Audited Consolidated Financial Statements of
Stampede Drilling Inc.
As at and for the Years Ended December 31, 2022 and 2021
(Expressed in Canadian Dollars)
MANAGEMENT'S REPORT
The accompanying consolidated financial statements of Stampede Drilling Inc. (the "Corporation") and all other financial and operating information contained in the report are the responsibility of management. The consolidated financial statements have been prepared in accordance with the accounting policies detailed in the notes to the consolidated financial statements and in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Management is also responsible for establishing and maintaining adequate internal controls over the Corporation's financial reporting. The Corporation's internal control system has been designed and maintained to provide reasonable assurance that assets are properly safeguarded and that the financial records are sufficiently and well maintained to provide relevant, timely and reliable information to management.
External auditors, appointed by the shareholders, have independently examined the consolidated financial statements. They have performed such tests they deem necessary to enable them to express an opinion on these consolidated financial statements.
The Audit Committee of the Board of Directors has discussed the consolidated financial statements, including the notes thereto, with management and the external auditors. The Board of Directors has approved the consolidated financial statements on the recommendation of the Audit Committee.
Signed "Lyle Whitmarsh" | Signed "Jeff Schab" |
President, Chief Executive Officer | Chief Financial Officer |
and Chairman of the Board | March 16, 2023 |
March 16, 2023 |
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Stampede Drilling Inc. | |||
Consolidated Statements of Financial Position | |||
December 31, | December 31, | ||
(Stated in thousands of Canadian dollars) | Note | 2022 | 2021 |
Assets | |||
Current Assets | |||
Cash | 703 | 665 | |
Trade and other receivables | 15 | 13,908 | 6,773 |
Prepaid expenses and deposits | 315 | 213 | |
Total Current Assets | 14,926 | 7,651 | |
Non-Current Assets | |||
Property and equipment | 9 | 87,047 | 42,289 |
Investment in equity securities | 8 | 4,000 | - |
Right-of-use assets | 4 | 1,846 | 354 |
Goodwill | 10 | 461 | 461 |
Total Non-Current Assets | 93,354 | 43,104 | |
Total Assets | 108,280 | 50,755 | |
Liabilities | |||
Current Liabilities | |||
Accounts payable and accrued liabilities | 15 | 7,652 | 2,574 |
Demand Facility | 11 | 6,794 | 6,998 |
BDC Loan | 11 | 1,500 | 400 |
Term Loan | 11 | 931 | - |
Convertible debentures | 12 | 2,380 | - |
Lease liabilities | 5 | 433 | 157 |
Other liabilities | 15 | 63 | 47 |
Total Current Liabilities | 19,753 | 10,176 | |
Non-Current Liabilities | |||
BDC Loan | 11 | - | 1,500 |
Convertible debentures | 12 | - | 2,532 |
Term Loan | 11 | 8,575 | - |
Lease liabilities | 5 | 1,403 | 234 |
Other liabilities | 15 | 72 | 134 |
Total Non-Current Liabilities | 10,050 | 4,400 | |
Total Liabilities | 29,803 | 14,576 | |
Shareholders' Equity | |||
Share capital | 13 | 87,194 | 62,220 |
Contributed surplus | 8,135 | 4,688 | |
Equity component of convertible debentures | 12 | 43 | 46 |
Accumulated other comprehensive income | 932 | 908 | |
Accumulated deficit | (23,473) | (31,683) | |
Total Shareholders' Equity | 72,831 | 36,179 | |
Non-controlling interest | 7 | 5,646 | - |
Total Equity | 78,477 | 36,179 | |
Total Liabilities and Equity | 108,280 | 50,755 | |
Note 21 Commitments and Contractual Obligations | |||
Note 22 Subsequent Event | |||
Signed "Thane Russell" | Signed "Murray Hinz" | ||
Director | Director | ||
See accompanying notes to these consolidated financial statements. |
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Stampede Drilling Inc.
Consolidated Statements of Comprehensive Income
Twelve months ended | |||
December 31, | |||
(Stated in thousands of Canadian dollars, except per share | |||
amounts) | Note | 2022 | 2021 |
Revenue | 3 | 66,879 | 32,163 |
Cost of sales: | |||
Direct operating expenses | 19 | 44,564 | 20,135 |
Depreciation of property and equipment | 9 | 4,484 | 4,165 |
49,048 | 24,300 | ||
Income from operations | 17,831 | 7,863 | |
Expenses | |||
Administrative | 2,881 | 1,492 | |
Salaries and benefits | 4,129 | 2,175 | |
Share based payments | 14 | 1,029 | 515 |
Depreciation of right-of-use assets | 4 | 263 | 321 |
8,302 | 4,503 | ||
Income before finance costs and other income (expense) | 9,529 | 3,360 | |
Gain on asset disposals | 530 | 301 | |
Finance costs | 16 | (1,246) | (670) |
Other income | 9 | 101 | |
Foreign exchange loss | (3) | (30) | |
Transaction costs | (609) | (210) | |
Net income from operations before taxes | 8,210 | 2,852 | |
Current tax expense | 20 | - | - |
Deferred tax expense (recovery) | 20 | - | - |
Total income tax | - | - | |
Net income | 8,210 | 2,852 | |
Other comprehensive income | |||
Items that may be subsequently reclassified to profit or | |||
loss: | |||
Foreign currency translation adjustment | 24 | 26 | |
Total comprehensive income | 8,234 | 2,878 | |
Basic income per share | 6 | $0.05 | $0.02 |
Diluted income per share | 6 | $0.05 | $0.02 |
See accompanying notes to these consolidated financial statements
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Stampede Drilling Inc.
Consolidated Statements of Changes in Equity (Stated in thousands of Canadian dollars)
Equity | Accumulated | ||||||||
Component of | Other | Non- | |||||||
Share Capital | Contributed | Convertible | Comprehensive | Controlling | Total | ||||
Shares | Amount | Surplus | Debenture | Income | Interest | Deficit | Equity | ||
Note | (000's) | $ | $ | $ | $ | $ | $ | $ | |
Balance as at January 1, 2021 | 132,091 | 62,194 | 4,184 | 46 | 882 | - | (34,535) | 32,771 | |
Share based payments expense | 14 | - | - | 515 | - | - | - | - | 515 |
Stock options exercised | 13 | 80 | 15 | - | - | - | - | - | 15 |
Stock option value of exercised options | 13 | 11 | (11) | - | - | - | - | - | |
Comprehensive income for the period | - | - | - | - | 26 | - | 2,852 | 2,878 | |
Balance as at December 31, 2021 | 132,171 | 62,220 | 4,688 | 46 | 908 | - | (31,683) | 36,179 | |
Share based payments expense | 14 | - | - | 1,029 | - | - | - | - | 1,029 |
Adjustment to carrying amount of non- | |||||||||
controlling interest | 7 | - | - | 2,540 | - | - | 5,646 | - | 8,186 |
Stock options exercised | 13 | 608 | 127 | - | - | - | - | - | 127 |
Stock option value of exercised options | 13 | - | 122 | (122) | - | - | - | - | - |
Issuance of common shares | 13 | 83,202 | 26,625 | - | - | - | - | - | 26,625 |
Share issuance costs | 13 | - | (2,100) | - | - | - | - | - | (2,100) |
Convertible debenture conversion | 13 | 952 | 200 | - | (3) | - | - | - | 197 |
Comprehensive income for the period | - | - | - | - | 24 | - | 8,210 | 8,234 | |
Balance as at December 31, 2022 | 216,933 | 87,194 | 8,135 | 43 | 932 | 5,646 | (23,473) | 78,477 |
See accompanying notes to these consolidated financial statements
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Stampede Drilling Inc. published this content on 23 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 March 2023 21:39:15 UTC.