GOLD MOUNTAIN MINING CORP. GOLD MOUNTAIN MINING CORP.
Condensed Interim Consolidated Financial Statements
Three Months Ended April 30, 2022 and 2021
(Expressed in Canadian Dollars)
Table of Contents
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS | |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS | 5 |
NOTE 1 - NATURE OF OPERATIONS | 6 |
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | 6 |
NOTE 3 - MANAGEMENT JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY | 8 |
NOTE 4 - RECEIVABLES | 8 |
NOTE 5 - INVENTORY | 8 |
NOTE 6 - PROPERTY AND EQUIPMENT | 9 |
NOTE 7 - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 11 |
NOTE 8 - PROMISSORY NOTE | 12 |
NOTE 9 - FLOW-THROUGH SHARE PREMIUM LIABILITY | 12 |
NOTE 10 - RECLAMATION PROVISION | 13 |
NOTE 11 - SHARE CAPITAL AND SHARE-BASED PAYMENTS | 13 |
NOTE 12 - REVENUE | 16 |
NOTE 13 - COST OF SALES | 16 |
NOTE 14 - RELATED PARTY TRANSACTIONS | 17 |
NOTE 15 - SUPPLEMENTAL CASH FLOW INFORMATION | 18 |
NOTE 16 - CAPITAL MANAGEMENT | 19 |
NOTE 17 - FINANCIAL INSTRUMENTS | 19 |
NOTE 18 - COMMITMENTS | 20 |
NOTE 19 - EVENTS AFTER REPORTING PERIOD | 20 |
Gold Mountain Mining Corp.
Condensed Interim Consolidated Statements of Financial Position
As of April 30, 2022 and January 31, 2022
(Unaudited - Expressed in Canadian Dollars)
Notes | April 30, 2022 | January 31, 2022 | |||||
Assets | |||||||
Current assets | |||||||
Cash | $ | 18,819,693 | $ | 2,557,764 | |||
675,449 | |||||||
Trade and other receivables | 4 | 1,970,281 | |||||
Tax credit receivable | 399,233 | 650,328 | |||||
Inventory | 5 | 120,000 | - | ||||
Prepaid expenses and deposits | 117,062 | ||||||
133,361 | |||||||
Non-current assets | 21,426,269 | 4,016,902 | |||||
Prepaid expenses and deposits | 192,852 | 267,812 | |||||
Property and equipment | 6 | 30,094,238 | 27,605,578 | ||||
Reclamation deposits | 775,551 | 775,551 | |||||
Total Assets | $ | 52,488,910 | $ | 32,665,843 | |||
Liabilities | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | 7,14 | $ | 3,266,251 | $ | 2,236,473 | ||
Short-term loans | 81,250 | 80,223 | |||||
Current portion of lease payable | 31,337 | 31,337 | |||||
Current portion of promissory note | 8 | 2,978,312 | 2,860,506 | ||||
6,357,150 | 5,208,539 | ||||||
Non-current liabilities | |||||||
Reclamation provision | 10 | 1,830,459 | 1,822,440 | ||||
Flow-through share premium liability | 9 | 51,450 | 177,666 | ||||
Lease payable | 57,366 | 62,343 | |||||
Promissory note | 8 | 2,508,128 | 2,410,040 | ||||
Total Liabilities | 10,804,553 | 9,681,028 | |||||
Shareholders' Equity | |||||||
Share capital | 11 | 54,320,751 | 36,213,153 | ||||
Warrants reserve | 11 | 6,420,155 | 4,562,511 | ||||
Contributed surplus | 11 | 2,744,502 | 3,772,386 | ||||
Accumulated deficit | (21,801,051) | (21,563,235) | |||||
Total Shareholders' Equity | 41,684,357 | 22,984,815 | |||||
Total Liabilities and Shareholders' Equity | $ | 52,488,910 | $ | 32,665,843 | |||
Nature of operations (Note 1)
Commitments (Note 18)
Events after reporting period (Note 19)
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Gold Mountain Mining Corp.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss For the Three-Month Period Ended April 30, 2022 and 2021
(Unaudited - Expressed in Canadian Dollars)
Three months | Three months | |||||||||
ended | ended | |||||||||
April 30, 2022 | April 30, 2021 | |||||||||
Revenue | $ | 3,706,423 | $ | - | ||||||
Cost of sales | (2,781,003) | - | ||||||||
Gross profit | 925,420 | - | ||||||||
Other operating expenses | ||||||||||
Management, director and consulting fees | 183,625 | 573,014 | ||||||||
General and administration | 52,135 | 14,000 | ||||||||
Investor relations | 55,745 | 7,798 | ||||||||
Marketing | 76,985 | 573,579 | ||||||||
Professional fees | 119,730 | 29,986 | ||||||||
Regulatory and transfer agent fees | 41,402 | 31,089 | ||||||||
Share-based payments | 542,805 | 1,270,704 | ||||||||
Travel | 444 | 11,334 | ||||||||
Total other operating expenses | (1,072,871) | (2,511,504) | ||||||||
Loss from operations | (147,451) | (2,511,504) | ||||||||
Other items | ||||||||||
Finance income | 3,198 | 134 | ||||||||
Finance expense | (219,779) | (301,024) | ||||||||
Recovery of flow-through share premium | 126,216 | - | ||||||||
Total other items | (90,365) | (300,890) | ||||||||
Loss before income tax | (237,816) | (2,812,394) | ||||||||
Income and mining tax expense | - | - | ||||||||
$ | (2,812,394) | |||||||||
Loss and comprehensive loss | $ | (237,816) | ||||||||
Basic and diluted loss per common share | $ | (0.00) | $ | (0.05) | ||||||
Weighted average number of common shares outstanding | 73,945,184 | 57,150,663 | ||||||||
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
3
Gold Mountain Mining Corp.
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity For the Three-Month Period Ended April 30, 2022 and 2021
(Unaudited - Expressed in Canadian Dollars except number of shares)
Notes | Number of | Share capital | Warrants | Contributed | Deficit | Total | ||||||
shares | reserve | surplus | ||||||||||
Balance at January 31, 2021 | 49,069,852 | $ | 11,628,629 | $ | 1,406,273 | $ | 1,135,288 | $ | (9,147,942) | $ | 5,022,248 | |
Shares issued for bonus shares | 230,000 | 289,800 | - | - | - | 289,800 | ||||||
Shares issued on exercise of warrants | 743,969 | 1,147,303 | (386,231) | - | - | 761,072 | ||||||
Shares issued on exercise of options | 100,000 | 48,444 | - | (23,444) | - | 25,000 | ||||||
Shares issued for RSUs | 38,750 | 34,484 | - | (34,484) | - | - | ||||||
Shares issued for PSUs | 140,000 | 201,598 | - | (201,598) | - | - | ||||||
Shares issued in private placements | 10,310,000 | 7,027,201 | 2,973,499 | - | - | 10,000,700 | ||||||
Broker warrants | - | - | 243,779 | - | - | 243,779 | ||||||
Share issuance costs | - | (562,587) | (238,054) | - | - | (800,641) | ||||||
Shares subscription | - | (892) | - | - | - | (892) | ||||||
Share-based payments | - | - | - | 1,565,655 | - | 1,565,655 | ||||||
Net loss for the period | - | - | - | - | (2,812,394) | (2,812,394) | ||||||
Balance at April 30, 2021 | 60,632,571 | $ | 19,813,980 | $ | 3,999,266 | $ | 2,441,417 | $ | (11,960,336) | $ | 14,294,327 | |
Balance at January 31, 2022 | 71,014,144 | $ | 36,213,153 | $ | 4,562,511 | $ | 3,772,386 | $ | (21,563,235) | $ | 22,984,815 | |
Shares issued on exercise of warrants | 11 | 651,926 | 1,194,821 | (411,263) | - | - | 783,558 | |||||
Shares issued on exercise of options | 11 | 196,000 | 301,554 | - | (157,554) | - | 144,000 | |||||
Shares issued for RSUs | 11 | 332,750 | 664,203 | - | (664,203) | - | - | |||||
Shares issued for PSUs | 11 | 540,000 | 760,497 | - | (760,497) | - | - | |||||
Shares issued in public offering | 11 | 14,800,000 | 16,305,357 | 2,194,643 | - | - | 18,500,000 | |||||
Broker warrants | 11 | - | - | 224,855 | - | - | 224,855 | |||||
Share issuance costs | 11 | - | (1,118,834) | (150,591) | - | - | (1,269,425) | |||||
Share-based payments | 11 | - | - | - | 554,370 | - | 554,370 | |||||
Net loss for the period | - | - | - | - | (237,816) | (237,816) | ||||||
Balance at April 30, 2022 | 87,534,820 | $ | 54,320,751 | $ | 6,420,155 | $ | 2,744,502 | $ | (21,801,051) | $ | 41,684,357 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Gold Mountain Mining Corp. published this content on 14 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 June 2022 23:42:07 UTC.
