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.
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American Copper Development Corporation published this content on 04 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 July 2023 01:11:06 UTC.
American Copper Development Corporation is a Canada-based company, which is engaged in the business of mineral exploration and the acquisition of mineral property assets. The Company is focused on locating and developing economic precious and base metal properties of merit and conducting its exploration program on the Lordsburg Property. The Lordsburg project comprises over 1,205 contiguous Federal patented and unpatented lode mining claims, covering 9,462 hectares in an area controlled by the Company. The project is located immediately south of the town of Lordsburg in southwest New Mexico, approximately 250 kilometers east of Tucson, Arizona, and 500 kilometers south of Albuquerque, New Mexico. Lordsburg is the county seat of Hidalgo County and lies on Interstate 10 and the Union Pacific railroad. The northern portion of the project has a long history of underground mining for silver, gold, copper, and lead.
