Westbridge Energy : Interim Financial Statement

WESTBRIDGE ENERGY CORPORATION

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020

NOTICE TO READER

Under National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying un-audited interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditor.

Vancouver, Canada

November 30, 2020

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WESTBRIDGE ENERGY CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited, prepared by management and expressed in Canadian Dollars)

		September 30,		December 31,
		2020		2019
ASSETS
Current
Cash	$	71,965	$	8,519
Receivables		2,512		412
Prepaid expenses		6,905		4,450
		81,382		13,381
TOTAL ASSETS	$	81,382	$	13,381
LIABILITIES
Current
Accounts payable and accrued liabilities (Note 7)	$	344,268	$	625,204
Decommissioning provision (Note 5)		17,311		17,311
TOTAL LIABILITIES		361,579		642,515
SHAREHOLDERS' DEFICIENCY
Capital stock (Note 8)		26,707,673		26,459,573
Currency translation adjustment		15,395		15,395
Contributed surplus (Note 8)		2,861,925		2,861,925
Deficit		(29,865,190)		(29,966,027)
TOTAL SHAREHOLDERS' DEFICIENCY		(280,197)		(629,134)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY	$	81,382	$	13,381

Basis of operations and going concern (Note 2 )

Approved on behalf of the Board:
"Darren Collins"		Director
"Paul Larkin"		Director

See accompanying notes to the consolidated financial statements.

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WESTBRIDGE ENERGY CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (Unaudited, prepared by management and expressed in Canadian Dollars)

		For the Three Months Ended		For the Nine Months Ended
		September 30,		September 30,
		2020		2019		2020		2019
EXPENSES
Consulting and administration fees (Note 7)	$	7,500	$	7,500	$	24,700	$	22,500
Office and miscellaneous		1,812		503		5,887		4,600
Professional fees		7,579		5,306		7,579		10,806
Transfer agent and regulatory fees		2,699		1,937		10,140		13,596
Total expenses		(19,590)		(15,246)		(48,306)		(51,502)
OTHER ITEMS
Foreign exchange gain		-		-		(58)		-
Gain on settlement of accounts payable (Note 7)		-		-		148,675		-
Interest income		-		-		526		538
		-		-		149,143		538
Income (loss) and comprehensive income (loss) for the
period	$	(19,590)	$	(15,246)	$	100,837	$	(50,964)
Basic And Diluted Income (Loss) Per Share	$	(0.00)	$	(0.00)	$	0.01	$	(0.01)
Weighted Average Number Of Shares Outstanding - basic
and diluted		13,359,293		8,359,293		10,421,337		7,910,941

See accompanying notes to the consolidated financial statements.

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WESTBRIDGE ENERGY CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (Unaudited, prepared by management and expressed in Canadian Dollars)

		For the Nine Months Ended
		September 30,
		2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES
Income (loss) for the period	$	100,837	$	(50,964)
Items not affecting cash:
Gain on settlement of accounts payable		(148,675)		-
Changes in non-cash working capital items:
Increase in receivables		(2,100)		(148)
Increase in prepaid expenses		(2,455)		(6,006)
Decrease in accounts payable and accrued liabilities		(132,261)		(1,702)
Cash used in operating activities		(184,654)		(58,820)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of capital stock		250,000		65,000
Share issuance costs		(1,900)		-
Cash provided by financing activities		248,100		65,000
Change in cash during the period		63,446		6,180
Cash, beginning of the period		8,519		9,717
Cash, end of the period	$	71,965	$	15,897

There were no non-cash investing and financing transactions during the nine months ended September 30, 2020 and 2019.

See accompanying notes to the consolidated financial statements.

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