CONDENSED INTERIM FINANCIAL STATEMENTS
For the Three Months Ended January 31, 2023
(Expressed in Canadian Dollars - Unaudited)
TOWER RESOURCES LTD.
INDEX TO CONDENSED INTERIM FINANCIAL STATEMENTS (Expressed in Canadian Dollars)
PAGE(S) | |
CONTENTS | |
NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS | 3 |
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION | 4 |
CONDENSED INTERIM STATEMENTS OF INCOME (LOSS) AND | |
COMPREHENSIVE INCOME (LOSS) | 5 |
CONDENSED INTERIM STATEMENTS OF CASH FLOWS | 6 |
CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | 7 |
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS | 8 - 19 |
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NOTICE OF NO AUDITOR REVIEW OF
CONDENSED INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.
The Company's independent auditor has not performed a review of these condensed interim 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 auditor.
The accompanying condensed interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
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TOWER RESOURCES LTD.
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian Dollars - Unaudited)
January 31, | October 31, | ||
2023 | 2022 | ||
$ | $ | ||
ASSETS | |||
Current | |||
Cash | 1,542,223 | 1,369,904 | |
Receivables (Note 4) | 16,930 | 24,470 | |
Marketable securities (Note 5) | 39,157 | 5,938 | |
Prepaid expenses and deposits | 12,669 | 19,340 | |
1,610,979 | 1,419,652 | ||
Equipment (Note 6) | 1,148 | 1,208 | |
Exploration and evaluation assets (Note 7) | 6,694,137 | 6,614,323 | |
Reclamation bonds (Note 8) | 80,000 | 80,000 | |
8,386,264 | 8,115,183 | ||
LIABILITIES | |||
Current | |||
Accounts payable and accrued liabilities (Notes 9 and 11) | 92,274 | 434,625 | |
Flow-through share premium (Note 10) | 233,118 | - | |
325,392 | 434,625 | ||
SHAREHOLDERS' EQUITY | |||
Share capital (Note 10) | 21,781,087 | 21,339,369 | |
Reserves (Note 10) | 997,033 | 926,166 | |
Deficit | (14,717,248) | (14,584,977) | |
8,060,872 | 7,680,558 | ||
8,386,264 | 8,115,183 |
NATURE OF OPERATIONS AND GOING CONCERN (Note 1)
SUBSEQUENT EVENT (Note 16)
Approved and authorized on behalf of the Board:
/s/ "Joe Dhami" | /s/ "Gerald Shields" |
Joe Dhami, Director | Gerald Shields, Director |
The accompanying notes are an integral part of these condensed interim financial statements
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TOWER RESOURCES LTD.
CONDENSED INTERIM STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (Expressed in Canadian Dollars - Unaudited)
For the three months ended | ||||
January 31, | ||||
2023 | 2022 | |||
$ | $ | |||
Expenses | ||||
Accounting and audit fees (Note 11) | 7,500 | 7,100 | ||
Depreciation (Note 6) | 60 | 76 | ||
Investor relations | 13,000 | - | ||
Management fees (Note 11) | 27,500 | 22,500 | ||
Office and miscellaneous | 24,003 | 21,880 | ||
Share-based compensation (Notes 10 and 11) | 90,368 | 22,257 | ||
Transfer agent and filing fees | 3,889 | 3,716 | ||
(166,320) | (77,529) | |||
Interest income | 615 | 62 | ||
Recognition of flow-through premium (Note 10) | 215 | 100,771 | ||
Recovery on exploration and evaluation assets | ||||
previously written off (Note 7) | 35,000 | - | ||
Unrealized loss on marketable securities (Note 5) | (1,781) | (10,500) | ||
Income (loss) and comprehensive income (loss) | ||||
for the period | (132,271) | 12,804 | ||
Basic and diluted income (loss) per share | (0.00) | 0.00 | ||
Weighted average number of common | ||||
shares outstanding - basic and diluted | 139,892,850 | 130,062,733 |
The accompanying notes are an integral part of these condensed interim financial statements
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Tower Resources Ltd. published this content on 04 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 April 2023 14:07:11 UTC.