Westbridge Energy : Interim financial statements/report - English

WESTBRIDGE ENERGY CORPORATION

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

FOR THE THREE MONTHS ENDED MARCH 31, 2021

NOTICE TO READER

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 un-audited interim financial statements of 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 financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditor.

Vancouver, Canada

May 10, 2021

WESTBRIDGE ENERGY CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited, prepared by management and expressed in Canadian Dollars)

March 31, 2021 December 31, 2020

ASSETS
Current
Cash	$	499,737	$	390,823
Receivables		1,474		255,896
Prepaid expenses		21,449		8,841
TOTAL ASSETS	$	522,660	$	655,560
LIABILITIES
Current
Accounts payable and accrued liabilities (Note 5)	$	57,275	$	84,357
TOTAL LIABILITIES		57,275		84,357
SHAREHOLDERS' EQUITY (DEFICIENCY)
Capital stock (Note 6)		27,036,348		27,036,348
Currency translation adjustment		15,395		15,395
Contributed surplus (Note 6)		2,973,925		2,861,925
Deficit		(29,560,283)		(29,342,465)
TOTAL SHAREHOLDERS' EQUITY (DEFICIENCY)		465,385		571,203
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
(DEFICIENCY)	$	522,660	$	655,560

Basis of operations and going concern (Note 2 )

Subsequent event (Note 9)

Approved on behalf of the Board:
"Scott Kelly"		Director
"Paul Larkin"		Director

See accompanying notes to the consolidated financial statements.

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WESTBRIDGE ENERGY CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (Unaudited, prepared by management and expressed in Canadian Dollars)

		For the Three Months Ended
		March 31,
		2021		2020
EXPENSES
Consulting and administration fees (Note5)	$	31,075	$	7,500
Management fees (Note 5)		8,475		-
Office and miscellaneous		7,766		2,254
Professional fees		47,060		-
Stock-based compensation (Note 6)		112,000		-
Transfer agent and regulatory fees		9,894		660
Total expenses		(216,270)		(10,414)
OTHER ITEMS
Foreign exchange loss		(2,037)		(108)
Interest income		489		526
		(1,548)		418
Income (loss) and comprehensive income (loss) for the period	$	(217,818)	$	(9,996)
Basic And Diluted Income (Loss) Per Share	$	(0.01)	$	(0.00)
Weighted Average Number Of Shares Outstanding - basic and
diluted		18,932,155		8,359,293

See accompanying notes to the consolidated financial statements.

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WESTBRIDGE ENERGY CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (Unaudited, prepared by management and expressed in Canadian Dollars)

		For the Three Months Ended
		March 31,
		2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES
Income (loss) for the period	$	(217,818)	$	(9,996)
Items not affecting cash:
Stock-based compensation expense		112,000		-
Changes in non-cash working capital items:
(Increase) decrease in receivables		254,422		(577)
(Increase) decrease in prepaid expenses		(12,608)		1,540
Increase (decrease) in accounts payable and accrued
liabilities		(27,082)		10,428
Cash used in operating activities		108,914		1,395
Change in cash during the period		108,914		1,395
Cash, beginning of the period		390,823		8,519
Cash, end of the period	$	499,737	$	9,914

During the three months ended March 31, 2021, the Company paid $Nil (2020 - $Nil) for interest and taxes.

See accompanying notes to the consolidated financial statements.

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