US COPPER CORP. (formerly Crown Mining Corp.)
UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2022 & 2021
MANAGEMENT'S RESPONSIBILITY FOR
FINANCIAL REPORTING
The accompanying unaudited condensed interim consolidated financial statements of US Copper Corp. (formerly Crown Mining Corp.) (the "Company") are the responsibility of the management and Board of Directors of the Company.
The unaudited condensed interim consolidated financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in the notes to the unaudited condensed interim consolidated financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the statement of financial position date. In the opinion of management, the unaudited condensed interim consolidated financial statements have been prepared within acceptable limits of materiality and are in accordance with International Accounting Standard 34 Interim Financial Reporting of International Financial Reporting Standards using accounting policies consistent with International Financial Reporting Standards appropriate in the circumstances.
Management has established systems of internal control over the financial reporting process, which are designed to provide reasonable assurance that relevant and reliable financial information is produced.
The Board of Directors is responsible for reviewing and approving the unaudited condensed interim consolidated financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the unaudited condensed interim consolidated financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the unaudited condensed interim consolidated financial statements together with other financial information of the Company for issuance to the shareholders.
Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.
"Stephen Dunn" (signed) | "Rich Morrow" (signed) | |
Chief Executive Officer | Chief Financial Officer |
NOTICE TO READER
The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated statements for the three and six month periods ended June 30, 2022 and 2021 have not been reviewed by the Company's auditors.
US COPPER CORP.
(formerly Crown Mining Corp.)
Unaudited Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian dollars)
June 30, 2022 December 31, 2021 | ||
As at, | $ | $ |
ASSETS | ||
Current | ||
Cash and cash equivalents (Note 5) | 2,174,795 | 2,531,780 |
Marketable securities (Note 6) | 152,000 | 32,000 |
Trade and other receivables (Note 7) | 15,834 | 10,284 |
Prepaid expenses | - | 83,333 |
2,342,629 | 2,657,397 | |
Capital assets (Note 8) | 39,516 | 43,916 |
Total assets | 2,382,145 | 2,701,313 |
LIABILITIES | ||
Current | 113,585 | 37,563 |
Trade and other payables (Notes 9 and 11) | ||
Total liabilities | 113,585 | 37,563 |
EQUITY | 16,813,483 | 16,813,483 |
Share capital (Note 13 (a)) | ||
Reserve for warrants (Note 14) | 690,800 | 723,100 |
Reserve for share based payments (Note 15) | 3,418,786 | 3,371,486 |
Accumulated deficit | (18,654,509) | (18,244,319) |
Total equity | 2,268,560 | 2,663,750 |
Total liabilities and equity | 2,382,145 | 2,701,313 |
Nature of Operations and Going Concern (Note 1) | ||
Commitments and Contingencies (Notes 11 and 16) | ||
Subsequent Events (Note 13(b)) |
Approved on behalf of the Board of Directors on August 29, 2022:
"Stephen Dunn" (signed) | "James Fairbairn" (signed) | |
Director | Director |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements
US COPPER CORP.
(formerly Crown Mining Corp.)
Unaudited Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
(Expressed in Canadian dollars)
Three Months | Six Months | |||
2022 | 2021 | 2022 | 2021 | |
For the periods ended June 30, | $ | $ | $ | $ |
Professional fees | 11,500 | 11,500 | 26,260 | 20,000 |
Management and consulting fees (Note 12) | 15,000 | 18,166 | 30,000 | 33,166 |
Share based payments (Note 13 (c) and 15) | - | 57,000 | 15,000 | 140,000 |
Office, general and administration | (3,435) | 84,045 | 9,146 | 116,942 |
Investor relations, promotion and travel | 139,545 | 115,984 | 222,222 | 340,296 |
Exploration and evaluation expenditures (Note 11) | 12,229 | 765,973 | 107,562 | 878,443 |
Net loss and comprehensive loss | 174,839 | 1,052,668 | 410,190 | 1,528,847 |
Loss per share - basic and diluted | 0.00 | 0.01 | 0.00 | 0.02 |
Weighted average number | 112,155 | 103,184 | 112,155 | 97,120 |
of common shares - basic and diluted (000's) | ||||
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements
US COPPER CORP.
(formerly Crown Mining Corp.)
Unaudited Condensed Interim Consolidated Statements of Changes in Equity
(Expressed in Canadian dollars)
Share Capital | Reserves | |||||||||
Number of | Share based | Accumulated | ||||||||
shares | Amount | Warrants | payments | deficit | Total | |||||
Balance at December 31, 2020 | 87,529,627 | $ 13,778,292 | $ | 452,000 | $ | 3,175,786 | $ (15,833,391) | $ | 1,572,687 | |
Private placements, net of issue costs | 15,000,000 | 2,454,991 | - | - | - | 2,454,991 | ||||
Warrants issued on private placement to subscribers | - | (366,000) | 366,000 | - | - | - | ||||
Shares issued on stock options exercised | 1,325,000 | 200,300 | - | (53,300) | - | 147,000 | ||||
Shares issued on warrants exercised | 8,300,000 | 745,900 | (65,900) | - | - | 680,000 | ||||
Share based payments | - | - | - | 220,000 | - | 220,000 | ||||
Reserve transferred on expiry of warrants | - | - | (29,000) | 29,000 | - | - | ||||
Net loss for the year | - | - | - | - | (2,410,928) | (2,410,928) | ||||
Balance at December 31, 2021 | 112,154,62 | $ 16,813,483 | $ | 723,100 | $ | 3,371,486 | $ (18,244,319) | $ | 2,663,750 | |
Share based payments | - | - | - | 15,000 | - | 15,000 | ||||
Reserve transferred on expiry of warrants | - | - | (32,300) | 32,300 | - | - | ||||
Net loss for the period | - | - | - | - | (410,190) | (410,190) | ||||
Balance at June 30, 2022 | 112,154,627 | $ 16,813,483 | $ | 690,800 | $ | 3,418,786 | $ (18,654,509) | $ | 2,268,560 | |
Balance at December 31, 2020 | 87,529,627 | $ 13,778,292 | $ | 452,000 | $ | 3,175,786 | $ (15,833,391) | $ | 1,572,687 | |
Private placements, net of issue costs | 15,000,000 | 2,454,791 | - | - | - | 2,454,791 | ||||
Warrants issued on private placement to subscribers | - | (366,000) | 366,000 | - | - | - | ||||
Shares issued on stock options exercised | 1,225,000 | 184,600 | - | (49,600) | - | 135,000 | ||||
Shares issued on warrants exercised | 7,300,000 | 639,900 | (59,900) | - | - | 580,000 | ||||
Share based payments | - | - | - | 140,000 | - | 140,000 | ||||
Reserve transferred on expiry of warrants | - | - | (29,000) | 29,000 | - | - | ||||
Net loss for the period | - | - | - | - | (1,528,847) | (1,528,847) | ||||
Balance at June 30, 2021 | 111,054,627 | $ 16,691,583 | $ | 729,100 | $ | 3,295,186 | $ (17,362,238) | $ | 3,353,631 |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements
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US Copper Corp. published this content on 29 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 02:57:38 UTC.
