Forsys Metals Corp.
Condensed Interim Consolidated Financial Statements
September 30, 2021 (expressed in Canadian dollars) (unaudited)
Management's Comments on Unaudited Condensed Interim Consolidated Financial Statements
These unaudited condensed interim consolidated financial statements of Forsys Metals Corp. (the "Company") have been prepared by management and approved by the Board of Directors of the Company.
These unaudited condensed interim consolidated financial statements have not been reviewed by the Company's external auditors.
Forsys Metals Corp.
Consolidated Statement of Financial Position
(expressed in Canadian dollars) | ||
(unaudited) | As at | As at |
September 30, | December 31, | |
2021 | 2020 | |
Notes | $ | $ |
Assets | |||
Current | 11,684,840 | 876,967 | |
Cash and cash equivalents | |||
Receivables | 29,472 | 26,031 | |
Prepaid expenses and other assets | 24,173 | 20,489 | |
Non-current | 11,738,485 | 923,487 | |
4 | 2,490,753 | 2,573,967 | |
Investment in associate | |||
Exploration and evaluation | 5 | 10,425,824 | 10,698,359 |
Total assets | 24,655,062 | 14,195,813 | |
Liabilities | |||
Current | 58,230 | 142,808 | |
Accounts payable and accrued liabilities | |||
Shareholders' equity | 6 | 172,148,128 | 165,838,742 |
Share capital | |||
Warrants | 7 | 6,771,226 | 1,300,733 |
Contributed surplus | 46,987,780 | 44,449,715 | |
Equity reserve | 33,364 | 33,364 | |
Accumulated loss | (183,803,731) | (180,458,038) | |
Accumulated other comprehensive loss | (17,544,257) | (17,115,896) | |
Total equity attributable to shareholders of the Company | 24,592,510 | 14,048,620 | |
Non-controlling interest | 9 | 4,322 | 4,385 |
Total equity | 24,596,832 | 14,053,005 | |
Total liabilities and equity | 24,655,062 | 14,195,813 | |
Subsequent event | 14 | ||
On behalf of the Board: | |||
Martin Rowley | Mark Frewin | ||
Director | Director |
1
The above consolidated statement should be read in conjunction with the accompanying notes.
Forsys Metals Corp.
Consolidated Statement of Loss and Comprehensive Loss
(expressed in Canadian dollars) (unaudited)
3 months ended | 9 months ended | ||||
September 30, | September 30, | ||||
2021 | 2020 | 2021 | 2020 | ||
Notes | $ | $ | $ | $ | |
Expenses | 58,585 | 82,737 | 119,801 | 131,033 | |
Professional fees | |||||
Directors' fees | 141,648 | 32,000 | 268,118 | 113,280 | |
Consulting fees | 132,370 | 54,850 | 279,001 | 181,948 | |
Stock-based compensation | 8 | - | - | 2,585,000 | - |
Public company costs | 9,504 | 7,851 | 99,578 | 43,415 | |
General and administrative | 13,517 | 7,619 | 21,918 | 17,148 | |
Travel | - | 6,067 | - | 6,067 | |
Foreign exchange loss (gain) | (25,624) | - | (24,550) | (1,031) | |
Other income | (3,110) | (70) | (3,110) | (1,366) | |
326,890 | 191,053 | 3,345,756 | 490,494 | ||
Loss | (326,890) | (191,053) | (3,345,756) | (490,494) | |
Other comprehensive loss, net of taxes | |||||
Item that may be reclassified subsequently to | loss | (464,286) | 206,354 | (428,361) | (1,998,819) |
Foreign currency translation | |||||
Comprehensive loss | (791,176) | 15,301 | (3,774,117) | (2,489,314) | |
Net loss attributable to: | (326,870) | (191,053) | (3,345,693) | (490,494) | |
Shareholders of the Company | |||||
Non-controlling interest | 9 | - | - | (63) | - |
(326,870) | (191,053) | (3,345,756) | (490,494) | ||
Comprehensive loss attributable to: | (791,176) | 15,301 | (3,774,054) | (2,489,314) | |
Shareholders of the Company | |||||
Non-controlling interest | 9 | - | - | (63) | - |
(791,176) | 15,301 | (3,774,117) | (2,489,314) | ||
Loss per share | (0.17) | (0.11) | (1.83) | (0.30) | |
- basic and diluted (cents) | |||||
Weighted average number of | |||||
common shares outstanding | 193,249,467 | 166,899,467 | 182,735,104 | 165,635,731 |
2
The above consolidated statement should be read in conjunction with the accompanying notes.
Forsys Metals Corp.
Consolidated Statement of Changes in Equity
(expressed in Canadian dollars) (unaudited)
9 months ended September 30, | |||
2021 | 2020 | ||
Share capital | Notes | $ | $ |
Balance, beginning of period | 165,838,742 | 164,847,132 | |
Bought deal equity financing | 6 | 13,000,000 | - |
Fair value of unit warrants issued | 6 and 7 | (4,737,000) | - |
Fair value of broker warrants issued | 6 and 7 | (759,000) | - |
Private placement of Class A shares | - | 1,000,000 | |
Share issue costs | (1,379,056) | (8,390) | |
Exercise of warrants | 52,500 | - | |
Fair value of exercised warrants | 25,507 | - | |
Exercise of stock options | 59,500 | - | |
Fair value of exercised stock options | 46,935 | - | |
Balance, end of period | 172,148,128 | 165,838,742 | |
Warrants | |||
Balance, beginning of period | 1,300,733 | 1,300,733 | |
Fair value of unit warrants issued | 6 and 7 | 4,737,000 | - |
Fair value of broker warrants issued | 6 and 7 | 759,000 | - |
Fair value of exercised warrants | (25,507) | - | |
Balance, end of period | 6,771,226 | 1,300,733 | |
Contributed surplus | |||
Balance, beginning of period | 44,449,715 | 44,449,715 | |
Stock-based compensation | 8 | 2,585,000 | - |
Fair value of exercised stock options | (46,935) | - | |
Balance, end of period | 46,987,780 | 44,449,715 | |
Equity reserve | |||
Balance, beginning and end of period | 33,364 | 33,364 | |
Accumulated loss | |||
Balance, beginning of period | (180,458,038) | (179,694,340) | |
Loss attributable to shareholders of the Company | (3,345,693) | (490,494) | |
Balance, end of period | (183,803,731) | (180,184,834) | |
Accumulated other comprehensive loss | |||
Balance, beginning of period | (17,115,896) | (16,198,230) | |
Currency translation differences on foreign operations | (428,361) | (1,998,819) | |
Balance, end of period | (17,544,257) | (18,197,049) | |
Non-controlling interest | |||
Balance, beginning of period | 4,385 | (169,376) | |
Reallocation of NCI share of accumulated losses | - | 175,031 | |
Loss attributed to NCI | (63) | - | |
Balance, end of period | 4,322 | 5,655 |
3
The above consolidated statement should be read in conjunction with the accompanying notes.
Forsys Metals Corp.
Consolidated Statement of Cash Flows
(expressed in Canadian dollars) (unaudited)
9 months ended September 30, | |||
2021 | 2020 | ||
Cash (used in) | Notes | $ | $ |
Operating activities | (3,345,756) | (490,494) | |
Loss | |||
Item not affecting cash | 8 | 2,585,000 | - |
Stock-based compensation | |||
Changes in non-cash operating working capital | (3,441) | (7,032) | |
Receivables | |||
Prepaid expenses and other assets | (3,684) | 30 | |
Accounts payable and accrued liabilities | (84,579) | (29,543) | |
Total cash outflow from operating activities | (852,460) | (527,039) | |
Financing activities | 6 | 13,000,000 | - |
Bought deal equity financing | |||
Private placement of Class A shares | - | 1,000,000 | |
Share issue costs | (1,379,056) | (8,390) | |
Exercise of warrants | 52,500 | - | |
Exercise of stock options | 59,500 | - | |
Total cash inflow from financing activities | 11,732,944 | 991,610 | |
Investing activities | (53,391) | (23,308) | |
Exploration and evaluation | |||
Total cash outflow from investing activities | (53,391) | (23,308) | |
Net increase in cash | 10,827,094 | 441,263 | |
Cash and cash equivalents, beginning of period | 876,967 | 712,652 | |
Effects of exchange rate changes on cash | (19,221) | (81,460) | |
Cash and cash equivalents, end of period | 11,684,840 | 1,072,455 |
4
The above consolidated statement should be read in conjunction with the accompanying notes.
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Forsys Metals Corp. published this content on 14 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2021 08:56:03 UTC.