AZINCOURT ENERGY CORP. Azincourt Energy Corp.
(An Exploration Stage Company)
Condensed Consolidated Interim Financial Statements
Three and Nine Months Ended June 30, 2022 and 2021
Unaudited - Expressed in Canadian Dollars
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
In accordance with National Instrument 51-102 Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of these condensed consolidated interim financial statements they must be accompanied by a notice indicating that these condensed interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
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Azincourt Energy Corp.
(An Exploration Stage Company)
Condensed Consolidated Interim Statements of Financial Position
In Canadian Dollars
ASSETS | June 30, | September 30, | ||
2022 | 2021 | |||
Current | ||||
Cash | $ | 10,583,278 | $ | 10,477,865 |
Amounts receivable | 368,279 | 68,517 | ||
Prepaid expenses | 425,227 | 395,502 | ||
11,376,784 | 10,941,884 | |||
Mineral Properties (Note 4) | 4,369,815 | 3,914,815 | ||
$ | 15,746,599 | $ | 14,856,699 | |
LIABILITIES | ||||
Current | ||||
Accounts payable and accrued liabilities (Note 7) | $ | 129,967 | $ | 831,533 |
Flow-through share liability (Note 5) | 315,813 | 448,338 | ||
445,780 | 1,279,871 | |||
SHAREHOLDERS' EQUITY | ||||
Share Capital (Note 5) | 26,438,763 | 20,876,826 | ||
Reserves (Note 5) | 14,323,853 | 10,138,388 | ||
Deficit | (25,461,797) | (17,438,386) | ||
15,300,819 | 13,576,828 | |||
$ | 15,746,599 | $ | 14,856,699 |
Nature of Operations and Going Concern (Note 1)
Approved by the Board of Directors: | ||
"Paul Reynolds" | "Terrence O'Connor" | |
Paul Reynolds, Director | Terrence O'Connor, Director |
- See Accompanying Notes -
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Azincourt Energy Corp.
(An Exploration Stage Company)
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss For the Three and Nine Months Ended June 30, 2022 and 2021
Unaudited - Prepared by Management
In Canadian Dollars
Three | Three | Nine | Nine | ||||||
Months | Months | Months | Months | ||||||
Ended | Ended | Ended | Ended | ||||||
June 30, | June 30, | June 30, | June 30, | ||||||
2022 | 2021 | 2022 | 2021 | ||||||
Expenses | |||||||||
Advertising | $ | 180,760 | $ | 40,900 | $ | 329,863 | $ | 61,900 | |
Audit and accounting | 25,890 | 10,500 | 76,090 | 44,093 | |||||
Communication and media | 94,476 | 52,652 | 309,723 | 70,840 | |||||
Consulting and directors' fees (Note 7) | 229,697 | 176,175 | 598,425 | 702,416 | |||||
Exploration and evaluation costs (Note 4c)) | 593,453 | 85,039 | 4,532,457 | 1,029,516 | |||||
Filing and transfer agent fees | 28,542 | 25,223 | 70,630 | 46,690 | |||||
Foreign exchange (gain)/loss | - | - | 1,357 | - | |||||
Insurance | 1,896 | 1,515 | 5,686 | 4,545 | |||||
Investor relations | 153,694 | 9,455 | 434,092 | 38,257 | |||||
Legal | 2,414 | 5,065 | 32,348 | 7,645 | |||||
Marketing | 195,250 | 110,207 | 850,751 | 234,173 | |||||
Office and administration | 46,321 | 35,442 | 124,060 | 115,386 | |||||
Property investigation costs | 230,500 | - | 362,698 | - | |||||
Rent | 3,000 | 3,000 | 9,000 | 4,000 | |||||
Share-based compensation (Note 5f)) | - | - | 877,000 | 262,836 | |||||
Total Expenses | (1,785,893) | (555,173) | (8,614,180) | (2,622,297) | |||||
Other Income | |||||||||
Interest income | 20,085 | 2,157 | 34,431 | 2,157 | |||||
Other income (Note 5c)) | 39,067 | 6,200 | 556,338 | 97,810 | |||||
Net loss and comprehensive loss for the | |||||||||
period | $ | (1,726,741) | $ | (546,816) | $ | (8,023,411) | $ | (2,522,330) | |
Loss per share - basic and diluted | $ | (0.01) | $ | (0.00) | $ | (0.04) | $ | (0.02) | |
Weighted average number of common | |||||||||
shares outstanding | 227,355,328 | 137,851,761 | 204,578,807 | 108,240,148 |
- See Accompanying Notes -
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Azincourt Energy Corp.
(An Exploration Stage Company)
Condensed Consolidated Interim Statements of Cash Flows
For the Nine Months Ended June 30, 2022 and 2021
Unaudited - Prepared by Management
In Canadian Dollars
Cash Provided By (Used In): | 2022 | 2021 | ||
Operations: | ||||
Loss for the period | $ | (8,023,411) | $ | (2,522,330) |
Items not affecting cash: | ||||
Share-based compensation | 877,000 | 262,836 | ||
Other income | (556,338) | (97,810) | ||
Change in non-cash working capital: | ||||
Amounts receivable | (299,762) | (115,196) | ||
Prepaid expenses | (29,725) | (350,094) | ||
Accounts payable and accrued liabilities | 85,074 | (117,089) | ||
(7,947,162) | (2,939,683) | |||
Investing: | ||||
Mineral property acquisition costs | (205,000) | (200,000) | ||
Financing: | ||||
Proceeds from issuance of shares | 8,753,670 | 5,741,500 | ||
Share issuance costs | (1,234,295) | (205,263) | ||
Exercise of options | 125,000 | 280,000 | ||
Exercise of warrants | 613,200 | 724,126 | ||
8,257,575 | 6,540,363 | |||
Net increase (decrease) in cash | 105,413 | 3,400,680 | ||
Cash - beginning of period | 10,477,865 | 722,125 | ||
Cash - end of period | $ | 10,583,278 | $ | 4,122,805 |
- See Accompanying Notes -
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Azincourt Energy Corp. published this content on 30 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 09:03:07 UTC.
