Corsa Coal Corp.
Unaudited Condensed Interim Consolidated Financial Statements June 30, 2022 and 2021
Corsa Coal Corp.
Unaudited Condensed Interim Consolidated Balance Sheets
Expressed in United States dollars, tabular amounts in thousands
June 30, | December 31, | ||||
Assets | 2022 | 2021 | |||
Cash | $ | 13,604 | $ | 12,714 | |
Accounts receivable (note 3) | 14,021 | 21,710 | |||
Prepaid expenses and other current assets | 3,088 | 3,493 | |||
Inventories (note 4) | 13,587 | 8,893 | |||
Current Assets | 44,300 | 46,810 | |||
Restricted cash and investments (note 5) | 38,645 | 43,334 | |||
Advance royalties and other assets | 3,703 | 3,244 | |||
Property, plant and equipment, net (note 6) | 118,198 | 122,108 | |||
Total Assets | $ | 204,846 | $ | 215,496 | |
Liabilities | |||||
Accounts payable and accrued liabilities (note 7) | $ | 23,767 | $ | 22,838 | |
Lease liabilities - current (note 8) | 1,211 | 1,255 | |||
Loans payable, net - current (note 9) | 2,545 | 3,276 | |||
Other liabilities - current (note 10) | 1,095 | 1,070 | |||
Reclamation and water treatment provision - current (note 11) | 4,255 | 4,145 | |||
Current Liabilities | 32,873 | 32,584 | |||
Revolving Credit Facility (note 9) | - | - | |||
Loans payable, net - long-term (note 9) | 25,332 | 26,115 | |||
Lease liabilities - long-term (note 8) | 1,257 | 1,880 | |||
Other liabilities - long-term (note 10) | 4,596 | 5,255 | |||
Reclamation and water treatment provision - long-term (note 11) | 58,453 | 60,381 | |||
Total Liabilities | 122,511 | 126,215 | |||
Equity | |||||
Share capital (note 12) | 225,091 | 225,091 | |||
Contributed surplus | 1,517 | 1,758 | |||
Accumulated deficit | (144,273) | (137,568) | |||
Total Shareholders' Equity | 82,335 | 89,281 | |||
Total Liabilities and Equity | $ | 204,846 | $ | 215,496 | |
Commitments and Contingencies (note 23)
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
Approved by the Board of Directors: | ||
/s/ Robert C. Sturdivant | /s/ Alan M. De'Ath | |
Robert C. Sturdivant, Director | Alan M. De'Ath, Director |
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Corsa Coal Corp.
Unaudited Condensed Interim Consolidated Statements of Operations and Comprehensive Income (Loss) Expressed in United States dollars, tabular amounts in thousands except for per share amounts
For the three months ended | For the six months ended | ||||||||||
June 30, | June 30, | ||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||
Revenue (note 13) | $ | 42,326 | $ | 30,426 | $ | 81,099 | $ | 55,045 | |||
Cost of sales (note 14) | (38,812) | (30,474) | (75,786) | (56,790) | |||||||
Gross margin (loss) | 3,514 | (48) | 5,313 | (1,745) | |||||||
Selling, general and administrative expense (notes 15 and 16) | (2,215) | (2,201) | (4,598) | (4,230) | |||||||
Income (loss) from operations | 1,299 | (2,249) | 715 | (5,975) | |||||||
Finance expense (note 17) | (4,356) | (1,398) | (7,058) | (2,730) | |||||||
Finance income (note 17) | 60 | 1,081 | 75 | 1,482 | |||||||
Other income (expense), net (note 18) | 27 | 4,719 | (679) | 4,943 | |||||||
(Loss) income before tax | (2,970) | 2,153 | (6,947) | (2,280) | |||||||
Current income tax expense | - | - | - | - | |||||||
Deferred income tax expense | - | - | - | - | |||||||
Provision for income taxes | - | - | - | - | |||||||
Net and comprehensive (loss) income | $ | (2,970) | $ | 2,153 | $ | (6,947) | $ | (2,280) | |||
Attributable to: | |||||||||||
Shareholders | $ | (2,970) | $ | 2,243 | $ | (6,947) | $ | (2,139) | |||
Non-controlling interest | $ | - | $ | (90) | $ | - | $ | (141) | |||
Basic (loss) earnings per share (note 19) | $ | (0.03) | $ | 0.02 | $ | (0.07) | $ | (0.02) | |||
Diluted (loss) earnings per share (note 19) | $ | (0.03) | $ | 0.02 | $ | (0.07) | $ | (0.02) | |||
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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Corsa Coal Corp.
Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity Expressed in United States dollars, tabular amounts in thousands
For the six months ended June 30, 2022 | ||||||||||||||||
Number | ||||||||||||||||
of Corsa | ||||||||||||||||
Common | Non- | |||||||||||||||
Shares | Share | Contributed | Accumulated | Controlling | Total | |||||||||||
(000's) | Capital | Surplus | Deficit | Interest | Equity | |||||||||||
Balance - January 1, 2022 | 103,275 | $ | 225,091 | $ | 1,758 | $ | (137,568) | $ | - | $ | 89,281 | |||||
Stock-based compensation | - | - | 1 | - | - | 1 | ||||||||||
expense (note 16) | ||||||||||||||||
Stock option forfeiture | - | - | (242) | 242 | - | - | ||||||||||
Net and comprehensive loss | - | - | - | (6,947) | - | (6,947) | ||||||||||
Balance - June 30, 2022 | 103,275 | $ | 225,091 | $ | 1,517 | $ | (144,273) | $ | - | $ | 82,335 | |||||
For the six months ended June 30, 2021 | ||||||||||||||||
Number | ||||||||||||||||
of Corsa | ||||||||||||||||
Common | Non- | |||||||||||||||
Shares | Share | Contributed | Accumulated | Controlling | Total | |||||||||||
(000's) | Capital | Surplus | Deficit | Interest | Equity | |||||||||||
Balance - January 1, 2021 | 94,759 | $ | 180,130 | $ | 341 | $ | (137,856) | $ | 45,102 | $ | 87,717 | |||||
Stock-based compensation | - | - | 79 | - | - | 79 | ||||||||||
expense (note 16) | ||||||||||||||||
Stock option expiration/forfeiture | - | - | (257) | 257 | - | - | ||||||||||
Redeemable unit redemption | 8,516 | 44,961 | - | - | (44,961) | - | ||||||||||
Net and comprehensive loss | - | - | - | (2,139) | (141) | (2,280) | ||||||||||
Balance - June 30, 2021 | 103,275 | $ | 225,091 | $ | 163 | $ | (139,738) | $ | - | $ | 85,516 | |||||
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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Corsa Coal Corp.
Unaudited Condensed Interim Consolidated Statements of Cash Flows
Expressed in United States dollars, tabular amounts in thousands
For the three months ended | For the six months ended | ||||||||||
June 30, | June 30, | ||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||
Operating Activities | |||||||||||
Net and comprehensive (loss) income | $ | (2,970) | $ | 2,153 | $ | (6,947) | $ | (2,280) | |||
Items not affecting cash: | |||||||||||
Amortization | 3,071 | 4,207 | 6,150 | 8,056 | |||||||
Stock-based compensation expense (note 16) | (5) | 42 | 1 | 79 | |||||||
Non-cash finance expense (income) | 3,102 | (615) | 4,604 | (560) | |||||||
Other non-cash operating expense | 337 | 367 | 415 | - | |||||||
Cash spent on reclamation and water treatment activities (note 11) | (1,438) | (1,106) | (2,356) | (1,738) | |||||||
Changes in working capital balances related to operations (note 20) | 3,329 | (7,804) | 4,335 | (4,812) | |||||||
Cash provided by (used in) operating activities | 5,426 | (2,756) | 6,202 | (1,255) | |||||||
Investing Activities | |||||||||||
Restricted cash and investments acquired | (717) | (1,324) | (1,419) | (2,085) | |||||||
Restricted cash and investments released | 1,086 | 519 | 1,086 | 519 | |||||||
Advance royalties and other assets | (338) | (127) | (651) | (245) | |||||||
Proceeds from sale of assets | - | 143 | - | 143 | |||||||
Property, plant and equipment additions | (1,441) | (1,324) | (2,069) | (1,727) | |||||||
Cash used in investing activities | (1,410) | (2,113) | (3,053) | (3,395) | |||||||
Financing Activities | |||||||||||
Repayment of loan payable | (819) | (742) | (1,618) | (2,636) | |||||||
Repayment of lease liabilities | (300) | (348) | (641) | (686) | |||||||
Cash used in financing activities | (1,119) | (1,090) | (2,259) | (3,322) | |||||||
Net increase (decrease) in cash for the period | 2,897 | (5,959) | 890 | (7,972) | |||||||
Cash, beginning of period | 10,707 | 22,467 | 12,714 | 24,480 | |||||||
Cash, end of period | $ | 13,604 | $ | 16,508 | $ | 13,604 | $ | 16,508 | |||
Supplemental disclosure (note 20)
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.
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Corsa Coal Corp. published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 21:55:31 UTC.