RADIO FUELS ENERGY CORP.
(formerly Mainstream Minerals Corporation)
Condensed Interim Consolidated Financial Statements
For the three months ended February 28, 2022 and 2021
(in Canadian dollars, unless otherwise stated)
(unaudited)
Notice of No Auditor Review of Condensed Interim Consolidated Financial Statements
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the interim financial statements; they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by management and approved by the Audit Committee and Board of Directors of the Company. The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
RADIO FUELS ENERGY CORP.
(formerly Mainstream Minerals Corporation)
Condensed Interim Consolidated Statements of Financial Position (unaudited)
(in Canadian dollars)
February 28, 2022
November 30, 2021
Assets Current assets
Cash and cash equivalents Marketable securities (Note 5) Other receivables (Note 6) Prepaid expenses Restricted cash (Note 9)
$
8,423,343 $ 175,363
16,697,099 549,416
69,348 35,436
246,291 333,151
Exploration and evaluation assets (Note 7)
- 25,436,081 20,435,404
25,482,792 26,576,158
-
Total assets
$
45,871,485
$
26,576,158
Liabilities Current liabilities
Trade payables and accrued liabilities (Note 8)
$
Subscription receipts (Note 9)
Total liabilities
66,838 - 66,838
$
504,984 25,462,307 25,967,291
Equity
Share capital (Note 9) Contributed surplus (Note 10) Deficit
46,110,625 9,810,203 (10,116,181)
10,627,319 -
(10,018,452)
Total equity
45,804,647
608,867
Total liabilities and equity
$
45,871,485
$
26,576,158
Nature of operations (Note 1)
Subsequent events (Note 14)
Approved on behalf of the board:
Director "Denis Laviolette" (signed)
Director "Jack Campbell" (signed)
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
1
RADIO FUELS ENERGY CORP.
(formerly Mainstream Minerals Corporation)
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (unaudited)
For the three months ended February 28, 2022 and 2021 (in Canadian dollars)
2022
2021
Expenses:
Consulting fees (Note 11) Professional fees
$
678,697 $ 30,000
40,020 19,334
Investor relations, regulatory and filing fees Exploration and evaluation expenditures Office
162,066 4,896
4,105 2,821
- 58
(887,709) (54,288)
Unrealized gain (loss) on marketable securities Other income
770,653 (633,177)
19,327
-
Net loss and comprehensive loss for the period
Basic and diluted loss per share (Note 9 (c))
$ $
(97,729)
(0.00)
$ $
(687,465)
(0.06)
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
2
RADIO FUELS ENERGY CORP.
(formerly Mainstream Minerals Corporation)
Condensed Interim Consolidated Statements of Changes in Equity (unaudited)
For the three months ended February 28, 2022 and 2021 (in Canadian dollars)
Number of common shares
Contributed
Share capital
Surplus Accumulated Deficit
Total
Balance at December 1, 2021
Shares issued on private placements (Note 9(b))
Shares issued on acquisiotn opf Radio Fuels Resources Corp. (Note 9(b)) Shaers issued on acquisition of exploration and evaluation asset (Note 9(b)) Cost of issuance - cash
Cost of issuance - units
17,319,233 $
10,627,319 $
- $
(10,018,452) $
608,867
63,707,024 58,823,529 2,000,000 - 100,000 - - -25,482,810 - - 25,482,810
20,000,000 - - 20,000,000
680,000
- - 15,139 150,642 9,644,422 -
- - - - (97,729)
680,000
(909,301)
(909,301)
Cost of issuance - broker warrants FMV of warrants issued Comprehensive loss for the period Balance at Februay 28, 2022
(9,644,422)
(150,642)
24,861
40,000 - -
-
(97,729)
141,949,786
$
46,110,625
$
9,810,203
$
(10,116,181) $
45,804,647
Number of common shares
Contributed
Share capital
Surplus Accumulated Deficit
Balance at December 1, 2020
Shares issued on private placement (Note 9(b))
Shares issued pursuant to Share Exchange Agreements (Note 9(b)) Comprehensive loss for the period
10,342,042 $
8,255,074
$
- $ -(8,505,663) $
Total (250,589)
1,764,773 4,411,765 -
600,023 1,500,000 -
- -
- - (687,465)
600,023 1,500,000 (687,465)
Balance at February 28, 2021
16,518,580
$
10,355,097
$
-$
(9,193,128) $
1,161,969
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
3
RADIO FUELS ENERGY CORP.
(formerly Mainstream Minerals Corporation)
Condensed Interim Consolidated Statements of Cash Flows (unaudited)
For the three months ended February 28, 2022 and 2021 (in Canadian dollars)
2022
2021
Operating activities
Comprehensive loss for the period Adjustment for:
Unrealized (gain) loss on marketable securities Change in non-cash operating working capital
Other receivables
Prepaid expenses
Trade payables and accrued liabilities
Investing activities
Cash acquired from Radio Fuels Resources Corp. Purchases of marketable securities
Financing activities
Proceeds from share issuance, net of issuance costs
$
(97,729) $
(687,465)
(770,653)
633,177
(33,912) 232
86,860 683
(417,877) 56,737
(1,233,311)
3,364
284,812 (15,377,030) (15,092,218)
- - -
24,573,509 24,573,509
600,023 600,023
Increase in cash and cash equivalents
8,247,980
603,387
Cash and cash equivalents, beginning of period
175,363
841
Cash and cash equivalents, end of period
Supplementary information:
$
8,423,343
The Company did not pay any income taxes during the above reporting periods.
$
604,228
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
4
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Radio Fuels Energy Corporation published this content on 20 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2022 21:44:04 UTC.