PROVIDENCE GOLD MINES INC. PROVIDENCE GOLD MINES INC.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the six months ended June 30, 2022
(Stated in Canadian Dollars)
Unaudited - Prepared by Management
NOTICE OF NO AUDITOR REVIEW OF 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 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 in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
PROVIDENCE GOLD MINES INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION Unaudited - Prepared by Management
(Stated in Canadian Dollars)
June 30, | December 31, | |||
2022 | 2021 | |||
ASSETS | ||||
Current assets | ||||
Cash | $ | 36,481 | $ | 53,197 |
Accounts receivable | 9,370 | 5,748 | ||
Prepaid expenses and advances | 9,719 | 27,537 | ||
Total current assets | 55,570 | 86,482 | ||
Non-current assets | ||||
Equipment, net | - | 3,879 | ||
Right-of-use asset | - | 2,824 | ||
Exploration and evaluation assets - Note 5 | 2,647,193 | 2,589,027 | ||
Total non-current assets | 2,647,193 | 2,595,730 | ||
Total Assets | $ | 2,702,763 | $ | 2,682,212 |
LIABILITIES | ||||
Current liabilities | ||||
Trade and other payables - Note 7 | $ | 250,909 | $ | 74,084 |
Lease liability | - | 2,934 | ||
Total liabilities | 250,909 | 77,018 | ||
EQUITY | ||||
Share capital - Note 6 | 6,194,460 | 6,169,710 | ||
Equity reserves - Note 6 | 811,733 | 797,983 | ||
Accumulated deficit | (4,554,339) | (4,362,499) | ||
Total Equity | 2,451,854 | 2,605,194 | ||
Total Liabilities and Equity | $ | 2,702,763 | $ | 2,682,212 |
Nature of Operations and Going Concern - Note 1 | |||
APPROVED ON BEHALF OF THE DIRECTORS: | |||
"Ronald Coombes" | Director | "Thomas Kennedy" | Director |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
PROVIDENCE GOLD MINES INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS Unaudited - Prepared by Management
(Stated in Canadian Dollars)
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Expenses: | ||||||||
Accounting and audit fees - Note 7 | $ | 17,250 | $ | 19,545 | $ | 32,250 | $ | 34,545 |
Amortization | - | 8,926 | 6,703 | 17,860 | ||||
Consulting fees - Note 7 | 33,540 | 21,580 | 67,080 | 46,580 | ||||
Foreign exchange | 291 | 4,936 | 461 | 4,590 | ||||
Legal and corporate services - Note 7 | 5,502 | 4,033 | 11,854 | 13,933 | ||||
Management fees - Note 7 | 12,000 | 12,000 | 24,000 | 24,000 | ||||
Marketing | - | 15,000 | 5,000 | 26,000 | ||||
Office, rent and administration | 3,453 | 36,060 | 13,517 | 57,419 | ||||
Shareholder communications | 7,711 | 10,873 | 9,147 | 36,892 | ||||
Stock-based payments - Notes 6 and 7 | - | - | - | 32,300 | ||||
Transfer agent and filing fees | 13,474 | 10,669 | 21,630 | 15,888 | ||||
Total expenses | (93,221) | (143,622) | (191,642) | (310,007) | ||||
Other Items: | ||||||||
Interest on lease liabilities | - | (146) | (198) | (610) | ||||
Net loss and comprehensive loss for the period | $ | (93,221) | $ | (143,768) | $ | (191,840) | $ | (310,617) |
Basic and diluted loss per share | $ | (0.00) | $ | (0.00) | $ | (0.00) | $ | (0.01) |
Weighted average shares outstanding - basic and | ||||||||
diluted | 60,109,075 | 55,057,004 | 60,109,075 | 55,057,004 |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
PROVIDENCE GOLD MINES INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS Unaudited - Prepared by Management
(Stated in Canadian Dollars)
Six Months Ended | ||||
June 30, | ||||
2022 | 2021 | |||
Operating Activities: | ||||
Net loss for the period | $ | (191,840) | $ | (310,617) |
Items not involving cash: | ||||
Amortization | 6,703 | 17,860 | ||
Interest on lease liabilities | 198 | 610 | ||
Stock-based payments | - | 32,300 | ||
Changes in non-cash working capital items: | ||||
Accounts receivable | (3,622) | (4,694) | ||
Prepaid expenses and advances | 17,818 | 37,075 | ||
Trade and other payables | 125,693 | 14,715 | ||
(45,050) | (212,751) | |||
Investing Activity: | ||||
Investment in exploration and evaluation assets | (10,166) | (124,261) | ||
(10,166) | (124,261) | |||
Financing Activities: | ||||
Shares issued for cash | 38,500 | - | ||
Share subscriptions received | - | 127,010 | ||
Payments on lease liability | - | (17,661) | ||
38,500 | 109,349 | |||
Change in cash | (16,716) | (227,663) | ||
Cash, beginning | 53,197 | 514,455 | ||
Cash, end | $ | 36,481 | $ | 286,792 |
Supplemental cash flow information: | ||||
Interest paid | $ | - | $ | - |
Exploration and evaluation costs included in accounts payable | $ | 60,082 | $ | - |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
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Providence Gold Mines Inc. published this content on 30 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 17:29:05 UTC.
