CROSS RIVER VENTURES CORP. CROSS RIVER VENTURES CORP
CONDENSED INTERIM FINANCIAL STATEMENTS THREE MONTHS ENDED APRIL 30 2022 AND 2021 UNAUDITED - PREPARED BY MANAGEMENT (EXPRESSED IN CANADIAN DOLLARS)
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED INTERIM FINANCIAL STATEMENTS
In accordance with National Instrument 51-102 Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of these condensed interim financial statements they must be accompanied by a notice indicating that these condensed interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
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Cross River Ventures Corp.
Condensed Interim Statements of Financial Position
As at April 30, 2022 and January 31, 2022 (Unaudited)
(Expressed in Canadian Dollars)
As at | April 30, | January 31, | ||
2022 | 2022 | |||
ASSETS | ||||
Current assets | ||||
Cash | $ | 395,876 | $ | 2,313,209 |
Amounts receivable | 425,084 | 112,819 | ||
Prepaid expenses (Note 4) | 639,982 | 1,013,797 | ||
1,460,942 | 3,439,825 | |||
Mineral Exploration and Evaluation Assets (Note 5) | 2,917,340 | 2,851,840 | ||
Total assets | $ | 4,378,282 | $ | 6,291,665 |
LIABILITIES | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities (Note 8) | $ | 1,285,286 | $ | 189,881 |
Flow-through liability (Note 7) | 69,710 | 227,010 | ||
Total liabilities | $ | 1,354,996 | $ | 416,891 |
SHAREHOLDERS' EQUITY (DEFICIENCY) | ||||
Share capital (Note 7) | $ | 8,849,706 | $ | 8,810,206 |
Reserves (Note 7) | 1,479,111 | 1,479,111 | ||
Deficit | (7,305,531) | (4,414,543) | ||
Total shareholders' equity | 3,023,286 | 5,874,774 | ||
Total liabilities and shareholders' equity | $ | 4,378,282 | $ | 6,291,665 |
Nature of Operations and Going Concern (Note 1)
Approved on behalf of the Board on June 27, 2022
"Dan Placzek" | Director | "Kosta Tsoutsis" | Director |
The accompanying notes are an integral part of these financial statements.
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Cross River Ventures Corp.
Condensed Interim Statements of Loss and Comprehensive Loss For three months ended April 30,2022 and 2021 (Unaudited) (Express in Canadian Dollars)
Three months | Three months | |||
ended | ended | |||
April 30, 2022 | April 30,2021 | |||
Expenses | ||||
Consulting | $ | 78,053 | $ | 62,787 |
Corporate development | 4,500 | 79,000 | ||
Exploration and evaluation costs (Note 5) | 2,575,531 | 94,034 | ||
Investor relations | 97,041 | 72,676 | ||
Management fees (Note 8) | 74,475 | 74,475 | ||
Marketing, conferences, and shareholder communications | 169,650 | 95,865 | ||
Office and administration | 14,640 | 18,464 | ||
Professional fees | 19,521 | 5,551 | ||
Rent | 6,000 | 6,000 | ||
Share-based compensation (Notes 7 and 8) | - | 17,567 | ||
Transfer agent and filing fees | 10,087 | 4,832 | ||
Total expenses | (3,049,498) | $ | (531,251) | |
Interest income | 1,210 | 1,193 | ||
Other income (Note 7) | 157,300 | 5,100 | ||
Loss and comprehensive loss for the year | $ | (2,890,988) | $ | (524,958) |
Basic and diluted loss per common share | $ | (0.05) | $ | (0.02) |
Weighted average number of common shares outstanding | 55,753,536 | 29,060,994 |
The accompanying notes are an integral part of these financial statements.
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Cross River Ventures Corp.
Condensed Interim Statement of Changes in Shareholder's Equity (Deficiency) (Unaudited) (Expressed in Canadian Dollars)
Number | Share | ||||||||
of Shares* | Capital | Reserves | Deficit | Total | |||||
Balance, January 31, 2020 | 3,500,000 | $ | 102,500 | $ | - | $ | (205,624) | $ | (103,124) |
Loss and comprehensive loss for the year | - | - | - | (1,557,397) | (1,557,397) | ||||
Common shares issued for private | |||||||||
placements | 16,813,703 | 4,139,070 | - | - | 4,139,070 | ||||
Common shares issued for acquisition of | |||||||||
exploration and evaluation assets | 4,150,000 | 1,404,000 | - | - | 1,404,000 | ||||
Common shares issued for acquisition of | |||||||||
NDMC | 2,500,004 | 860,002 | - | - | 860,002 | ||||
Share issuance costs | - | (1,013,225) | 411,111 | - | (602,114) | ||||
Flow-through liability | - | (104,274) | - | - | (104,274) | ||||
Exercise of warrants | 337,500 | 33,750 | - | - | 33,750 | ||||
Exercise of Agent's options | 347,000 | 64,036 | (29,336) | - | 34,700 | ||||
Exercise of options | 18,750 | 3,819 | (69) | - | 3,750 | ||||
Share-based compensation | - | - | 358,352 | - | 358,352 | ||||
Balance, January 31, 2021 | 27,666,957 | $ | 5,489,678 | $ | 740,058 | $ | (1,763,021) | $ | 4,466,715 |
Loss and comprehensive loss for the year | - | - | - | (2,651,522) | (2,651,522) | ||||
Common shares issued for private | 25,184,879 | 3,437,647 | 241,631 | - | 3,679,278 | ||||
placements | |||||||||
Common shares issued for acquisition of | 900,000 | 134,000 | - | - | 134,000 | ||||
exploration and evaluation assets | |||||||||
Share issuance costs | 289,200 | (223,233) | 83,500 | - | (139,733) | ||||
Flow-through liability | - | (169,136) | - | - | (169,136) | ||||
Exercise of warrants | 1,412,500 | 141,250 | - | - | 141,250 | ||||
Share-based compensation | - | - | 413,922 | - | 413,922 | ||||
Balance, January 31, 2022 | 55,453,536 | $ | 8,810,206 | $ | 1,479,111 | $ | (4,414,543) | $ | 5,874,774 |
Loss and comprehensive loss for the year | - | - | - | (2,890,988) | (2,890,988) | ||||
Common shares issued for private | - | - | - | - | - | ||||
placements | |||||||||
Common shares issued for acquisition of | 300,000 | 39,500 | - | - | 39,500 | ||||
exploration and evaluation assets | |||||||||
Balance, April 30, 2022 | 55,753,536 | 8,849,706 | $ | 1,479,111 | $ | (7,305,531) | 3,023,286 |
The accompanying notes are an integral part of these financial statements.
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Cross River Ventures Corp. published this content on 28 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2022 12:10:01 UTC.
