KINGMAN MINERALS LTD. KINGMAN MINERALS LTD.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED JUNE 30, 2022 AND 2021
(Unaudited - Expressed in Canadian Dollars)
Notice of No Auditor Review
These unaudited consolidated interim financial statements of Kingman Minerals Ltd. (the "Company") have not been reviewed by the auditors of the Company. This notice is being provided in accordance with Section 4.3 (3) (a) of National Instrument 51-102 - Continuous Disclosure Obligations.
KINGMAN MINERALS LTD.
Consolidated Interim Statements of Financial Position
(Unaudited - Expressed in Canadian Dollars)
June 30 | September 30 | ||||
2022 | 2021 | ||||
ASSETS | |||||
Current assets | |||||
Cash | $ | 54,829 | $ | 166,214 | |
GST recoverable | 11,953 | 7,896 | |||
Prepaid expenses | 15,299 | 12,489 | |||
82,081 | 186,599 | ||||
Mineral properties (note 3) | 1,684,392 | 1,227,306 | |||
$ | 1,766,473 | $ | 1,413,905 | ||
LIABILITIES | |||||
Current liabilities | |||||
Accounts payable (note 5) | $ | 115,229 | $ | 141,321 | |
Accrued liabilities (note 5) | 315,580 | 15,000 | |||
430,809 | 156,321 | ||||
SHAREHOLDERS' EQUITY | |||||
Share capital (note 4) | 8,051,902 | 7,467,840 | |||
Reserves (note 4) | 1,387,747 | 1,313,114 | |||
Deficit | (8,103,985) | (7,523,370) | |||
1,335,664 | 1,257,584 | ||||
$ | 1,766,473 | $ | 1,413,905 | ||
Nature and continuance of operations (note 1) | |||||
Going concern (note 2(b)) | |||||
Approved on behalf of the Board: | |||||
Director | "Arthur Brown" | ||||
Arthur Brown, Director | |||||
Director | "Peter Born" | ||||
Peter Born, Director | |||||
The accompanying notes are an integral part of these consolidated interim financial statements |
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KINGMAN MINERALS LTD.
Consolidated Interim Statements of Comprehensive Loss
(Unaudited - Expressed in Canadian Dollars)
Three months ended | Nine months ended | |||||||
June 30 | June 30 | |||||||
2022 | 2021 | 2022 | 2021 | |||||
EXPENSES | ||||||||
Claims maintenance and property costs | $ | - | $ | 45 | $ | - | $ | 15,398 |
Corporate communications | 902 | 74,075 | 199,437 | 393,109 | ||||
Filing and transfer agent fees | 5,428 | 4,208 | 30,571 | 47,688 | ||||
Management and consulting fees (note 5) | 112,500 | 187,880 | 337,500 | 656,632 | ||||
Office and general | 7,528 | 14,540 | 23,133 | 41,371 | ||||
Professional fees (recovery) | 577 | 3,605 | (10,026) | 8,144 | ||||
Rent | - | 2,638 | - | 19,670 | ||||
Share-based compensation (note 4) | - | - | - | 755,342 | ||||
Travel | - | - | - | 1,834 | ||||
Loss before other item | (126,935) | (286,991) | (580,615) | (1,939,188) | ||||
Other item | ||||||||
Gain on debt settlement (note 5) | - | - | - | 28,595 | ||||
- | - | - | 28,595 | |||||
Net loss and comprehensive loss | $ | (126,935) | $ | (286,991) | $ | (580,615) | $ | (1,910,593) |
Basic and diluted loss per share | $ | (0.00) | $ | (0.01) | $ | (0.01) | $ | (0.05) |
Weighted average number of common shares outstanding | 69,353,013 | 55,113,100 | 69,194,442 | 41,181,187 |
The accompanying notes are an integral part of these consolidated interim financial statements
2
KINGMAN MINERALS LTD.
Consolidated Interim Statements of Cash Flow
(Unaudited - Expressed in Canadian Dollars)
Nine months ended | ||||
June 30 | ||||
2022 | 2021 | |||
Cash provided by (used in): | ||||
Operating activities | ||||
Net loss for the period | $ | (580,615) | $ | (1,910,593) |
Add items not involving cash: | ||||
Share-based compensation | - | 755,342 | ||
Gain on debt settlement | - | (28,595) | ||
Non-cash working capital items | ||||
GST recoverable | (4,057) | (18,800) | ||
Prepaid expenses | (2,810) | (14,985) | ||
Accounts payable and accrued liabilities | 274,488 | (250,979) | ||
Net cash used in operating activities | (312,994) | (1,468,610) | ||
Investing activities | ||||
Exploration and acquisition expenditures | (457,086) | (688,165) | ||
Net cash used in investing activities | (457,086) | (688,165) | ||
Financing activities | ||||
Proceeds from issuance of common shares | 692,250 | 2,022,875 | ||
Proceeds from share purchase warrants exercised | - | 572,050 | ||
Share issue costs | (33,555) | (104,960) | ||
Net cash provided by financing activities | 658,695 | 2,489,965 | ||
Change in cash during the period | (111,385) | 333,190 | ||
Cash, beginning of the period | 166,214 | 93,229 | ||
Cash, end of the period | $ | 54,829 | $ | 426,419 |
The accompanying notes are an integral part of these consolidated interim financial statements
3
KINGMAN MINERALS LTD.
Consolidated Interim Statements of Changes in Equity
(Unaudited - Expressed in Canadian Dollars)
Share-based | |||||||||
Number of | Payment | ||||||||
Shares | Share Capital | Reserve | Deficit | Total | |||||
Balance at October 1, 2020 | 23,311,118 | $ | 4,977,875 | $ | 574,535 | $ | (5,333,270) | $ | 219,140 |
Private placement of shares (note 4) | 25,840,784 | 2,022,875 | - | - | 2,022,875 | ||||
Share issuance costs (note 4) | - | (104,960) | - | - | (104,960) | ||||
Exercise of warrants @ $0.09 (note 4) | 6,356,111 | 572,050 | - | - | 572,050 | ||||
Share based compensation | - | - | 755,342 | - | 755,342 | ||||
Net and comprehensive loss | - | - | - | (1,910,593) | (1,910,593) | ||||
Balance at June 30, 2021 | 55,508,013 | 7,467,840 | 1,329,877 | (7,243,863) | 1,553,854 | ||||
Balance at October 1, 2021 | 55,508,013 | 7,467,840 | 1,313,114 | (7,523,370) | 1,257,584 | ||||
Private placement of shares (note 4) | 13,845,000 | 623,025 | 69,225 | - | 692,250 | ||||
Share issuance costs (note 4) | - | (38,963) | 5,408 | - | (33,555) | ||||
Net and comprehensive loss | - | - | - | (580,615) | (580,615) | ||||
Balance at June 30, 2022 | 69,353,013 | $ | 8,051,902 | $ | 1,387,747 | $ | (8,103,985) | $ | 1,335,664 |
The accompanying notes are an integral part of these consolidated interim financial statements
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Kingman Minerals Ltd. published this content on 30 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 10:15:07 UTC.
