WESTMOUNTAIN GOLD, INC. WESTMOUNTAIN GOLD, INC. AND SUBSIDIARIES
Consolidated Financial Statements
and
Independent Auditor's Report
February 28, 2022 and February 28, 2021
WESTMOUNTAIN GOLD, INC.
INDEX TO FINANCIAL STATEMENTS
Page | |
Report of Independent Registered Public Accounting Firm | 1 |
Consolidated Balance Sheets February 28, 2022 and February 28, 2021 | 2 |
Consolidated Statements of Operations for the years ended February 28, 2022 and February 28, 2021 | 3 |
Consolidated Statements of Changes in Stockholders' Deficit as of February 28, 2022 and February 28, 2021 | 4 |
Consolidated Statements of Cash Flows for the years ended February 28, 2022 and February 28, 2021 | 5 |
Notes to Consolidated Financial Statements February 28, 2022 and February 28, 2021 | 6 |
Report of Independent Registered Public Accounting Firm
To the shareholders and the board of directors of WestMountain Gold, Inc.
Opinion on the Financial Statement
We have audited the accompanying balance sheets of WestMountain Gold, Inc. as of February 28, 2022 and February 28, 2021, the related statements of operations, stockholders' equity (deficit), and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of February 28, 2022 and February 28, 2021, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States.
Substantial Doubt about the Company's Ability to Continue as a Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
We have served as the Company's auditor since 2019
Lakewood, CO
May 29, 2022
1
WestMountain Gold, Inc.
Consolidated Balance Sheets
February 28, | February 28, | |||||||||
2022 | 2021 | |||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 1,058,131 | $ | 1,202,530 | ||||||
Prepaid expenses | 227,279 | 15,025 | ||||||||
Total current assets | 1,285,410 | 1,217,555 | ||||||||
Property and equipment, net | - | 8,700 | ||||||||
Asset retirement costs | 40,631 | 68,269 | ||||||||
Security deposits | 563,885 | 1,225,140 | ||||||||
Total assets | $ | 1,889,926 | $ | 2,519,664 | ||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 6,803 | $ | 26,836 | ||||||
Notes payable - related party | 1,900,000 | |||||||||
Accrued interest - related party | 1,035,306 | 801,567 | ||||||||
Accrued liabilities, related party | 50,000 | 50,000 | ||||||||
Accrued liabilities | 22,154 | 95,379 | ||||||||
Total current liabilities | 3,014,262 | 973,782 | ||||||||
Notes payable | 5,000,000 | 6,000,000 | ||||||||
Asset retirement obligation | 210,353 | 216,496 | ||||||||
Total liabilities | 8,224,616 | 7,190,278 | ||||||||
Commitments and contingencies | - | - | ||||||||
Stockholders' Equity: | ||||||||||
Preferred stock, $0.10 par value, 1,000,000 shares authorized, 0 issued | ||||||||||
and outstanding as of February 28, 2022 and 2021 | - | - | ||||||||
Common stock, $0.01 par value. 100,000,000 shares authorized; | ||||||||||
20,139,531 and 20,139,531 shares issued and outstanding as of | ||||||||||
February 28, 2022 and 2021 | 201,405 | 201,395 | ||||||||
Additional paid-in capital | 6,858,532 | 6,858,532 | ||||||||
Accumulated deficit | (13,394,627) | (11,730,541) | ||||||||
Total stockholders' deficit | (6,334,690) | (4,670,614) | ||||||||
Total liabilities and stockholders' deficit | $ | 1,889,926 | $ | 2,519,664 | ||||||
The accompanying notes are an integral part of the consolidated financial statements.
2
WestMountain Gold, Inc.
Consolidated Statements of Operations
Year Ended | Year Ended | |||||
February 28, | February 28, | |||||
2022 | 2021 | |||||
Sales | $ | - $ | - | |||
Cost of goods sold | - | - | ||||
Gross margin | - | - | ||||
Operating expenses: | ||||||
General and administrative | 1,285,558 | 999,154 | ||||
Exploration expense | 219,325 | 355,624 | ||||
Total operating expenses | 1,504,883 | 1,354,778 | ||||
Income (loss) from operations | (1,504,883) | (1,354,778) | ||||
Other income (expense) | ||||||
Interest income (expense), net | 340 | 673 | ||||
Asset retirement obligation | 6,142 | (22,795) | ||||
Interest expense, related party | (233,738) | (235,555) |
Total other income (expense) | (227,256) | (257,677) |
Income (loss) before income taxes | (1,732,139) | (1,612,455) | ||||||
Provision for income taxes (benefit) | - | - | ||||||
Net loss | (1,732,139) | (1,612,455) | ||||||
Basic and diluted earnings (loss) per common share | $ | (0.09) | $ | (0.09) | ||||
Weighted-average number of common shares outstanding: | ||||||||
Basic and diluted | 20,139,531 | 17,016,682 |
The accompanying notes are an integral part of the consolidated financial statements.
3
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WestMountain Gold Inc. published this content on 29 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2022 12:18:10 UTC.
