Condensed Interim Consolidated Financial Statements
(Expressed in Canadian Dollars)
Three Months Ended March 31, 2021
(Unaudited)
NOTICE TO READER
The accompanying unaudited condensed interim consolidated financial statements of Canoe Mining Ventures Corp. (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements have not been reviewed by the Company's auditors.
CANOE MINING VENTURES CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian Dollars)
(Unaudited)
As at | As at | |||
March 31, | December 31, | |||
2021 | 2020 | |||
ASSETS | ||||
Current assets | $ | 77,824 | ||
Cash | $ | 125,794 | ||
Amounts receivable | 120,365 | 118,290 | ||
Prepaids | 14,396 | 1,500 | ||
Total current assets | 212,585 | 245,584 | ||
Non-current assets | 74,890 | |||
Exploration and evaluation assets (Note 3) | 73,144 | |||
TOTAL ASSETS | $ | 287,475 | $ | 318,728 |
LIABILITIES | ||||
Current liabilities | $ | 409,283 | ||
Accounts payable and accrued liabilities (Note 4) | $ | 396,162 | ||
Promissory note (Note 5) | 81,077 | 80,362 | ||
Amounts due to related parties (Note 8) | 67,126 | 67,130 | ||
TOTAL LIABILITIES | 557,486 | 543,654 | ||
DEFICIT | 8,032,502 | |||
Share capital (Note 6) | 8,032,502 | |||
Contributed surplus (Note 7) | 1,143,244 | 1,143,244 | ||
Deficit | (9,445,757) | (9,400,672) | ||
TOTAL DEFICIT | (270,011) | (224,926) | ||
TOTAL LIABILITIES AND DEFICIT | $ | 287,475 | $ | 318,728 |
The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
Nature of operations and going concern (Note 1)
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CANOE MINING VENTURES CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS (INCOME) AND COMPREHENSIVE LOSS (INCOME)
(Expressed in Canadian Dollars) (Unaudited)
Three Months Ended | ||||
March 31, | ||||
2021 | 2020 | |||
EXPENSES | $ | 15,000 | ||
Management and consulting (Note 8) | $ | 15,000 | ||
Office, rent and other | 7,226 | 4,513 | ||
Professional fees | 14,080 | 13,481 | ||
Transfer agent and filing fees | 6,884 | 1,706 | ||
43,190 | 34,700 | |||
OTHER ITEMS | 1,895 | |||
Foreign exchange loss (gain) | (21,348) | |||
Gain on settlement of debt (Note 8) | - | (83,085) | ||
1,895 | (104,433) | |||
Net loss (income) and comprehensive loss (income) for the period | $ | 45,085 | $ | (69,733) |
Basic and diluted loss per share | $ | 0.00 | $ | (0.00) |
Weighted average number of common shares outstanding - basic and diluted | 17,465,316 | 17,465,316 |
The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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CANOE MINING VENTURES CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT (Expressed in Canadian Dollars)
(Unaudited)
Share Capital | Contributed | |||||||
Number | Amount | Surplus | Deficit | Total | ||||
Balance, December 31, 2019 | 17,465,316 | $ | 8,032,502 | $ | 959,788 | $ (9,147,398) | $ | (155,108) |
Net income for the period | - | - | - | 69,733 | 69,733 | |||
Balance, March 31, 2020 | 17,465,316 | $ | 8,032,502 | $ | 959,788 | $ (9,077,665) | $ | (85,375) |
Balance, December 31, 2020 | 17,465,316 | $ | 8,032,502 | $ | 1,143,244 | $ (9,400,672) | $ | (224,926) |
Net loss for the period | - | - | - | (45,085) | (45,085) | |||
Balance, March 31, 2021 | 17,465,316 | $ | 8,032,502 | $ | 1,143,244 | $ (9,445,757) | $ | (270,011) |
The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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CANOE MINING VENTURES CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in Canadian Dollars)
(Unaudited)
Three Months Ended | ||||
March 31, | ||||
2021 | 2020 | |||
OPERATING ACTIVITIES | $ | (45,085) | ||
Net (loss) income for the period | $ | 69,733 | ||
Non-cash items: | 715 | |||
Accrued interest expense | 715 | |||
Gain on settlement of debt | - | (83,085) | ||
Changes in non-cash working capital items: | (2,075) | |||
Amounts receivable | (2,657) | |||
Prepaids | (12,896) | (7,411) | ||
Accounts payable and accrued liabilities | 13,121 | (24,695) | ||
Amounts due to related parties | (4) | (19,918) | ||
Total cash used in operating activities | (46,224) | (67,318) | ||
INVESTING ACTIVITIES | (1,746) | |||
Exploration expenditures | (6,747) | |||
Total cash used in investing activities | (1,746) | (6,747) | ||
Change in cash during the period | (47,970) | (74,065) | ||
Cash, beginning of period | 125,794 | 365,894 | ||
Cash, end of period | $ | 77,824 | $ | 291,829 |
The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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