ELECTRUM DISCOVERY CORP. FINANCIAL REVIEW
Six Months Ended June 30, 2023
(An Exploration Stage Company)
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months ended June 30, 2023
(Unaudited - Prepared by Management)
(Expressed in Canadian Dollars)
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
In accordance with National Instrument 51-102 of the Canadian Securities Administrators, the Company discloses that its external auditors have not reviewed the unaudited condensed interim consolidated financial statements for the six months ended June 30, 2023. These condensed interim consolidated financial statements have been prepared by management and approved by the Audit Committee and the Board of Directors of the Company.
Medgold Resources Corp.
(Exploration Stage Company)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
(Expressed in Canadian Dollars)
June 30, | December 31, | ||||||
2023 | 2022 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash | $ | 61,997 | $ | 87,009 | |||
Amounts receivable | 4,447 | 6,526 | |||||
Prepaid expenses and deposits | 2,010 | 2,087 | |||||
Total current assets | 68,454 | 95,622 | |||||
Non-current assets | |||||||
Long-term deposits | 61,000 | 61,000 | |||||
Property and equipment (Note 4) | 6,227 | 14,072 | |||||
Deferred acquisition costs (Note 1) | 140,650 | 32,888 | |||||
Exploration and evaluation assets (Note 5) | 43,020 | 43,020 | |||||
Total non-current assets | 250,897 | 150,980 | |||||
$ | 319,351 | $ | 246,602 | ||||
LIABILITIES AND SHAREHOLDERS' DEFICIENCY | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | $ | 355,304 | $ | 150,785 | |||
Due to related party (Note 10) | 327,780 | 235,179 | |||||
Total current liabilities | 683,084 | 385,964 | |||||
Non-current liability | |||||||
Convertible debenture - liability component (Note 6) | 103,841 | - | |||||
Total liabilities | 786,925 | 385,964 | |||||
Shareholders' deficiency | |||||||
Share capital (Note 7) | 15,751,347 | 15,751,347 | |||||
Other equity reserves (Note 6) | 1,743,735 | 1,726,467 | |||||
Accumulated other comprehensive loss | (157,952) | (157,952) | |||||
Deficit | (17,804,704) | (17,459,224) | |||||
Total shareholders' deficiency | (467,574) | (139,362) | |||||
$ | 319,351 | $ | 246,602 | ||||
APPROVED ON BEHALF OF THE BOARD ON AUGUST 23, 2023: | |||||||
"Jeremy Crozier" | "Ralph Rushton" | ||||||
Jeremy Crozier, Director | Ralph Rushton, Director |
The accompanying notes form an integral part of these condensed interim consolidated financial statements
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Medgold Resources Corp.
(Exploration Stage Company)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (UNAUDITED)
(Expressed in Canadian Dollars)
Three months ended June 30, | Six months ended June 30, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Exploration expenditures (Notes 9 and 10) | $ | 40,685 | $ | 66,468 | $ | 82,716 | $ | 160,420 |
General and administrative expenses | ||||||||
Accretion expense (Note 6) | 4,803 | - | 6,243 | - | ||||
Depreciation (Note 4) | 3,822 | 7,017 | 7,845 | 14,019 | ||||
Foreign exchange (gain) loss | (494) | (3,410) | (278) | 965 | ||||
Legal and accounting | 37,937 | 45,037 | 39,128 | 48,268 | ||||
Management fees (Note 10) | 43,500 | 21,750 | 87,000 | 43,500 | ||||
Office and administration | 16,893 | 10,337 | 43,112 | 27,418 | ||||
Salaries and benefits (Note 10) | 23,586 | 18,714 | 55,864 | 36,584 | ||||
Shareholder communications | 740 | 500 | 2,105 | 735 | ||||
Share-based payments (Notes 8 and 10) | - | 19,577 | 5,513 | 38,939 | ||||
Transfer agent and regulatory fees | 3,475 | 2,778 | 10,445 | 9,901 | ||||
Travel and accommodation | 632 | 4,462 | 6,413 | 6,095 | ||||
134,894 | 126,762 | 263,390 | 226,424 | |||||
(175,579) | (193,230) | (346,106) | (386,844) | |||||
Interest and other income (Note 5) | 318 | 325 | 626 | 26,300 |
Net loss and comprehensive loss for the period | $ (175,261) | $ | (192,905) | $ | (345,480) | $ | (360,544) |
Loss per share, basic and diluted | $(0.00) | $(0.00) | $(0.00) | $(0.00) | |||
Weighted average number of shares outstanding | 134,789,032 | 134,789,032 | 134,789,032 | 134,789,032 | |||
The accompanying notes form an integral part of these condensed interim consolidated financial statements
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Medgold Resources Corp. published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 23:19:11 UTC.
