Quarterly Numbers for Quarter Ending December 31, 1998

 

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.