AMERICAN MANGANESE INC.
Consolidated Interim Financial Statements
Period ended October 31, 2021
(Unaudited - expressed in Canadian dollars)
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
In accordance with National Instrument 51-102 Part 4, subsections 4.3(3)(a), if an auditor has not performed a review of these condensed consolidated interim financial statements, they must be accompanied by a notice indicating that these condensed consolidated interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
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AMERICAN MANGANESE INC.
Consolidated Interim Statements of Financial Position As at October 31, 2021 and July 31, 2021
(Expressed in Canadian dollars unless specifically indicated otherwise)
October 31, 2021 | July 31, 2021 | |||
Assets | ||||
Current | ||||
Cash (Note 4) | $ | 23,629,427 | $ | 5,905,644 |
Restricted cash equivalents (Note 4) | 23,000 | 23,000 | ||
Amounts receivable (Note 5) | 154,579 | 119,219 | ||
Due from related parties (Note 6(b)) | - | - | ||
Prepaid expenses and advances | 120,295 | 792,449 | ||
23,927,931 | 6,840,312 | |||
Non-current | ||||
Reclamation deposits | 41,416 | 41,416 | ||
Exploration and evaluation assets (Note 7) | 641,796 | 561,964 | ||
Total assets | $ | 24,611,143 | $ | 7,443,692 |
Liabilities | ||||
Current | ||||
Accounts payable and accrued liabilities (Note 5) | $ | 180,595 | $ | 545,271 |
Equity | ||||
Share capital (Note 8) | 57,436,020 | 39,202,150 | ||
Share-based payments reserve (Note 8) | 19,654,085 | 17,153,390 | ||
Warrants reserve (Note 8) | 5,407,506 | 4,422,363 | ||
Deficit | (58,067,063) | (53,879,482) | ||
Total equity | 24,430,548 | 6,898,421 | ||
Total liabilities and equity | $ | 24,611,143 | $ | 7,443,692 |
Nature and Continuance of Operations (Note 1)
Subsequent events (Note 14)
Approved on behalf of the Board of Directors and authorized for issue on December 29, 2021
Larry W. Reaugh | Director | Norman L. Tribe | Director |
The accompanying notes are an integral part of these consolidated financial statements
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AMERICAN MANGANESE INC.
Consolidated Interim Statements of Comprehensive Income (Loss) For the three-month period ended October 31, 2021 and 2020 (Expressed in Canadian dollars unless specifically indicated otherwise)
October 31, 2021 | October 31, 2020 | |||
Expenses | ||||
Administration (Note 9) | $ | 4,346,847 | $ | 723,244 |
Loss from operations | (4,346,847) | (723,244) | ||
Finance income | 49 | 58 | ||
Foreign exchange | (6,702) | 210 | ||
Government grants received | 165,919 | 11,825 | ||
Net income (loss) for the period | (4,187,581) | (711,151) | ||
Other comprehensive income | ||||
Foreign currency gain on translation of subsidiary | - | - | ||
Other comprehensive income for the period | (4,187,581) | (711,151) | ||
Total comprehensive income (loss) for the period | $ | (4,187,581) | $ | (711,151) |
Basic and diluted income (loss) per share | (0.0186) | 0.004 | ||
Weighted average shares outstanding (basic and diluted) | 225,119,602 | 182,109,909 |
The accompanying notes are an integral part of these consolidated financial statements
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AMERICAN MANGANESE INC.
Consolidated Interim Statements of Changes in Equity
For the three-month period ended October 31, 2021 and 2020 (Expressed in Canadian dollars unless specifically indicated otherwise)
Share-based | Accumulated | ||||||||||||||
Warrants | other | ||||||||||||||
Number of shares | Share capital | payments | Deficit | comprehensive | |||||||||||
Prepaid share | reserve | reserve | income (loss) | ||||||||||||
(Note 8) | (Note 8) | subscriptions | (Note 8) | (Note 8) | (Note 9) | (Note 7(c)) | Total equity | ||||||||
Balance, July 31, 2020 | 180,736,228 | $ | 29,060,554 | $ | - | $ | 6,641,619 | $ | 5,830,493 | $ | (40,815,326) | $ | - | $ | 717,340 |
Share-based payments | 270,773 | 270,773 | |||||||||||||
Issued pursuant to private placements | 6,645,920 | 1,329,184 | 1,329,184 | ||||||||||||
Cost of share issuance | (35,683) | (35,683) | |||||||||||||
Warrants issued with private placement | (407,572) | 407,572 | - | ||||||||||||
Issued pursuant to warrants exercised | 225,000 | 70,437 | (25,437) | 45,000 | |||||||||||
Prepaid share subscriptions | (30,000) | (30,000) | |||||||||||||
Net loss for the period | (711,151) | (711,151) | |||||||||||||
Balance, October 31, 2020 | 187,607,148 | - | 30,016,920 | - | (30,000) | - | 6,912,392 | - | 6,212,628 | - | (41,526,477) | - | - | - | 1,585,463 |
Share-based payments | - | - | - | 11,112,549 | - | - | - | 11,112,549 | |||||||
Issued pursuant to private placements | 1,589,850 | 338,810 | - | - | - | - | - | 338,810 | |||||||
Cost of share issuance | - | (32,716) | - | - | - | - | - | (32,716) | |||||||
Warrants issued with private placement | - | (15,242) | - | - | 15,242 | - | - | - | |||||||
Issued pursuant to options exercised | 8,874,400 | 1,976,475 | - | (871,551) | - | - | - | 1,104,924 | |||||||
Issued pursuant to warrants exercised | 19,847,045 | 7,184,966 | - | - | (2,072,570) | - | - | 5,112,396 | |||||||
Prepaid share subscriptions | 30,000 | 30,000 | |||||||||||||
Reclassification pursuant to extension of warrant expiry date | - | (267,063) | - | - | 267,063 | - | - | - | |||||||
Net loss for the period | - | - | - | - | - | (12,353,005) | - | (12,353,005) | |||||||
Balance, July 31, 2021 | 217,918,443 | - | 39,202,150 | - | - | - | 17,153,390 | - | 4,422,363 | - | (53,879,482) | - | - | - | 6,898,421 |
Share-based payments | - | - | - | 2,967,172 | - | - | - | 2,967,172 | |||||||
Issued pursuant to private placements | 20,000,000 | 20,000,000 | - | - | - | - | - | 20,000,000 | |||||||
Cost of share issuance | - | (1,968,784) | - | - | - | - | - | (1,968,784) | |||||||
Warrants issued with private placement | - | (1,039,026) | - | - | 1,039,026 | - | - | - | |||||||
Issued pursuant to options exercised | 2,615,500 | 942,273 | - | (466,477) | - | - | - | 475,796 | |||||||
Issued pursuant to warrants exercised | 408,888 | 299,407 | - | - | (53,883) | - | - | 245,525 | |||||||
Net loss for the period | - | - | - | - | - | (4,187,581) | - | (4,187,581) | |||||||
Balance October 31, 2021 | 240,942,831 | $ | 57,436,020 | $ | - | $ | 19,654,085 | $ | 5,407,506 | $ | (58,067,063) | $ | - | $ | 24,430,548 |
The accompanying notes are an integral part of these consolidated financial statements
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American Manganese Inc. published this content on 29 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 December 2021 22:16:03 UTC.