NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM
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 consolidated interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed consolidated interim 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 financial statements.
INTER-ROCK MINERALS INC.
MAY 16, 2023
1
Inter-Rock Minerals Inc.
Condensed Consolidated Interim Balance Sheets
As at
(Expressed in thousands of United States Dollars)
March 31,
December 31,
UNAUDITED
Note
2023
2022
$
$
ASSETS
Current assets
Cash
2,796
3,048
Accounts receivable
8,385
9,292
Inventories
7
2,205
2,590
Prepaid expenses and other assets
807
710
Total Current Assets
14,193
15,640
Non-current assets
Investment
5
542
-
Properties, plant and equipment
8
2,982
2,917
Intangible assets
9
965
1,046
Goodwill
9
1,808
1,808
Total Assets
20,490
21,411
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities
6,133
7,364
Current portion of long term debt
10
9
280
Current portion of lease obligations
11
291
302
Total Current Liabilities
6,433
7,946
Non-current liabilities
Lease obligations
11
611
676
Asset retirement obligation
12
26
26
Deferred tax liability
202
202
Series A preferred shares
13
3,417
3,417
Total Liabilities
10,689
12,267
Equity
Share capital
14
5,791
5,791
Contributed surplus
315
315
Retained earnings
3,695
3,038
Total Equity
9,801
9,144
Total Liabilities and Equity
20,490
21,411
Financial Commitments (Note 19)
The accompanying notes are an integral part of these consolidated financial statements.
2
Inter-Rock Minerals Inc.
Condensed Consolidated Interim Statements of Net and Comprehensive Income For the three months ended
(Expressed in thousands of United States Dollars except for outstanding shares and per share amounts)
March 31,
March 31,
UNAUDITED
Note
2023
2022
$
$
REVENUE
6
22,058
17,553
COST OF SALES
Operating costs
6
19,252
15,342
GROSS PROFIT
2,806
2,211
OPERATING EXPENSES
Gain on sale of asset
-
(613)
Selling, general and administrative
6
1,691
1,656
Amortization and depletion
8
162
140
Amortization of intangible assets
9
81
81
INCOME BEFORE FINANCING COSTS
872
947
FINANCING COSTS
Interest on debt and lease obligations
10,11
15
32
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES
857
915
INCOME TAXES
Current
200
75
200
75
NET AND COMPREHENSIVE INCOME
FROM CONTINUING OPERATIONS
657
840
NET AND COMPREHENSIVE INCOME
FROM DISCONTINUED OPERATIONS
-
24
NET INCOME AND COMPREHENSIVE INCOME
657
864
Earnings per share
Basic
15
0.03
0.04
Diluted
15
0.02
0.02
Weighted average number of shares outstanding
Basic
22,303,311
22,305,560
Diluted
39,440,291
39,442,540
The accompanying notes are an integral part of these consolidated financial statements
3
Inter-Rock Minerals Inc.
Condensed Consolidated Interim Statements of Changes in Equity
As at and for the period ended March 31, 2023
(Expressed in thousands of United States Dollars)
Share
Capital
Contributed
Retained
(Note 14)
Surplus
Earnings
Total
$
$
$
$
Balance, December 31, 2021
5,791
315
2,469
8,575
Prior year cumulative subsidiary losses
-
-
(1,551)
(1,551)
Net income and comprehensive income
-
-
840
840
Balance, March 31, 2022
5,791
315
1,758
7,864
Balance, December 31, 2022
5,791
315
3,038
9,144
Net income and comprehensive income
-
-
657
657
Balance, March 31, 2023
5,791
315
3,695
9,801
The accompanying notes are an integral part of these consolidated financial statements.
4
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Inter-Rock Minerals Inc. published this content on 16 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 May 2023 07:25:09 UTC.
Inter-Rock Minerals Inc. is a Canada-based company engaged in developing minerals and specialty feed additives. The Company operates through two segments: Papillon Agricultural Company Inc. (Papillon) and MIN-AD Inc. (MIN-AD). Papillon segment develops and produces specialty nutritional products for dairy consultants, feed suppliers and dairy producers in the United States. Papillon has its own line of proteins and rumen probiotic products that are produced under toll manufacturing agreements. In addition, Papillon distributes MIN-AD products and a clostridia control product for dairy cows. MIN-AD segment quarries, processes, and markets dolomite and clay products for dairy and beef cattle feed. MIN-ADâs newly developed clay business produces products for use in anti-caking and toxin control applications. MIN-ADâs operations are located in northern Nevada near the town of Winnemucca. MIN-ADâs sales and marketing activities are managed by Papillon.
INTER-ROCK MINERALS INC. 