OROCO RESOURCE CORP. OROCO RESOURCE CORP.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
November 30, 2021
(Expressed in Canadian Dollars)
Unaudited - Prepared by Management
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED INTERIM CONSOLIDATED 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 consolidated 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 consolidated 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 consolidated financial statements of the Company have been prepared by and are the responsibility of the Company's management.
OROCO RESOURCE CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian Dollars)
(Unaudited) As at
November 30, 2021 | May 31, 2021 | |||
ASSETS | ||||
Current | ||||
Cash | $ | 14,425,110 | $ | 20,213,252 |
Restricted cash (Note 9) | 97,000 | 97,000 | ||
Receivables | 394,119 | 828,428 | ||
Prepaid expenses and advances | 660,986 | 605,195 | ||
15,577,215 | 21,743,875 | |||
Marketable securities (Note 4) | 271,044 | 271,044 | ||
Exploration and evaluation assets (Note 6) | 39,854,599 | 32,306,267 | ||
Equipment (Note 7) | 3,114,640 | 607,690 | ||
$ | 58,817,498 | $ | 54,928,876 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current | ||||
Accounts payable and accrued liabilities (Notes 8 and 12) | $ | 2,353,731 | $ | 1,124,177 |
Derivative liability (Note 9) | 76,662 | 62,075 | ||
2,430,393 | 1,186,252 | |||
Deferred tax liability | 13,443 | 13,443 | ||
2,443,836 | 1,199,695 | |||
Shareholders' equity | ||||
Share capital (Note 10) | 67,241,197 | 63,754,078 | ||
Share subscriptions received in advance (Note 10) | - | 138,650 | ||
Reserves (Note 10) | 9,502,174 | 6,621,530 | ||
Deficit | (23,774,920) | (20,176,091) | ||
Equity attributable to the Company's shareholders | 52,968,451 | 50,338,167 | ||
Non-controlling interest (Note 11) | 3,405,211 | 3,391,014 | ||
56,373,6621 | 53,729,181 | |||
$ | 58,817,498 | $ | 54,928,876 | |
Nature of operations and going concern (Note 1) | ||||
Contingency (Note 6(a)) |
Approved on behalf of the Board: | |||
"Craig Dalziel" | "Ian Rice" | ||
Craig Dalziel - Director | Ian Rice - Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
OROCO RESOURCE CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in Canadian Dollars)
(Unaudited)
For the Three | For the Three | For the Six | For the Six | |||||
Months Ended | Months Ended | Months Ended | Months Ended | |||||
November 30, | November 30, | November 30, | November 30, | |||||
2021 | 2020 | 2021 | 2020 | |||||
Expenses | ||||||||
Business development | $ | - | $ | 24,600 | $ | - | $ | 41,790 |
Consulting fees (Note 12) | 56,000 | 64,750 | 107,000 | 121,000 | ||||
Depreciation (Note 7) | 142 | 170 | 284 | 340 | ||||
Foreign currency loss (gain) | (51,636) | 21,456 | (111,996) | 17,686 | ||||
Management and director fees (Note 12) | 114,000 | 88,375 | 216,000 | 170,500 | ||||
Office and general | 175,976 | 116,263 | 332,934 | 227,217 | ||||
Professional fees (Note 12) | 110,523 | 164,137 | 188,213 | 296,668 | ||||
Share-based payment (Notes 10 and 12) | 1,463,076 | 1,118,323 | 3,175,345 | 1,211,961 | ||||
Shareholder communications and investor relations | 95,425 | 26,304 | 126,064 | 37,125 | ||||
Transfer agent and filing fees | 27,316 | 12,709 | 46,992 | 24,046 | ||||
Travel | 53,161 | 18,835 | 77,284 | 21,044 | ||||
Operating loss | (2,043,983) | (1,655,922) | (4,158,120) | (2,169,377) | ||||
Unrealized loss on fair value of derivative contract | ||||||||
(Note 9) | (51,138) | - | (14,587) | - | ||||
Royalty income (Note 5) | 248,728 | 371,059 | 588,075 | 603,536 | ||||
197,590 | 371,059 | 573,488 | 603,536 | |||||
Loss for the period | (1,846,393) | (1,284,863) | (3,584,632) | (1,565,841) | ||||
Unrealized gain (loss) on fair value of | ||||||||
marketable securities (Note 4(a)) | (112,025) | (196,043) | - | 56,013 | ||||
Loss and comprehensive loss for the period | $ | (1,958,418) | $ | (1,480,906) | $ | (3,584,632) | $ | (1,509,828) |
Loss and comprehensive loss attributable to: | ||||||||
Equity holders of the Company | $ | (2,001,404) | $ | (1,458,628) | $ | (3,598,829) | $ | (1,459,225) |
Non-controlling interest (Note 11) | 42,986 | (22,278) | 14,197 | (50,603) | ||||
$ | (1,958,418) | $ | (1,480,906) | $ | (3,584,632) | $ | (1,509,828) | |
Basic and diluted loss per common share | $ | (0.01) | $ | (0.01) | $ | (0.02) | $ | (0.01) |
Weighted average number of common shares | ||||||||
outstanding - basic and diluted | 192,221,593 | 167,275,996 | 191,320,521 | 160,259,933 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
OROCO RESOURCE CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Expressed in Canadian Dollars)
(Unaudited)
Share Capital | Reserves | ||||||||
Share | |||||||||
subscriptions | Other | Non- | |||||||
received in | comprehensive | Stock option and | controlling | ||||||
Number | Amount | advance | income (loss) | warrant | Deficit | interest | Total | ||
$ | $ | $ | $ | $ | $ | $ | |||
May 31, 2020 | 147,367,405 | 35,081,553 | - | (208,258) | 3,259,540 | (18,203,666) | 7,152,789 | 27,081,958 | |
Shares issued for cash | 17,600,000 | 8,910,000 | - | - | - | - | - | 8,910,000 | |
Share issue costs | - | (477,994) | - | - | 392,120 | - | - | (85,874) | |
Shares issued for option exercises | 2,805,000 | 571,427 | - | - | (218,301) | - | - | 353,126 | |
Shares issued for warrant exercises | 4,375,200 | 1,648,034 | - | - | - | - | - | 1,648,034 | |
Share subscriptions received in | |||||||||
advance | - | - | 7,511,954 | - | - | - | - | 7,511,954 | |
Unrealized gain on fair value of | |||||||||
marketable securities | - | - | - | 56,013 | - | - | - | 56,013 | |
Share-based payment | - | - | - | - | 1,211,961 | - | - | 1,211,961 | |
Loss for the period | - | - | - | - | - | (1,515,238) | (50,603) | (1,565,841) | |
November 30, 2020 | 172,147,605 | 45,733,020 | 7,511,954 | (152,245) | 4,645,320 | (19,718,904) | 7,102,186 | 45,121,331 | |
May 31, 2021 | 189,068,886 | 63,754,078 | 138,650 | (152,245) | 6,773,775 | (20,176,091) | 3,391,014 | 53,729,181 | |
Shares issued for option exercises | 1,455,000 | 692,605 | (55,000) | - | (292,730) | - | - | 344,875 | |
Shares issued for warrant exercises | 2,759,957 | 2,794,514 | (83,650) | - | (1,971) | - | - | 2,708,893 | |
Unrealized gain on fair value of | |||||||||
marketable securities | - | - | - | - | - | - | - | - | |
Share-based payment | - | - | - | - | 3,175,345 | - | 3,175,345 | ||
Loss for the period | - | - | - | - | - | (3,598,829) | 14,197 | (3,584,632) | |
November 30, 2021 | 193,283,843 | 67,241,197 | - | (152,245) | 9,654,419 | (23,774,920) | 3,405,211 | 56,373,662 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Oroco Resource Corp. published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 19:54:06 UTC.
