TEMAS RESOURCES CORP. CONDENSED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
For the Three and Six Months Ended June 30, 2022 and 2021
The accompanying unaudited interim condensed consolidated financial statements of Temas Resources Corp. have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditors.
TEMAS RESOURCES CORP.
Condensed Interim Statements of Financial Position
As at June 30, 2022 and 2021
Expressed in Canadian Dollars
June 30, 2022 | December 31, 2021 | |||||||
Note | Unaudited | Audited | ||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 859,327 | $ | 2,010,936 | ||||
Accounts receivable | - | - | ||||||
Taxes receivable | 205,930 | 137,562 | ||||||
Prepaid expenses and deposits | 5 | 84,369 | 309,815 | |||||
1,149,626 | 2,458,313 | |||||||
Non-Current Assets | ||||||||
Loans receivable | 4 | 109,753 | 93,605 | |||||
Investments | 7 | 577,351 | 589,160 | |||||
Intangible Asset | 8 | 42,086 | 73,652 | |||||
Exploration and evaluation assets | 6 | 6,713,534 | 6,585,896 | |||||
Deferred financing charges | 10 | 1,267,296 | 1,712,830 | |||||
Total Assets | 9,859,646 | 11,513,456 | ||||||
LIABILITIES | ||||||||
Current Liabilities | ||||||||
Accounts payable & accrued liabilities | 200,536 | 215,933 | ||||||
Flow-through premium liability | 12 | 369,748 | 459,748 | |||||
Total Liabilities | 570,284 | 675,681 | ||||||
SHAREHOLDERS' EQUITY | ||||||||
Share capital (net of issuance costs) | 9 | 11,373,793 | 11,819,327 | |||||
Reserves | 9 | 4,704,813 | 4,596,535 | |||||
Deficit | (6,789,244) | (5,578,087) | ||||||
9,289,362 | 10,837,775 | |||||||
$ | 9,859,646 | $ | 11,513,456 | |||||
Nature of Operations and Going Concern | 1 | |||||||
On behalf of the Directors | ||||||||
"Michael Dehn" | , CEO & Director | "Kyler Hardy" | , Director | |||||
Michael Dehn | Kyler Hardy |
TEMAS RESOURCES CORP.
Condensed Interim Statements of Loss and Comprehensive Loss
Three and six months ended June 30, 2022 and 2021
(Unaudited and expressed in Canadian Dollars)
For the Three | For the Three | For the Six | For the Six | |||||||||
month Ended | month Ended | month Ended | month Ended | |||||||||
Note | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||
General and Administrative Expenses | ||||||||||||
Amortization expense | $ | 15,783 | $ | - | $ | 31,566 | $ | - | ||||
Consulting | 11 | 86,357 | 105,063 | 185,760 | 222,431 | |||||||
Equity loss in investee | 6,242 | - | 11,809 | - | ||||||||
Exploration expenditures | 275,197 | 350 | 460,432 | 9,365 | ||||||||
General administration | 11 | 59,257 | 61,073 | 125,410 | 119,713 | |||||||
Insurance | 3,750 | 4,000 | 7,750 | 7,011 | ||||||||
Interest and bank charges | 293 | 682 | 637 | 1,242 | ||||||||
Interest income | (1,552) | - | (2,122) | - | ||||||||
Investor Relations | 42,373 | 372,495 | 318,049 | 524,764 | ||||||||
Patents | - | 499 | 3,018 | 9,604 | ||||||||
Professional Fees | 22,764 | 42,291 | 22,764 | 78,100 | ||||||||
Recovery of flow-through premium liability | (55,000) | - | (90,000) | - | ||||||||
Share-based payments | 9,11 | - | 193,813 | 108,278 | 366,568 | |||||||
Transfer agent & filing fees | 18,133 | 45,533 | 24,847 | 56,190 | ||||||||
Travel | - | - | 2,959 | - | ||||||||
Total expenses | 473,598 | 825,800 | 1,211,157 | 1,394,989 | ||||||||
Net and comprehensive loss for the period | $ | (473,598) | $ | (825,800) | $ | (1,211,157) | $ | (1,394,989) | ||||
Basic and diluted loss per share | $ | (0.01) | $ | (0.01) | $ | (0.02) | $ | (0.02) | ||||
Weighted average number of common shares outstanding | 70,566,628 | 65,441,611 | 70,566,628 | 66,677,394 | ||||||||
TEMAS RESOURCES CORP.
Condensed Interim Statements of Changes in Shareholders' Equity
Six months ended June 30, 2022 and 2021
(Unaudited and expressed in Canadian Dollars)
Share Capital | ||||||
Reserves | Total | |||||
Number of | Options & | Shareholders' | ||||
Note | Common Shares | Amount | Warrants | Deficit | Equity | |
Balance December 31, 2020 | 63,463,521 | $9,578,344 | 3,838,787 | ($2,000,155) | $11,416,976 | |
New common shares - Equity facility | 9 | 1,170,000 | 1,067,400 | - | - | $1,067,400 |
New common shares - Services | 9 | 1,243,784 | 1,288,020 | - | - | $1,288,020 |
Share isssuance costs | 9,10 | - | (445,534) | - | - | ($445,534) |
Warrants exercised | 9 | 3,330,500 | 405,500 | - | - | $405,500 |
Share-based payments | 9 | - | - | 366,568 | - | $366,568 |
Net loss for the year | - | - | - | (1,394,989) | ($1,394,989) | |
Balance June 30, 2021 | 69,207,805 | $11,893,730 | $4,205,355 | ($3,395,144) | $12,703,942 | |
Balance December 31, 2021 | 70,566,628 | $11,819,327 | $4,596,535 | ($5,578,087) | $10,837,775 | |
Share isssuance costs | 9,10 | - | (445,534) | - | - | (445,534) |
Share-based payments | 9 | - | - | 108,278 | - | 108,278 |
Net loss for the year | - | - | - | (1,211,157) | (1,211,157) | |
Balance June 30, 2022 | 70,566,628 | $11,373,793 | $4,704,813 | ($6,789,244) | $9,289,362 | |
TEMAS RESOURCES CORP.
Condensed Interim Statements of Cash Flows
Six months ended June 30, 2022 and 2021
For the Six | For the Six | |||
Months ended | Months ended | |||
June 30, 2022 | June 30, 2021 | |||
Operating Activities | ||||
Net loss for the period | $ | (1,211,157) | $ | (1,394,989) |
Non-cash items | ||||
Share-based payment - Investor Relations | 229,195 | 433,029 | ||
Share-based payments | 108,278 | 366,568 | ||
Amortization | 31,566 | - | ||
Equity loss in associate | 11,809 | - | ||
Changes in non-cash working capital | ||||
Accounts payable and accrued liabilities | (15,397) | (75,581) | ||
Flow-through premium liability | (90,000) | - | ||
Prepaids | (3,750) | (98,430) | ||
Taxes receivable | (68,368) | (25,808) | ||
Cash flows used in operating activities | $ | (1,007,823) | $ | (795,210) |
Investing Activities | ||||
Loans receivable | (16,148) | 30,033 | ||
Exploration and evaluation assets | (127,638) | (50,000) | ||
Investment | - | (726,260) | ||
Cash flows from investing activities | $ | (143,786) | $ | (746,227) |
Financing Activities | ||||
Issuance of new shares | - | 1,067,400 | ||
Warrants exercised | - | 405,500 | ||
Net cash provided by financing activities | $ | - | $ | 1,472,900 |
Increase (decrease) in cash | (1,151,609) | (68,537) | ||
Cash, beginning of period | 2,010,936 | 3,377,298 | ||
Cash, end of period | $ | 859,327 | $ | 3,308,761 |
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Temas Resources Corp. published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 16:36:06 UTC.
