Borealis Exploration Limited

Consolidated Balance Sheet

(Unaudited – Prepared by Management)

 

As at June 30

1998

  

1997
       

Assets

      
       

Current

      

Cash

$ 14,041

  

$ 10,261

Marketable securities

-

  

1,295
 

14,041

  

11,556
       

Mineral properties and other assets

5,367,819

  

5,351,286
       

Patents

78,724

  

43,047
       
 

$ 5,460,584

  

$ 5,405,889
       
       

Liabilities and Shareholders' Deficiency

      
       

Current

      

Accounts payable

$ 1,223,042

  

$ 1,840,020

Deposits on share issue

1,741,172

  

1,057,259

Loans payable

25,211

  

57,736

Due to shareholders

1,113,563

  

680,427
 

4,102,988

  

3,635,442
       

Royalty payable

2,746,961

  

2,595,300
 

6,849,949

  

6,230,742
       

Share capital

27,800,756

  

26,175,893
       

Contributed surplus

4,786,726

  

4,786,726
       

Deficit

(33,976,847)

  

(31,787,472)
 

(1,389,365)

  

(824,853)
       
 

$ 5,460,584

  

$ 5,405,889
       

 

 

 

Note: Certain comparitive figures have been restated and others have been reclassified to conform to the current period’s presentation.

 

 

Borealis Exploration Limited

Consolidated Statement of Operations and Deficit

(Unaudited – Prepared by Management)

For the three month period ended June 30

1998

  

1997
       

Expenses

      

Interest and foreign exchange

$ 130,830

  

$ 28,960

Other general and administrative

374,798

  

452,680

Amortization

4,114

  

1,023
 

509,742

  

482,663
       

Other items

      

Gain on settlement of debts

3,707

  

-

Foreign exchange loss on royalty payable

(81,736)

  

(37,395)
 

(78,029)

  

(37,395)
       

Net loss for the period

(587,771)

  

(520,058)
       

Deficit, beginning of period

(33,389,076)

  

(31,267,414)
       

Deficit, end of period

$ (33,976,847)

  

$ (31,787,472)
       

     

Basic loss per share

$

(0.12)

 

$

(0.16)
       

 

 

 

Note: Certain comparitive figures have been restated and others have been reclassified to conform to the current period’s presentation.

 

 

Borealis Exploration Limited

Consolidated Statement of Changes in Financial Position

(Unaudited – Prepared by Management)

 

For the three month period ended June 30

1998

  

1997
       

Cash provided (used) by:

      

     

Operating activities

      

Operations

 		     

Net loss for the period

$ (587,771)

  

$ (520,058)

Items not involving cash

 		     

Foreign exchange loss on royalty payable

81,736

  

-

Amortization

4,114

  

1,023
 

(501,921)

  

(519,035)

Changes in non-cash working capital balances

 		     

Marketable securities

-

  

(1,295)

Accounts payable

(44,407)

  

(812,140)
 

(546,328)

  

(1,332,470)
       

Financing activities

      

Issue of share capital

348,363

  

1,289,178

Deposits on share issue

122,495

  

117,300

Advances (to) from shareholders

87,893

  

(74,649)

Additions to loan payable

750

  

-
 

559,501

  

1,331,829
       

Investing activity

      

Mineral property expenditures and other asset additions

(7,076)

  

(2,730)
       

Increase (decrease) in cash

6,097

  

(3,371)
       

Cash, beginning of period

7,944

  

13,632
       

Cash, end of period

$ 14,041

  

$ 10,261
       
       

 

 

 

Note: Certain comparitive figures have been restated and others have been reclassified to conform to the current period’s presentation.