Galore Resources Inc. TSXV:GRI
Galore Resources : Q3 Financial Statements - December 31, 2021
Source: MarketScreener
Condensed Consolidated Interim Financial Statements
Third Quarter ended December 31, 2021
(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 December 31, 2021 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)
December 31, | March 31, | |
2021 | 2021 | |
$ | $ | |
Assets | ||
Current assets | ||
Cash | 408,096 | 344 |
Amounts receivable | 3,739 | 5,785 |
411,835 | 6,129 | |
Exploration and evaluation assets (note 3) | 7,887,817 | 7,645,151 |
8,299,652 | 7,651,280 | |
Liabilities and Equity | ||
Current liabilities | ||
Accounts payable and accrued liabilities | 3,522,662 | 3,157,681 |
Due to related party (note 5) | 580,818 | 570,848 |
Loans payable (note 6) | 39,124 | 86,844 |
4,142,604 | 3,815,373 | |
Shareholders' equity | ||
Share capital (note 7 (a)) | 18,366,800 | 17,485,274 |
Reserves (note 7 (c)) | 3,062,887 | 2,902,152 |
Deficit | (17,272,639) | (16,551,519) |
4,157,048 | 3,835,907 | |
8,299,652 | 7,651,280 |
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 February 28, 2022.
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GALORE RESOURCES INC.
Condensed Consolidated Interim Statements of Comprehensive Loss (Unaudited - Expressed in Canadian Dollars)
Three Months Ended
December 31,
20212020
Nine Months Ended
December 31,
20212020
$ | $ | $ | $ | |||||
Operating costs and expenses | ||||||||
Amortization | - | 113 | - | 217 | ||||
Consulting (note 4) | 12,375 | 3,825 | 15,030 | 6,015 | ||||
Corporate development and investor relations | 4,057 | 708 | 8,403 | 2,413 | ||||
Interest expense (notes 5 & 6) | 56,170 | 50,583 | 169,128 | 153,990 | ||||
Management fees (note 4) | 71,821 | 74,273 | 213,645 | 195,173 | ||||
Office and miscellaneous | 3,336 | 3,606 | 12,076 | 7,646 | ||||
Professional fees | 155 | 21,146 | 48,710 | 26,222 | ||||
Share-based compensation (notes 4 & 7) | - | - | 160,735 | 25,448 | ||||
Shareholder communications | 8,847 | 364 | 10,036 | 364 | ||||
Trust and filing fees | 38,467 | 3,072 | 45,484 | 16,378 | ||||
Loss before other items | (195,228) | (157,690) | (683,247) | (433,866) | ||||
Bonus shares (note 7 (a)) | (10,000) | - | (10,000) | - | ||||
Foreign exchange gain (loss) | 785 | 49,561 | (27,873) | 131,694 | ||||
Net loss and comprehensive loss for the period | (204.443) | (108,129) | (721,120) | (302,172) | ||||
Weighted average number of common shares | ||||||||
outstanding | 151,111,276 | 136,914,128 | 143,905,549 | 132,497,671 | ||||
Basic and diluted loss per share | $ | (0.00) | $ | (0.00) | $ | (0.01) | $ | (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)
Nine Months Ended December 31, | |||
2021 | 2020 | ||
$ | $ | ||
Cash provided by (used for): | |||
Operating activities | |||
Net loss for the period | (721,120) | (302,172) | |
Items not involving the use of cash: | |||
Amortization | - | 217 | |
Interest accrual | 169,128 | 153,990 | |
Foreign exchange on loans | 4,889 | (133,262) | |
Foreign exchange gain | 22,982 | - | |
Bonus shares | 10,000 | - | |
Share-based compensation | 160,735 | 25,448 | |
(353,385) | (255,779) | ||
Change in non-cash working capital: | |||
Amounts receivable | 2,046 | (8,005) | |
Prepaid expenses | - | (20,315) | |
Accounts payable and accrued liabilities | 92,975 | 166,389 | |
(258,364) | (117,710) | ||
Investing activities | |||
Exploration and evaluation assets | (75,144) | (92,380) | |
Purchase of equipment | - | (1,635) | |
(75,144) | (94,015) | ||
Financing activities | |||
Loan repaid | (127,761) | - | |
Advances from related party | 52,496 | 98,455 | |
Proceeds from private placement | 816,526 | 75,649 | |
Loan proceeds | - | 36,907 | |
741,261 | 211,011 | ||
Increase (decrease) in cash | 407,752 | (714) | |
Cash, beginning of the period | 344 | 1,035 | |
Cash, end of the period | 408,096 | 321 |
See accompanying notes to the condensed consolidated interim financial statements
Supplementary disclosure: Refer to note 8.
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