SEAHAWK GOLD CORP. SEAHAWK GOLD CORP.
CONDENSED INTERIM FINANCIAL STATEMENTS
(Unaudited)
(Expressed in Canadian Dollars)
FOR THE SIX MONTHS ENDED NOVEMBER 30, 2021
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These unaudited condensed interim financial statements of Seahawk Gold Corp. for the six months ended November 30, 2021 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.
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SEAHAWK GOLD CORP.
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited)
(Expressed in Canadian Dollars)
November | May 31, | |||||||
30, 2021 | 2021 | |||||||
ASSETS | ||||||||
Current | ||||||||
Cash | $ | 86,453 | $ | 119,713 | ||||
Amounts receivable (Note 5) | 5,190 | 62,844 | ||||||
Prepaids | 17,519 | - | ||||||
Exploration advances | 790 | 3,098 | ||||||
Total current assets | 109,952 | 185,655 | ||||||
Exploration and evaluation assets (Note 4) | 2,224,776 | 2,220,526 | ||||||
Total assets | $ | 2,334,728 | $ | 2,406,181 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current | ||||||||
Accounts payable and accrued liabilities | $ | 36,745 | $ | 71,380 | ||||
Due to related parties (Note 7) | 625,200 | 579,000 | ||||||
Total current liabilities | 661,945 | 650,380 | ||||||
Shareholders' equity | ||||||||
Share capital (Note 6) | 7,990,982 | 7,971,518 | ||||||
Reserves (Note 6) | 2,958,133 | 2,965,097 | ||||||
Deficit | (9,276,332) | (9,180,814) | ||||||
1,672,783 | 1,755,801 | |||||||
Total liabilities and shareholders' equity | $ | 2,334,728 | $ | 2,406,181 | ||||
Nature and continuance of operations (Note 1)
Approved and authorized on behalf of the Board on January 6, 2022:
"Giovanni Gasbarro" | Director | "Bruno Gasbarro" | Director |
The accompanying notes are an integral part of these financial statements.
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SEAHAWK GOLD CORP.
CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited)
(Expressed in Canadian Dollars)
Three Months | Three Months | Six Months | Six Months | |||||||||
Ended | Ended | Ended | Ended | |||||||||
November 30, | November 30, | November 30, | November 30, | |||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
OPERATING EXPENSES | ||||||||||||
Management fee (Note 8) | $ | 22,200 | $ | 34,500 | $ | 46,200 | $ | 69,000 | ||||
Office and miscellaneous | 293 | 283 | 423 | 853 | ||||||||
Professional fees | 13,070 | 34,667 | 13,070 | 27,461 | ||||||||
Share-based compensation (Notes 7 and 8) | - | - | - | 323,583 | ||||||||
Shareholder cost and corporate communication | 13,011 | 46,451 | 24,599 | 56,602 | ||||||||
Transfer agent and filing fees | 7,342 | 15,363 | 11,226 | 18,236 | ||||||||
Other income | - | - | - | (3,000) | ||||||||
Loss and comprehensive loss for the period | $ | (55,916) | $ | (131,264) | $ | (95,518) | $ | (492,735) | ||||
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 | 32,237,554 | 32,319,931 | 31,575,544 |
The accompanying notes are an integral part of these financial statements.
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SEAHAWK GOLD CORP.
CONDENSED INTERIM STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in Canadian Dollars)
Six Months | Six Months | |||||||
Ended | Ended | |||||||
November 30, | November 30, | |||||||
2021 | 2020 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Loss for the period | $ | (95,518) | $ | (492,735) | ||||
Item not involving cash: | ||||||||
Share-based compensation | - | 323,583 | ||||||
Consulting fees paid in shares | - | 18,750 | ||||||
Changes in non-cash working capital items: | ||||||||
Receivables | 1,050 | 60,087 | ||||||
Prepaids | (17,519) | (49,686) | ||||||
Accounts payable and accrued liabilities | (34,635) | (14,808) | ||||||
Due to related parties | 46,200 | 29,001 | ||||||
Net cash used in operating activities | (100,422) | (125,808) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Quebec mining tax credit | 63,762 | - | ||||||
Exploration and evaluation asset expenditures | (9,100) | (85,432) | ||||||
Net cash obtained from (used in) investing activities | 54,662 | (85,432) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from private placement | - | 392,367 | ||||||
Proceeds from exercise of stock options | 12,500 | - | ||||||
Share issue costs | - | (20,306) | ||||||
Net cash provided by financing activities | 12,500 | 372,061 | ||||||
Change in cash for the period | (33,260) | 160,821 | ||||||
Cash, beginning of period | 119,713 | 22,319 | ||||||
Cash, end of period | $ | 86,453 | $ | 183,140 | ||||
Supplemental disclosure with respect to cash flows (Note 10) |
The accompanying notes are an integral part of these financial statements.
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Seahawk Ventures Inc. published this content on 21 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 January 2022 17:22:04 UTC.
