IRVING RESOURCES INC. IRVING RESOURCES INC.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED NOVEMBER 30, 2021
(Unaudited)
(Expressed in Canadian Dollars)
IRVING RESOURCES INC.
Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)
(Unaudited)
AS AT
November 30, | February 28, | ||||||||||||
2021 | 2021 | ||||||||||||
ASSETS | |||||||||||||
Current assets | |||||||||||||
Cash | $ | 11,887,591 | $ | 8,764,829 | |||||||||
Receivables (Note 5) | 3,006 | 8,090 | |||||||||||
Prepaids | 99,953 | 121,325 | |||||||||||
11,990,550 | 8,894,244 | ||||||||||||
Prepaids | 29,138 | 31,551 | |||||||||||
Property and equipment (Notes 6 and 7) | 274,668 | 247,716 | |||||||||||
Exploration and evaluation assets (Note 8) | 26,769,489 | 22,427,076 | |||||||||||
$ | 39,063,845 | $ | 31,600,587 | ||||||||||
LIABILITIES & SHAREHOLDERS' EQUITY | |||||||||||||
Current liabilities | |||||||||||||
Accounts payable and accrued liabilities | $ | 1,090,103 | $ | 771,581 | |||||||||
Due to related parties | - | 10,571 | |||||||||||
Lease liabilities (Note 6) | 78,839 | 58,489 | |||||||||||
1,168,942 | 840,641 | ||||||||||||
Non-current liabilities | |||||||||||||
Lease liabilities (Note 6) | 30,823 | 7,282 | |||||||||||
Total liabilities | 1,199,765 | 847,923 | |||||||||||
Shareholders' equity | |||||||||||||
Share Capital (Note 10) | 46,794,646 | 38,900,774 | |||||||||||
Reserves (Note 10) | 7,186,350 | 5,957,552 | |||||||||||
Deficit | (16,116,916) | (14,105,662) | |||||||||||
37,864,080 | 30,752,664 | ||||||||||||
$ | 39,063,845 | $ | 31,600,587 | ||||||||||
Nature and Continuance of Operations (Note 1) | |||||||||||||
Subsequent Event (Note 16) | |||||||||||||
On behalf of the Board: | |||||||||||||
"Akiko Levinson" | Director | "Quinton Hennigh" | Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
2
IRVING RESOURCES INC.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Unaudited)
(Expressed in Canadian Dollars)
Three months ended | Nine months ended | ||||||||||||||||||||||
Nov 30, 2021 | Nov 30, 2020 | Nov 30, 2021 | Nov 30, 2020 | ||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||
Consulting fees (Note 11) | $ | 25,729 | $ | 28,542 | $ | 94,985 | $ | 105,881 | |||||||||||||||
Depreciation (Note 7) | 31,661 | 28,850 | 92,224 | 85,765 | |||||||||||||||||||
Foreign exchange loss (gain) | (173,118) | 2,627 | (102,099) | 406,403 | |||||||||||||||||||
Insurance | 5,839 | 4,639 | 20,152 | 14,800 | |||||||||||||||||||
Interest expense on lease liability (Note 6) | 1,560 | 1,452 | 4,761 | 5,694 | |||||||||||||||||||
Investor relations | 6,209 | 37,888 | 54,529 | 82,655 | |||||||||||||||||||
Management fees (Note 11) | 18,000 | 18,000 | 54,000 | 54,000 | |||||||||||||||||||
Office and miscellaneous | 38,562 | 44,894 | 93,525 | 68,714 | |||||||||||||||||||
Professional fees | 27,438 | 160,744 | 136,913 | 278,005 | |||||||||||||||||||
Property investigation | 3,808 | 23,059 | 23,735 | 57,008 | |||||||||||||||||||
Regulatory fees | 12,098 | 14,081 | 59,203 | 45,988 | |||||||||||||||||||
Salaries and benefits | 29,036 | 30,318 | 93,443 | 97,163 | |||||||||||||||||||
Shareholder costs | 1,899 | 660 | 19,261 | 16,499 | |||||||||||||||||||
Share-based compensation (Note 10) | 221,159 | 1,226,018 | 1,328,276 | 2,263,856 | |||||||||||||||||||
Telephone | 4,481 | 3,914 | 15,703 | 14,715 | |||||||||||||||||||
Transfer agent | 3,187 | 920 | 10,050 | 5,964 | |||||||||||||||||||
Travel and promotion | 9,318 | 17,053 | 36,070 | 46,170 | |||||||||||||||||||
Operating expenses | (266,866) | (1,643,659) | (2,034,731) | (3,649,280) | |||||||||||||||||||
Interest income | 8,043 | 6,361 | 23,477 | 46,783 | |||||||||||||||||||
Management fee income | - | 63 | - | 4,846 | |||||||||||||||||||
8,043 | 6,298 | 23,477 | 51,629 | ||||||||||||||||||||
Loss and comprehensive loss for the | |||||||||||||||||||||||
period | $ | (258,823) | $ (1,637,361) | $ | (2,011,254) | $ | (3,597,651) | ||||||||||||||||
Basic and diluted loss per common share | |||||||||||||||||||||||
$ | (0.00) | $ | (0.03) | $ | (0.03) | $ | (0.06) | ||||||||||||||||
Weighted average number of common | |||||||||||||||||||||||
shares outstanding | 61,136,865 | 57,894,798 | 61,341,113 | 56,299,154 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
3
IRVING RESOURCES INC.
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
(Expressed in Canadian Dollars)
Share Based | |||||||||
Payment | Total Shareholders' | ||||||||
Number of Shares | Share Capital | Reserves | Deficit | Equity | |||||
Balance, February 29, 2020 | 54,794,738 | $ | 31,633,494 | $ | 3,202,046 | $ | (8,744,060) | $ | 26,091,480 |
Private placement | 1,279,093 | 3,517,506 | - | - | 3,517,506 | ||||
Share issue costs | - | (19,558) | - | - | (19,558) | ||||
Shares issued for mineral property | |||||||||
(Note 8) | 87,500 | 253,750 | - | - | 253,750 | ||||
Exercise of warrants | 942,641 | 1,649,622 | - | - | 1,649,622 | ||||
Exercise of stock options | 1,134,999 | 1,865,960 | (709,963) | - | 1,155,997 | ||||
Share-based compensation | - | - | 2,263,855 | - | 2,263,856 | ||||
Net loss for the period | - | - | - | (3,597,651) | (3,597,651) | ||||
Balance, November 30, 2020 | 58,238,971 | 38,900,774 | 4,755,939 | (12,341,711) | 31,315,002 | ||||
Balance, February 28, 2021 | 58,238,971 | 38,900,774 | 5,957,552 | (14,105,662) | 30,752,664 | ||||
Private placement | 3,575,545 | 7,544,400 | - | - | 7,544,400 | ||||
Share issue costs | - | (17,756) | - | - | (17,756) | ||||
Shares issued for mineral property | |||||||||
(Note 8) | 87,500 | 99,750 | - | - | 99,750 | ||||
Exercise of stock options | 120,000 | 267,478 | (99,478) | - | 168,000 | ||||
Share-based compensation | - | - | 1,328,276 | - | 1,328,276 | ||||
Net loss for the period | - | - | - | (2,011,254) | (2,011,254) | ||||
Balance, November 30, 2021 | 62,022,016 | $ | 46,794,646 | $ | 7,186,350 | $ | (16,116,916) | $ | 37,864,080 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
4
IRVING RESOURCES INC.
Condensed Interim Consolidated Statements of Cash Flows (Unaudited)
(Expressed in Canadian Dollars)
Nine months ended | ||||||||
November 30, 2021 | November 30, 2020 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Loss for the period | $ | (2,011,254) | $ | (3,597,651) | ||||
Adjustments | ||||||||
Depreciation | 92,224 | 85,765 | ||||||
Interest expense on lease obligations | 4,761 | 5,694 | ||||||
Share-based compensation | 1,328,276 | 2,263,856 | ||||||
Foreign exchange | 37,257 | 386 | ||||||
Change in non-cash working capital items: | ||||||||
Receivables | 5,084 | 64,655 | ||||||
Prepaids | 23,785 | (73,810) | ||||||
Accounts payable and accrued liabilities | (23,894) | (27,127) | ||||||
Due to related parties | (10,571) | 22,063 | ||||||
Net cash used in operating activities | (554,332) | (1,256,169) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Common shares issued | 7,712,400 | 6,323,125 | ||||||
Share issue costs | (17,756) | (19,558) | ||||||
Payment of lease obligations | (65,966) | (58,284) | ||||||
Net cash provided by financing activities | 7,628,678 | 6,245,283 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Exploration and evaluation assets, net of recoveries | (3,900,247) | (7,191,551) | ||||||
Exploration and evaluation assets, advances | - | 273,634 | ||||||
Acquisition of equipment | (51,337) | (24,324) | ||||||
Net cash used in investing activities | (3,951,584) | (6,942,241) | ||||||
Change in cash during the period | 3,122,762 | (1,953,127) | ||||||
Cash, beginning of the period | 8,764,829 | 12,993,006 | ||||||
Cash, end of the period | $ | 11,887,591 | $ | 11,039,879 |
Supplemental disclosure with respect to cash flows (Note 12)
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
5
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Irving Resources Inc. published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 16:00:10 UTC.
