E2GOLD INC. CONDENSED INTERIM FINANCIAL STATEMENTS OF
E2GOLD INC.
FOR THE THREE AND NINE MONTHS ENDED
APRIL 30, 2022
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED)
NOTICE TO READER
The accompanying unaudited condensed interim financial statements of E2Gold Inc. (the "Company") have been prepared by, and are the responsibility of management. The unaudited condensed interim financial statements have not been reviewed by the Company's auditor.
E2Gold Inc.
Condensed Interim Statements of Financial Position (Expressed in Canadian Dollars)
(Unaudited)
As at | As at | ||||
April 30, | July 31, | ||||
2022 | 2021 | ||||
ASSETS | |||||
Current assets | $ | 769,334 | |||
Cash | $ | 5,854,701 | |||
Short-term investments | 60,000 | 40,000 | |||
HST receivable | 124,558 | 124,582 | |||
Prepaid expenses | 200,180 | 185,494 | |||
Total current assets | 1,154,072 | 6,204,777 | |||
Non-current assets | 57,713 | ||||
Property and equipment (note 3) | 50,926 | ||||
Total non-current assets | 57,713 | 50,926 | |||
Total assets | $ | 1,211,785 | $ | 6,255,703 | |
LIABILITIES AND EQUITY | |||||
Current liabilities | $ | 306,698 | |||
Amounts payable and accrued liabilities | $ | 753,389 | |||
Flow-through share liability (note 4) | 79,169 | 536,936 | |||
Total liabilities | 385,867 | 1,290,325 | |||
Equity | 5,577,581 | ||||
Share capital (note 5) | 4,441,922 | ||||
Warrants (note 6) | 3,873,011 | 3,693,475 | |||
Stock options (note 7) | 917,264 | 32,022 | |||
Accumulated deficit | (9,541,938) | (3,202,041) | |||
Total equity | 825,918 | 4,965,378 | |||
Total liabilities and equity | $ | 1,211,785 | $ | 6,255,703 |
The accompanying notes are an integral part of these unaudited condensed interim financial statements.
Nature of operations and going concern (note 1)
Commitments (note 11)
Subsequent events (note 13)
- 1 -
E2Gold Inc.
Condensed Interim Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars)
(Unaudited)
Three months ended | Nine months ended | ||||||||
April 30, | April 30, | ||||||||
2022 | 2021 | 2022 | 2021 | ||||||
Operating expenses | $ | 3,088 | $ | 9,266 | |||||
Depreciation (note 3) | $ | 3,338 | $ | 3,338 | |||||
Exploration and evaluation | 855,443 | 4,162,403 | |||||||
expenditures (notes 9 and 10(d)) | 842,064 | 1,698,080 | |||||||
General and administrative expenses | 36,622 | 17,437 | 150,045 | 42,225 | |||||
Investor relations | 222,056 | 79,085 | 713,431 | 93,748 | |||||
Management, director fees and salaries (note 10(a)) | 204,275 | 139,281 | 712,529 | 265,750 | |||||
Professional fees (note 10(d)) | 41,313 | 53,332 | 148,176 | 107,135 | |||||
Shareholders' information | 20,928 | 13,556 | 82,131 | 42,144 | |||||
Share-based payments (notes 7 and 10(a)) | 25,303 | 5,624 | 885,242 | 26,759 | |||||
Operating loss before interest income and premium | |||||||||
on flow-through shares | (1,409,028) | (1,153,717) | (6,863,223) | (2,279,179) | |||||
Interest income | 490 | 1,165 | 3,644 | 1,165 | |||||
Premium on flow-through shares (note 4) | 119,512 | 194,125 | 513,594 | 271,838 | |||||
Loss and comprehensive loss for the period | $ | (1,289,026) | $ | (958,427) | $ (6,345,985) | $ | (2,006,176) | ||
Basic and diluted loss per share (note 8) | $ | (0.01) | $ | (0.02) | $ | (0.06) | $ | (0.05) | |
Weighted average number of common shares | |||||||||
outstanding - basic and diluted | 102,541,693 | 46,967,486 | 97,776,586 | 36,626,496 |
The accompanying notes are an integral part of these unaudited condensed interim financial statements.
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E2Gold Inc.
Condensed Interim Statements of Cash Flows (Expressed in Canadian Dollars)
(Unaudited)
Three months ended | Nine months ended | ||||||||
April 30, | April 30, | ||||||||
2022 | 2021 | 2022 | 2021 | ||||||
Operating activities: | $ | (1,289,026) | $ | (6,345,985) | |||||
Net loss for the period | $ | (958,427) | $ | (2,006,176) | |||||
Adjustments for: | 5,527 | 16,583 | |||||||
Depreciation (notes 3 and 9) | 3,338 | 3,338 | |||||||
Share-based payments (note 7) | 25,303 | 5,624 | 885,242 | 26,759 | |||||
Shares issued for acquisition of mineral | - | 200,000 | |||||||
property (note 9) | 100,000 | 100,000 | |||||||
Shares issued for services provided (note 5) | - | - | 5,000 | 18,520 | |||||
Premium on flow-through shares (note 4) | (119,512) | (194,125) | (513,594) | (271,838) | |||||
Changes in non-cash working capital items: | 290,966 | 24 | |||||||
HST receivable | (41,395) | (145,514) | |||||||
Prepaid expenses | (96,314) | 14,784 | (14,686) | (87,966) | |||||
Amounts payable and accrued liabilities | (177,558) | (103,134) | (446,691) | 207,124 | |||||
Net cash used in operating activities | (1,360,614) | (1,173,335) | (6,214,107) | (2,155,753) | |||||
Investing activities: | - | (23,370) | |||||||
Purchase of property and equipment (note 3) | (50,216) | (52,095) | |||||||
Purchase of short-term investment | - | - | (20,000) | - | |||||
Net cash used in investing activities | - | (50,216) | (43,370) | (52,095) | |||||
Financing activities: | 1,221,310 | 1,221,310 | |||||||
Proceeds from private placements (note 5) | - | 4,020,942 | |||||||
Share issue costs | (61,200) | - | (61,200) | (784,851) | |||||
Exercise of stock options (note 5) | - | - | 12,000 | - | |||||
Net cash provided by financing activities | 1,160,110 | - | 1,172,110 | 3,236,091 | |||||
Net change in cash | (200,504) | (1,223,551) | (5,085,367) | 1,028,243 | |||||
Cash, beginning of period | 969,838 | 2,379,738 | 5,854,701 | 127,944 | |||||
Cash, end of period | $ | 769,334 | $ | 1,156,187 | $ | 769,334 | $ | 1,156,187 |
The accompanying notes are an integral part of these unaudited condensed interim financial statements.
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E2Gold Inc.
Condensed Interim Statements of Changes in Shareholders' Equity (Expressed in Canadian Dollars)
(Unaudited)
Share | Stock | Accumulated | Total | |||||||
capital | Warrants | options | deficit | equity | ||||||
Balance, July 31, 2020 | $ | 439,890 | $ | - | $ | - | $ | (359,004) | $ | 80,886 |
Private placements (note 5) | 636,000 | - | - | - | 636,000 | |||||
Initial Public Offering (note 5) | 3,384,942 | - | - | - | 3,384,942 | |||||
Shares issued for services provided (note 5) | 18,520 | - | - | - | 18,520 | |||||
Shares issued as repayment of loan (note 5) | 46,650 | - | - | - | 46,650 | |||||
Shares issued for acquisition of mineral property (note 9) | 100,000 | - | - | - | 100,000 | |||||
Flow-through share premium | (353,356) | - | - | - | (353,356) | |||||
Warrants (note 5) | (1,313,917) | 1,313,917 | - | - | - | |||||
Broker warrants (note 5) | (183,000) | 183,000 | - | - | - | |||||
Share issue costs | (784,851) | - | - | - | (784,851) | |||||
Share-based payments (note 7) | - | - | 26,759 | - | 26,759 | |||||
Loss and comprehensive loss | - | - | - | (2,006,176) | (2,006,176) | |||||
Balance, April 30, 2021 | $ | 1,990,878 | $ | 1,496,917 | $ | 26,759 | $ | (2,365,180) | $ | 1,149,374 |
Balance, July 31, 2021 | $ | 4,441,922 | $ | 3,693,475 | $ | 32,022 | $ | (3,202,041) | $ | 4,965,378 |
Private placements (note 5) | 1,221,310 | - | - | - | 1,221,310 | |||||
Shares issued for services provided (note 5) | 5,000 | - | - | - | 5,000 | |||||
Shares issued for acquisition of mineral property (note 9) | 200,000 | - | - | - | 200,000 | |||||
Flow-through share premium (note 4) | (55,827) | - | - | - | (55,827) | |||||
Warrants (note 5) | (180,488) | 180,488 | - | - | - | |||||
Compensation options (note 5) | (9,665) | 9,665 | - | - | - | |||||
Warrants exercised (note 5) | 16,529 | (4,529) | - | - | 12,000 | |||||
Warrants cancelled | - | (6,088) | - | 6,088 | - | |||||
Share issue costs | (61,200) | - | - | - | (61,200) | |||||
Share-based payments (note 7) | - | - | 885,242 | - | 885,242 | |||||
Loss and comprehensive loss | - | - | - | (6,345,985) | (6,345,985) | |||||
Balance, April 30, 2022 | $ | 5,577,581 | $ | 3,873,011 | $ | 917,264 | $ | (9,541,938) | $ | 825,918 |
The accompanying notes are an integral part of these unaudited condensed interim financial statements.
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E2Gold Inc. published this content on 06 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 July 2022 10:23:03 UTC.
