Consolidated Balance Sheet
(Unaudited — Prepared by Management)
|
As at September 30 |
1998 |
1997 |
|
|
Assets |
|||
|
Current |
|||
Cash |
$ 95,240 |
$ 843 |
|
Marketable securities |
- |
1,295 |
|
|
95,240 |
2,138 |
||
|
Mineral properties and other assets |
5,369,147 |
5,352,498 |
|
|
Patents |
84,739 |
42,650 |
|
|
$ 5,549,126 |
$ 5,397,286 |
||
|
Liabilities and Shareholders' Deficiency |
|||
|
Current |
|||
Accounts payable |
$ 1,752,392 |
$ 1,588,370 |
|
Deposits on share issue |
1,820,472 |
976,625 |
|
Loans payable |
26,361 |
227,480 |
|
Due to shareholders |
1,204,230 |
335,810 |
|
|
4,803,455 |
3,128,285 |
||
|
Royalty payable |
2,872,190 |
2,584,690 |
|
|
7,675,645 |
5,712,975 |
||
|
Share capital |
27,800,756 |
27,452,393 |
|
|
Contributed surplus |
4,786,726 |
4,786,726 |
|
|
Deficit |
(34,714,001) |
(32,554,808) |
|
|
(2,126,519) |
(315,689) |
||
|
$ 5,549,126 |
$ 5,397,286 |
||
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 six month period ended September 30 |
1998 |
1997 |
|||
|
Expenses |
|||||
Interest and foreign exchange |
$ 347,274 |
$ 49,013 |
|||
Other general and administrative |
769,756 |
1,246,981 |
|||
Amortization |
4,638 |
2,010 |
|||
|
1,121,668 |
1,298,004 |
||||
|
Other items |
|||||
Gain on settlement of debts |
3,707 |
- |
|||
Foreign exchange gain (loss) on royalty payable |
(206,964) |
10,610 |
|||
|
(203,257) |
10,610 |
||||
|
Net loss for the period |
(1,324,925) |
(1,287,394) |
|||
|
Deficit, beginning of period |
(33,389,076) |
(31,267,414) |
|||
|
Deficit , end of period |
$ (34,714,001) |
$ (32,554,808) |
|||
|
|
|||||
|
Basic loss per share |
$ |
(0.27) |
$ |
(0.29) |
|
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 six month period ended September 30 |
1998 |
1997 |
|
|
Cash provided (used) by: |
|||
|
|
|||
|
Operating activities |
|||
Operations |
|||
Net loss for the period |
$ (1,324,925) |
$ (1,287,394) |
|
Items not involving cash |
|||
Foreign exchange loss on royalty payable |
206,964 |
(10,610) |
|
Amortization |
4,638 |
2,010 |
|
|
(1,113,323) |
(1,295,994) |
||
Changes in non-cash working capital balances |
|||
Marketable securities |
- |
(1,295) |
|
Accounts payable |
484,943 |
(1,063,790) |
|
|
(628,380) |
(2,361,079) |
||
|
Financing activities |
|||
Issue of share capital |
348,363 |
2,565,678 |
|
Deposits on share issue |
201,795 |
36,666 |
|
Advances (to) from shareholders |
178,560 |
(419,266) |
|
Additions to loan payable |
1,900 |
169,744 |
|
|
730,618 |
2,352,822 |
||
|
Investing activity |
|||
Mineral property expenditures and other asset additions |
(14,942) |
(4,532) |
|
|
Increase (decrease) in cash |
87,296 |
(12,789) |
|
|
Cash, beginning of period |
7,944 |
13,632 |
|
|
Cash, end of period |
$ 95,240 |
$ 843 |
|
Note: Certain comparitive figures have been restated and others have been reclassified to conform to the current period’s presentation.