Westbridge Energy : Interim Financial Statements

WESTBRIDGE ENERGY CORPORATION

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

FOR THE THREE MONTHS ENDED MARCH 31, 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

June 12, 2020

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WESTBRIDGE ENERGY CORPORATION

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

		March 31,		December 31,
		2020		2019
ASSETS
Current
Cash	$	9,914	$	8,519
Receivables		989		412
Prepaid expenses		2,910		4,450
		13,813		13,381
TOTAL ASSETS	$	13,813	$	13,381
LIABILITIES
Current
Accounts payable and accrued liabilities (Note 7)	$	635,632	$	625,204
Decommissioning provision (Note 5)		17,311		17,311
TOTAL LIABILITIES		652,943		642,515
SHAREHOLDERS' DEFICIENCY
Capital stock (Note 8)		26,459,573		26,459,573
Currency translation adjustment		15,395		15,395
Contributed surplus (Note 8)		2,861,925		2,861,925
Deficit		(29,976,023)		(29,966,027)
TOTAL SHAREHOLDERS' DEFICIENCY		(639,130)		(629,134)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY	$	13,813	$	13,381

Basis of operations and going concern (Note 2 )

Subsequent events (Note 11)

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
		March 31,
		2020		2019
EXPENSES
Consulting and administration fees (Note 7)	$	7,500	$	7,500
Office and miscellaneous		2,254		1,803
Transfer agent and regulatory fees		660		6,164
Total expenses		(10,414)		(15,467)
Foreign exchange gain		(108)		-
Interest income		526		538
		418		538
Loss and comprehensive loss for the period	$	(9,996)	$	(14,929)
Basic And Diluted Loss Per Share	$	(0.00)	$	(0.00)
Weighted Average Number Of Shares Outstanding -
basic and diluted		8,359,293		7,074,849

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 Three Months Ended

		March 31,
		2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the period	$	(9,996)	$	(14,929)
Items not affecting cash:
Changes in non-cash working capital items:
Increase in receivables		(577)		(687)
Decrease in prepaid expenses		1,540		-
Increase (decrease) in accounts payable and accrued
liabilities		10,428		8,279
Cash used in operating activities		1,395		(7,337)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of capital stock		-		35,000
Cash provided by financing activities		-		35,000
Change in cash during the period		1,395		27,663
Cash, beginning of the period		8,519		9,717
Cash, end of the period	$	9,914	$	37,380

There were no non-cash investing and financing transactions during the three months ended March 31, 2020 and 2019.

See accompanying notes to the consolidated financial statements.

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