G.E.T.T. GOLD INC
CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 6-MONTH PERIOD ENDED MARCH 31, 2023 (Unaudited and not reviewed by the Company's independent auditors)
CONDENSED INTERIM FINANCIAL STATEMENTS | |
Interim statements of financial position | 1. |
Interim statements of income (loss) and comprehensive income (loss) | 3. |
Interim statements of changes in equity | 4. |
Interim statements of cash flows | 5. |
Notes to condensed interim financial statements | 7. |
1
G.E.T.T. Gold Inc
INTERIM STATEMENTS OF FINANCIAL POSITION (in Canadian dollars)
(Unaudited and not reviewed by the Company's independent auditors)
March 31, | September 30, | |||
2023 | 2022 | |||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash | $ | 510,120 | $ | 952,453 |
Accounts receivable and other receivables (Note 5) | 84,821 | 63,796 | ||
Prepaid expenses | 16,694 | 41,285 | ||
Balance of sale of mining properties (Note 3) | 996,710 | 1,496,710 | ||
Gold ounces receivable (Note 3) | 2,396,022 | 1,033,711 | ||
Total current assets | 4,004,367 | 3,587,955 | ||
NON-CURRENT ASSETS | ||||
Property and equipment (Note 6) | 389,741 | 408,953 | ||
Intangible assets (Note 7) | 364,996 | 405,551 | ||
Investment in a listed mining company | 1,000 | 1,200 | ||
In-trust deposit related to asset retirement obligations (Note 13) | 155,532 | 155,532 | ||
Gold ounces receivable (Note 3) | 9,584,087 | 9,303,397 | ||
Total non-current assets | 10,495,356 | 10,274,633 | ||
TOTAL ASSETS | $ | 14,499,723 | $ | 13,862,588 |
The accompanying notes form an integral part of these interim financial statements.
2
G.E.T.T. Gold Inc
INTERIM STATEMENTS OF FINANCIAL POSITION (in Canadian dollars)
(Unaudited and not reviewed by the Company's independent auditors)
March 31, | September 30, | |||||||||||
2023 | 2022 | |||||||||||
LIABILITIES | ||||||||||||
CURRENT LIABILITIES | ||||||||||||
Accounts payable (Note 8) | $ | 2,787,276 | $ | 2,881,709 | ||||||||
Gold ounces to be delivered (Note 9) | 12,379,872 | 2,490,094 | ||||||||||
Current portion of the debentures (Note 12) | 487,500 | 537,500 | ||||||||||
Liabilities related to intangible assets (Note 10) | 116,674 | 230,237 | ||||||||||
Current portion of the long-term debt (Note 11) | 34,407 | - | ||||||||||
Loans | 23,960 | 20,492 | ||||||||||
Total current liabilities | 15,829,689 | 6,160,032 | ||||||||||
NON-CURRENT LIABILITIES | ||||||||||||
Long-term debt (Note 11) | - | 31,120 | ||||||||||
Debentures (Note 12) | 1,534,651 | 1,625,066 | ||||||||||
Asset retirement obligation (Note 13) | 175,266 | 175,266 | ||||||||||
Gold ounces to be delivered (Note 9) | - | 8,191,262 | ||||||||||
Total non-current liabilities | 1,709,917 | 10,022,714 | ||||||||||
TOTAL LIABILITIES | $ | 17,539,606 | $ | 16,182,746 | ||||||||
SHAREHOLDERS' DEFICIENCY | ||||||||||||
Share capital (Note 14) | $ | 49,194,834 | $ | 49,194,834 | ||||||||
Contributed surplus | 13,427,562 | 12,868,119 | ||||||||||
Warrants (Note 14) | 20,696 | 580,139 | ||||||||||
Equity component of the convertible debentures | 289,021 | 289,021 | ||||||||||
Deficit | ( | 65,971,996 | ) | ( 65,252,271 | ) | |||||||
TOTAL SHAREHOLDERS' DEFICIENCY | ( | 3,039,883 | ) | ( | 2,320,158 | ) | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY) | $ | 14,499,723 | $ | 13,862,588 | ||||||||
GOING CONCERN (Note 2)
SUBSEQUENT EVENT (Note 18)
The accompanying notes form an integral part of these interim financial statements.
3
G.E.T.T. Gold Inc
INTERIM STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(in Canadian dollars)
(Unaudited and not reviewed by the Company's independent auditors)
3-month period | 3-month period | 6-month period | 6-month period | ||||||||
ended March 31, | ended March 31, | ended March | ended March 31, | ||||||||
2023 | 2022 | 31, 2023 | 2022 | ||||||||
EXPLORATION AND | |||||||||||
EVALUATION EXPENSES | |||||||||||
(Note 15) | 1,099 | 462,670 | 1,269 | 981,366 | |||||||
RESEARCH AND | |||||||||||
DEVELOPMENT EXPENSES | |||||||||||
(Note 15) | 61,732 | 49,571 | 177,926 | 53,921 | |||||||
GENERAL AND | |||||||||||
ADMINISTRATIVE EXPENSES | |||||||||||
(Note 15) | 295,040 | 245,037 | 557,622 | 723,478 | |||||||
INTEREST ON DEBENTURES | |||||||||||
AND DEBTS | 87,302 | 81,921 | 177,638 | 139,931 | |||||||
OTHER EXPENSES (INCOME) | |||||||||||
(Note 15) | ( | 213,632 ) | 593,770 | ( | 194,730 ) | ( | 15,949,548 ) | ||||
TOTAL NET INCOME (LOSS) | |||||||||||
AND COMPREHENSIVE INCOME | |||||||||||
(LOSS) | $ ( | 231,541 ) | $ ( 1,432,969 ) | $ ( | 719,725 ) | $ | 14,050,852 | ||||
NET (LOSS) INCOME PER
SHARE
Basic | $ | ( | 0.0011 | ) | $ | (0.0067) | $ | ( | 0.0034 | ) | $ | 0.0656 |
Diluted | $ | ( | 0.0011 | ) | $ | (0.0067) | $ | ( | 0.0034 | ) | $ | 0.0656 |
Weighted average number of | 214,046,143 | 214,046,143 | 214,046,143 | 214,046,143 | ||||||||
shares outstanding |
The accompanying notes form an integral part of these interim financial statements.
4
G.E.T.T. Gold Inc
INTERIM STATEMENT OF CHANGES IN EQUITY (in Canadian dollars)
(Unaudited and not reviewed by the Company's independent auditors)
As at March 31, 2023 and 2022
Equity | ||||||||||||||||||
Number of | Share capital | Contributed | Warrants | component of | Deficit | Total equity | ||||||||||||
shares | surplus | the convertible | ||||||||||||||||
debentures | ||||||||||||||||||
BALANCE AS AT OCTOBER 1st, 2022 | 214,046,413 | $ | 49,194,834 | $ | 12,868,119 | $ | 580,139 | $ | 289,021 | $ | (65,252,271) | $ | ( | 2,320,158 ) | ||||
Warrants expired (Note 14) | - | - | 559,443 | ( | 559,443 | ) | - | - | - | |||||||||
Net income and comprehensive | ||||||||||||||||||
income | ( | 719,725 ) | ( | 719,725 ) | ||||||||||||||
BALANCE AS AT MARCH 31, 2023 | 214,046,413 | $ | 49,194,834 | $ | 13,427,562 | $ | 20,696 | $ | 289,021 | $ | (65,971,996 ) | $ | ( | 3,039,883 ) | ||||
Equity | ||||||||||||||||||
Number of | Share capital | Contributed | Warrants | component of | Deficit | Total equity | ||||||||||||
shares | surplus | the convertible | ||||||||||||||||
debentures | ||||||||||||||||||
BALANCE AS AT OCTOBER 1st, 2021, | 202,046,413 | $ | 48,894,834 | $ | 12,643,837 | $ | 559,443 | $ | - | $ | (78,378,511) | $ | (16,280,397 ) | |||||
RESTATED | ||||||||||||||||||
Shares issued (Note 3 and Note 14) | 12,000,000 | 300,000 | - | 20,696 | - | - | 320,696 | |||||||||||
Issuance costs (Note 14) | - | - | - | - | - | ( | 18,549 ) | ( | 18,549 ) | |||||||||
Stock-based compensation (Note 14) | - | - | 219,423 | - | - | - | 219,423 | |||||||||||
Premium on debenture | - | - | - | - | 289,021 | - | 289,021 | |||||||||||
Net income and comprehensive | ||||||||||||||||||
income | - | - | - | - | - | 14,050,852 | 14,050,852 | |||||||||||
BALANCE AS AT MARCH 31, 2022 | 214,046,413 | $ | 49,194,834 | $ | 12,863,260 | $ | 580,139 | $ | 289,021 | $ | (64,346,208 ) | $ | ( | 1,418,954 ) |
The accompanying notes form an integral part of these interim financial statements.
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GETT Gold Inc. published this content on 30 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2023 16:48:29 UTC.