(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. | |||
| For the nine month period ended December 31 |
|
|
|||
|
|
|||||
| (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. | |||||
(Unaudited — Prepared by Management)
| For the nine month period ended December 31 |
1999
|
|
|
|
|
|||
| (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. | |||