Western Atlas
Resources Inc.
Consolidated Financial Statements
For the three months ended March 31, 2023 and 2022
(Expressed in Canadian dollars)
WESTERN ATLAS RESOURCES INC.
Consolidated Statements of Financial Position
(expressed in Canadian dollars)
March 31, 2023 | December 31, 2022 | |||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents (Note 3) | $ | 146,642 | $ | 261,646 |
Prepaid expenses | 21,852 | 24,837 | ||
Accounts receivable | 20,668 | 24,402 | ||
189,162 | 310,885 | |||
Non-current assets | ||||
Exploration and evaluation assets (Note 4) | 4,919,328 | 4,917,612 | ||
Total assets | $ | 5,108,490 | $ | 5,228,497 |
LIABILITIES and SHAREHOLDERS' EQUITY | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | $ | 75,751 | $ | 39,335 |
75,751 | 39,335 | |||
Shareholders' equity | ||||
Share capital (Note 6) | 9,758,716 | 9,758,716 | ||
Equity reserves | 800,314 | 800,314 | ||
Deficit | (5,526,291) | (5,369,868) | ||
5,032,739 | 5,189,162 | |||
Total liabilities and shareholders' equity | $ | 5,108,490 | $ | 5,228,497 |
Going concern (Note 1) |
These consolidated financial statements were approved for issue by the Board of Directors on May 26, 2023.
They are signed on the Company's behalf by: | |||
"Fabio Capponi" | "Susan Rubin" | ||
Director | Chief Financial Officer |
The accompanying notes are an integral part of these consolidated financial state
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WESTERN ATLAS RESOURCES INC.
Consolidated Statements of Loss and Comprehensive Loss
(expressed in Canadian dollars)
Three months ended | Three months ended | |||
March 31, 2023 | March 31, 2022 | |||
Operating expenses | ||||
General and administrative expenses | $ | 23,427 | $ | 25,353 |
Salaries and benefits (Note 7) | 32,625 | 33,145 | ||
Geological consulting | 35,743 | 33,290 | ||
Accounting, audit and advisory services (Note 7) | 47,000 | 46,500 | ||
Legal fees | - | 4,498 | ||
Property investigation costs | 11,073 | 48,338 | ||
Investor relations | 6,322 | 6,575 | ||
Share-based payments (Note 6) | - | 231,065 | ||
Foreign exchange loss | 233 | 79 | ||
Net Loss and comprehensive loss for the period | $ | 156,423 | $ | 428,843 |
Weighted Average Number of Common Shares Outstanding | 117,533,398 | 117,055,620 |
Loss per Common share - basic and diluted | $0.00 | $0.00 |
The accompanying notes are an integral part of these consolidated financial statements
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WESTERN ATLAS RESOURCES INC.
Consolidated Statements of Changes in Shareholders' Equity
(expressed in Canadian dollars)
Total | |||||||||
Total number | Total share | Shareholders' | |||||||
of shares issued | capital | Reserves | Deficit | Equity | |||||
Balance December 31, 2021 | 116,153,398 | $ | 9,660,716 | $ | 610,750 | $ | (4,217,344) | $ | 6,054,122 |
Net loss | - | - | - | (449,843) | (449,843) | ||||
Grating of RSU's | - | - | 98,000 | - | 98,000 | ||||
Exercise of RSU's | 1,400,000 | 98,000 | (98,000) | - | - | ||||
Share-based payments | - | 133,065 | # | - | 133,065 | ||||
Balance March 31, 2022 | 117,553,398 | $ | 9,758,716 | $ | 743,815 | $ | (4,667,187) | $ | 5,835,344 |
Balance December 31, 2022 | 117,553,398 | 9,758,716 | 800,314 | (5,369,868) | 5,189,162 | ||||
Net loss | - | - | - | (156,423) | (156,423) | ||||
Balance March 31, 2023 | 117,553,398 | $ | 9,758,716 | $ | 800,314 | $ | (5,526,291) | $ | 5,032,739 |
The accompanying notes are an integral part of these consolidated financial statement
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WESTERN ATLAS RESOURCES INC.
Consolidated Statements of Cash Flows
(expressed in Canadian dollars)
Three months ended | Three months ended | |||
March 31, 2023 | March 31, 2022 | |||
Cash flows provided by (used in): | ||||
Operating activities | ||||
Net loss for the year | $ | (156,423) | $ | (449,843) |
Adjustments for non-cash items: | ||||
Shares issued for RSU's | - | 98,000 | ||
Share-based payments | - | 231,065 | ||
Changes in non-cash working capital items: | ||||
Prepaid expenses | 2,985 | 4,063 | ||
Accounts receivable | 3,734 | 368 | ||
Accounts payable and accrued liabilities | 36,416 | 17,659 | ||
Net cash used by operating activities | (113,288) | (98,688) | ||
Investing activities | ||||
Exploration and evaluation assets | (1,716) | (10,843) | ||
Net cash used by investing activities | (1,716) | (10,843) | ||
Financing activities | ||||
Shares issued for cash | - | - | ||
Net cash provided by financing activities | - | - | ||
Net cash decrease for the period | (115,004) | (109,531) | ||
Cash and cash equivalents at beginning of period | 261,646 | 1,165,507 | ||
Cash and cash equivalents at end of period | $ | 146,642 | $ | 1,055,976 |
Supplemental cash flow information (Note 5) |
The accompanying notes are an integral part of these consolidated financial statements.
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Western Atlas Resources Inc. published this content on 26 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 May 2023 07:52:08 UTC.