Borealis Exploration Limited
Consolidated Balance Sheet
(Unaudited — Prepared by Management)
|
As at December 31 |
1998 |
1997 |
|
|
Assets |
|||
|
Current |
|||
Cash |
$ 26,202 |
$ 9,123 |
|
Marketable securities |
- |
1,295 |
|
|
26,202 |
10,418 |
||
|
Mineral properties and other assets |
5,371,769 |
5,358,013 |
|
|
Patents |
87,724 |
42,051 |
|
|
$ 5,485,695 |
$ 5,410,482 |
||
|
Liabilities and Shareholders' Deficiency |
|||
|
Current |
|||
|
Accounts payable |
$ 2,214,312 |
$ 1,222,772 |
|
|
Deposits on share issue |
1,892,276 |
1,272,574 |
|
|
Loans payable |
26,361 |
130,590 |
|
|
Due to shareholders |
1,323,484 |
920,416 |
|
|
5,456,433 |
3,546,352 |
||
|
Royalty payable |
2,836,383 |
2,615,470 |
|
|
8,292,816 |
6,161,822 |
||
|
Share capital |
27,800,756 |
27,452,393 |
|
|
Contributed surplus |
4,786,726 |
4,786,726 |
|
|
Deficit |
(35,394,603) |
(32,990,459) |
|
|
(2,807,121) |
(751,340) |
||
|
$ 5,485,695 |
$ 5,410,482 |
||
Note: Certain comparative 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 nine month period ended December 31 |
1998 |
1997 |
|||
|
Expenses |
|||||
|
Interest and foreign exchange |
$ 416,287 |
$ 49,013 |
|||
|
Other general and administrative |
1,417,706 |
1,643,338 |
|||
|
Amortization |
4,083 |
3,334 |
|||
|
1,838,076 |
1,695,685 |
||||
|
Other items |
|||||
|
Gain on settlement of debts |
3,707 |
- |
|||
|
Foreign exchange gain (loss) on royalty payable |
(171,158) |
(27,360) |
|||
|
(167,451) |
(27,360) |
||||
|
Net loss for the period |
(2,005,527) |
(1,723,045) |
|||
|
Deficit, beginning of period |
(33,389,076) |
(31,267,414) |
|||
|
Deficit, end of period |
$(35,394,603) |
$(32,990,459) |
|||
|
Basic loss per share |
$ |
(0.40) |
$ |
(0.35) |
|
Note: Certain comparative 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 nine month period ended December 31 |
1998 |
1997 |
|
|
Cash provided (used) by: |
|||
|
Operating activities |
|||
|
Operations |
|||
|
Net loss for the period |
$(2,005,527) |
$(1,723,045) |
|
|
Items not involving cash |
|||
|
Foreign exchange loss on royalty payable |
171,158 |
27,360 |
|
|
Amortization |
4,083 |
3,334 |
|
|
(1,830,286) |
(1,692,351) |
||
|
Changes in non-cash working capital balances |
|||
|
Marketable securities |
- |
(1,295) |
|
|
Accounts payable |
860,029 |
(1,429,338) |
|
|
(970,257) |
(3,122,984) |
||
|
Financing activities |
|||
|
Issue of share capital |
348,363 |
2,565,678 |
|
|
Deposits on share issue |
273,599 |
332,615 |
|
|
Advances (to) from shareholders |
297,814 |
72,854 |
|
|
Additions to loan payable |
1,900 |
172,854 |
|
|
921,676 |
3,144,001 |
||
|
Investing activity |
|||
|
Mineral property expenditures and other asset additions |
(20,457) |
(12,737) |
|
|
Increase (decrease) in cash |
(69,038) |
8,280 |
|
|
Cash, beginning of period |
95,240 |
843 |
|
|
Cash, end of period |
$ 26,202 |
$ 9,123 |
|
Note: Certain comparative figures have been restated and others have been reclassified to conform to the current period’s presentation.