SASSY GOLD CORP. SASSY RESOURCES CORPORATION
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
NINE MONTH PERIOD ENDED
MARCH 31, 2022
(Expressed in Canadian Dollars)
(Unaudited)
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the interim financial statements; they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
Sassy Resources Corporation
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian Dollars) | ||
(Unaudited) | ||
As at | ||
March 31, | June 30, | |
2022 | 2021 | |
($) | ($) | |
ASSETS | ||
Current assets | ||
Cash | 2,858,079 | 7,592,851 |
Sales tax receivable | 32,610 | 62,842 |
Prepaids | 81,995 | 52,003 |
2,972,684 | 7,707,696 | |
Deposits (Note 4) | 73,051 | 60,950 |
Exploration advances (Note 4) | 448,632 | 96,745 |
Exploration and evaluation assets (Note 4) | 15,155,892 | 10,014,880 |
18,650,259 | 17,880,271 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Current liabilities | ||
Accounts payable and accrued liabilities (Notes 5 and 7) | 396,270 | 337,378 |
Other liabilities (Note 6) | - | 109,026 |
Special warrants - Gander Gold Corp. (Note 8) | - | 4,471,250 |
396,270 | 4,917,654 | |
Shareholders' equity | ||
Share capital (Note 8) | 16,378,286 | 15,628,966 |
Reserves (Note 8) | 1,117,675 | 1,742,753 |
Deficit | (2,939,042) | (4,409,102) |
14,556,919 | 12,962,617 | |
Non-controlling interest (Note 11) | 3,697,070 | - |
18,253,989 | 12,962,617 | |
18,650,259 | 17,880,271 | |
Nature of Operations and Going Concern (Note 1) | ||
Subsequent Events (Note 13) |
On behalf of the Board:
"Richard Savage"
Director
"Terry Coughlan"
Director
See accompanying notes to the financial statements
Sassy Resources Corporation
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Expressed in Canadian Dollars)
(Unaudited)
Three Month | Three Month | Nine Month | Nine Month |
Period Ended | Period Ended | Period Ended | Period Ended |
March 31, | March 31, | March 31, | March 31, |
2022 | 2021 | 2022 | 2021 |
($) | ($) |
EXPENSES | ||||
Consulting fees (Note 7) | 88,250 | 59,925 | 267,915 | 460,539 |
General and administrative | 22,838 | 8,816 | 49,249 | 98,240 |
Management fees (Note 7) | 90,000 | 116,667 | 216,667 | 216,667 |
Professional fees (Note 7) | 113,218 | 16,162 | 248,648 | 165,009 |
Share-based payments (Notes 7 and 8) | 66,382 | 545,739 | 448,140 | 1,091,088 |
Transfer agent and filing fees | 20,171 | 13,900 | 51,537 | 58,896 |
Travel and promotion | 65,223 | 144,461 | 276,550 | 552,943 |
(466,082) | (905,670) | (1,558,706) | (2,643,382) | |
Dilution gain | 2,856,077 | - | 2,856,077 | - |
Flow-through share premium recovery | - | 505,990 | 109,026 | 505,990 |
Interest income | 2,433 | 1,155 | 8,225 | 1,155 |
Income (loss) and comprehensive income (loss) | 2,392,428 | (398,525) | 1,414,622 | (2,136,237) |
Income (loss) and comprehensive income (loss) | ||||
attributable to: | ||||
Shareholders | 2,447,866 | (398,525) | 1,470,060 | (2,136,237) |
Non-controlloing interest (Note 11) | (55,438) | - | (55,438) | - |
2,392,428 | (398,525) | 1,414,622 | (2,136,237) | |
Basic and diluted income (loss) per common share: | ||||
Shareholders | 0.05 | (0.01) | 0.03 | (0.06) |
Non-controlloing interest | (0.00) | - | (0.00) | - |
Weighted average common shares outstanding: | ||||
Basic | 50,984,812 | 39,150,378 | 48,657,310 | 34,210,887 |
Diluted | 50,984,812 | 39,150,378 | 48,657,310 | 34,210,887 |
See accompanying notes to the financial statements
Sassy Resources Corporation
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Expressed in Canadian Dollars)
(Unaudited)
Share capital | |||||
Number of | |||||
Shares | Amount | Reserves | Deficit | Total | |
($) | ($) | ($) | ($) | ||
Balance at June 30, 2020 | 22,566,000 | 4,569,629 | 237,695 | (1,266,493) | 3,540,831 |
Common shares issued for cash | 11,013,056 | 6,001,574 | - | - | 6,001,574 |
Common shares issued for property | 2,000,000 | 1,267,500 | - | - | 1,267,500 |
Common shares issued - warrant exercise | 4,352,100 | 1,102,886 | (14,611) | - | 1,088,275 |
Share-based payments | - | - | 1,091,088 | - | 1,091,088 |
Share issuance costs | - | (336,202) | 102,800 | - | (233,402) |
Loss for the period | - | - | - | (2,136,237) | (2,136,237) |
Balance at March 31, 2021 | 39,931,156 | 12,605,387 | 1,416,972 | (3,402,730) | 10,619,629 |
Common shares issued for cash | - | 480,390 | - | - | 480,390 |
Common shares issued for property | 3,050,000 | 1,900,500 | - | - | 1,900,500 |
Common shares issued - option exercise | 525,000 | 273,803 | (116,303) | - | 157,500 |
Common shares issued - warrant exercise | 3,375,100 | 751,622 | (8,722) | - | 742,900 |
Common shares issued - RSU exercise | 250,000 | 145,000 | (145,000) | - | - |
Flow-through share premium | - | (480,390) | - | - | (480,390) |
Share-based payments | - | - | 555,106 | - | 555,106 |
Share issuance costs | - | (47,346) | 40,700 | - | (6,646) |
Loss for the period | - | - | - | (1,006,372) | (1,006,372) |
Balance at June 30, 2021 | 47,131,256 | 15,628,966 | 1,742,753 | (4,409,102) | 12,962,617 |
Common shares issued - warrant exercise | 1,191,250 | 484,687 | - | - | 484,687 |
Common shares issued - RSU exercise | 1,337,500 | 775,750 | (775,750) | - | - |
Common shares issued - option exercise | 1,575,000 | 699,967 | (297,467) | - | 402,500 |
Common shares issued for property | 250,000 | 113,750 | - | - | 113,750 |
Dividend of Gander Gold shares | - | (1,324,834) | - | - | (1,324,834) |
Share-based payments | - | - | 448,140 | - | 448,140 |
Income for the period | - | - | - | 1,470,060 | 1,470,060 |
Balance at March 31, 2022 | 51,485,006 | 16,378,286 | 1,117,676 | (2,939,042) | 14,556,919 |
See accompanying notes to the financial statements
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Sassy Resources Corporation published this content on 30 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2022 23:59:07 UTC.
