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.
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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.
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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.
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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.
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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.