CURRIE ROSE RESOURCES INC.
(An Exploration Stage Enterprise)
INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2022, AND 2021
(expressed in Canadian dollars)
MANAGEMENT'S RESPONSIBILITY FOR UNAUDITED
CONDENSED INTERIM FINANCIAL REPORTING
The accompanying unaudited condensed interim consolidated financial statements of Currie Rose Resources Inc. ("Currie Rose" or the "Company") as at and for the three and nine months ended September 30, 2022 (the "September 2022 Financial Statements") are the responsibility of the management and Board of Directors of the Company.
The September 2022 Financial Statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in Note 3 to the Company's audited annual consolidated financial statements as at and for the year ended December 31, 2021. In preparing the September 2022 Financial Statements, management has made informed judgments and estimates in accounting for transactions which were not complete at the date of the statement of financial position. In the opinion of management, the September 2022 Financial Statements of the Company have been prepared within acceptable limits of materiality and are in compliance with International Accounting Standard 34, "Interim Financial Reporting".
Management has established processes which are in place to provide it with sufficient knowledge to support management representations that it has exercised reasonable diligence that (i) the September 2022 Financial Statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated, or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as at the date of, and for the periods presented by, the September 2022 Financial Statements; and (ii) the September 2022 Financial Statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as at the date of and for the periods presented by the September 2022 Financial Statements.
The Board of Directors is responsible for reviewing and approving the September 2022 Financial Statements, together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibility.
Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.
"Michael Griffiths" | "David Bhumgara" |
Michael Griffiths | David Bhumgara |
Chief Executive Officer | Chief Financial Officer |
November 24, 2022 |
NOTICE TO READER
The September 2022 Financial Statements have been prepared by and are the responsibility of management. These financial statements have not been reviewed by the Company's independent external auditor.
CURRIE ROSE RESOURCES INC.
(An Exploration Stage Enterprise)
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2022, AND DECEMBER 31, 2021
(Unaudited - Prepared by Management)
(Expressed in Canadian dollars)
Note | 2022 | 2021 | |||
ASSETS | |||||
Current Assets | |||||
Cash | 6 | $ | 249,270 | $ | 65,886 |
Accounts receivable | 14,266 | 10,272 | |||
Prepaid expenses | 39,393 | 5,029 | |||
Marketable securities | 7 | 26,500 | 79,500 | ||
329,429 | 160,687 | ||||
Non-current Assets | |||||
Resource properties | 5,8 | 941,157 | 2 | ||
Total Assets | $ | 1,270,586 | $ | 160,689 | |
LIABILITIES | |||||
Current Liabilities | |||||
Accounts payable and accrued liabilities | 9,13 | $ | 279,870 | $ | 465,822 |
279,870 | 465,822 | ||||
SHAREHOLDERS' EQUITY | |||||
Share capital | 10 | 18,202,110 | 16,963,103 | ||
Contributed surplus | 1,516,555 | 1,449,480 | |||
Warrants reserve | 11 | 437,573 | - | ||
Share based payments reserve | 12 | 119,801 | 186,876 | ||
Accumulated deficit | (19,309,949) | (18,929,218) | |||
Accumulated other comprehensive income | 24,626 | 24,626 | |||
Total Shareholders' Equity/(Deficit) | 990,716 | (305,133) | |||
Total Liabilities and Shareholders' Equity | $ | 1,270,586 | $ | 160,689 |
Nature of operations and going concern (Note 1 and Note 2)
Commitments and contractual obligations (Note 14)
Subsequent events (Note 18)
Approved on behalf of the Board:
"Michael Griffiths"Director | "Stephen Coates"Director |
The accompanying notes form an integral part of these interim condensed consolidated financial statements | Page 1 |
CURRIE ROSE RESOURCES INC.
(An Exploration Stage Enterprise)
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS ANDCOMPREHENSIVE LOSS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022, AND 2021
(Unaudited - Prepared by Management)
(Expressed in Canadian dollars)
Three months ended | Nine months ended | ||||||||
September 30, | September 30, | ||||||||
Note | 2022 | 2021 | 2022 | 2021 | |||||
Expenses | |||||||||
Management fees | 13 | 28,000 | 48,000 | 124,000 | 144,000 | ||||
Listing fees and shareholder information | 39,351 | 2,599 | 130,336 | 18,084 | |||||
Professional fees | 16,824 | 7,597 | 52,657 | 18,899 | |||||
General and administration | 13,949 | 3,884 | 20,863 | 8,179 | |||||
Total Expenses | (98,124) | (62,080) | (327,856) | (189,162) | |||||
Loss from operations before undernoted items | (98,124) | (62,080) | (327,856) | (189,162) | |||||
Write-off of Resource Projects | 9 | - | (763,029) | - | (1,464,879) | ||||
(Decrease)/Increase in fair value of marketable securities | 7 | (26,500) | 26,235 | (53,000) | (101,515) | ||||
Realized gain/(loss) on sale of marketable securities | 7 | - | (47,004) | 125 | (47,004) | ||||
Net loss for the period | (124,624) | (845,878) | (380,731) | (1,802,560) | |||||
Weighted average shares outstanding | 83,936,848 | 48,149,686 | 70,905,257 | 43,944,975 | |||||
- Basic and diluted | |||||||||
Loss per share - basic and diluted | $ | (0.001) | $ | (0.018) | $ | (0.005) | $ | (0.041) |
The accompanying notes form an integral part of these interim condensed consolidated financial statements | Page 2 |
CURRIE ROSE RESOURCES INC.
(An Exploration Stage Enterprise)
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE PERIOD FROM JANUARY 1, 2021 TO SEPTEMBER 30, 2022
(Unaudited - Prepared by Management)
(Expressed in Canadian dollars)
Share Capital | Reserves | ||||||||||||||
Accumulated | |||||||||||||||
Other | |||||||||||||||
Number of | Dollar | Contributed | Share based | Comprehensive | |||||||||||
shares | amount | Surplus | Warrants | payments | Deficit | Income | Total | ||||||||
Balance, January 1, 2021 | 41,831,004 | $ 16,358,373 | $ | 1,441,480 | $ | 8,000 | $ | 186,876 | $ | (16,986,251) | $ | 24,626 | $ | 1,033,104 | |
Issuance of shares to Accelerate on debt conversion (Note 8) | 8,333,334 | 500,000 | - | - | - | - | - | 500,000 | |||||||
Share issue costs - cash | - | (35,270) | - | - | - | - | - | (35,270) | |||||||
Net loss and comprehensive loss for the period | - | - | - | - | - | (1,802,560) | - | (1,802,560) | |||||||
Balance, September 30, 2021 | 50,164,338 | 16,823,103 | 1,441,480 | 8,000 | 186,876 | (18,788,811) | 24,626 | (304,726) | |||||||
Issuance of common shares on debt settlement (Note 13) | 4,000,000 | 140,000 | - | - | - | - | - | 140,000 | |||||||
Expiry of warrants | - | - | 8,000 | (8,000) | - | - | - | - | |||||||
Net loss and comprehensive loss for the period | - | - | - | - | - | (140,407) | - | (140,407) | |||||||
Balance, December 31, 2021 | 54,164,338 | 16,963,103 | 1,449,480 | - | 186,876 | (18,929,218) | 24,626 | (305,133) | |||||||
Issuance of common shares on private placement (Note 10) | 16,360,894 | 524,729 | - | 293,316 | - | - | - | 818,045 | |||||||
Issuance of shares on acquisition | 25,000,000 | 750,000 | - | 136,404 | - | - | - | 886,404 | |||||||
Expiry of options | - | - | 67,075 | - | (67,075) | - | - | - | |||||||
Share issue costs | - | (35,722) | - | 7,853 | - | - | - | (27,869) | |||||||
Net loss for the period | - | - | - | - | - | (380,731) | - | (380,731) | |||||||
Balance, September 30, 2022 | 95,525,232 | $ 18,202,110 | $ | 1,516,555 | $ | 437,573 | $ | 119,801 | $ | (19,309,949) | $ | 24,626 | $ | 990,716 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements
Page 3
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Currie Rose Resources Inc. published this content on 06 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 January 2023 21:23:13 UTC.