Top Strike Resources : Q3 Financial Statements

TOP STRIKE RESOURCES CORP.

Condensed Interim Financial Statements (unaudited) Three and Nine months ended January 31, 2022 and 2021

(Expressed in Canadian dollars)

Notice

Top Strike Resources' auditor, MNP LLP, has not reviewed the condensed interim financial statements.

Condensed Interim Statements of Financial Position (Expressed in Canadian dollars)

As at

ASSETS

Current Assets

Cash

Note receivable

Trade and other receivables

Prepaids

Non-Current Assets Deposits

Equipment Investments

January 31, 2022

April 30, 2021

Notes

4

$

• 6,844,639 $ 2,916,208

8,981 6,911

23,740 16,617

723,943 2,469,958

9,793,568

3,217,429

2,500 2,500

4,447 5,243

5

-

6,784,547

TOTAL ASSETSLIABILITIES Current liabilities

Accounts payable and accrued liabilities Unearned interest

Non-Current liabilities Loan

Convertible debenture - debt component Convertible debenture - derivative component TOTAL LIABILITIES

SHAREHOLDERS' EQUITY

Share capital Warrants Contributed surplus Deficit

Treasury stock

TOTAL SHAREHOLDERS' EQUITYTOTAL LIABILITIES AND

SHAREHOLDERS' EQUITY

6 7 7

8

See accompanying notes to the condensed interim financial statements.

$

9,800,515

$

10,009,719

244,249 173,576

- 12,787

244,249 186,363

27,229 25,187

1,628,403 (188,262) 1,711,619

1,552,350 323,664 2,087,564

21,968,258 21,976,797

4,556,922 4,556,922

1,888,652 1,879,212

(20,324,936)

- 8,088,896

(20,485,420)

(5,356) 7,922,155

$

9,800,515

$

10,009,719

Condensed Interim Statements of Income (Loss) and Comprehensive Income (Loss) (Expressed in Canadian dollars)

Revenues

Interest income

Notes

Change in fair market value of investments and financial instruments:

Unrealized (loss) gain on investments And derivative instruments 5,7 Unrealized (loss) gain on foreign exch.

Expenses

Office and miscellaneous

Depreciation

Professional fees

Corporate communication

Rent and parking

Travel

Salaries and benefits

Meals and entertainment

Interest and bank charges

2022

Conferences - 664

Share-based compensation - 4,719

Income (loss) and comprehensive income (loss) for the period

Earnings (loss) per share

Basic and diluted

Weighted average number of common shares outstanding

Basic and diluted

9

$

124,833

(63,070) (351,000)

89,507 (203,260)

151,270

2,091 9,759

263 255

53,548 6,727

14,157 14,139

6,739 6,735

405

158,423 145,077

1,006 1,036

38,683 62,485

275,315

$

(124,045)

$

(0.00)

181,311,749

See accompanying notes to the condensed interim financial statements.

Three months
ended
January 31
2021	2022
480,353	403,877
316,973	(340,600)
157,695	(414,812)
955,021	(351,536)
6,857	15,237
796	819
157,038	71,247
47,125	25,590
20,736	19,533
7,704	-
423,872	352,431
9,786	3,293
111,183	145,037
-	869
9,440	64,029
794,537	697,185
160,484
0.00

142,842

$

(411,419)

-251,596

$

(663,014)

$

(0.00)

181,632,694

$

Nine months ended January 31 2021

$

$

$

$ (1,049,620)

$

(0.00)

181,379,336

181,527,006

TOP STRIKE RESOURCES CORP.

Condensed Interim Statements of Changes in Shareholders' Equity (Expressed in Canadian dollars)

Total
Shares	Contributed	Treasury	shareholders'
outstanding	Share capital	Warrants	surplus	Deficit	stock	equity
Balance at May 1, 2021	181,411,390	$21,976,797	$4,556,922	$1,879,212	$(20,485,420)	(5,356)	$7,922,155
Share base compensation	-	-	-	9,440	-	-	9,440
Shares held in treasury	-	(5,356)	-	-	-	5,356	-
Shares cancelled	(103,000)	(3,183)	-	-	-	-	(3,183)
Income and comprehensive
income for the period	-	-	-	-	164,484	-	160,484
Balance at January 31,
2022	181,308,390	$21,968,258	$4,556,922	$1,888,652	$(20,324,936)	-	$8,088,896
Balance at May 1, 2020	181,991,390	$21,984,522	$4,556,922	$1,810,617	$(19,134,232)	-	$9,217,829
Share base compensation	-	-	-	64,029	-	-	64,029
Shares purchased (NCIB)	(500,000)	-	-	-	-	(7,725)	(7,725)
Loss and comprehensive loss
for the period	-	-	-	-	(1,049,620)	-	(1,049,620)
Balance at January 31,
2021	181,491,390	$21,984,522	$4,556,922	$1,874,646	$(20,183,852)	(7,725)	$8,224,513

See accompanying notes to the condensed interim financial statements.

Condensed Interim Statements of Cash Flows (Expressed in Canadian dollars)

Three months	Nine months
Ended	Ended
January 31	January 31
2022	2021	2022	2021
Operating activities
Net income (loss) for the period	(124,045)	$ (663,014)	$ 160,484	$ (1,049,620)
Adjustments for:
Interest income	-	(142,842)	(78,204)	(403,877)
Depreciation	263	255	796	819
Share-based compensation	-	4,719	9,440	64,029
Unrealized gain on investments and financial
instruments	63,070	351,000	(316,973)	340,600
Unrealized foreign exchange loss (gain)	(78,644)	203,260	(181,838)	414,812
Loan accretion	680	62,068	2,042	143,752
Government grants	-	(1,676)	-	(12,732)
Prepaids	(11,149)	(16,008)	(7,123)	(22,649)
Trade and other receivables	(1,063)	11,380	(2,069)	12,011
Unearned interest	-	-	(12,787)	-
Accounts payable and accrued liabilities	(28,846)	(15,061)	65,055	(38,845)
(179,734)	(205,919)	(361,177)	(551,700)
Changes in non-cash working capital items:
Settlement of convertible promissory notes	-	-	6,838,699	-
Interest received	(124,833)	40,144	(353,642)	93,623
Net cash from (used) in operating activities	(304,567)	(165,775)	6,123,880	(458,077)
Financing activities
Loan proceeds	-	-	-	40,000
Advance to related parties	-	-	-	165
Purchase of treasury stock	(3,183)	(7,725)	(3,183)	(7,725)
Net cash from (used) in financing activities	(3,183)	(7,725)	(3,183)	32,440
Change in cash and cash equivalents for the period	(307,750)	(173,500)	6,120,697	(425,637)
Cash and cash equivalents, beginning of period	7,152,389	3,493,785	723,942	3,745,922
Cash and cash equivalents, end of period	$ 3,320,285	$ 6,844,639	$ 3,320,285

Notes

$

$ 6,844,639

See accompanying notes to the condensed interim financial statements.