RIDGESTONE MINING INC. RIDGESTONE MINING INC.
Interim Consolidated Financial Statements
Nine Months Ended September 30, 2021
(Expressed in Canadian dollars)
(Unaudited)
The accompanying unaudited interim consolidated financial statements have been prepared by Management of Ridgestone Mining Inc. and have not been reviewed by the Company's auditors.
RIDGESTONE MINING INC.
Interim consolidated statements of financial position (Expressed in Canadian dollars)
September 30, | December 31, | |
2021 | 2020 | |
$ | $ | |
ASSETS | (unaudited) | |
Current assets | ||
Cash | 371,222 | 46,046 |
Prepaids and deposits | 9,927 | 25,539 |
Taxes recoverable and other receivables | 48,343 | 34,148 |
Total current assets | 429,492 | 105,733 |
Non-current assets | ||
Exploration and evaluation assets (Note 3) | 2,174,296 | 1,956,539 |
Total assets | 2,603,788 | 2,062,272 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Current liabilities | ||
Accounts payable and accrued liabilities (Note 4) | 145,903 | 424,069 |
Due to related parties (Note 5) | 83,711 | 133,505 |
Loans payable (Note 6) | - | 160,000 |
Total liabilities | 229,614 | 717,574 |
Shareholders' equity | ||
Share capital (Note 7) | 8,845,861 | 6,489,869 |
Equity reserve (Note 8) | 911,737 | 790,880 |
Deficit | (7,383,424) | (5,936,051) |
Total shareholders' equity | 2,374,174 | 1,344,698 |
Total liabilities and shareholders' equity | 2,603,788 | 2,062,272 |
Nature of operations and continuance of business (Note 1)
Subsequent events (Note 12)
Approved and authorized for issuance on behalf of the Board of Directors on November 25, 2021:
/s/ "Jonathan George"
Jonathan George, Director
/s/ "Erwin Wong"
Erwin Wong, Director
(The accompanying notes are an integral part of these interim consolidated financial statements)
2
RIDGESTONE MINING INC.
Interim consolidated statements of comprehensive loss (Expressed in Canadian dollars)
(Unaudited)
For the | For the | For the | For the | |
three months | three months | nine months | nine months | |
ended | ended | ended | ended | |
September 30, September 30, September 30, September 30, | ||||
2021 | 2020 | 2021 | 2020 | |
$ | $ | $ | $ | |
Expenses | ||||
Consulting fees (Note 5) | 56,898 | 235,648 | 896,441 | 661,280 |
Foreign exchange (gain) loss | (1,302) | (6,221) | 26,375 | (28,555) |
General and administrative | 15,102 | 5,825 | 40,018 | 53,706 |
Mineral exploration costs (Notes 3 and | 76,483 | 621,041 | ||
5) | 134,596 | 334,087 | ||
Professional fees | 20,431 | 28,429 | 148,030 | 134,535 |
Share-based compensation | - | 158,001 | - | 172,098 |
Total expenses | 225,725 | 498,165 | 1,444,951 | 1,614,105 |
Net loss before other items | (225,725) | (498,165) | (1,444,951) | (1,614,105) |
Other income or expense | ||||
Write-down on mineral property | - | - | - | (298,302) |
Interest expense | (2) | (1,557) | (2,422) | (1,557) |
Net and comprehensive loss | (225,727) | (499,722) | (1,447,373) | (1,913,964) |
Loss per share, basic and diluted | (0.00) | (0.01) | (0.02) | (0.04) |
Weighted average shares | ||||
outstanding, basic and diluted | 91,610,176 | 44,910,174 | 87,381,742 | 43,033,672 |
(The accompanying notes are an integral part of these interim consolidated financial statements)
3
RIDGESTONE MINING INC.
Interim consolidated statement of changes in equity (Expressed in Canadian dollars)
(Unaudited)
Total | |||||
Share capital | Equity | shareholders' | |||
Number of | Amount | reserve | Deficit | equity | |
shares | $ | $ | $ | $ | |
Balance, December 31, 2019 | 35,198,161 | 4,876,008 | 638,178 | (3,813,844) | 1,700,342 |
Units issued for cash | 7,012,013 | 1,051,802 | - | - | 1,051,802 |
Share issuance costs | - | (47,170) | 5,380 | - | (41,790) |
Shares issued pursuant to mineral property purchase agreement | 2,000,000 | 470,000 | - | - | 470,000 |
Shares issued for services | 700,000 | 105,000 | - | - | 105,000 |
Share-based compensation | - | - | 172,098 | - | 172,098 |
Net loss for the period | - | - | - | (1,913,964) | (1,913,964) |
Balance, September 30, 2020 | 44,910,174 | 6,455,640 | 815,656 | (5,727,808) | 1,543,488 |
Balance, December 31, 2020 | 45,110,174 | 6,489,869 | 790,880 | (5,936,051) | 1,344,698 |
Units issued for cash | 44,000,000 | 2,320,000 | - | - | 2,320,000 |
Share issuance costs | - | (278,886) | 140,919 | - | (137,967) |
Shares issued pursuant to mineral property option agreement | 479,127 | 64,682 | - | - | 64,682 |
Units issued for finders' fee for mineral property option agreement | 509,375 | 66,219 | 28,053 | - | 94,272 |
Shares issued for cash upon exercise of warrants | 1,211,500 | 101,812 | (10,950) | - | 90,862 |
Shares issued for cash upon exercise of stock options | 300,000 | 82,165 | (37,165) | - | 45,000 |
Net loss for the period | - | - | - | (1,447,373) | (1,447,373) |
Balance, September 30, 2021 | 91,610,176 | 8,845,861 | 911,737 | (7,383,424) | 2,374,174 |
(The accompanying notes are an integral part of these interim consolidated financial statements)
4
RIDGESTONE MINING INC.
Interim consolidated statements of cash flows (Expressed in Canadian dollars)
For the | For the | |
nine months | nine months | |
ended | ended | |
September 30, | September 30, | |
2021 | 2020 | |
$ | $ | |
Operating activities | ||
Net loss | (1,447,373) | (1,913,964) |
Items not involving cash: | ||
Issuance of shares for services | - | 105,000 |
Share-based compensation | - | 172,098 |
Write-down of mineral property | - | 298,302 |
Changes in non-cash operating working capital: | ||
Prepaid expenses | 15,612 | 15,400 |
Taxes recoverable | (14,195) | (8,081) |
Accounts payable and accrued liabilities | (278,166) | 238,122 |
Due to related parties | (49,794) | 38,387 |
Net cash used in operating activities | (1,773,916) | (1,054,736) |
Investing activities | ||
Option payment on exploration and evaluation assets | (58,803) | - |
Deposit on exploration and evaluation assets | - | (44,247) |
Net cash used in investing activities | (58,803) | (44,247) |
Financing activities | ||
Proceeds from issuance of units, net of issuance costs | 2,182,033 | 1,010,012 |
Proceeds from issuance of shares upon exercise of warrants | 90,862 | - |
Proceeds from issuance of shares upon exercise of stock options | 45,000 | - |
Proceeds from loans | - | 110,000 |
Repayment of loans | (160,000) | - |
Net cash provided by financing activities | 2,157,895 | 1,120,012 |
Increase in cash | 325,176 | 21,029 |
Cash, beginning of period | 46,046 | 57,530 |
Cash, end of period | 371,222 | 78,559 |
Non-cash investing and financing activities: | ||
Fair value of finders' warrants issued pursuant to private | ||
placements | 140,919 | - |
Reclassification of deposit to exploration and evaluation assets | - | 1,240,724 |
Reclassification of fair value of stock options upon exercise | 10,950 | - |
Reclassification of fair value of stock options upon exercise | 37,165 | - |
Shares issued pursuant to mineral property purchase agreement | 64,682 | 470,000 |
Share issued for services | - | 105,000 |
Units issued for finders' fee for mineral property option agreement | 94,272 | - |
Supplemental disclosures: | ||
Interest paid | 7,098 | - |
Income taxes paid | - | - |
(The accompanying notes are an integral part of these interim consolidated financial statements)
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Ridgestone Mining Inc. published this content on 27 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 November 2021 01:49:03 UTC.
