PJX RESOURCES INC. PJX RESOURCES INC.
Financial Statements
Nine months ended September 30, 2022 and 2021
(UNAUDITED)
The accompanying unaudited condensed financial statements of PJX Resources Inc. (the "Company") are the responsibility of the Board of Directors.
These unaudited condensed interim financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in the notes to the unaudited condensed interim financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the end of the reporting period. In the opinion of management, the unaudited condensed financial statements have been prepared within acceptable limits of materiality and are in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.
Management has established processes, which are in place to provide it sufficient knowledge to support management representations that it has exercised reasonable diligence that (i) financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of, and for the periods presented by, the financial statements and (ii) the financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of and for the periods presented by the financial statements.
The Board of Directors is responsible for reviewing and approving the unaudited condensed interim financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the unaudited condensed financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the unaudited condensed interim financial statements together with other financial information of the Company for issuance to the shareholders.
Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.
(signed) | (signed) |
John Keating | Linda Brennan |
President and Chief Executive Officer | Chief Financial Officer |
Toronto, Canada | |
November 21, 2022 |
Notice of Disclosure of Non-auditor Review of Condensed Interim Financial Statements
Pursuant to National Instrument 51-102, Part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if an auditor has not performed a review of the unaudited condensed interim financial statements, they must be accompanied by a notice indicating that the condensed interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim financial statements of the Company for the interim periods ended September 30, 2022 and 2021 have been prepared in accordance with International Financial Reporting Standards ("IFRS") accounting principles and are the responsibility of the Company's management.
The Company's independent auditors, McGovern Hurley LLP, have not performed a review of these condensed interim financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of financial statements by an entity's auditor.
2
PJX Resources Inc. | |||||
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION | |||||
(Expressed in Canadian dollars) | |||||
(Unaudited) | |||||
September 30, | December 31, | ||||
Period ended | Note | 2022 | 2021 | ||
ASSETS | |||||
Current assets | |||||
Cash | $ | 1,488,195 | $ | 2,637,608 | |
Amounts receivable | 6 | 48,853 | 9,127 | ||
Prepayments | 7(a) | 32,177 | 34,368 | ||
BC refundable tax credits | 12(a) | 135,000 | 135,000 | ||
Total current assets | 1,704,225 | 2,816,103 | |||
Non-current assets | |||||
Deposits | 7(b) | 163,966 | 170,677 | ||
Property and equipment | 8(a) | 58,526 | 74,082 | ||
Right-of-use asset | 8(a) | 5,881 | 12,497 | ||
Total non-current assets | 228,373 | 257,256 | |||
Total assets | 1,932,598 | 3,073,359 | |||
LIABILITIES | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | 15(c) | 178,781 | 65,829 | ||
Flow-through premium liability | 10(b)(i) | - | 77,916 | ||
Current lease liabilities | 8(b) | 7,035 | 9,075 | ||
Total current liabilities | 185,816 | 152,820 | |||
Non-current liabilities | |||||
Reclamation obligation | 7(c) | 24,500 | 24,500 | ||
Non-current lease liabilities | 8(b) | - | 4,721 | ||
Total non-current liabilities | 24,500 | 29,221 | |||
Total liabilities | 210,316 | 182,041 | |||
SHAREHOLDERS' EQUITY | |||||
Share capital | 10(b) | 13,943,868 | 13,943,868 | ||
Warrants | 11 | 1,796,164 | 1,796,164 | ||
Contributed surplus | 5,756,150 | 5,752,848 | |||
Accumulated deficit | (19,773,900) | (18,601,562) | |||
Total shareholders' equity | 1,722,282 | 2,891,318 | |||
Total shareholders' equity and liabilities | $ | 1,932,598 | $ | 3,073,359 | |
Going concern (Note 1) | |||||
Commitments and contingencies (Note 9 and 14) | |||||
Subsequen event (Note 16) | |||||
Approved by the Board of Directors: | |||||
(Signed) John Keating | (Signed) Linda Brennan | ||||
John Keating, Director | Linda Brennan, Director |
See accompanying notes to the unaudited condensed interim financial statements.
3
PJX Resources Inc. | |||||||||
CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS | |||||||||
(Expressed in Canadian dollars) | |||||||||
(Unaudited) | Three months | Nine months | |||||||
Periods ended September 30, | Note | 2022 | 2021 | 2022 | 2021 | ||||
Expenses | |||||||||
Exploration | 12(a) | $ | 529,168 | $ | 373,532 | $ | 831,838 | $ | 1,037,200 |
General and administration | 12(b) | 138,022 | 133,628 | 392,942 | 386,981 | ||||
Share based compensation | 10(b)(ii) | - | 342,053 | 3,302 | 353,788 | ||||
Depreciation | 8(a) | 7,391 | 2,423 | 22,172 | 7,271 | ||||
Total operating expenses | 674,581 | 851,636 | 1,250,254 | 1,785,240 | |||||
Interest revenue | |||||||||
Gain on sale of royalty | 13 | - | - | - | (1,000,000) | ||||
Income (loss) before income taxes | (674,581) | (851,636) | (1,250,254) | (785,240) | |||||
Other tax recoveries | - | 4,322 | - | 4,340 | |||||
Flow-through premium recoveries | 10(b)(i) | 42,052 | - | 77,916 | 48,805 | ||||
Net income (loss) and | |||||||||
comprehensive loss for the period | $ | (632,529) | $ | (847,314) | $ | (1,172,338) | $ | (732,095) | |
Basic and diluted loss per share | ($0.00) | ($0.01) | ($0.01) | ($0.01) | |||||
Weighted average number of shares | |||||||||
outstanding (basic and diluted) | 133,216,488 | 123,824,694 | 133,216,488 | 122,519,749 |
See accompanying notes to the unaudited condensed interim financial statements.
4
PJX Resources Inc. | |||||||||
CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | |||||||||
(Expressed in Canadian dollars) | |||||||||
(Unaudited) | Three months | Nine months | |||||||
Periods ended September 30, 2022 | Note | 2022 | 2021 | 2022 | 2021 | ||||
Share capital | |||||||||
Balance, beginning of the period | 13,943,868 | 12,922,577 | $ | 13,943,868 | $ | 11,947,758 | |||
Shares issued under private placement | 10(b)(i) | - | - | - | 1,000,000 | ||||
Reallocation of issue cost to warrants | 11 | - | - | - | 25,652 | ||||
Share issue cost | 10(b) | - | - | (50,833) | |||||
Balance, end of the period | 13,943,868 | 12,922,577 | 13,943,868 | 12,922,577 | |||||
Warrants | |||||||||
Balance, beginning of the period | 1,796,164 | 1,760,417 | 1,796,164 | 1,786,069 | |||||
Reallocation of issue cost to warrants | 11 | - | - | - | (25,652) | ||||
Balance, end of the period | 1,796,164 | 1,427,806 | 1,796,164 | 1,427,806 | |||||
Contributed surplus | |||||||||
Balance, beginning of the period | 5,756,150 | 5,065,058 | 5,752,848 | 5,053,323 | |||||
Warrants expired | 11 | - | 332,611 | - | 332,611 | ||||
Share based compensation | 10(b)(ii) | - | 342,053 | 3,302 | 353,788 | ||||
Balance, end of the period | 5,756,150 | 5,739,722 | 5,756,150 | 5,739,722 | |||||
Accumulated deficit | |||||||||
Balance, beginning of the period | (19,141,371) | (17,611,416) | (18,601,562) | (17,726,635) | |||||
Net loss for the period | (632,529) | (847,314) | (1,172,338) | (732,095) | |||||
Balance, end of the period | (19,773,900) | (18,458,730) | (19,773,900) | (18,458,730) | |||||
Total shareholders' equity | $ | 1,722,282 | $ | 1,631,375 | $ | 1,722,282 | $ | 1,631,375 |
See accompanying notes to the unaudited condensed interim financial statements.
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
PJX Resources Inc. published this content on 21 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2022 19:10:03 UTC.
