145 | 771,390 | ||||
Note 1 - Nature and continuance of operations | ||||||
On behalf of the Board: | ||||||
"Antony Harwood" | "Andrew Thomson" | |||||
Antony Harwood, Director | Andrew Thomson, Director |
See accompanying notes to the condensed interim financial statements
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MONTERO MINING AND EXPLORATION LTD.
CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (Expressed in Canadian dollars - unaudited)
Three months | Three months | Nine months | Nine months | ||
Notes | ended | ended | ended | ended | |
September 30, | September 30, | September 30, | September 30, | ||
2022 | 2021 | 2022 | 2021 | ||
$ | $ | $ | $ | ||
EXPENSES | |||||
Consulting, administrative and | 8 | 57,876 | 50,930 | 161,528 | 185,271 |
management fee | |||||
Directors' fee | 8 | 9,875 | 9,500 | 29,625 | 29,250 |
Depreciation | 4 | 71 | 104 | 212 | 313 |
General and administrative | 8 | 57,144 | 5,431 | 132,442 | 57,471 |
Other expenses | - | 529 | - | 1,562 | |
Professional fees | 11,333 | 9,875 | 66,290 | 66,441 | |
Project investigation costs | 8 | - | - | 12,014 | 2,029 |
Shareholder and regulatory | 1,901 | 2,630 | 8,890 | 16,568 | |
OPERATING EXPENSES | (138,200) | (78,999) | (411,001) | (358,905) | |
OTHER ITEMS | |||||
Writing-off payables | - | 7,052 | - | 7,052 | |
Interest expense | (630) | - | (1,870) | - | |
Foreign exchange gain | 321 | 1,286 | 3,192 | 4,782 | |
(309) | 8,338 | 1,322 | 11,834 | ||
NET LOSS | (138,509) | (70,661) | (409,679) | (347,071) | |
OTHER COMPREHENSIVE INCOME | |||||
Exchange difference on | 3 | - | 10,903 | - | 5,189 |
translating foreign operations | |||||
COMPREHENSIVE LOSS | (138,509) | (59,758) | (409,679) | (341,882) | |
Loss per share, basic and diluted | 7 | $0.00 | $(0.01) | $(0.01) | $0.00 |
See accompanying notes to the condensed interim financial statements
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MONTERO MINING AND EXPLORATION LTD.
CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Expressed in Canadian dollars - unaudited)
Share Capital | Foreign | ||||||
Share Based | Currency | ||||||
Number of | Payment | Translation | Accumulated | Total | |||
shares | Amount | Warrants | Reserve | Reserve | Deficit | Equity | |
$ | $ | $ | $ | $ | $ | ||
Balance, December 31, 2020 | 38,547,485 | 18,050,471 | 756,506 | 8,110,635 | 1,047,560 | (26,298,226) | 1,666,946 |
Net loss and comprehensive loss | - | - | - | - | 5,189 | (347,071) | (341,882) |
Stock options exercised | 100,000 | 65,592 | - | (30,591) | - | - | 35,001 |
Stock options cancelled | - | - | - | (10,705) | - | 10,705 | - |
Balance, September 30, 2021 | 38,647,485 | 18,116,063 | 756,506 | 8,069,339 | 1,052,749 | (26,634,592) | 1,360,065 |
Net loss and comprehensive loss | - | - | - | - | (5,189) | (1,022,455) | (1,027,644) |
Stock options cancelled | - | - | - | 10,704 | - | (10,704) | - |
Balance, December 31, 2021 | 38,647,485 | 18,116,063 | 756,506 | 8,080,043 | 1,047,560 | (27,667,751) | 332,421 |
Net loss and comprehensive loss | - | - | - | - | - | (409,679) | (409,679) |
Balance, September 30, 2022 | 38,647,485 | 18,116,063 | 756,506 | 8,080,043 | 1,047,560 | (28,077,430) | (77,258) |
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MONTERO MINING AND EXPLORATION LTD. CONDENSED INTERIM STATEMENTS OF CASH FLOWS (Expressed in Canadian dollars - unaudited)
Nine months | Nine months | |||
ended | ended | |||
September 30, | September 30, | |||
2022 | 2021 | |||
$ | $ | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss for the period | (409,679) | (347,071) | ||
Adjustments for non-cash items | ||||
Depreciation | 212 | 313 | ||
Writing-off payables | 0 | (7,052) | ||
Net changes in non-cash working capital items | ||||
Trade and other receivables | 1,417 | 4,456 | ||
Prepaid expenses and deposits | 25,554 | (10,029) | ||
Trade and other payables | 468,656 | 58,449 | ||
Net cash used in operating activities | 86,160 | (300,934) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Expenditures on exploration and evaluation assets | (312,467) | (1,025,628) | ||
Net cash used in investing activities | (312,467) | (1,025,628) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Stock option exercise funds received | - | 35,000 | ||
Net cash provided by financing activities | - | 35,000 | ||
NET DECREASE IN CASH | (226,307) | (1,291,562) | ||
CASH, BEGINNING OF PERIOD | 241,178 | 1,704,095 | ||
CASH, END OF PERIOD | 14,871 | 412,533 | ||
Cash paid during the period for interest | $ | - | $ | - |
Cash paid during the period for income taxes | $ | - | $ | - |
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Montero Mining and Exploration Ltd. published this content on 28 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2022 07:53:06 UTC.