RIVERSIDE RESOURCES INC.
(An Exploration Stage Enterprise)
(Expressed in Canadian Dollars)
Condensed Interim Consolidated Financial Statements
For the Six Months Ended March 31, 2021 and 2020
(Unaudited- Prepared by Management)
RIVERSIDE RESOURCES INC.
Index to Condensed Interim Consolidated Financial Statements
March 31, 2021
Page | |
NOTICE OF NON-REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATMENTS | 3 |
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | |
Condensed Interim Consolidated Statements of Financial Position | 4 |
Condensed Interim Consolidated Statements of Income and Comprehensive Income | 5 |
Condensed Interim Consolidated Statements of Cash Flows | 6 |
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity | 7 |
Notes to the Condensed Interim Consolidated Financial Statements | 8-29 |
NOTICE OF NON-REVIEW OF CONDENSED INTERIM CONSOLIDATED 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 interim consolidated financial statements, they must be accompanied by a notice indicating that these condensed interim consolidated financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The attached condensed interim consolidated financial statements for the six months ended March 31, 2021 have not been reviewed by the Company's auditors.
RIVERSIDE RESOURCES INC.
(An Exploration Stage Enterprise)
Consolidated Statements of Financial Position as at, (Unaudited- Expressed in Canadian Dollars)
Note | March 31, | September 30, | |||||
2021 | 2020 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | 15 | $ | 4,340,077 | $ | 4,588,578 | ||
Short-term investments | 5 | 1,221,503 | 1,463,312 | ||||
Share subscription receivable | 12 | - | 13,750 | ||||
Receivables | 6 | 913,237 | 596,452 | ||||
Prepaid expenses | 7 | 72,003 | 109,672 | ||||
6,546,820 | 6,771,764 | ||||||
Equipment | 8 | 273,253 | 232,011 | ||||
Exploration and evaluation assets | 9 | 5,672,226 | 5,217,947 | ||||
$ | 12,492,299 | $ | 12,221,722 | ||||
Liabilities and Shareholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | 10 | $ | 668,681 | $ | 1,635,890 | ||
Provision liability | 18 | 1,011,064 | 990,184 | ||||
1,679,745 | 2,626,074 | ||||||
Government loan | 11 | 33,603 | 31,970 | ||||
1,713,348 | 2,658,044 | ||||||
Shareholders' equity: | |||||||
Capital stock | 12 | 25,468,861 | 24,961,986 | ||||
Reserves | 12 | 3,610,254 | 3,458,788 | ||||
Deficit | (15,981,512) | (16,596,443) | |||||
Accumulated other comprehensive loss | (2,318,652) | (2,260,653) | |||||
10,778,951 | 9,563,678 | ||||||
$ | 12,492,299 | $ | 12,221,722 | ||||
Nature and continuance of operations (Note 1) | |||||||
Subsequent events (Note 19) | |||||||
On behalf of the Board on May 31, 2021 | |||||||
"Walter Henry" | Director | "Carol Ellis" | Director | ||||
Water Henry | Carol Ellis |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
4
RIVERSIDE RESOURCES INC.
(An Exploration Stage Enterprise)
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited- Expressed in Canadian Dollars)
3 Month Ended | 3 Month Ended | 6 Month Ended | 6 Month Ended | ||||||
Note | March 31, | March 31, | March 31, | March 31, | |||||
2021 | 2020 | 2021 | 2020 | ||||||
Expenses | |||||||||
Management and consulting fees (recovery) | 9, 13 | $ | (28,562) | $ | 67,611 | $ | (27,152) | $ | 129,093 |
Depreciation | 8 | 18,618 | 14,076 | 37,111 | 27,716 | ||||
Director fees | 13 | 9,000 | 9,000 | 18,000 | 18,000 | ||||
Foreign exchange (gain) loss | 30,997 | (144,592) | 120,695 | (112,767) | |||||
General and administration | 23,282 | 74,226 | 49,293 | 91,620 | |||||
Interest expense | 11 | 826 | - | 1,633 | - | ||||
Investor relations | 13 | 66,185 | 78,919 | 142,339 | 137,025 | ||||
Professional fees | 36,989 | 197,277 | 74,783 | 247,071 | |||||
Property investigation and evaluation (recovery) | (15) | 602 | 2,813 | 2,301 | |||||
Rent | 20,316 | 20,316 | 40,631 | 39,664 | |||||
Share-based payments | 12,13 | 76,799 | 60,564 | 212,131 | 90,902 | ||||
Finance income | (3,731) | (22,748) | (6,211) | (35,403) | |||||
Other income | 5, 13 | (30,964) | (32,557) | (63,871) | (38,557) | ||||
Unrealized loss (gain) on short-term investments | 5 | 387,380 | 354,541 | (45,114) | (990,738) | ||||
Realized loss (gain) on short-term investments | 5 | (1,172,012) | - | (1,172,012) | 385,114 | ||||
Net income (loss) for the period | 564,892 | (677,235) | 614,931 | 8,959 | |||||
Foreign exchange movements | (320,916) | (986,648) | (57,999) | (842,613) | |||||
Comprehensive income (loss) for the period | 243,976 | (1,663,883) | 556,932 | (833,654) | |||||
Income (Loss) per share - basic and diluted | $ | 0.01 | $ | (0.01) | $ | 0.01 | $ | 0.00 | |
Weighted average number of | |||||||||
common shares outstanding | |||||||||
- basic and diluted | 64,261,060 | 63,104,924 | 64,464,219 | 62,972,336 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
5
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Riverside Resources Inc. published this content on 26 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2021 21:29:10 UTC.