Quarterly Numbers for Quarter Ending September 30, 1999
Borealis Exploration Limited
Consolidated Balance Sheet in US Dollars
(Unaudited — Prepared by Management)

For the six month period ended September 30

1999

 

1998


     

(Restated)

Assets

     
       

Current

     

Cash

$ 4,981

 

$ 64,351

Minning and other equipment

33,028

 

50,108

Patents

75,881

 

57,256



 

$ 113,890

 

$ 171,715


Liabilities and Shareholders' Deficiency

     
       
Current      
Accounts payable
$1,841,670   $1,184,048
Loans payable
--   17,811

Due to certain shareholders

127,422

 

813,669



  1,969,092   2,015,528
 
Deposits on share issue 2,811,000   1,282,023
 
Royalty payable 1,874,675   1,874,675


6,654,767 5,172,226


 

Share capital

24,290,979   24,231,402
 
Due to directors 398,395   398,395
 
Contributed surplus 4,611,583   4,611,583
 
Cumulative translation adjustment 197,553   122,669
 

Deficit

(36,039,387)   (34,364,560)


  (6,540,877)   (5,000,511)


  $ 113,890   $ 171,715

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 six month period ended September 30

1999

 

1998


     

(Restated)

Expenses

     

General and administrative expenses

$ 832,131

 

$ 731,796

Amoritization

6,687

 

3,134

Interest

3,728

 

18,423

Mineral property expenditures

10,182

 

6,494



 

852,728

 

759,847

 

Other items

     

Gain on settlement of debts

--

 

2,611



 

 

 

2,611

 

Net loss for the period

(852,728)

 

(757,236)

Deficit, beginning of period

(35,186,659)

 

(33,193,401)



Deficit, end of period

$(35,186,659)

 

$(33,607,324)

 

Basic loss per share

$

(0.17)

 

$

(0.15)


Weighted average number of shares

4,986,000

 

4,986,000


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 six month period ended September 30

1999

 

1998


     

(Restated)

 

Cash provided (used) by:

     
 

Operating activities

     

Operations

     

Net loss for the period

$(852,728)

 

$(757,236)

Items not involving cash

     

Amortization

6,687

 

3,134



 

(846,041)

 

(754,102)

Changes in non-cash working capital balances

     

Accounts payable

420,227

 

327,664

Foreign exchange on working capital items

37,816

 

70,320



 

(387,998)

 

(356,118)

       

Financing activities

     

Issue of share capital

--

 

235,380

Deposits on issue of shares by subsidiary, cash received

283,987

 

82,767

Advances (to) from shareholders

109,827

 

101,236

Loan payable

--

 

1,284



 

393,814

 

420,667

       

Investing activity

     

Mining and other equipment and patent additions

(13,280)

 

(10,086)



       

Increase (decrease) in cash

(7,464)

 

54,463

       

Cash, beginning of period

12,445

 

9,888



Cash, end of period

$ 4,981

 

$ 64,351

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