____________________________________________________________
Windfall Geotek Inc.
Condensed Interim Consolidated Financial Statements
For the Three Months Ended May 31, 2022 and May 31, 2021
(Unaudited - Expressed in Canadian Dollars)
Management's Responsibility for
Consolidated Financial Statements
The accompanying condensed interim consolidated financial statements of Windfall Geotek Inc. (the "Company") are the responsibility of management and the Board of Directors.
The condensed interim consolidated financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in the notes to the condensed interim consolidated financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the financial position date. In the opinion of management, the condensed interim consolidated financial statements have been prepared within acceptable limits of materiality and are in compliance with all applicable International Financial Reporting Standards as issued by the International Accounting Standards Board.
Management has established processes, which are in place to provide it sufficient knowledge to support management representations that it has exercised reasonable diligence that (i) the condesned interim consolidated 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 of the date of, and for the periods presented by, the condensed interim consolidated financial statements and (ii) the condensed interim consolidated financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of and for the periods presented by the condensed interim consolidated financial statements.
The Board of Directors is responsible for reviewing and approving the condensed interim consolidated financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the condensed interim consolidated financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the condensed interim consolidated financial statements together with other financial information of the Company for issuance to the shareholders.
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.
(signed) | (signed) |
Dinesh Kandanchatha | Scott Kelly |
Chief Executive Officer | Chief Financial Officer |
July 21, 2022 |
Notice to Reader
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 the 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 Company's independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
Windfall Geotek Inc.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited - Expressed in Canadian Dollars)
May 31, | Februay 28, | |||||
Note | 2022 | 2022 | ||||
Current Assets | ||||||
Cash | $ | 1,642,214 | $ | 1,873,426 | ||
Amounts receivable | 5 | 121,740 | 25,518 | |||
Marketable securities | 6 | 1,078,236 | 1,263,490 | |||
Subscriptions paid | 6 | 100,000 | 100,000 | |||
2,942,190 | 3,262,434 | |||||
Non-current assets | ||||||
Office equipment | 7 | 16,572 | 18,249 | |||
Intangible asset - CARDS | 8 | 1 | 1 | |||
Exploration and evaluation assets | 4 & 9 | 1 | 1 | |||
16,574 | 18,251 | |||||
TOTAL ASSETS | $ | 2,958,764 | $ | 3,280,685 | ||
Liabilities | ||||||
Accounts payable and accrued liabilities | 10 | $ | 88,310 | $ | 131,325 | |
CEBA loan | 12 | - | 10,000 | |||
88,310 | 141,325 | |||||
Equity | ||||||
Share capital | 13 | 42,832,254 | 42,832,254 | |||
Subscriptions received | 13 | 28,000 | - | |||
Contributed surplus | 14 | 7,680,866 | 7,543,196 | |||
Warrants | 13 | 1,777,821 | 1,777,821 | |||
Deficit | (49,448,487) | (49,013,911) | ||||
2,870,454 | 3,139,360 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 2,958,764 | $ | 3,280,685 |
Nature of operations (Note 1)
Events after the reporting period (Note 20)
Approved by the Board of Directors: | |||
"Simran Kamboj" ________ | "Dinesh Kandanchatha | " | |
Director | Director |
The accompanying notes to the consolidated financial statements are an integral part of these statements.
Windfall Geotek Inc.
Condensed Interim Consolidated Statements of Operations
For the three months ended May 31, 2022 and May 31, 2021
(Unaudited - Expressed in Canadian Dollars)
Note | 2022 | 2021 | ||
Revenue | ||||
CARDS services | $ | 82,176 | $ | 282,000 |
Operating expenses | ||||
Amortization and depreciation | 7 & 8 | (1,677) | (39,177) | |
Commissions - CARDS and property | 4 | - | (33,200) | |
Exploration and evaluation expenditures | 9 | (53,155) | (188,491) | |
General and administration | 15 | (408,996) | (1,228,244) | |
Share-based compensation | 14 & 16 | (137,670) | (898,418) | |
(601,498) | (2,387,530) | |||
Operating loss | ||||
(519,322) | (2,105,530) | |||
Unrealized gain (loss) on marketable securities | 6 | (235,254) | (16,456) | |
Gain on disposal of mining assets | 9 | 310,000 | - | |
Gain on CEBA loan | 12 | 10,000 | - | |
84,746 | (16,456) | |||
Net (loss) income and comprehensive | ||||
$ | (434,576) | $ | (2,121,986) | |
(loss) income for the period | ||||
Weighted average number of outstanding | ||||
common shares | ||||
Basic and diluted | 132,695,628 | 123,795,548 | ||
(Loss) per share | ||||
Basic and diluted | $ | (0.00) | $ | (0.02) |
The accompanying notes to the consolidated financial statements are an integral part of these statements.
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Windfall Geotek Inc. published this content on 31 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2022 17:12:04 UTC.