SEAHAWK GOLD CORP. SEAHAWK GOLD CORP.
CONDENSED INTERIM FINANCIAL STATEMENTS
(Unaudited)
(Expressed in Canadian Dollars)
FOR THE NINE MONTHS ENDED FEBRUARY 28, 2022
1
These unaudited condensed interim financial statements of Seahawk Gold Corp. for the nine months ended February 28, 2022 have been prepared by management and approved by the Board of Directors. These financial statements have not been reviewed by the Company's external auditors.
2
SEAHAWK GOLD CORP.
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited)
(Expressed in Canadian Dollars)
February 28, | May 31, | |||||||
2022 | 2021 | |||||||
ASSETS | ||||||||
Current | ||||||||
Cash | $ | 61,636 | $ | 119,713 | ||||
Amounts receivable (Note 5) | 9,490 | 62,844 | ||||||
Prepaids | 13,140 | - | ||||||
Exploration advances | 567 | 3,098 | ||||||
Total current assets | 84,833 | 185,655 | ||||||
Exploration and evaluation assets (Note 4) | 2,325,099 | 2,220,526 | ||||||
Total assets | $ | 2,409,932 | $ | 2,406,181 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current | ||||||||
Accounts payable and accrued liabilities | $ | 22,403 | $ | 71,380 | ||||
Due to related parties (Note 8) | 631,200 | 579,000 | ||||||
Loan from a related party (Note 6) | 100,417 | - | ||||||
Total current liabilities | 754,020 | 650,380 | ||||||
Shareholders' equity | ||||||||
Share capital (Note 7) | 7,990,982 | 7,971,518 | ||||||
Reserves (Note 7) | 2,958,133 | 2,965,097 | ||||||
Deficit | (9,293,203) | (9,180,814) | ||||||
1,655,912 | 1,755,801 | |||||||
Total liabilities and shareholders' equity | $ | 2,409,932 | $ | 2,406,181 | ||||
Nature and continuance of operations (Note 1)
Approved and authorized on behalf of the Board on March 22, 2022:
"Giovanni Gasbarro" | Director | "Bruno Gasbarro" | Director |
The accompanying notes are an integral part of these financial statements.
3
SEAHAWK GOLD CORP.
CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited)
(Expressed in Canadian Dollars)
Three Months | Three Months | Nine Months | Nine Months | |||||||||
Ended | Ended | Ended | Ended | |||||||||
February 28, | February 28, | February 28, | February 28, | |||||||||
2022 | 2021 | 2022 | 2021 | |||||||||
OPERATING EXPENSES | ||||||||||||
Interest and bank charges | $ | 870 | $ | 126 | $ | 979 | $ | 429 | ||||
Management fee (Note 8) | 6,000 | 21,000 | 52,200 | 90,000 | ||||||||
Office and miscellaneous | 33 | - | 347 | 550 | ||||||||
Professional fees | 1,450 | 1,650 | 14,520 | 29,111 | ||||||||
Shareholder cost and corporate communication | (2,422) | 39,342 | 22,177 | 95,944 | ||||||||
Share-based compensation (Note 7) | - | - | - | 323,583 | ||||||||
Transfer agent and filing fees | 10,940 | 21,566 | 22,166 | 39,802 | ||||||||
Other income | - | - | - | (3,000) | ||||||||
Loss and comprehensive loss for the period | $ | (16,871) | $ | (83,684) | $ | (112,389) | $ | (576,419) | ||||
Basic and diluted loss per common share | $ | (0.00) | $ | (0.00) | $ | (0.00) | $ | (0.02) | ||||
Weighted average number of common shares | ||||||||||||
outstanding | 32,337,417 | 32,262,834 | 32,325,695 | 31,805,969 |
The accompanying notes are an integral part of these financial statements.
4
SEAHAWK GOLD CORP.
CONDENSED INTERIM STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in Canadian Dollars)
Nine Months | Nine Months | |||||||
Ended | Ended | |||||||
February 28, | February 28, | |||||||
2022 | 2021 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Loss for the period | $ | (112,389) | $ | (576,419) | ||||
Items not involving cash: | ||||||||
Accrued interest | 417 | - | ||||||
Stock-based compensation | - | 323,583 | ||||||
Consulting fees paid in shares | - | 21,875 | ||||||
Changes in non-cash working capital items: | ||||||||
Receivables | (3,250) | 58,813 | ||||||
Prepaids | (13,140) | (19,804) | ||||||
Accounts payable and accrued liabilities | (48,977) | (26,883) | ||||||
Due to related parties | 52,200 | 50,001 | ||||||
Net cash used in operating activities | (125,139) | (168,834) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Exploration and evaluation asset expenditures | (109,200) | (86,164) | ||||||
Quebec mining tax credit | 63,762 | - | ||||||
Net cash used in investing activities | (45,438) | (86,164) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from private placement | - | 392,367 | ||||||
Share issue costs | - | (20,306) | ||||||
Proceeds from exercise of stock options | 12,500 | - | ||||||
Loan proceeds from a related party | 100,000 | - | ||||||
Net cash provided by financing activities | 112,500 | 372,061 | ||||||
Change in cash for the period | (58,077) | 117,063 | ||||||
Cash, beginning of period | 119,713 | 22,319 | ||||||
Cash, end of period | $ | 61,636 | $ | 139,382 | ||||
Supplemental disclosure with respect to cash flows (Note 9) |
The accompanying notes are an integral part of these financial statements.
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Seahawk Ventures Inc. published this content on 22 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 March 2022 21:31:04 UTC.
