PASINEX RESOURCES LIMITED PASINEX RESOURCES LIMITED
CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
THREE AND SIX MONTHS ENDED
JUNE 30, 2022
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED)
Notice to Reader
The accompanying unaudited condensed interim consolidated financial statements of Pasinex Resources Limited (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements have not been reviewed by the Company's auditors.
Pasinex Resources Limited
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)
Unaudited
As at | As at | |||||
June 30, 2022 December 31, 2021 | ||||||
Assets | ||||||
Current Assets | ||||||
Cash | $ | 2,029,871 | $ | 100,031 | ||
Receivables | 21,563 | 9,894 | ||||
Due from related parties (note 3) | 765,005 | 893,350 | ||||
Prepaid expenses and deposits | 65,116 | 33,937 | ||||
Total current assets | 2,881,555 | 1,037,212 | ||||
Non-current assets | ||||||
Equipment | 4,060 | 6,015 | ||||
Value added tax receivable | 24,327 | 27,319 | ||||
Exploration and evaluation assets (note 5) | 1,823,270 | 1,801,222 | ||||
Total non-current assets | 1,851,657 | 1,834,556 | ||||
Total assets | $ | 4,733,212 | $ | 2,871,768 | ||
Shareholders' equity (deficiency) and liabilities | ||||||
Current liabilities | ||||||
Accounts payable and accrued liabilities (note 6) | $ | 644,501 | $ | 683,634 | ||
Due to related parties (note 13) | 81,690 | 382,674 | ||||
Shareholder loans (notes 7 and 13) | 2,738,329 | 2,774,106 | ||||
Loans payable (note 8) | 136,880 | 153,466 | ||||
Total current liabilities | 3,601,400 | 3,993,880 | ||||
Total liabilities | 3,601,400 | 3,993,880 | ||||
Shareholders' equity (deficiency) | ||||||
Share capital (note 9) | 12,888,506 | 12,888,506 | ||||
Reserves | 2,157,117 | 2,100,117 | ||||
Deficit | (9,601,496) | (12,049,182) | ||||
Accumuated other comprehensive loss | (4,312,315) | (4,061,553) | ||||
Total shareholders' equity (deficiency) | 1,131,812 | (1,122,112) | ||||
Total liabilities and shareholders' equity (deficiency) | $ | 4,733,212 | $ | 2,871,768 | ||
Basis of measurement and going concern (note 2(c)) | ||||||
Subsequent events (note 15) | ||||||
Approved on behalf of the Board: | ||||||
"Larry Seeley" | Director | "Victor Wells" | Director |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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Pasinex Resources Limited
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Expressed in Canadian Dollars)
Unaudited
Three Months Ended | Six Months Ended | |||||||
June 30, 2022 | June 30, 2022 | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Equity gain from Horzum AS (note 4) | $ | - | $ | - | $ | - | $ | 32,232 |
Expenses | ||||||||
Recovery of Horzum AS receivable | - | 19,145 | - | 34,213 | ||||
Exploration costs | (285,618) | (37,346) | (370,723) | (77,859) | ||||
General and administrative costs (note 12) | (301,381) | (208,538) | (550,294) | (370,481) | ||||
Interest expense (note 7) | (38,876) | (34,153) | (77,325) | (65,591) | ||||
Share-based payments (notes 10 and 13) | - | (323,000) | (57,000) | (323,000) | ||||
Total expenses | (625,875) | (583,892) | (1,055,342) | (802,718) | ||||
Other income (loss) | ||||||||
Dividend income (note 3) | - | - | 4,072,320 | - | ||||
Other income | 316 | 550 | 621 | 24,237 | ||||
Foreign exchange gain (loss) | 54,537 | (12,274) | 45,723 | (59,013) | ||||
Loss on net monetary position | (319,323) | - | (319,323) | - | ||||
Total other (loss) income | (264,470) | (11,724) | 3,799,341 | (34,776) | ||||
Net (loss) income for the period | (890,345) | (595,616) | 2,743,999 | (805,262) | ||||
Other comprehensive Income (loss) | ||||||||
Item that will be reclassified subsequently to profit and loss: | ||||||||
Currency translation adjustment | 98,883 | (1,541) | (250,762) | 34,859 | ||||
Total comprehensive (loss) income for the period | $ | (791,462) | $ | (597,157) | $ | 2,493,237 | $ | (770,403) |
Net (loss) income per share | ||||||||
- basic and diluted (note 11) | $ | (0.01) | $ | (0.01) | $ | 0.02 | $ | (0.01) |
Weighted average number of shares outstanding | ||||||||
- basic and diluted (note 11) | 144,554,371 | 144,554,371 | 144,554,371 | 144,554,371 |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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Pasinex Resources Limited
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in Canadian Dollars)
Unaudited
Six Months Ended
June 30, 2022
2022 2021
Operating activities | ||||
Net income (loss) for the period | $ | 2,743,999 | $ | (805,262) |
Dividend and other receivables collected from Horzum AS (note 3) | 3,401,084 | 32,232 | ||
Adjustments for items not involving cash: | ||||
Recovery of Horzum AS receivable | - | (34,213) | ||
Interest accrual (note 7) | 77,325 | 65,591 | ||
Share-based payments (notes 10 and 13) | 57,000 | 323,000 | ||
Equity gain from Horzum AS | - | (32,232) | ||
Foreign exchange | (26,814) | - | ||
Loss on net monetary position | 319,323 | - | ||
Other | 888 | 2,138 | ||
Changes in non-cash working capital items: | ||||
Prepaid expenses and deposits | (18,675) | 7,176 | ||
Accounts payable and accrued liabilities | 17,559 | 57,585 | ||
Due to related parties | (401,767) | (78,314) | ||
Dividend receivable | (4,072,320) | - | ||
Other | (14,264) | 6,299 | ||
Net cash provided by (used in) operating activities | 2,083,338 | (456,000) | ||
Investing activities | ||||
Equipment acquisiton | - | (2,642) | ||
Net cash used in investing activities | - | (2,642) | ||
Financing activities | ||||
Cash (paid) received (on) from shareholders loans (note 7) | (129,688) | 340,000 | ||
Net cash (used in) provided by financing activities | (129,688) | 340,000 | ||
Net change in cash | 1,953,650 | (118,642) | ||
Effect of foreign currencies on cash | (23,810) | 116,611 | ||
Cash, beginning of period | 100,031 | 46,028 | ||
Cash, end of period | $ | 2,029,871 | $ | 43,997 |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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Pasinex Resources Limited
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency)
(Expressed in Canadian Dollars)
Unaudited
Accumulated | ||||||||||||
Other | ||||||||||||
Number of | Share | Comprehensive | ||||||||||
Shares | Capital | Reserves | Deficit | Loss | Total | |||||||
(note 8) | (note 8) | |||||||||||
Balance as at December 31, 2020 | 144,554,371 | $ | 12,888,506 | $ | 1,777,117 | $ | (11,919,504) | $ | (4,086,540) | $ | (1,340,421) | |
Share-based payments (note 10 and 13) | - | - | 323,000 | - | - | 323,000 | ||||||
Currency translation adjustment | - | - | - | - | 34,859 | 34,859 | ||||||
Net loss for the period | - | - | - | (805,262) | - | (805,262) | ||||||
Balance as at June 30, 2021 | 144,554,371 | $ | 12,888,506 | $ | 2,100,117 | $ | (12,724,766) | $ | (4,051,681) | $ | (1,787,824) | |
Balance as at December 31, 2021 | 144,554,371 | $ | 12,888,506 | $ | 2,100,117 | $ | (12,049,182) | $ | (4,061,553) | $ | (1,122,112) | |
Impact of hyperinflation adjustment | - | - | - | (296,313) | 296,313 | - | ||||||
Balance as at January 1, 2022 | 144,554,371 | $ | 12,888,506 | $ | 2,100,117 | $ | (12,345,495) | $ | (3,765,240) | $ | (1,122,112) | |
Share-based payments (note 10 and 13) | - | - | 57,000 | - | - | 57,000 | ||||||
Currency translation adjustment | - | - | - | - | (547,075) | (547,075) | ||||||
Net income for the period | - | - | - | 2,743,999 | - | 2,743,999 | ||||||
Balance as at June 30, 2022 | 144,554,371 | $ | 12,888,506 | $ | 2,157,117 | $ | (9,601,496) | $ | (4,312,315) | $ | 1,131,812 |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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Pasinex Resources Limited published this content on 29 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 00:11:31 UTC.
