NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED 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 consolidated interim financial statements, they must be accompanied by a notice indicating that the 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. The Company's independent auditor has not performed a review of these financial statements.
INTER-ROCK MINERALS INC.
MAY 26, 2022
1
Inter-Rock Minerals Inc.
Condensed Consolidated Interim Balance Sheets (Expressed in thousands of United States Dollars)
March 31,
December 31,
UNAUDITED
Note
2022
2021
$
$
ASSETS
Current assets
Cash
4,279
2,266
Accounts receivable
8,832
5,161
Inventories
7
2,238
1,624
Prepaid expenses and other assets
691
1,110
Assets held for sale
-
6,595
Total Current Assets
16,040
16,756
Non-current assets
Deferred tax asset
-
262
Properties, plant and equipment
8
2,388
2,354
Intangible assets
9
1,287
1,368
Goodwill
9
1,808
1,808
Total Assets
21,523
22,548
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities
7,987
4,345
Current portion of long term debt
10
815
1,316
Current portion of lease obligations
11
310
330
Liabilities held for sale
-
3,837
Total Current Liabilities
9,112
9,828
Non-current liabilities
Long term debt
10
76
280
Lease obligations
11
356
422
Deferred tax liability
672
-
Asset retirement obligation
12
26
26
Series A preferred shares
13
3,417
3,417
Total Liabilities
13,659
13,973
Equity
Share capital
14
5,791
5,791
Contributed surplus
315
315
Retained earnings
1,758
2,469
Total Equity
7,864
8,575
Total Liabilities and Equity
21,523
22,548
Financial Commitments (Note 20)
The accompanying notes are an integral part of these consolidated financial statements.
2
Inter-Rock Minerals Inc.
Condensed Consolidated Interim Statements of Net and Comprehensive Income
(Expressed in thousands of United States Dollars except for outstanding shares and per share amounts)
March 31,
March 31,
2021
UNAUDITED
Note
2022
(restated)
$
$
REVENUE
6,18
17,553
16,871
COST OF SALES
Operating costs
6
15,342
14,861
GROSS PROFIT
2,211
2,010
OPERATING EXPENSES
Gain on sale of asset
5
(613)
-
Selling, general and administrative
6
1,656
1,215
Amortization and depletion
8
140
133
Amortization of intangible assets
9
81
82
INCOME BEFORE FINANCING COSTS
1,264
580
FINANCING COSTS
Interest on debt and lease obligations
10,11
32
44
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES
915
536
INCOME TAXES
Current
75
30
75
30
NET INCOME AND COMPREHENSIVE INCOME
FROM CONTINUING OPERATIONS
840
506
NET (LOSS) AND COMPREHENSIVE (LOSS)
FROM DISCONTINUED OPERATIONS
5
-
(100)
NET INCOME AND COMPREHENSIVE INCOME
840
406
Basic income per share
15
0.04
0.02
Diluted income per share
15
0.02
0.01
Weighted average number of shares outstanding
Basic
22,305,560
22,384,186
Diluted
39,442,540
39,521,166
The accompanying notes are an integral part of these consolidated financial statements
3
Inter-Rock Minerals Inc.
Condensed Consolidated Interim Statements of Changes in Equity
(Expressed in thousands of United States Dollars)
Share
Capital
Contributed
Retained
(Note 14)
Surplus
Earnings
Total
$
$
$
$
Balance, December 31, 2020
5,794
315
1,168
7,277
Net income and comprehensive income
(2)
-
-
(2)
Shares purchased for cancellation
-
406
406
Balance, March 31, 2021
5,792
315
1,574
7,681
Balance, December 31, 2021
5,791
315
2,469
8,575
Prior year cumulative subsidiary losses
-
-
(1,551)
(1,551)
Net income and comprehensive income
-
-
840
840
Balance, March 31, 2022
5,791
315
1,758
7,864
The accompanying notes are an integral part of these consolidated financial statements.
4
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Inter-Rock Minerals Inc. published this content on 26 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2022 15:21:08 UTC.
Inter-Rock Minerals Inc. is a Canada-based company engaged in developing minerals and specialty feed additives. The Company operates through two segments: Papillon Agricultural Company Inc. (Papillon) and MIN-AD Inc. (MIN-AD). Papillon segment develops and produces specialty nutritional products for dairy consultants, feed suppliers and dairy producers in the United States. Papillon has its own line of proteins and rumen probiotic products that are produced under toll manufacturing agreements. In addition, Papillon distributes MIN-AD products and a clostridia control product for dairy cows. MIN-AD segment quarries, processes, and markets dolomite and clay products for dairy and beef cattle feed. MIN-ADâs newly developed clay business produces products for use in anti-caking and toxin control applications. MIN-ADâs operations are located in northern Nevada near the town of Winnemucca. MIN-ADâs sales and marketing activities are managed by Papillon.
INTER-ROCK MINERALS INC. 
