HIGHBANK RESOURCES LTD. HIGHBANK RESOURCES LTD.
Condensed Interim Financial Statements
For the period ended March 31, 2022
Unaudited - Expressed in Canadian Dollars
NOTICE TO READER
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim financial statements have been prepared by and are the responsibility of the management.
The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of condensed interim financial statements by an entity's auditor.
HIGHBANK RESOURCES LTD.
Condensed Interim Statements of Financial Position (Unaudited - Expressed in Canadian dollars)
March 31, | December 31, | ||||
Notes | 2022 | 2021 | |||
ASSETS | |||||
Current assets | |||||
Cash | $ | 35,336 | $ | 2,204 | |
Accounts receivable | 2,025 | 2,383 | |||
Due from related parties | 11 | 1,704 | 1,704 | ||
Prepaid expenses | 11,067 | 5,866 | |||
50,132 | 12,157 | ||||
Non-current assets | |||||
Property and equipment | 4 | 733 | 758 | ||
Reclamation bond | 6 | 189,500 | 189,500 | ||
Exploration and evaluation assets | 5 | 3 | 3 | ||
190,236 | 190,261 | ||||
TOTAL ASSETS | $ | 240,368 | $ | 202,418 | |
LIABILITIES | |||||
Current liabilities | |||||
Trade payables and accrued liabilities | 7 | $ | 2,188,418 | $ | 2,139,161 |
Promissory notes | 10 | 2,988,988 | 2,880,075 | ||
Due to related parties | 11 | 1,116,659 | 1,054,034 | ||
Production loan | 4, 10 | 900,000 | 900,000 | ||
Convertible debentures | 10 | - | - | ||
7,194,065 | 6,973,270 | ||||
Non-current liabilities | |||||
Convertible debentures | 10 | 2,728,396 | 2,592,094 | ||
Reclamation obligation | 6 | 94,750 | 94,750 | ||
2,823,146 | 2,686,844 | ||||
TOTAL LIABILITIES | 10,017,211 | 9,660,114 | |||
SHAREHOLDERS' EQUITY (DEFICIT) | |||||
Share capital | 8 | 17,189,233 | 17,189,233 | ||
Share subscription advance (receivable) | (6,650) | (6,650) | |||
Equity component of convertible debentures | 10 | 1,207,205 | 1,207,205 | ||
Contributed surplus | 9 | 1,509,658 | 1,509,658 | ||
Deficit | (29,676,289) | (29,357,142) | |||
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) | (9,776,843) | (9,457,696) | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ | 240,368 | $ | 202,418 | |
Nature and continuance of operations (Note 1)
Commitments (Notes 4 and 11)
Contingency (Note 5)
Subsequent events (Note 15)
Approved on behalf of the Board:
"James H. Place" | "Gary Musil" | |
Director | Director | |
See accompanying notes to the financial statements |
3
HIGHBANK RESOURCES LTD.
Condensed Interim Statements of Comprehensive Loss (Unaudited - Expressed in Canadian dollars)
Three months ended March 31, | |||||
Notes | 2022 | 2021 | |||
Expenses | |||||
Depreciation | 4 | $ | 25 | $ | 30 |
Interest and bank charges | 23,816 | 27,137 | |||
Management fees | 11 | 37,500 | 37,500 | ||
Office and miscellaneous | 11 | - | 1,105 | ||
Professional fees | 2,151 | 7,316 | |||
Regulatory and transfer agent | 1,729 | 5,619 | |||
Rent | 11 | 2,250 | 2,250 | ||
Shareholder information | - | 398 | |||
Travel and promotion | 78 | 1,015 | |||
67,549 | 82,370 | ||||
Other items | |||||
Property maintenance | 2,082 | - | |||
Interest on promissory notes, convertible | |||||
debentures, and production loan | 10, 11 | 249,516 | 162,288 | ||
251,598 | 162,288 | ||||
Net and comprehensive loss for the period | $ | 319,147 | $ | 244,658 | |
Weighted average number of common | |||||
shares outstanding (basic and diluted) | 139,946,621 | 139,906,621 | |||
Basic and diluted net loss per share | $ | (0.00) | $ | (0.00) | |
See accompanying notes to the financial statements
4
HIGHBANK RESOURCES LTD.
Condensed Interim Statements of Changes in Shareholders' Equity (Deficit) (Unaudited - Expressed in Canadian dollars)
Share capital | ||||||||||||
Share | Equity | |||||||||||
subscription | component of | |||||||||||
Number of | advance | convertible | Contributed | |||||||||
shares | Amount | (receivable) | debenture | Surplus | Deficit | Total | ||||||
Balance at January 1, 2021 | 139,903,621 | $ | 17,188,433 | $ | (6,650) | $ | - | $ | 1,509,658 | $ (20,922,257) | $ | (2,230,816) |
Loss for the period | - | - | - | - | - | (244,658) | (244,658) | |||||
Balance at March 31, 2021 | 139,903,621 | $ | 17,188,433 | $ | (6,650) | $ | - | $ | 1,509,658 | $ (21,166,915) | $ | (2,475,474) |
Balance at January 1, 2022 | 139,946,621 | $ | 17,189,233 | $ | (6,650) | $ | 1,207,205 | $ | 1,509,658 | $ (29,357,142) | $ | (9,457,696) |
Loss for the period | - | - | - | - | - | (319,147) | (319,147) | |||||
Bonus shares and finders fee issued | - | - | - | - | - | - | - | |||||
Equity component of convertible debenture | - | - | - | - | - | - | - | |||||
Balance at March 31, 2022 | 139,946,621 | $ | 17,189,233 | $ | (6,650) | $ | 1,207,205 | $ | 1,509,658 | $ (29,676,289) | $ | (9,776,843) |
See accompanying notes to the financial statements | 5 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Highbank Resources Ltd. published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2022 15:41:10 UTC.
