NEVADA KING GOLD CORP. Nevada King Gold Corp.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2022 AND 2021
(Unaudited - Expressed in Canadian dollars)
Nevada King Gold Corp.
Condensed Consolidated Interim Statements of Financial Position (Unaudited - Expressed in Canadian dollars)
June 30, | March 31, | ||
Note | 2022 | 2022 | |
$ | $ | ||
ASSETS | |||
Current assets | |||
Cash | 24,532,863 | 13,153,096 | |
Receivables | 62,787 | 16,232 | |
Prepaid expenses | 76,303 | 49,623 | |
Total current assets | 24,671,953 | 13,218,951 | |
Non-current assets | |||
Exploration and evaluation assets | 4 | 62,006,989 | 59,105,879 |
Advances for exploration and evaluation assets | 1,315,787 | 750,867 | |
Reclamation bonds | 4 | 936,815 | 908,462 |
Property, plant and equipment | 5 | 774,191 | 763,330 |
65,033,782 | 61,528,538 | ||
TOTAL ASSETS | 89,705,735 | 74,747,489 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities | |||
Accounts payable and accrued liabilities | 7 | 966,936 | 255,567 |
Total Liabilities | 966,936 | 255,567 | |
SHAREHOLDERS' EQUITY | |||
Share capital | 6 | 130,527,979 | 114,849,977 |
Reserves | 6 | 5,808,673 | 2,010,407 |
Deficit | (47,597,853) | (42,368,462) | |
Total Shareholders' Equity | 88,738,799 | 74,491,922 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 89,705,735 | 74,747,489 |
NATURE OF OPERATIONS (Note 1)
These consolidated financial statements are authorized for issue by the Board of Directors on August 29, 2022. They are signed on the Company's behalf by:
"Craig Roberts" | , Director |
"William Hayden" | , Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Nevada King Gold Corp.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
(Unaudited - Expressed in Canadian Dollars)
Three Months Ended June 30, | |||
Note | 2022 | 2021 | |
$ | $ | ||
EXPENSES | |||
Consulting fees | 70,662 | 63,500 | |
Depreciation | 5 | 6,369 | 4,986 |
Management and director fees | 7 | 1,040,524 | 240,694 |
Marketing | 167,912 | 115,101 | |
Office and sundry | 92,890 | 56,287 | |
Professional fees | 99,032 | 57,833 | |
Stock based compensation | 6,7 | 3,798,266 | - |
Transfer agent and regulatory fees | 16,718 | 12,182 | |
Travel | 34,353 | 29,575 | |
(5,326,726) | (580,158) | ||
Other items | |||
Foreign exchange gain | 69,865 | 55,741 | |
Interest income | 27,470 | 14,357 | |
97,335 | 70,098 | ||
Loss and comprehensive loss | (5,229,391) | (510,060) | |
Basic and diluted loss per common share | (0.02) | (0.00) | |
Weighted average number of common shares outstanding - | |||
basic and diluted | 264,728,822 | 223,232,718 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Nevada King Gold Corp.
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited - Expressed in Canadian Dollars)
Three Months Ended June 30, | ||
2022 | 2021 | |
$ | $ | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Loss for the period | (5,229,391) | (510,060) |
Items not affecting cash: | ||
Depreciation | 6,369 | 4,986 |
Stock based compensation | 3,798,266 | - |
Unrealized foreign exchange | (43,292) | 13,124 |
Changes in non-cash working capital items: | ||
Receivables | (46,555) | 56,903 |
Prepaid expenses | (26,680) | (61,919) |
Accounts payable and accrued liabilities | (29,793) | 8,273 |
Cash used in operating activities | (1,571,076) | (488,693) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash provided by acquisition of Nevada King Mining Ltd. | - | 424,262 |
Release of restrictred cash | - | 18,043,796 |
Expenditures for exploration and evaluation assets, net of recoveries | (2,123,702) | (642,876) |
Purchase of property, plant and equipment | (36,091) | - |
Advances for exploration and evaluation assets | (567,366) | - |
Purchase of reclamation bonds | - | (60,878) |
Cash provided by (used in) investing activities | (2,727,159) | 17,764,304 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from private placements | 15,750,000 | 3,600,000 |
Share issuance costs | (71,998) | (389,285) |
Cash provided by financing activities | 15,678,002 | 3,210,715 |
Change in cash during the period | 11,379,767 | 20,486,326 |
Cash, beginning of period | 13,153,096 | 987,697 |
Cash, end of period | 24,532,863 | 21,474,023 |
Supplemental Cash Flow Information: | ||
Common shares issued for acquition of Nevada King Mining Ltd. | - | 50,558,343 |
Depreciation of capital equipment included in exploration and | ||
evaluation assets | 19,190 | - |
Exploration expenditures included in accounts payable and accrued | ||
liabilities | 951,671 | 159,090 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Nevada King Gold Corp.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Unaudited - Expressed in Canadian Dollars)
Share Capital | Reserves | ||||||||
Equity | |||||||||
Number of | settled share- | Total | |||||||
shares | Share | based | Contributed | Total | shareholders' | ||||
Note | outstanding | Amount | subscriptions | payments | surplus | reserves | Deficit | equity | |
$ | $ | $ | $ | $ | $ | $ | |||
Balance at March 31, 2021 | 99,134,068 | 40,904,144 | 18,043,796 | 1,998,528 | 11,879 | 2,010,407 | (32,553,353) | 28,404,994 | |
Issuance of common shares for acquisition of | |||||||||
Nevada King Mining Ltd. | 3,6 | 99,134,006 | 50,558,343 | - | - | - | - | - | 50,558,343 |
Issuance of common shares on conversion of | |||||||||
subscription receipts | 3,6 | 32,806,902 | 18,043,796 | (18,043,796) | - | - | - | - | - |
Issuance of common shares pursuant to private | |||||||||
placement | 6 | 6,000,000 | 3,600,000 | - | - | - | - | - | 3,600,000 |
Share issuance costs | - | (718,492) | - | - | - | - | - | (718,492) | |
Loss for the period | - | - | - | - | - | - | (510,060) | (510,060) | |
Balance at June 30, 2021 | 237,074,976 | 112,387,791 | - | 1,998,528 | 11,879 | 2,010,407 | (33,063,413) | 81,334,785 | |
Issuance of common shares pursuant to | |||||||||
reaquisition of mineral rights | 6 | 6,500,000 | 2,470,000 | - | - | - | - | - | 2,470,000 |
Share issuance costs | 6 | - | (7,814) | - | - | - | - | - | (7,814) |
Loss for the period | - | - | - | - | - | - | (9,305,049) | (9,305,049) | |
Balance at March 31, 2022 | 243,574,976 | 114,849,977 | - | 1,998,528 | 11,879 | 2,010,407 | (42,368,462) | 74,491,922 | |
Issuance of common shares pursuant to private | |||||||||
placements | 6 | 35,000,000 | 15,750,000 | - | - | - | - | - | 15,750,000 |
Share issuance costs | 6 | - | (71,998) | - | - | - | - | - | (71,998) |
Issuance of stock options | 6 | - | - | - | 3,798,266 | - | 3,798,266 | - | 3,798,266 |
Loss for the period | - | - | - | - | - | - | (5,229,391) | (5,229,391) | |
Balance at June 30, 2022 | 278,574,976 | 130,527,979 | - | 5,796,794 | 11,879 | 5,808,673 | (47,597,853) | 88,738,799 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Nevada King Gold Corp. published this content on 29 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 07:43:09 UTC.
