Quarterly Numbers for Quarter Ending December 31, 1999

 

Borealis Exploration Limited
Consolidated Balance Sheet (in US Dollars)
(Unaudited Prepared by Management)
 
For the Period ended December 31 1999   1998

      (Restated)
Assets      
       
Current      
Cash
$ 97,409   $ 17,824
Minning and other equipment 30,843   51,748
Patents 85,401   59,676


  $ 213,653   $ 129,248

Liabilities and Shareholders' Deficiency      
       
Current      
Accounts payable
$1,973,844   $1,506,335
Loans payable
--   17,811
Due to certain shareholders
206,380   900,329


  2,180,224   2,424,475
 
Deposits on share issue 3,096,970   1,385,386
 
Royalty payable 1,874,675   1,874,675


7,151,869 5,684,536


 
Share capital 24,290,979   24,290,979
 
Due to directors 398,395   398,395
 
Contributed surplus 4,611,583   4,611,583
 
Cumulative translation adjustment 203,867   115,383
 
Deficit (36,443,040)   (34,971,628)


  (6,938,216)   (5,555,288)


  $ 213,653   $ 129,248

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 (in US Dollars)
(Unaudited Prepared by Management)
 
For the nine month period ended December 31
1999
 
1998

      (Restated)
Expenses      
General and administrative expenses
$ 1,231,071
 
$ 1,336,853
Amoritization
9,748
  8,738
Interest
5,380   14,830
Mineral property expenditures
10,182   6,494


  1,256,381   1,366,915
 
Other items      
Gain on settlement of debts
--  
2,611


      2,611
 
Net loss for the period (1,256,381)   (1,364,304)
Deficit, beginning of period (35,186,659)   (33,607,324)


Deficit, end of period $(36,443,040)   $(34,971,628)
 

Basic loss per share $ (0.25)   $ (0.27)

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 Cash Flows (in US Dollars)
(Unaudited Prepared by Management)
 
For the nine month period ended December 31
1999
 
1998

      (Restated)
 
Cash provided (used) by:      
 
Operating activities      
Operations
     
Net loss for the period
$(1,256,381)
 
$(1,364,304)
Items not involving cash
     
Amortization
9,748
 
8,738


 
(1,246,633)
 
(1,355,566)
Changes in non-cash working capital balances
     
Accounts payable
552,401
 
591,548
Foreign exchange on working capital items
52,840
 
103,979


 
(641,392)
 
(660,039)
       
Financing activities      
Issue of share capital
--
 
236,981
Deposits on issue of shares by subsidiary, cash received
569,957
 
186,130
Advances (to) from shareholders
188,848
 
202,595
Loan payable
--
 
1,284


 
758,805
 
626,990
       
Investing activity      
Mining and other equipment and patent additions
(24,985)
 
(13,916)


       
Increase (decrease) in cash
92,428
 
(46,965)
       
Cash, beginning of period
4,981
 
64,789


Cash, end of period
$ 97,409
 
$ 17,824

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


Borealis Exploration Limited
Suite 3 C, Centre Plaza
Horse Barrack Lane
P.O. Box 926
Gibraltar
 
Phone:   +350.586.99000
Email:    pr@borealis.com