CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Unaudited - Expressed in Canadian dollars)
Three and six month periods ended June 30, 2022
MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING
CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORTING
The accompanying condensed consolidated interim financial statements of Element 29 Resources Inc. (the "Company") have been prepared by management in accordance with International Financial Reporting Standards ("IFRS"). Management acknowledges responsibility for the preparation and presentation of the condensed consolidated interim financial statements, including responsibility for significant accounting estimates and the choice of accounting principles and methods that are appropriate to the Company's circumstances.
NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
The Company's independent auditor has not performed a review of these condensed consolidated interim financial statements in accordance with standards established by the Canadian Institute of Chartered Professional Accountants for a review of interim financial statements by a company's auditor.
Element 29 Resources Inc.
Condensed Consolidated Interim Statements of Financial Position
As at June 30, 2022 and December 31, 2021 (Unaudited)
(expressed in Canadian dollars, except where indicated)
Note | June 30, 2022 | December 31, 2021 | |||||
Assets | |||||||
Current assets | |||||||
Cash | $ | 3,346,126 | $ | 7,832,949 | |||
Restricted cash | 25,000 | 25,000 | |||||
Receivables | 35,849 | 30,178 | |||||
Prepaid expenses | 154,792 | 50,082 | |||||
Deposit | 8,480 | 8,900 | |||||
3,570,247 | 7,947,109 | ||||||
Non-current assets | |||||||
Property and equipment | 68,746 | 75,993 | |||||
Exploration and evaluation assets | 3 | 12,672,870 | 9,780,611 | ||||
12,741,616 | 9,856,604 | ||||||
Total assets | $ | 16,311,863 | $ | 17,803,713 | |||
Liabilities | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | $ | 431,051 | $ | 751,337 | |||
Loan payable | 40,000 | 40,000 | |||||
Total liabilities | 471,051 | 791,337 | |||||
Shareholders' equity | |||||||
Share capital | 4 | 21,796,857 | 21,796,857 | ||||
Reserves | 2,619,711 | 1,416,811 | |||||
Deficit | (8,575,756) | (6,201,292) | |||||
Total shareholders' equity | 15,840,812 | 17,012,376 | |||||
Total liabilities and shareholders' equity | $ | 16,311,863 | $ | 17,803,713 | |||
Nature of operations (Note 1)
The accompanying notes are an integral part of these condensed consolidated interim financial statements
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Element 29 Resources Inc.
Condensed Consolidated Interim Statements of Comprehensive Loss
For the three and six months ended June 30, 2022 and 2021 (Unaudited)
(expressed in Canadian dollars, except where indicated)
Three months ended June 30 | Six months ended June 30 | ||||||||||
Note | 2022 | 2021 | 2022 | 2021 | |||||||
General and administrative expenses | |||||||||||
Administration and office | $ | 42,908 | $ | 36,779 | $ | 94,264 | $ | 60,564 | |||
Investor relations | 179,911 | 196,319 | 354,194 | 338,955 | |||||||
Corporate development | 79,295 | - | 176,126 | - | |||||||
Personnel costs | 5 | 255,586 | 243,892 | 442,223 | 423,710 | ||||||
Professional fees | 117,159 | 69,516 | 140,242 | 114,540 | |||||||
Filing fees | 32,119 | 6,345 | 50,872 | 21,657 | |||||||
Foreign exchange (gain) loss | (21,533) | 21,247 | (60,494) | 46,736 | |||||||
Share-based compensation | 4,5 | 11,807 | 184,802 | 1,202,900 | 751,088 | ||||||
Depreciation | 4,430 | - | 8,840 | - | |||||||
Other | (9,620) | 1,464 | (20,242) | 2,656 | |||||||
Operating loss | 692,062 | 760,364 | 2,388,925 | 1,759,906 | |||||||
Interest income | (8,364) | (5,389) | (14,461) | (13,122) | |||||||
Loss and comprehensive loss | $ | 683,698 | $ | 754,975 | $ | 2,374,464 | $ | 1,746,784 | |||
Loss per common share | |||||||||||
Basic and fully diluted | $ | (0.01) | $ | (0.01) | $ | (0.03) | $ | (0.03) | |||
Weighted average number of common shares | 79,240,860 | 68,075,125 | 79,240,860 | 68,075,125 | |||||||
outstanding | |||||||||||
Total common shares issued and outstanding | 4 | 79,240,860 | 68,075,125 | 79,240,860 | 68,075,125 | ||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
3
Element 29 Resources Inc.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
For the six months ended June 30, 2022 and 2021 (Unaudited)
(expressed in Canadian dollars, except where indicated)
Note | Number of | Share | Reserves | Deficit | Total | ||||||||||
Shares | capital | ||||||||||||||
Balance at December 31, 2021 | 79,240,860 | $ | 21,796,857 | $ | 1,416,811 | $ | (6,201,292) | $ | 17,012,376 | ||||||
Loss and comprehensive loss | - | - | - | (2,374,464) | (2,374,464) | ||||||||||
Share-based compensation | 4 | - | - | 1,202,900 | - | 1,202,900 | |||||||||
Balance at June 30, 2022 | 79,240,860 | $ | 21,796,857 | $ | 2,619,711 | $ | (8,575,756) | $ | 15,840,812 | ||||||
Note | Number of | Share | Reserves | Deficit | Total | ||||||||||
Shares | capital | ||||||||||||||
Balance at December 31, 2020 | 66,791,368 | $ | 15,068,459 | $ | 483,657 | $ | (3,295,573) | $ | 12,256,543 | ||||||
Issuance of share capital - share options | 1,490,000 | 213,901 | (54,901) | - | 159,000 | ||||||||||
Loss and comprehensive loss | - | - | - | (1,746,784) | (1,746,784) | ||||||||||
Share-based compensation | - | - | 751,088 | - | 751,088 | ||||||||||
Balance at June 30, 2021 | 68,281,368 | $ | 15,282,360 | $ | 1,179,844 | $ | (5,042,357) | $ | 11,419,847 | ||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
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Element 29 Resources Inc. published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 21:52:21 UTC.