NEVADA ZINC CORPORATION NEVADA ZINC CORPORATION
CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 2022
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED)
Notice to Reader
The accompanying unaudited condensed interim consolidated financial statements of Nevada Zinc Corporation (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements have not been reviewed by the Company's auditors.
Nevada Zinc Corporation
Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)
(Unaudited)
As at | As at | |||
March 31, | December 31, | |||
2022 | 2021 | |||
ASSETS | ||||
Current assets | $ | 493,322 | ||
Cash and cash equivalents (note 4) | $ | 31,664 | ||
Marketable securities (note 5) | 192 | 264 | ||
Amounts receivable and other assets (note 6) | 11,136 | 4,931 | ||
Non-current assets | 504,650 | 36,859 | ||
21,373 | ||||
Reclamation bond | 21,373 | |||
Total assets | $ | 526,023 | $ | 58,232 |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY) | ||||
Current liabilities | $ | 317,126 | ||
Amounts payable and other liabilities (notes 7 and 12) | $ | 445,291 | ||
Amounts payable to related party (note 12) | 65,227 | 397,463 | ||
Total liabilities | 382,353 | 842,754 | ||
Shareholders' equity (deficiency) | 13,662,284 | |||
Share capital (note 8) | 12,692,487 | |||
Reserves (notes 10 and 11) | 592,405 | 667,250 | ||
Deficit | (14,111,019) | (14,144,259) | ||
Total shareholders' equity (deficiency) | 143,670 | (784,522) | ||
Total liabilities and shareholders' equity (deficiency) | $ | 526,023 | $ | 58,232 |
Nature of operations and going concern (note 1)
Contingencies (note 16)
Approved on behalf of the Board: (Signed) "Eugene Lee", Director
(Signed) "Donald Christie", Director
The accompanying notes are an integral part of these unaudited consolidated financial statements.
- 1 -
Nevada Zinc Corporation
Condensed Interim Consolidated Statements of Comprehensive Loss (Expressed in Canadian Dollars)
(Unaudited)
Three Months Ended | ||||
March 31, | ||||
2022 | 2021 | |||
Operating expenses | $ | 65,023 | ||
Exploration, acquisition and development costs (note 14) | $ | - | ||
General and administrative (note 13) | 132,665 | 317,134 | ||
Operating loss before the following items | (197,688) | (317,134) | ||
Gain on settlement of debt | - | 11,449 | ||
Unrealized (loss) gain on marketable securities (note 5) | (72) | 180 | ||
Net and comprehensive loss for the period | $ | (197,760) | $ | (305,505) |
Basic and diluted loss per share (note 9) | $ | (0.00) | $ | (0.00) |
Weighted average number of common shares | ||||
outstanding - basic and diluted | 90,511,398 | 81,115,113 |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
- 2 -
Nevada Zinc Corporation
Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian Dollars)
(Unaudited)
Three Months Ended | ||||
March 31, | ||||
2022 | 2021 | |||
Operating activities | $ | (197,760) | ||
Net loss for the period | $ | (305,505) | ||
Adjustments for: | 72 | |||
Unrealized loss (gain) on marketable securities (note 5) | (180) | |||
Share-based payments | - | 175,500 | ||
Gain on settlement of debt | - | (11,449) | ||
Non-cash working capital items: | (6,205) | |||
Amounts receivable and other assets | (26,614) | |||
Amounts payable and other liabilities | (70,565) | (42,917) | ||
Amounts payable to related party | - | 15,000 | ||
Net cash and cash equivalents used in operating activities | (274,458) | (196,165) | ||
Financing activities | 736,116 | |||
Issuance of common shares (net of issuance costs) (note 8(b)) | 750,000 | |||
Net cash and cash equivalents provided by financing activities | 736,116 | 750,000 | ||
Net change in cash and cash equivalents | 461,658 | 553,835 | ||
Cash and cash equivalents, beginning of period | 31,664 | 8,001 | ||
Cash and cash equivalents, end of period | $ | 493,322 | $ | 561,836 |
Cash and cash equivalents consist of: | $ | 492,871 | ||
Cash | $ | 561,385 | ||
Cash equivalents | 451 | 451 | ||
$ | 493,322 | $ | 561,836 |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
- 3 -
Nevada Zinc Corporation
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency) (Expressed in Canadian Dollars)
(Unaudited)
Share | ||||||
capital | Reserves | Deficit | Total | |||
Balance, December 31, 2020 | $11,942,487 | $ | 1,376,811 | $ (14,078,657) | $ | (759,359) |
Issuance of common shares (note 8(b)(i)) | 750,000 | - | - | 750,000 | ||
Share-based payments (note 11(i)) | - | 175,500 | - | 175,500 | ||
Net loss for the period | - | - | (305,505) | (305,505) | ||
Balance, March 31, 2021 | $12,692,487 | $ | 1,552,311 | $ (14,384,162) | $ | (139,364) |
Balance, December 31, 2021 | $12,692,487 | $ | 667,250 | $ (14,144,259) | $ | (784,522) |
Private placement financing (net of issuance costs) (note 8(b)(ii)) | 736,116 | - | - | 736,116 | ||
Issuance of common shares for settlement of debt (note 8(b)(iii)) | 389,836 | - | - | 389,836 | ||
Expiry of stock options | - | (231,000) | 231,000 | - | ||
Warrants issued under unit offering (note 8(b)(ii)) | (156,155) | 156,155 | - | - | ||
Net loss for the period | - | - | (197,760) | (197,760) | ||
Balance, March 31, 2022 | $13,662,284 | $ | 592,405 | $ (14,111,019) | $ | 143,670 |
The accompanying notes are an integral part of these unaudited consolidated financial statements. - 4 -
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Nevada Zinc Corp. published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 June 2022 14:01:03 UTC.
