Maple Minerals Inc. (Unaudited)

Transcription

1 Financial Statements of Maple Minerals Inc. June 30, 2003 Contents Financial Statements Balance Sheets 2 Statements of Operations 3 Statements of Deficit 4 Statements of Cash Flows 5 Statements of Mineral Property Costs 6 Notes to Financial Statements 8

2 Balance Sheets As at June 30, 2003 and September 30, 2002 June 30, September 30, Assets (unaudited) (audited) Current Cash $ 5,921 $ 1,064 Marketable securities - (market value $3,450; September 30, $3,450) 1 1 5,922 1,065 Mineral properties and related expenditures (statement) 209, ,886 Liabilities and Shareholders' Equity $ 215,725 $ 596,951 Current Accounts payable and accrued liabilities $ 5,912 $ 7,721 Advances from affiliated company 180,839 63, ,751 71,543 Shareholders' equity Capital stock 9,511,723 9,511,723 Contributed surplus 6,900 6,900 Deficit (9,489,649) (8,993,215) 28, ,408 $ 215,725 $ 596,951 2

3 Statements of Operations For the three and nine months ended June 30, Three Months Ended Nine Months Ended Revenue Sundry revenue $ 2,500 $ - $ 2,500 $ - 2,500-2,500 - Expenses Operating, general and administrative 7,627 7,546 28,222 34,624 Write-down of marketable securties ,299 Write-down of mineral properties and related expenditures 465, ,712 28, ,581 7, ,934 65,469 Net loss for the period $ (471,081) $ (7,546) $ (496,434) $ (65,469) Earnings per common share Basic and diluted $ (0.078) $ (0.001) $ (0.083) $ (0.012) Weighted average number of common shares outstanding Basic 6,014,264 6,014,264 6,014,264 5,258,586 Diluted 6,117,245 6,482,167 6,014,310 5,526,349 3

4 Statements of Deficit For the nine months ended June 30, Deficit, beginning of period $ (8,993,215) $ (8,916,320) Net loss (496,434) (65,469) Deficit, end of period $ (9,489,649) $ (8,981,789) 4

5 Statements of Cash Flows For the three and nine months ended June 30, Three Months Ended Nine Months Ended Cash flows from operating activities Net loss $ (471,081) $ (7,546) $ (496,434) $ (65,469) Items not affecting cash Write-down of marketable securities ,299 Write-down of mineral properties and related expenditures 465, ,712 28,546 Changes in non-cash working capital balances Accounts payable and accrued liabilities (2,830) (6,289) (1,809) (3,789) (7,957) (13,835) (27,531) (38,413) Cash flows from investing activities Expenditures on mineral properties and related exploration (76,455) (7,285) (84,629) (27,943) (76,455) (7,285) (84,629) (27,943) Cash flows from financing activities Proceeds from issuance of share captial ,264 Net advances from affiliated companies 88,724 19, ,017 (218,815) 88,724 19, ,017 65,449 Increase (decrease) in cash $ 4,312 $ (1,621) $ 4,857 $ (907) Cash, beginning of period 1,609 2,588 1,064 1,874 Cash, end of period $ 5,921 $ 967 $ 5,921 $ 967 Supplemental Cash Flows Information Cash paid for income taxes $ - $ - $ - $ - Cash paid for interest $ 2,320 $ 732 $ 4,278 $ 4,797 5

6 Statements of Mineral Property Costs For the nine months ended June 30, September 30, Net Expenditures/ June 30, 2002 (Recoveries) Write-down 2003 ONTARIO West Procupine Property Acquisition $ 39,948 $ 1,303 $ - $ 41,251 Assay 2,900 2,900 Drilling 21,107 21,107 Geological and geophysical 1,050 1,050 39,948 26,360-66,308 Eva-Kitto Acquisition $ 16,569 $ (6,000) $ - $ 10,569 16,569 (6,000) - 10,569 Lac Des Iles (Thunder Bay) Acquisition Burchell Lake Poperty Acquisition 13,482 13,482 Geological and geophysical ,174-14,174 Clay Lake Property Acquisition 3,595 3,595-3,595-3,595 Hamlin Shear Property Acquisition 13,000 13,000-13,000-13,000 Deaty Property Acquisition 7,500 7,500 Geological and geophysical 6,000 6,000-13,500-13,500 6

7 Statements of Mineral Property Costs (continued) For the nine months ended June 30, September 30, Net Expenditures/ June 30, 2002 (Recoveries) Write-down 2003 Powell Lake Property Acquisition 15,000 15,000 Geological and geophysical 5,000 5,000-20,000-20,000 Lang Lake (Thunder Bay) Acquisition 22,268 22,268 22, ,268 Joburke Property (Porcupine) Acquisition 465, , , ,954 1 Total Ontario properties $ 544,741 $ 84,629 $ 465,954 $ 163,416 QUEBEC Casa Berardi Acquisition $ 51,145 $ - $ 4,758 $ 46,387 51,145-4,758 46,387 Total mineral property costs $ 595,886 $ 84,629 $ 470,712 $ 209,803 7

8 Maple Minerals Corp. Notes to Financial Statements June 30, Basis of preparation: Maple Minerals Corp. ( Maple or the Company ) is in the process of exploring its mineral properties and has not as yet determined whether these properties contain reserves that are economically recoverable. The recoverability of the amounts shown for mineral properties is dependent upon: the existence of economically recoverable reserves; the ability of the Company to obtain the necessary financing to complete exploration and development; and future profitable production or proceeds from disposition of such properties. The financial statements have been prepared on the basis of a going concern, which contemplates the Company will be able to realize assets and discharge liabilities in the normal course of business. The Company s ability to continue as a going concern is dependent upon obtaining sufficient financing to meet its obligation with respect to operating expenditures and with respect to expenditures required on its mineral properties. Although the resolution of the above uncertainties is not assured, management is sufficiently confident that additional financing will be obtained, including option agreements with coventures, to meet the Company s requirements as to warrant presentation of these financial statements on a basis that assumes the Company will continue in operation. 2. Significant accounting policies: Management has prepared the financial statements of Maple in accordance with Canadian generally accepted accounting principles for interim financial reporting. Accordingly, they do not include all of the information and notes required by Canadian generally accepted accounting principles for annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation have been included. The following information should be read in conjunction with the annual financial statements and notes as at September 30, Accounting policies followed in the preparation of the annual financial statements are consistent with those used in the preparation of the June 30, 2003 interim financial statements except for the following: (a) Mineral properties: Effective April 1, 2003, the Company changed its accounting policy for writing down mineral properties. Mineral properties which the Company has no intention to develop and management believes have little or no value, are written down to $1. Mineral properties are written off if the properties are sold, allowed to lapse, or abandoned. This change has no effect on prior period financial statements. 8