GROUP ELEVEN RESOURCES CORP. Group Eleven Resources Corp.
Condensed Consolidated Interim Financial Statements For the Six Months Ended June 30, 2023
Expressed in Canadian Dollars (Unaudited)
MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING
CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORTING
The accompanying condensed consolidated interim financial statements of Group Eleven Resources Corp. ("the Company") have been prepared by and are the responsibility of management of the Company. Management acknowledges responsibility for the preparation and presentation of the condensed consolidated interim financial statements, including responsibility for significant accounting estimates and the choice of accounting principles and methods that are appropriate to the Company's circumstances.
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
The Company's independent auditor has not performed a review of these unaudited condensed consolidated interim financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of unaudited condensed consolidated interim financial statements by an entity's auditor.
GROUP ELEVEN RESOURCES CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in Canadian Dollars)
Note | June 30, 2023 | December 31, 2022 | |
ASSETS | ($) | ($) | |
Current Assets | |||
Cash | 1,754,511 | 1,120,804 | |
Prepaid expenses | 11,276 | 27,523 | |
Other receivables | 38,243 | 59,994 | |
Total Current Assets | 1,804,030 | 1,208,321 | |
Non-current assets | |||
Equipment | 3 | 1,880 | 3,318 |
Exploration and evaluation assets | 4 | 8,897,821 | 8,897,821 |
Total Assets | 10,703,731 | 10,109,460 | |
LIABILITIES AND EQUITY | |||
Current Liabilities | |||
Accounts payable and accrued liabilities | 5,11 | 411,237 | 349,017 |
Exploration partner advances | 4 | 362,263 | 362,589 |
Government loan payable | 40,000 | - | |
Total Current Liabilities | 813,500 | 711,606 | |
Non-Current Liabilities | |||
Government loan payable | 6 | - | 40,000 |
Total liabilities | 813,500 | 751,606 | |
Equity | |||
Share capital | 7 | 21,962,681 | 20,490,423 |
Reserves | 7 | 1,189,673 | 1,035,265 |
Deficit | (16,171,083) | (15,092,128) | |
Total Shareholders' Equity | 6,981,271 | 6,433,560 | |
Non-controlling interest | 8 | 2,908,960 | 2,924,294 |
Total Equity | 9,890,231 | 9,357,854 | |
Total Liabilities and Equity | 10,703,731 | 10,109,460 |
Nature and continuance of operations (Note 1)
Subsequent events (Note 13)
On behalf of the Board: | ||
/s/ Dan MacInnis | /s/ Alessandro Bitelli | |
Chairman | Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
GROUP ELEVEN RESOURCES CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited - Expressed in Canadian Dollars, unless otherwise stated)
Three Months Ended June 30, | Six Months Ended June 30, | ||||
Note | 2023 | 2022 | 2023 | 2022 | |
($) | ($) | ($) | ($) | ||
Operating expenses | |||||
Exploration expenditures | 4, 11 | 239,457 | 453,087 | 623,042 | 669,350 |
Salaries and benefits | 11 | 125,049 | 119,250 | 244,717 | 252,907 |
Marketing and investor relations | 16,055 | 41,267 | 39,344 | 52,651 | |
General and administrative | 37,914 | 32,134 | 71,727 | 76,409 | |
Professional Fees | 11 | 75,337 | 23,756 | 104,948 | 31,009 |
Depreciation | 3 | 258 | 1,264 | 1,438 | 2,529 |
Foreign exchange (gain) loss | 4,696 | 50,172 | (13,182) | 101,994 | |
Interest income | (1,518) | (364) | (3,086) | (433) | |
Share based payments | 7, 11 | 15,175 | 3,510 | 30,349 | 7,020 |
Total General & Administrative Expense | 512,423 | 724,076 | 1,099,297 | 1,193,436 | |
Other | |||||
Write off of accounts payable | 5,008 | - | 5,008 | - | |
Loss and comprehensive loss for the | |||||
period | (507,415) | (724,076) | (1,094,289) | (1,193,436) | |
Loss attributable to: | |||||
Shareholders | (504,121) | (654,615) | (1,078,955) | (1,113,418) | |
Non-controlling interest | 8 | (3,294) | (69,461) | (15,334) | (80,018) |
(507,415) | (724,076) | (1,094,289) | (1,193,436) | ||
Basic and diluted loss per common | |||||
shares attributable to shareholders ($) | 0.00 | 0.00 | (0.01) | (0.01) | |
Weighted average number of shares | |||||
outstanding - basic and diluted (#) | 164,894,908 | 158,301,502 | 161,616,419 | 152,777,082 |
The accompanying notes are an integral part of these condensed consolidated interim financial
statements.
GROUP ELEVEN RESOURCES CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY (Unaudited - Expressed in Canadian Dollars, unless otherwise stated)
Total | Non- | ||||||||||
Share Capital | Shareholders' | controlling | Total | ||||||||
Shares | Amount | Reserves | Deficit | Equity | Interest | Equity | |||||
(#) | ($) | ($) | ($) | ($) | ($) | ($) | |||||
Balance - December 31, 2021 | 137,469,836 | 18,088,060 | 869,763 | (12,690,402) | 6,267,421 | 3,049,244 | 9,316,665 | ||||
Shares issued for private placement | 20,831,666 | 2,499,800 | - | - | 2,499,800 | - | 2,499,800 | ||||
Share issuance costs - cash | - | (38,220) | - | - | (38,220) | - | (38,220) | ||||
Share issuance costs - agents' warrants | - | (29,217) | 29,217 | - | - | - | - | ||||
Share-base payments | - | - | 7,020 | - | 7,020 | - | 7,020 | ||||
Loss for the period | - | - | - | (1,113,418) | (1,113,418) | (80,018) | (1,193,436) | ||||
Balance - June 30, 2022 | 158,301,502 | 20,520,423 | 906,000 | (13,803,820) | 7,622,603 | 2,969,226 | 10,591,829 | ||||
Share issuance costs | - | (30,000) | - | - | (30,000) | - | (30,000) | ||||
DSUs issued for debt | - | - | 60,000 | - | 60,000 | - | 60,000 | ||||
Share-base payments | - | - | 69,265 | - | 69,265 | - | 69,265 | ||||
Loss for the period | - | - | - | (1,288,308) | (1,288,308) | (44,932) | (1,333,240) | ||||
Balance - December 31, 2022 | 158,301,502 | 20,490,423 | 1,035,265 | (15,092,128) | 6,433,560 | 2,924,294 | 9,357,854 | ||||
Shares issued for private placement | 16,666,666 | 1,500,000 | - | - | 1,500,000 | - | 1,500,000 | ||||
Share issuance costs - cash | - | (23,683) | - | - | (23,683) | - | (23,683) | ||||
Share issuance costs - agents' warrants | - | (4,059) | 4,059 | - | - | - | - | ||||
DSUs issued for debt | - | 120,000 | - | 120,000 | - | 120,000 | |||||
Share-base payments | - | - | 30,349 | - | 30,349 | - | 30,349 | ||||
Loss for the period | - | - | - | (1,078,955) | (1,078,955) | (15,334) | (1,094,289) | ||||
Balance - June 30, 2023 | 174,968,168 | 21,962,681 | 1,189,673 | (16,171,083) | 6,981,271 | 2,908,960 | 9,890,231 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Group Eleven Resources Corp. published this content on 11 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2023 12:18:10 UTC.
