|
As at June 30 |
1999 |
1998 |
|
(Restated) |
|||
|
Assets |
|||
|
Current |
|||
Cash |
$ 12,445 |
$ 9,888 |
|
|
Minning and other equipment |
35,770 |
49,350 |
|
|
Patents |
70,713 |
55,439 |
|
|
$ 118,928 |
$ 114,677 |
||
|
Liabilities and Shareholders' Deficiency |
|||
| Current | |||
|
Accounts payable
|
$ 1,736,480 | $ 861,297 | |
|
Loans payable
|
-- | 17,754 | |
|
Due to certain shareholders |
87,493 |
784,119 |
|
| 1,823,973 | 1,663,170 | ||
| Deposits on share issue | 2,608,833 | 1,242,994 | |
| Royalty payable | 1,874,675 | 1,874,675 | |
| 6,307,481 | 4,780,839 | ||
|
Share capital |
24,290,979 | 24,231,402 | |
| Due to directors | 398,395 | -- | |
| Contributed surplus | 4,611,583 | 4,611,583 | |
| Cumulative translation adjustment | 192,475 | 98,177 | |
|
Deficit |
(35,681,885) | (33,607,324) | |
| (6,188,553) | (4,666,162) | ||
| $ 118,928 | $ 114,677 | ||
Note: Certain comparative figures have been restated and others have been reclassified to conform to the current period’s presentation.
|
For the period ended June 30 |
1999 |
1998 |
|||
(Restated) |
|||||
|
Expenses |
|||||
|
General and administrative expenses |
$ 484,280 |
$ 395,366 |
|||
|
Amoritization |
3,381 |
2,897 |
|||
|
Interest |
1,109 |
14,669 |
|||
|
Mineral property expenditures |
6,456 |
3,602 |
|||
|
495,226 |
416,534 |
||||
|
Other items |
|||||
|
Gain on settlement of debts |
-- |
2,611 |
|||
|
|
2,611 |
||||
|
Net loss for the period |
(495,226) |
(413,923) |
|||
|
Deficit, beginning of period |
(35,186,659) |
(33,193,401) |
|||
|
Deficit, end of period |
$(35,681,885) |
$(33,607,324) |
|||
|
Basic loss per share |
$ |
(0.10) |
$ |
(0.08) |
|
|
Weighted average number of shares |
4,986,000 |
4,938,720 |
|||
Note: Certain comparative figures have been restated and others have been reclassified to conform to the current period’s presentation.
|
For the period ended June 30 |
1999 |
1998 |
|
(Restated) |
|||
|
Cash provided (used) by: |
|||
|
Operating activities |
|||
|
Operations |
|||
|
Net loss for the period |
$(495,226) |
$(413,923) |
|
|
Items not involving cash |
|||
|
Amortization |
3,381 |
2,897 |
|
|
(491,845) |
(411,026) |
||
|
Changes in non-cash working capital balances |
|||
|
Accounts payable |
315,037 |
31,273 |
|
|
Foreign exchange on working capital items |
32,840 |
57,560 |
|
|
(143,968) |
(322,193) |
||
|
Financing activities |
|||
|
Issue of share capital |
-- |
208,806 |
|
|
Deposits on issue of shares by subsidiary, cash received |
81,820 |
60,240 |
|
|
Financing cost applied against deposits |
(5,496) |
-- |
|
|
Advances (to) from shareholders |
69,961 |
61,896 |
|
|
Loan payable |
-- |
528 |
|
|
146,285 |
331,470 |
||
|
Investing activity |
|||
|
Mining and other equipment and patent additions |
(10,841) |
(4,983) |
|
|
Increase (decrease) in cash |
(8,524) |
4,294 |
|
|
Cash, beginning of period |
20,969 |
5,594 |
|
|
Cash, end of period |
$ 12,445 |
$ 9,888 |
|
Note: Certain comparative figures have been restated and others have been reclassified to conform to the current period’s presentation.