79NORTH INC. 79NORTH INC.
CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
THREE MONTHS ENDED FEBRUARY 28, 2022
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED)
Notice To Reader
The accompanying unaudited condensed interim consolidated financial statements of 79North Inc. (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.
Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)
Unaudited
As at February 28, 2022
As at November 30, 2021
ASSETS
Current assets
Cash
Receivables and other assets (note 3)
Property and equipment (note 4)
$
873,344 $ 27,422 900,766 166,598
1,251,425
28,143
1,279,568
176,688
Total assets
$
1,067,364
$
1,456,256
EQUITY AND LIABILITIES
Current liabilities
Accounts payable and accrued liabilities (notes 5 and 11)
$
154,180
$ 235,372
Total liabilities
154,180 235,372
Equity
Share capital (note 6) Reserve
Accumulated other comprehensive income Deficit
8,021,919 8,021,919
2,936,404 2,936,404
62,395 (10,661,725)
61,541 (10,353,171)
Equity attributable to the shareholders of the Company Non-controlling interest
358,993 666,693
554,191 554,191
Total equity
913,184 1,220,884
Total equity and liabilities
$
1,067,364
$ 1,456,256
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
Nature of operations and going concern (note 1)
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars)
Unaudited
Three Months Three Months
Ended Ended
February 28, February 28,
2022 2021
Operating expenses
Exploration and evaluation expenditures (note 10) Professional fees
$
129,798 $ 286,348
64,431 55,317
Management and consultants compensation (note 11) Travel
47,340 57,267
11,472 30,468
Office and general Foreign exchange loss Investor relations
42,320 46,793
2,549 4,494
10,644 105,434
Net loss for the period
(308,554)
(586,121)
Other comprehensive income (loss)
Items that will be reclassified subsequently to profit or loss:
Cumulative translation adjustment
854
Total comprehensive loss for the period
Basic and diluted net loss per share (note 9) Weighted average number of common shares outstanding
$ $
(307,700)
(0.00)
$ $
- (586,121)
(0.01)
91,547,241
85,878,941
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian Dollars)
Unaudited
Three Months Three Months
Ended Ended February 28, February 28, 2022 2021
Operating activities Net loss for the period Adjustments for:
Amortization
Changes in non-cash working capital items:
Receivables and other assets
Accounts payable and accrued liabilities
$
(308,554) $
(586,121)
10,090 6,886
721 30,529
(81,192) 86,991
Net cash used in operating activities
(378,935) (461,715)
Investing activities
Purchase of property and equipment Net cash used in investing activities
- (27,713)
- (27,713)
Effect of exchange rate changes on cash held by foreign currency Net change in cash
854 (378,081)
- (489,428)
Cash, beginning of period Cash, end of period
1,251,425 2,870,786
$
873,344
$ 2,381,358
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
79North Inc.
Condensed Interim Consolidated Statements of Changes in Equity (Expressed in Canadian Dollars)
Unaudited
Share | controlling | ||||||||||||
capital | Reserve | Deficit | interest | Total | |||||||||
Balance, November 30, 2020 | $ | 7,360,896 | $ | 2,809,710 | $ | 61,485 | $ (7,791,598) | $ | 2,440,493 | $ | 554,191 | $ | 2,994,684 |
Total comprehensive loss for the period | - | - | - | (586,121) | (586,121) | - | (586,121) | ||||||
Balance, February 28, 2021 | $ | 7,360,896 | $ | 2,809,710 | $ | 61,485 | $ (8,377,719) | $ | 1,854,372 | $ | 554,191 | $ | 2,408,563 |
Balance, November 30, 2021 | $ | 8,021,919 | $ | 2,936,404 | $ | 61,541 | $ (10,353,171) | $ | 666,693 | $ | 554,191 | $ | 1,220,884 |
Total comprehensive loss for the period | - | - | 854 | (308,554) | (307,700) | - | (307,700) | ||||||
Balance, February 28, 2022 | $ | 8,021,919 | $ | 2,936,404 | $ | 62,395 | $ (10,661,725) | $ | 358,993 | $ | 554,191 | $ | 913,184 |
Accumulated other comprehensive income
Total attributable to shareholders of Company
Non-
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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79North Inc. published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 15:02:09 UTC.
