AMERICAN COPPER DEVELOPMENT CORPORATION
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2023
(Unaudited)
(Expressed in Canadian Dollars)
NOTICE TO READER
Pursuant to National Instrument 51-102, Part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if an auditor has not performed a review of condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the condensed interim consolidated financial statements have not been reviewed by an auditor.
The condensed interim consolidated financial statements of the Company for the quarter ended March 31, 2023, have been prepared by and are the responsibility of the Company's management.
The Company's independent auditors have not performed a review of these condensed interim consolidated financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of condensed interim financial statements by an entity's auditor.
AMERICAN COPPER DEVELOPMENT CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)
(Expressed in Canadian Dollars)
March 31, 2023 | December 31, | |||||||
2022 | ||||||||
ASSETS | ||||||||
Current | ||||||||
Cash | $ | 6,126,864 | $ | 7,248,150 | ||||
Prepaids and exploration advance (Note 4) | 358,832 | 378,060 | ||||||
GST receivable | 49,018 | 41,787 | ||||||
6,534,714 | 7,667,997 | |||||||
Reclamation bond (Note 5) | 106,249 | - | ||||||
Exploration and evaluation assets (Note 3) | 9,806,589 | 9,072,851 | ||||||
$ | 16,447,552 | $ | 16,740,848 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current | ||||||||
Accounts payable and accrued liabilities (Note 6) | $ | 591,266 | $ | 575,914 | ||||
591,266 | 575,914 | |||||||
Shareholders' equity | ||||||||
Share capital (Note 8) | 17,320,300 | 17,320,300 | ||||||
Contributed surplus (Note 8) | 701,584 | 701,584 | ||||||
Deficit | (2,165,598) | (1,856,950) | ||||||
15,856,286 | 16,164,934 | |||||||
$ | 16,447,552 | $ | 16,740,848 | |||||
Nature and Continuance of Operations (Note 1) | ||||||||
Subsequent events (Note 12) | ||||||||
On behalf of the Board: | ||||||||
"Daniel Schieber" | Director | "Stuart Ross" | Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
AMERICAN COPPER DEVELOPMENT CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF STATEMENT OF LOSS AND COMPREHENSIVE LOSS (Unaudited)
(Expressed in Canadian Dollars)
Three Months Ended | Three Months Ended | |||||
March 31, 2023 | March 31, 2022 | |||||
EXPENSES | ||||||
Consulting | $ | 139,624 | $ | 9,000 | ||
Foreign exchange | 15,708 | - | ||||
Shareholder relations | 132,100 | 6,265 | ||||
Office | 12,345 | 336 | ||||
Professional fees | 22,839 | 28,242 | ||||
Property investigation | - | 85,410 | ||||
Regulatory fees | 24,759 | 2,840 | ||||
Rent | 11,375 | 4,988 | ||||
(358,750) | (137,081) | |||||
OTHER | ||||||
Interest income | 50,102 | - | ||||
Loss and comprehensive loss for the period | $ | (308,648) | $ | (137,081) | ||
Loss per common share | ||||||
-Basic and diluted | $ | (0.00) | $ | (0.01) | ||
Weighted average number of common shares outstanding | ||||||
-Basic and diluted | 84,487,431 | 14,483,889 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
AMERICAN COPPER DEVELOPMENT CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in Canadian Dollars)
Three Months | Three Months | ||||
Ended March | Ended March | ||||
31, 2023 | 31, 2022 | ||||
CASH FLOWS TO OPERATING ACTIVITIES | |||||
Loss for the period | $ | (308,648) | $ | (137,081) | |
Changes in non-cash working capital items: | |||||
Increase in accounts receivable | (7,231) | (1,259) | |||
Increase in prepaids | 19,228 | (1,499) | |||
Increase (Decrease) in accounts payable and accrued liabilities | (3,392) | 26,332 | |||
Net cash used in operating activities | (300,043) | (113,507) | |||
CASH FLOWS TO INVESTING ACTIVITY | |||||
Exploration and evaluation assets | (714,994) | (30,394) | |||
Reclamation bond | (106,249) | - | |||
Net cash used in investing activity | (821,243) | (30,394) | |||
Net decrease in cash during the period | (1,121,286) | (143,901) | |||
Cash, beginning of the period | 7,248,150 | 194,657 | |||
Cash, end of the period | $ | 6,126,864 | $ | 50,756 | |
Supplemental disclosure with respect to cash flows (Note 9)
The accompanying notes are an integral part of these condensed interim consolidated financial statements.