CHAMPION ELECTRIC METALS INC. IDAHO CHAMPION GOLD MINES CANADA INC.
Condensed Interim Consolidated Financial Statements (Unaudited)
Three and Six Months Ended June 30, 2022 and 2021
(Expressed in Canadian Dollars)
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, the statements must be accompanied by a notice indicating that the condensed interim consolidated financial statements have not been reviewed by the auditor. 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 condensed interim consolidated financial statements by an entity's auditor.
IDAHO CHAMPION GOLD MINES CANADA INC.
Condensed Interim Consolidated Statements of Financial Position (Unaudited)
Expressed in Canadian dollars
June 30, | December | ||
As at | Note | 2022 | 31, 2021 |
Assets | |||
Current assets | $991,246 | ||
Cash | $14,620 | ||
Accounts receivables and prepaids | 229,602 | 94,846 | |
Total current assets | 1,220,848 | 109,466 | |
Long-term prepaid | 6,667 | 11,667 | |
Total assets | $1,227,515 | $121,133 | |
Liabilities | |||
Current liabilities | $926,717 | ||
Accounts payable and accrued liabilities | 7 | $622,894 | |
Total current liabilities | 926,717 | 622,894 | |
Loans payable | 7 | 100,000 | 40,000 |
Total liabilities | 1,026,717 | 662,894 | |
Shareholders' Equity (Deficiency) | 15,041,252 | ||
Share capital | 8 | 14,331,252 | |
Warrants | 3,504,020 | 3,000,377 | |
Contributed surplus | 860,196 | 777,928 | |
Accumulated deficit | (19,204,670) | (18,651,318) | |
Total equity (deficiency) | 200,798 | (541,761) | |
Total liabilities and equity | $1,227,515 | $121,133 | |
Nature of Operations and Going Concern | 1 | ||
Commitments and Contingencies | 14,15 | ||
Subsequent event | 17 | ||
On behalf of the Board, | |||
"Signed" | "Signed" | ||
Jonathan Buick | Bruce Reid | ||
Jonathan Buick | Bruce Reid | ||
Director | Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
IDAHO CHAMPION GOLD MINES CANADA INC.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Unaudited)
Expressed in Canadian dollars
Periods ended June 30, | Note | Three Months | Six Months | ||||
2022 | 2021 | 2022 | 2021 | ||||
Expenses | |||||||
Investor relations and business development | $116,335 | $182,880 | $193,722 | $346,089 | |||
Management fees | 12 | 75,334 | 92,274 | 145,834 | 191,282 | ||
Project costs | 17,426 | 181,516 | 112,237 | 605,229 | |||
Share-based compensation | 57,194 | 81,300 | 57,194 | 328,560 | |||
Professional fees and consulting | 29,241 | 30,675 | 34,366 | 46,714 | |||
General administrative costs | 9,646 | 18,013 | 23,910 | 37,134 | |||
Property acquisition costs | 18,986 | 29,273 | 18,986 | 29,273 | |||
Amortization expense | - | 2,858 | - | 5,716 | |||
Loss before the undernoted items: | $(324,162) | $(618,789) | $(586,249) | $(1,589,997) | |||
Foreign exchange gain (loss) | 2,736 | 1,941 | 8,755 | (3,823) | |||
Interest income | 124 | 405 | 124 | 3,888 | |||
Net loss and comprehensive loss for the period | $(321,302) | $(616,443) | $(577,370) | $(1,589,932) | |||
Loss per common share | 13 | $(0.00) | $(0.01) | $(0.01) | $(0.02) | ||
Weighted average number of shares | |||||||
outstanding during the period - basic and | |||||||
diluted | 106,563,677 | 102,986,546 | 105,735,617 | 93,420,919 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
IDAHO CHAMPION GOLD MINES CANADA INC.
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency) (Unaudited)
For the six months ended June 30, 2022 and 2021
Expressed in Canadian dollars
Shares | Contributed | |||||||||||
Note | Outstanding | Share Capital | Warrants | Surplus | Deficit | Total | ||||||
Balance - December 31, 2020 | 93,104,348 | $13,307,290 | $2,373,443 | $465,368 | $(13,935,361) | $2,210,740 | ||||||
Share-based compensation | 9 | - | - | - | 328,560 | - | 328,560 | |||||
- | - | - | ||||||||||
Options expired | 9 | (16,000) | 16,000 | - | ||||||||
Shares issued for private placements | 4,686,684 | 435,644 | 249,356 | - | - | 703,000 | ||||||
Share issue costs | 8,9 | - | (23,517) | - | - | - | (23,517) | |||||
Property acquisition | 50,000 | 6,750 | - | - | - | 6,750 | ||||||
Shares issued for services | 8 | 52,893 | 8,727 | - | - | - | 8,727 | |||||
Warrant exercise | 8 | 300,000 | 54,185 | (9,186) | - | - | 44,999 | |||||
Warrants issued | 9 | - | (28,265) | 28,265 | - | - | - | |||||
Net loss for the period | - | - | - | --- | (1,589,932) | (1,589,932) | ||||||
Balance - June 30, 2021 | 93,193,925 | $13,760,814 | $2,641,878 | $777,928 | $(15,509,293) | $1,689,327 | ||||||
Shares issued for property purchase | 6,8,9 | |||||||||||
Shares issued for private placements | 8,9 | 6,413,979 | 621,600 | 358,499 | - | - | 962,099 | |||||
Share issue costs | 8,9 | - | (71,877) | - | - | - | (71,877) | |||||
Shares issued for services | 166,222 | 20,715 | - | - | - | 20,715 | ||||||
Share-based compensation | 10 | - | - | - | 81,300 | - | 81,300 | |||||
Net loss for the period | - | - | - | - | (3,758,468) | (3,758,468) | ||||||
Balance - December 31, 2021 | 104,774,126 | $14,331,252 | $3,000,377 | $777,928 | $(18,651,318) | $(541,761) | ||||||
Share-based compensation | - | - | - | 57,194 | - | 57,194 | ||||||
Options cancelled | - | - | - | (24,018) | 24,018 | - | ||||||
Issue of share capital - private placement | 10,079,210 | 269,712 | 234,248 | - | - | 503,960 | ||||||
Issue of share capital - private placement | 15,612,500 | 480,389 | 300,236 | - | - | 780,625 | ||||||
Share issue costs | - | (45,200) | - | - | - | (45,200) | ||||||
Property acquisition | 50,000 | 2,500 | - | - | - | 2,500 | ||||||
Issued to contractor for services | 351,838 | 20,850 | - | - | - | 20,850 | ||||||
Issuance of bonus warrants | - | (18,251) | 18,251 | - | - | - | ||||||
Warrants expired | - | - | (49,092) | 49,092 | - | - | ||||||
Net loss for the period | - | - | - | - | (577,370) | (577,370) | ||||||
Balance - June 30, 2022 | 130,867,674 | $15,041,252 | $3,504,020 | $860,196 | $(19,204,670) | $200,798 | ||||||
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
IDAHO CHAMPION GOLD MINES CANADA INC.
Condensed Interim Consolidated Statements of Cash Flows (Unaudited)
Expressed in Canadian dollars
For the six months ended June 30, | Note | 2022 | 2021 |
OPERATING ACTIVITIES | $(577,370) | ||
Net loss for the period | $(1,589,932) | ||
Share-based compensation | 9 | 57,194 | 328,560 |
Property acquisition | 2,500 | 6,750 | |
Shares issued for debt | 20,850 | - | |
Amortization expense | - | 5,716 | |
Net change in non-cash working capital balances: | (134,756) | ||
Accounts receivables and prepaids | (345,095) | ||
Accounts payable and accrued liabilities | 303,823 | (711,267) | |
Long-term prepaid | 5,000 | 5,000 | |
(322,759) | (2,300,268) | ||
FINANCING ACTIVITIES | 1,284,585 | ||
Issuance of private placement units | 7 | 703,000 | |
Warrant exercise | 8 | - | 45,000 |
Share issue cost | 7 | (45,200) | (23,516) |
Payment of principal portion of lease liability | - | (6,142) | |
Loan payable | 7 | 60,000 | - |
1,299,385 | (3,014) | ||
Net increase (decrease) in cash | $976,626 | $(1,562,195) | |
Cash, beginning of period | 14,620 | 3,029,210 | |
Cash, end of period | $991,246 | $1,467,015 | |
Supplemental cash flow information: | |||
Interest paid | $- | $- | |
Taxes paid | $- | $- |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Idaho Champion Gold Mines Canada Inc. published this content on 30 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 12:29:09 UTC.
