Quarterly Numbers for Quarter Ending June 30, 1999

 

Borealis Exploration Limited
Consolidated Balance Sheet in US Dollars
(Unaudited — Prepared by Management)

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.


Borealis Exploration Limited
Consolidated Statement of Operations and Deficit in US Dollars
(Unaudited — Prepared by Management)

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.

 


 

Borealis Exploration Limited
Consolidated Statement of Changes in Financial Position in US Dollars
(Unaudited — Prepared by Management)

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.