Galore Resources Inc. TSXV:GRI
Galore Resources : Q1 Financial Statements - June 30, 2022
Source: MarketScreener
Condensed Consolidated Interim Financial Statements
First Quarter Ended June 30, 2022
(Expressed in Canadian Dollars)
(Unaudited)
NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
These condensed consolidated interim financial statements of the Company for the period ended June 30, 2022 have been prepared by
management and have not been subject to review by the Company's auditors.
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GALORE RESOURCES INC.
Condensed Consolidated Interim Statements of Financial Position
(Unaudited - Expressed in Canadian Dollars) | |||
June 30, 2022 | March 31, 2022 | ||
(audited) | |||
$ | $ | ||
Assets | |||
Current assets | |||
Cash | 6,007 | 74,670 | |
Amounts receivable | 2,640 | 4,474 | |
Prepaid expenses | 10,680 | 15,201 | |
19,327 | 94,345 | ||
Exploration and evaluation assets (note 3) | 8,685,246 | 8,582,099 | |
8,704,573 | 8,676,444 | ||
Liabilities and Equity | |||
Current liabilities | |||
Accounts payable and accrued liabilities | 4,213,111 | 3,976,109 | |
Due to related party (note 5) | 638,748 | 582,043 | |
Loan payable (note 6) | 40,963 | 39,135 | |
4,892,822 | 4,597,287 | ||
Shareholders' equity | |||
Share capital (note 7(a)) | 18,366,800 | 18,366,800 | |
Reserves (note 7(c)) | 3,062,887 | 3,062,887 | |
Deficit | (17,617,936) | (17,350,530) | |
3,811,751 | 4,079,157 | ||
8,704,573 | 8,676,444 |
See accompanying notes to the condensed consolidated interim financial statements
Nature and continuance of operations (note 1)
Commitments (note 12)
Approved by the Board of Directors and authorized for issue on August 29, 2022
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GALORE RESOURCES INC.
Condensed Consolidated Interim Statements of Comprehensive Loss
(Unaudited - Expressed in Canadian Dollars)
Three Months Ended June 30,
20222021
$$
Operating costs and expenses
Consulting (note 4)
Corporate development and investor relations Interest expense (note 5)
Management fees (note 4) Office and miscellaneous Professional fees
Share-based compensation (note 4) Shareholder communications Trust and filing fees
Loss from operations
Foreign exchange gain (loss)
Net loss and comprehensive loss for the period
Weighted average number of common shares outstanding
Basic and diluted loss per share
- | 2,655 | |||
2,669 | 2,901 | |||
62,313 | 53,986 | |||
103,394 | 69,998 | |||
11,624 | 3,954 | |||
14,070 | - | |||
- | 160,735 | |||
2,250 | - | |||
5,904 | 4,665 | |||
(202,224) | (298,894) | |||
(65,182) | (3,814) | |||
(267,406) | (302,708) | |||
165,324,750 | 139,538,998 | |||
$ | (0.00) | $ | (0.00) |
See accompanying notes to the condensed consolidated interim financial statements
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GALORE RESOURCES INC.
Condensed Consolidated Interim Statements of Cash Flows (Unaudited - Expressed in Canadian dollars)
Three Months Ended June 30, | |||||||
2022 | 2021 | ||||||
$ | $ | ||||||
Cash provided by (used for): | |||||||
Operating activities | |||||||
Net loss for the period | (267,406) | (302,708) | |||||
Items not involving the use of cash: | |||||||
Interest accrual | 62,313 | 53,986 | |||||
Foreign exchange | 65,182 | 473 | |||||
Share-based compensation | - | 160,735 | |||||
(139,438) | (87,514) | ||||||
Change in non-cash working capital: | |||||||
Amounts receivable | 1,834 | (313) | |||||
Prepaid expenses | 4,521 | ||||||
Accounts payable and accrued liabilities | 131,581 | 84,173 | |||||
(1,975) | (3,654) | ||||||
Investing activities | |||||||
Exploration and evaluation assets | (94,929) | (6,206) | |||||
Financing activities | |||||||
Advances from related party | 28,241 | 9,637 | |||||
Increase (decrease) in cash | (68,663) | (223) | |||||
Cash, beginning of the period | 74,670 | 344 | |||||
Cash, end of the period | 6,007 | 121 | |||||
See accompanying notes to condensed consolidated interim financial | statements |
Supplementary disclosure: Refer to note 8.
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