TRANS CANADA GOLD CORP. TRANS CANADA GOLD CORP.
CONDENSED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian Dollars)
DECEMBER 31, 2021 AND 2020
MANAGEMENT'S COMMENTS ON
UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
NOTICE OF NO AUDITOR REVIEW OF INTERIM 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 financial statements of Trans Canada Gold Corp. (the "Company") have been prepared by and are the responsibility of the Company's management. The unaudited condensed interim financial statements are prepared in accordance with International Financial Reporting Standards and reflect management's best estimates and judgements based on information currently available.
The Company's independent auditor has not performed a review of these condensed interim financial statements in accordance with standards established by the Canadian Chartered Professional Accountants for a review of interim financial statements by an entity's auditor.
TRANS CANADA GOLD CORP.
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian Dollars)
December 31, | June 30, | |||
2021 | 2021 | |||
ASSETS | ||||
Current | ||||
Cash | $ | 190,086 | $ | 473,014 |
Amounts receivable (Note 3) | 18,059 | 11,609 | ||
Prepaid expenses | - | 818 | ||
208,145 | 485,441 | |||
Property, plant and equipment (Note 4) | 50,828 | 54,083 | ||
Exploration and evaluation assets (Note 5) | 1,433,141 | 1,346,214 | ||
$ | 1,692,114 | $ | 1,885,738 | |
LIABILITIES AND EQUITY (DEFICIT) | ||||
Current | ||||
Trade payables and accrued liabilities (Notes 6) | $ | 55,198 | $ | 57,413 |
Due to related parties (Note 7) | 12,280 | 14,439 | ||
67,478 | 71,852 | |||
Decommissioning liabilities (Note 4) | 41,366 | 40,456 | ||
108,844 | 112,308 | |||
Equity (Deficit) | ||||
Share capital (Note 8) | 3,970,000 | 3,970,000 | ||
Reserves (Note 8) | 2,195,042 | 2,195,042 | ||
Deficit | (4,581,772) | (4,391,612) | ||
1,583,270 | 1,773,430 | |||
$ | 1,692,114 | $ | 1,885,738 | |
Nature and continuance of operations (Note 1).
Approved and authorized for issue by the Board on February 25, 2022
On behalf of the Board:
"Tim Coupland" | Director | "Lawrence Ilich" | Director |
The accompanying notes are an integral part of these condensed interim financial statements.
(1)
TRANS CANADA GOLD CORP.
CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in Canadian Dollars)
Three Months | Three Months | Six Months | Six Months | ||||||
Ended | Ended | Ended | Ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||||
2021 | 2020 | 2021 | 2020 | ||||||
PETROLEUM REVENUE | $ | 22,295 | $ | - | $ | 91,269 | $ | - | |
OPERATING EXPENSES | |||||||||
Petroleum royalties | 1,180 | - | 2,944 | - | |||||
Petroleum production and transportation | 21,788 | - | 93,180 | - | |||||
Depletion and depreciation (Note 4) | 1,329 | - | 3,255 | - | |||||
(24,297) | - | (99,379) | - | ||||||
NET PETROLEUM PRODUCTION REVENUE (LOSS) | (2,002) | - | (8,110) | - | |||||
ADMINISTRATIVE EXPENSES | |||||||||
Consulting fees | 1,575 | - | 22,854 | 1,508 | |||||
Filing fees | 12,169 | 13,879 | 15,259 | 18,746 | |||||
General and administration | 14,397 | 7,171 | 38,095 | 10,373 | |||||
Management fees (Note 7) | 25,500 | 25,575 | 51,000 | 51,075 | |||||
Professional fees (Note 7) | 32,652 | 30,771 | 51,176 | 36,421 | |||||
Promotion (recovery) | (749) | 13,912 | 666 | 14,714 | |||||
Share-based payments (Note 8) | - | - | - | 51,484 | |||||
Shareholder relations | 1,500 | 61,238 | 1,500 | 61,238 | |||||
(87,044) | (152,546) | (180,550) | (245,559) | ||||||
LOSS BEFORE OTHER ITEMS | (89,046) | (152,546) | (188,660) | (245,559) | |||||
OTHER ITEMS | |||||||||
Financing income and costs (Note 9) | (460) | (412) | (910) | (824) | |||||
Foreign exchange loss | (77) | (160) | (590) | (132) | |||||
NET AND COMPREHENSIVE LOSS | $ | (89,583) | $ | (153,118) | $ | (190,160) | $ | (246,515) | |
NET LOSS PER SHARE | |||||||||
Basic | $ | (0.00) | $ | (0.01) | $ | (0.01) | $ | (0.01) | |
Diluted | $ | (0.00) | $ | (0.01) | $ | (0.01) | $ | (0.01) | |
WEIGHTED AVERAGE NUMBER OF | |||||||||
COMMON SHARES OUTSTANDING | |||||||||
Basic | 34,315,337 | 23,797,300 | 34,315,337 | 21,279,803 | |||||
Diluted | 34,315,337 | 23,797,300 | 34,315,337 | 21,279,803 |
The accompanying notes are an integral part of these condensed interim financial statements.
(2)
TRANS CANADA GOLD CORP.
CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (Expressed in Canadian Dollars)
Common | Common | Stock | |||||||||
Shares | Shares | option | Warrants | ||||||||
(Number) | (Amount) | reserve | reserve | Deficit | Total | ||||||
Balance - June 30, 2020 | 18,175,350 | $ | 2,186,281 | $ | 341,006 | $ | 1,158,702 | $ | (3,850,102) | $ | (164,113) |
Shares issued for private placements | 5,548,321 | 732,248 | - | - | - | 732,248 | |||||
Shares issued for exploration and evaluation assets | 4,000,000 | 640,000 | - | - | - | 640,000 | |||||
Share issue costs | - | (41,696) | - | 18,596 | - | (23,100) | |||||
Warrants issued | - | (354,414) | - | 354,414 | - | - | |||||
Share-based payments | - | - | 51,484 | - | - | 51,484 | |||||
Net and comprehensive loss for the period | - | - | - | - | (246,515) | (246,515) | |||||
Balance - December 31, 2020 | 27,723,671 | $ | 3,162,419 | $ | 392,490 | $ | 1,531,712 | $ | (4,096,617) | $ | 990,004 |
Balance - June 30, 2021 | 34,315,337 | $ | 3,970,000 | $ | 585,911 | $ | 1,609,131 | $ | (4,391,612) | $ | 1,773,430 |
Net and comprehensive loss for the period | - | - | - | - | (190,160) | (190,160) | |||||
Balance - December 31, 2021 | 34,315,337 | $ | 3,970,000 | $ | 585,911 | $ | 1,609,131 | $ | (4,581,772) | $ | 1,583,270 |
The accompanying notes are an integral part of these condensed interim financial statements.
(3)
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Trans Canada Gold Corp. published this content on 26 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 February 2022 02:40:02 UTC.
