UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS

Three months ended May 31, 2021

The attached unaudited condensed interim financial statements have been prepared by Management of

Sphinx Resources Ltd. and have not been reviewed by the auditors

SPHINX RESOURCES LTD.

Statements of Financial Position

As at May 31, 2021 and February 28, 2021

(Unaudited, in Canadian Dollars)

May 31,

February 28,

Notes

2021

2021

ASSETS

$

$

Current assets

2

Cash and cash equivalent

78,995

104,568

Accounts receivable

-

10,000

Sales tax receivables

13,020

7,248

Tax credits receivable

109,977

105,793

Listed shares

21,000

20,500

Prepaid expenses

5,224

6,382

TOTAL ASSETS

228,216

254,491

LIABILITIES AND EQUITY

Current liabilities

Trade and other payables

215,489

154,742

Deferred governmental grant

-

11,104

Loans - current portion

11,010

7,177

Total current liabilities

226,499

173,023

Non-current liabilities

3

Loans

59,292

60,647

Total liabilities

285,791

233,670

Equity

Capital stock

62,071,540

61,921,540

Warrants

306,114

306,114

Contributed surplus

12,147,042

12,144,338

Deficit

(74,582,271)

(74,351,171)

Total equity

(57,575)

20,821

TOTAL LIABILITIES AND EQUITY

228,216

254,491

Going concern

1

The accompanying notes are an integral part of these unaudited condensed interim financial statements.

- 2 -

SPHINX RESOURCES LTD.

Statements of Loss and Comprehensive Loss Three months ended May 31, 2021 and 2020 (Unaudited, in Canadian Dollars)

Three months

ended May 31,

Notes

2021

2020

Revenues

$

$

Project management fees

9

87

Expenses

6

Exploration and evaluation expenditures

(160,948)

(4,912)

General and administrative

7

(68,772)

(78,374)

Operating loss

(229,711)

(83,199)

Other income (expenses)

3

Finance costs

(2,603)

(252)

Change in fair value - listed shares

500

21,337

Loss before income taxes

(231,814)

(62,114)

Current tax recovery

714

350

Loss and comprehensive loss for the period

(231,100)

(61,764)

Weighted average number of common shares outstanding - basic and diluted

163,850,565

126,184,261

Basic and diluted loss per common share

(0.00)

(0.00)

The accompanying notes are an integral part of these unaudited condensed interim financial statements.

- 3 -

SPHINX RESOURCES LTD.

Statements of Changes in Equity

Three months ended May 31, 2021 and 2020 (Unaudited, in Canadian Dollars)

Common

Shares

Capital

Contributed

Total

Number

Stock

Warrant

Surplus

Deficit

Equity

$

$

$

$

$

Balance at February 29, 2020

126,184,261

61,507,812

104,894

12,118,599

(73,799,220)

(67,915)

Share-based payment

-

-

-

4,554

-

4,554

Loss and comprehensive loss

-

-

-

-

(61,764)

(61,764)

Balance at May 31, 2020

126,184,261

61,507,812

104,894

12,123,153

(73,860,984)

(125,125)

Balance at February 28, 2021

158,959,261

61,921,540

306,114

12,144,338

(74,351,171)

20,821

Share issued for:

Project acquisition

7,500,000

150,000

-

-

-

150,000

Share-based payment

-

-

-

2,704

-

2,704

Loss and comprehensive loss

-

-

-

-

(231,100)

(231,100)

Balance at May 31, 2021

166,459,261

62,071,540

306,114

12,147,042

(74,582,271)

(57,575)

The accompanying notes are an integral part of these condensed interim financial statements.

- 4 -

SPHINX RESOURCES LTD.

Statements of Cash Flows

Three months ended May 31, 2021 and 2020 (Unaudited, in Canadian Dollars)

Three months

ended May 31,

Notes

2021

2020

$

$

Operating activities

Loss for the period

(231,100)

(61,764)

Adjustments for:

Share-based payments

2,704

4,554

Shares issued for project acquisition

150,000

-

Governmental grants

3

(11,104)

(4,166)

Finance cost loans

2,603

252

Change in fair value - listed shares

(500)

(21,337)

Changes in non-cash working capital items

(87,397)

(82,461)

Accounts receivable

10,000

2,053

Sales tax receivable

(5,772)

21,649

Tax credits receivable

(4,184)

(2,052)

Prepaid expenses

1,158

4,628

Trade and other payables

60,747

5,033

61,949

31,311

Cash flow used in operating activities

(25,448)

(51,150)

Financing activities

Proceeds from loans

-

40,000

Finance cost paid on loans

(125)

-

Cash flow from financing activities

(125)

40,000

Investing activities

Proceeds from disposal of listed shares

-

31,500

Cash flow from investing activities

-

31,500

Change in cash during the period

(25,573)

20,350

Cash and cash equivalents, beginning of period

104,568

44,682

Cash and cash equivalents, end of period

78,995

65,032

The accompanying notes are an integral part of these unaudited condensed interim financial statements.

- 5 -

Attachments

  • Original document
  • Permalink

Disclaimer

Sphinx Resources Ltd. published this content on 22 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2021 13:41:04 UTC.