Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed consolidated interim financial statements have been prepared by and are the responsibility of management.
The Company's independent auditor has not performed a review of these condensed consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
VANCOUVER, BC
January 27, 2022
ARIZONA SILVER EXPLORATION INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION AS AT NOVEMBER 30, 2021 AND AUGUST 31, 2021
(EXPRESSED IN CANADIAN DOLLARS - UNAUDITED)
November 30,
August 31,
Note
2021
2021
ASSETS
Current assets
Cash
$
1,109,723
$
591,852
Receivables
8
260,945
37,254
Prepaids
3
74,671
136,764
1,445,339
765,870
Other assets
Exploration and evaluation assets
4 and 8
5,316,072
5,153,932
Reclamation bonds
4
58,170
57,375
TOTAL ASSETS
$
6,819,581
$
5,977,177
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities
5 and 8
$
98,628
$
129,770
98,628
129,770
SHAREHOLDERS' EQUITY
Share capital
6
8,979,295
8,026,552
Reserves
6
1,498,710
1,499,472
Subscription receivable
6
(10,000)
(10,000)
Deficit
(3,747,052)
(3,668,617)
TOTAL SHAREHOLDERS' EQUITY
6,720,953
5,847,407
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
6,819,581
$
5,977,177
On behalf of the Board:
"Greg Hahn"
Director
"Mike Stark"
Director
See accompanying notes to the condensed consolidated interim financial statements
3
ARIZONA SILVER EXPLORATION INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS FOR THE THREE MONTHS ENDED NOVEMER 30, 2021 AND 2020
(EXPRESSED IN CANADIAN DOLLARS - UNAUDITED)
Three months ended
November 30, November 30,
Note
2021
2020
EXPENSES
Advertising and promotion
$
17,826
$
10,615
Consulting fees
27,000
19,500
Foreign exchange gain
(1,046)
(3,493)
Management fees
8
18,000
18,000
Office facilities and administrative
4,149
4,320
Professional fees
8
6,000
6,804
Share-based compensation
1,981
-
Transfer agent and filing fees
3,602
13,956
Travel
923
311
NET LOSS AND COMPREHENSIVE LOSS
$
(78,435)
$ (70,013)
Basic and diluted loss per share
$
(0.00)
$
(0.00)
Weighted average number of common shares outstanding
57,882,590
52,667,564
See accompanying notes to the condensed consolidated interim financial statements
4
ARIZONA SILVER EXPLORATION INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE THREE MONTHS ENDED NOVEMBER 30, 2021 AND 2020
(EXPRESSED IN CANADIAN DOLLARS - UNAUDITED)
Share capital
Reserves
Number of
Subscription
Share-Based
shares
Amount
Receivable
Compensation
Warrants
Other
Deficit
Total
Balance at August 31, 2020
51,367,455
$
6,124,797
$
(10,000)
$ 1,349,497
$
-
$
50,000
$
(3,209,427)
$ 4,304,867
Shares issued for stock options exercised
25,000
9,170
-
(4,295)
-
-
-
4,875
Shares issued for warrants exercised
1,547,259
232,088
-
-
-
-
-
232,088
Net loss for the period
-
-
-
-
-
-
(70,013)
(70,013)
Balance at November 30, 2020
52,939,714
$
6,366,055
$
(10,000)
$ 1,345,202
$
-
$
50,000
$
(3,279,440)
$ 4,471,817
Balance at August 31, 2021
57,864,096
$
8,026,552
$
(10,000)
$ 1,431,043
$
18,429
$
50,000
$
(3,668,617)
$ 5,847,407
Shares issued for cash
4,500,000
945,000
-
-
-
-
-
945,000
Shares issued for stock options exercised
24,390
7,743
-
(2,743)
-
-
-
5,000
Share-based compensation
-
-
-
1,981
-
-
-
1,981
Net loss for the period
-
-
-
-
-
-
(78,435)
(78,435)
Balance at November 30, 2021
62,388,486
$
8,979,295
$
(10,000)
$ 1,430,281
$
18,429
$
50,000
$
(3,747,052)
$ 6,720,953
See accompanying notes to the condensed consolidated interim financial statements
5
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Arizona Silver Exploration Inc. published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 20:54:04 UTC.
Arizona Gold & Silver Inc., formerly Arizona Silver Exploration Inc., is a Canada-based company, which is engaged in junior mining exploration primarily in the Western United States. The Company owns Philadelphia property, Silverton Gold project, Ramsey Silver project, and Sycamore Canyon project. The Philadelphia Property is a high-grade gold and silver vein target located in Mohave County, northwestern Arizona and is comprised of 30 claims. The Silverton Gold Project is a Carlin-type gold exploration property located in Nye County, Nevada. The property is near the old Silverton Mine property located about 100 kilometers northeast of Tonopah, Nevada, and consists of 77 unpatented lode mining claims totaling approximately 1540 acres. The Ramsey Silver Project is located in Arizona, United States. The Sycamore Canyon property is located in southern Graham County, Arizona and consists of 10 unpatented lode mining claims on US Forest Service administered public lands.
ARIZONA GOLD & SILVER INC. 
