Sample Financial Statements from Jazzit FundamentalsJazzit
Jazzit Fundamentals is Premier Financial Statement CaseWare Templates for the use of Canadian accountants, and includes up to date ASPE regulations. It is a deeply integrated and flexible template collection of Financial Statements for various entity structures with up to 20 attached schedules and more than 100 working paper and letter templates to automate year-end engagements with your corporate clients.
Founded in 2000, Jazzit is Canada’s leading supplier of premium CaseWare templates for accountants. Our products include Jazzit Fundamentals, Jazzit Checklists and Jazzit Score, creating a powerful suite of automated solutions for SME practioners. Jazzit Fundamentals, the flagship product, is an integrated suite of over 115 templates and letters that assist public accountants in completing year-end engagements with their corporate clients. With offices in Calgary, Alberta, and Kelowna, B.C., Jazzit’s software serves over 5,000 accounting professionals across Canada.
Sample Financial Statements from Jazzit FundamentalsJazzit
Jazzit Fundamentals is Premier Financial Statement CaseWare Templates for the use of Canadian accountants, and includes up to date ASPE regulations. It is a deeply integrated and flexible template collection of Financial Statements for various entity structures with up to 20 attached schedules and more than 100 working paper and letter templates to automate year-end engagements with your corporate clients.
Founded in 2000, Jazzit is Canada’s leading supplier of premium CaseWare templates for accountants. Our products include Jazzit Fundamentals, Jazzit Checklists and Jazzit Score, creating a powerful suite of automated solutions for SME practioners. Jazzit Fundamentals, the flagship product, is an integrated suite of over 115 templates and letters that assist public accountants in completing year-end engagements with their corporate clients. With offices in Calgary, Alberta, and Kelowna, B.C., Jazzit’s software serves over 5,000 accounting professionals across Canada.
Interview Assessment Guide : Chief Development Officerdsnigel5
The Chief Development Officer: Real Estate Interview assessment guide has been created to assist organisations to assess the most competent CDO to champion their million/ billion dollar projects. With the recent property development reaching unprecedented rates has put enormous stress on the Real Estate market in the Middle East. From developing single asset projects to delivering entire cities with mixed use developments that can be viewed from outer space, the demand and need for talented Chief Development Officers in the GCC region has become an integral part of the real estate business. In response to this need we have created this assessment guide for The Chief Development Officer.
Please visit : http://www.tpgleadership.com/TPG-Media to download your free copy.
Clare Bristow, Graduate Trainee 2010-11, History Faculty Library, University of Oxford.
Presentation given at the Gradaute Trainee Project Showcase, 13 July 2011.
The financial reports below are representative of Prophecy Resource Corp. prior to the consolidation with Red Hill Energy on April 2010. All reports are accessible from Sedar under Prophecy Resource Corp's filing page
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
1. PROPHECY RESOURCE CORP.
FINANCIAL STATEMENTS
JUNE 30, 2007
(Unaudited – prepared by management)
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 consolidated 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 consolidated 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 the standards
established by the Canadian Institute of Chartered Accountants for a review of interim financial
statements by an entity’s auditor.
2. PROPHECY RESOURCE CORP.
INTERIM BALANCE SHEET
AS AT JUNE 30, 2007
(Unaudited – prepared by management)
June 30, 2007 September 30,
2006
(audited)
ASSETS
Current
Cash $ 461,966 $ 157,944
Other receivables 9,466 4,430
Prepaid expenses 109,950 -
581,382 162,374
Mineral properties (Note 3) 54,000 22,000
Deferred exploration costs (Note 4) 279,716 102,232
Deferred finance fees (Note 5) - 17,000
Reclamation bond 6,500 6,500
$ 921,598 $ 310,106
LIABILITIES
Current
Accounts payable and accrued liabilities $ 37,660 $ 13,000
Due to related parties (Note 6) 35,249 10,292
72,909 23,292
SHAREHOLDERS’ EQUITY
Share capital (Note 7) 961,458 308,650
Contributed surplus (Note 9) 132,154 76,850
Deficit (244,923) (98,686)
848,689 286,814
$ 921,598 $ 310,106
Nature and continuance of operations (Note 1)
Commitments (Note 3 and 7)
Approved on behalf of the Board:
“Stuart Rogers” Director “Donald Sharp” Director
Stuart Rogers Donald Sharp
The accompanying notes are an integral part of these financial statements.
3. PROPHECY RESOURCE CORP.
INTERIM STATEMENT OF OPERATIONS AND DEFICIT
(Unaudited – prepared by management)
For the For the
three months nine months
ended ended
June 30, 2007 June 30, 2007
EXPENSES
Consulting $ - $ 480
Transfer agent, filing fees 6,868 36,830
Office, rent and miscellaneous 4,867 15,247
Management fees 4,500 7,500
Management fees – stock based compensation (Note 8) - 55,304
Professional fees 8,076 16,756
Shareholder communications 6,784 15,301
Travel 1,655 2,263
LOSS FROM OPERATIONS (32,750) (149,681)
OTHER ITEM
Interest income 2,006 3,444
NET LOSS (30,744) (146,237)
DEFICIT, BEGINNING (214,179) (98,686)
DEFICIT, ENDING $ (244,923) $ (244,923)
BASIC AND DILUTED LOSS PER COMMON SHARE $ (0.01) $ (0.02)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES 7,912,362 6,820,696
OUTSTANDING
The accompanying notes are an integral part of these financial statements.
4. PROPHECY RESOURCE CORP.
INTERIM STATEMENT OF CASH FLOWS
(Unaudited – prepared by management)
For the For the
three months nine months
ended ended
June 30, 2007 June 30, 2007
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (30,744) $ (146,237)
Non-cash operating items:
Stock based compensation - 55,304
Changes in non-cash working capital items:
Decrease (increase) in prepaid expenses (105,000) (109,950)
Decrease (increase) in other receivables ( 4,199) (5,037)
Increase (decrease) in accounts payable and accrued liabilities 36,131 21,868
Net cash used in operating activities (103,812) (184,052)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition costs (10,000) (32,000)
Deferred exploration costs (170,845) (177,483)
Net cash used in investing activities (180,845) (209,483)
CASH FLOWS FROM FINANCING ACTIVITIES
Deferred finance fees - 17,000
Amounts due to related parties 33,324 27,749
Issuance of shares for debt 10,000 10,000
Issuance of shares for cash 225,000 642,808
Net cash used in financing activities 268,324 697,557
Increase in cash during the period (16,333) 304,022
Cash, beginning 478,299 157,944
Cash, ending $ 461,966 $ 461,966
Supplemental disclosures with respect to cash flows:
Cash paid during the period for interest $ -
Cash paid during the period for income taxes $ -
The accompanying notes are an integral part of these financial statements.
5. PROPHECY RESOURCE CORP.
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2007
1. NATURE AND CONTINUANCE OF OPERATIONS
The Company was incorporated under the Business Corporations Act (British Columbia) on February 9, 2006 and is
primarily in the exploration stage with respect to its mineral properties. Based on the information available to date,
the Company has not yet determined whether its mineral properties contain economically recoverable reserves. The
recoverability of the amounts shown for mineral properties and deferred exploration costs is dependent upon the
confirmation of economically recoverable reserves, the ability of the Company to obtain necessary financing to
successfully complete their development and upon future profitable production. The Company’s Initial Public
Offering prospectus was filed with the British Columbia Securities Commission and became effective December 29,
2006. Pursuant to this prospectus, the Company raised $550,000 by issuing 2,200,000 shares at a price of $0.25 per
share on February 9, 2007 and commenced trading on the TSX Venture Exchange under the symbol ”PCY” on
February 14, 2007.
These financial statements have been prepared on a going concern basis which assumes that the Company will be
able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The
continuing operations of the Company are dependent upon its ability to raise adequate financing to develop its
mineral properties, and to commence profitable operations in the future. To date the Company has not generated
any significant revenues and is considered to be in the exploration stage.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
These financial statements have been prepared in accordance with Canadian generally accepted accounting
principles (“GAAP”) and are presented in Canadian dollars.
Use of estimates
The preparation of financial statements in conformity with Canadian GAAP requires management to make estimates
and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amount of revenues and expenses during the
period. Actual results could differ from these estimates. Significant areas requiring the use of management
estimates relate to the determination of impairment of mineral property interests and future tax rates used to
determine future income taxes. Where estimates have been used financial results as determined by actual events
could differ from those estimates.
Mineral properties
The Company records its interests in mineral properties and areas of geological interest at cost. All direct and
indirect costs relating to the acquisition of these interests are capitalized on the basis of specific claim blocks or
areas of geological interest until the properties to which they relate are placed into production, sold or management
has determined there to be an impairment. These costs will be amortized on the basis of units produced in relation
to the proven reserves available on the related property following commencement of production. Mineral properties
which are sold before that property reaches the production stage will have all revenues from the sale of the property
credited against the cost of the property. Properties which have reached the production stage will have a gain or
loss calculated based on the portion of that property sold.
The recorded cost of mineral exploration interests is based on cash paid, the value of share considerations and
exploration and development costs incurred. The recorded amount may not reflect recoverable value as this will be
dependent on the development program, the nature of the mineral deposit, commodity prices, adequate funding and
the ability of the Company to bring its projects into production.
Management evaluates each mineral interest on a reporting period basis or as changes in events and circumstances
warrant, and makes a determination based on exploration activity and results, estimated future cash flows and
availability of funding as to whether costs are capitalized or charged to operations. Mineral property interests,
where future cash flows are not reasonably determinable, are evaluated for impairment based on management’s
intentions and determination of the extent to which future exploration programs are warranted and likely to be
funded.
6. PROPHECY RESOURCE CORP.
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2007
2. SIGNIFICANT ACCOUNTING POLICIES (cont'd…)
Deferred finance fees
The Company capitalizes fees incurred in connection with proposed equity financings. These finance fees will be
offset against the proceeds of the financing or charged to operations if the financing is not completed.
Deferred exploration costs
The Company defers all exploration costs relating to mineral properties and areas of geological interest until the
properties to which they relate are placed into production, sold, abandoned or management has determined there to
be an impairment. These costs will be amortized on the basis of units produced in relation to the estimated reserves
available on the related property following commencement of production or written-off to operations in the period
related properties are abandoned.
Environmental protection and reclamation costs
The Company's policy relating to environmental protection and land reclamation programmes is to charge to income
during the period any costs incurred in environmental protection and land reclamation.
Foreign currency translation
The Company’s monetary assets and liabilities that are denominated in foreign currencies are translated at the rate
of exchange at the balance sheet date. Non-monetary assets and liabilities are translated at exchange rates
prevailing at the transaction date. Income and expenses are translated at rates which approximate those in effect on
transaction dates. Gains and losses arising on translation are included in earnings.
Financial instruments
The Company’s financial instruments consist of cash, other receivables, accounts payable and accrued liabilities,
and amounts due to related parties. Unless otherwise noted, it is management’s opinion that the Company is not
exposed to significant interest, currency or credit risks arising from these financial instruments. The fair value of
these financial instruments approximates their carrying values, unless otherwise noted.
Future income taxes
Future income taxes are recorded using the asset and liability method whereby future tax assets and liabilities are
recognized for the future tax consequences attributable to differences between the financial statement carrying
amounts of existing assets and liabilities and their respective tax bases. Future tax assets and liabilities are
measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the
liability settled. The effect on future tax assets and liabilities of a change in tax rates is recognized in income in the
period that substantive enactment or enactment occurs. To the extent that the Company does not consider it more
likely than not that a future tax asset will be recovered, it provides a valuation allowance against the excess.
Stock-based compensation
The Company has adopted the accounting standards issued by the Canadian Institute of Chartered Accountants
(“CICA”) Handbook Section, Stock-based compensation and other stock-based payments, which recommends the
fair-value based method for measuring compensation costs. The Company determines the fair value of the stock-
based compensation using the Black-Scholes option pricing model.
Loss per share
The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar
instruments. Under this method the dilutive effect on loss per share is recognized on the use of the proceeds that
could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds would
be used to purchase common shares at the average market price during the period. Basic and diluted loss per
common share are calculated using the weighted-average number of common shares outstanding during the period.
7. PROPHECY RESOURCE CORP.
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2007
2. SIGNIFICANT ACCOUNTING POLICIES (cont'd…)
Flow-through shares
The Company provides certain share subscribers with a flow-through component for tax incentives available on
qualifying Canadian exploration expenditures. The Company renounces the qualifying expenditures upon the
issuance of the respective flow-through common shares and accordingly is not entitled to the related taxable income
deductions from such expenditures.
The Company has adopted the recommendation by the Emerging Issues Committee (“EIC”) of the CICA relating to
the recording of flow-through shares. EIC 146 stipulates that future income tax liabilities resulting from the
renunciation of qualified resource expenditures by the Company from the issuance of flow-through shares are
recorded as a reduction of share capital. Any corresponding realization of future income tax benefits resulting in the
utilization of prior year losses available to the Company not previously recorded, whereby the Company did not
previously meet the criteria for recognition, are reflected as part of the Company’s operating results in the period the
Company files the appropriate tax documents with the Canadian tax authorities.
Asset retirement obligations
The Company has adopted the CICA Handbook section 3110, Asset retirement obligations. This standard focuses
on the recognition and measurement of liabilities related to obligations associated with the retirement of property,
plant and equipment. Under this standard, these obligations are initially measured at fair value and subsequently
adjusted for any changes resulting from the passage of time and revisions to either the timing or the amount of the
original estimate of undiscounted cash flows. The asset retirement cost is to be capitalized to the related asset and
amortized into earnings over time. This section became effective on January 1, 2004. Mineral property related
retirement obligations are capitalized as part of deferred exploration and development costs.
3. MINERAL PROPERTIES
June 30, September 30,
2007 2006
OK Property, British Columbia, Canada $ 54,000 $ 22,000
Title to mining properties involves certain inherent risks due to the difficulties of determining the validity of certain
claims as well as the potential for problems arising from the frequently ambiguous conveyancing history
characteristic of many mining properties. The Company has investigated title to all of its mineral properties and, to
the best of its knowledge, title to all of its properties are in good standing.
On March 8, 2006 the Company acquired Goldrush Resources Ltd. (“Goldrush”) option with Eastfield Resources
Ltd.. (“Eastfield”) whereby Goldrush had the right to earn an interest in mineral exploration claims located north of
Powell River in British Columbia (the “OK Property”) from Eastfield. The Company can earn a 60% interest in the
OK Property from Eastfield by spending up to $1,000,000 in exploration costs on the OK Property within four years
of the date of the agreement and by making cash payments totalling $110,000 (paid $20,000). To acquire the option
from Goldrush, the Company agreed to issue to Goldrush 100,000 shares of the Company (issued) at a value of
$12,000 and make a payment of $10,000 on completion of its Initial Public Offering, which amount has now been
paid.
8. PROPHECY RESOURCE CORP.
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2007
4. DEFERRED EXPLORATION COSTS
The following exploration expenses were incurred on the OK Property during the period from inception to June 30,
2007:
Balance, February 9, 2006 $ -
Assays 8,794
Consulting 36,254
Field expenses 43,681
Road building 13,503
Balance September 30, 2006 $ 102,232
Consulting 60,414
Drilling and assays 89,041
Field expenses 27,746
Property maintenance fees 283
Balance, June 30, 2007 $ 279,716
5. DEFERRED FINANCE FEES
On October 24, 2006 the Company entered into an agreement with Bolder Investment Partners, Ltd. (“Bolder”)
whereby Bolder agreed, subject to regulatory approval and certain conditions, to act as the agent to sell up to
$550,000 of the Company’s securities in an Initial Public Offering (the “Offering”). This offering was completed
on February 9, 2007 and consisted of 2,200,000 shares of the Company at $0.25 per share for gross proceeds of
$550,000. As compensation, Bolder received a work fee of $10,000, a corporate finance fee of 75,000 shares, a
commission of 8% of the gross proceeds of the Offering, and was issued Broker’s Warrants equivalent to 10% of
the number of Shares sold under the Offering, with each Broker Warrant exercisable to purchase a share at the
Offering price for a period of one year from the date of the Offering.
As at September 30, 2006 the Company had incurred $17,000 in direct costs consisting of legal and agent fees in
connection with this proposed financing. On completion of the Offering, these deferred finance charges were
charged to share issuance costs.
6. RELATED PARTY TRANSACTIONS
The Company entered into the following transactions with related parties during the nine month period ended June
30, 2007:
a) Paid office rent of $13,500 to a company controlled by a director and officer of the Company;
b) Paid management fees of $7,500 to a director and officer of the company; and
c) Paid $88,015 to a private company in which a director is a 50% partner for exploration work done on the
Company’s property. Included in this amount are geological consulting fees of $4,000 which were paid to this
same director.
These transactions were in the normal course of operations and were measured at the exchange amount, which was
the amount of consideration established and agreed to by the related parties.
At June 30, 2007 $35,249 is owing to related parties. Amounts due to related parties are non-interest bearing,
unsecured and have no fixed terms of repayment.
9. PROPHECY RESOURCE CORP.
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2007
7. SHARE CAPITAL
Number
of Shares Amount
Authorized
Unlimited number of common shares without par value
Issued
Balance at February 9, 2006 - $ -
Shares issued for cash at $0.001 per share 2,650,000 2,650
Shares issued for mineral property at $0.12 per share 100,000 12,000
Shares issued for cash at $0.12 per share 2,450,000 294,000
Balance as at September 30, 2006 5,200,000 $ 308,650
Shares issued for cash at $0.25 per share 2,200,000 550,000
Shares issued for Corporate finance fee 75,000 18,750
Shares issued for cash at $0.30 per share 750,000 225,000
Shares issued to settle debt at $0.40 per share 25,000 10,000
Share issuance costs - (150,942)
Balance as at June 30, 2007 8,250,000 $ 961,458
As at March 31, 2007, 2,745,000 common shares included in capital stock were held in escrow. The shares subject
to escrow will be released as follows: 10% upon the issuance of notice of listing of the common shares for trading by
the TSX-V (of which 305,000 were released on February 14, 2007), and the remainder in six equal tranches of 15%
every six months thereafter for a period of 36 months.
On April 30, 2006 the Company issued 100,000 shares to Goldrush at an agreed price of $0.12 per share. Refer to
Note 3.
On June 20, 2006 the Company issued 850,000 flow-through shares at a price of $0.12 per share for proceeds of
$102,000 pursuant to a private placement.
As at March 31, 2007, $108,871 was expended as qualifying exploration expenditures. This amount was sufficient
to meet the Company’s commitment to spending a total of $102,000 on qualifying exploration expenditures to be
renounced to investors.
On June 23, 2006 the Company issued 1,400,000 units at a price of $0.12 per unit for proceeds of $168,000 pursuant
to a private placement. Each unit consisted of one common share and one share purchase warrant. Each warrant is
exercisable into an additional common share at a price of $0.15 until December 23, 2007. The Company has not
recorded a separate value to the warrants.
On August 30, 2006 the Company issued 200,000 units at a price of $0.12 per unit for proceeds of $24,000 pursuant
to a private placement. Each unit consisted of one common share and one share purchase warrant. Each warrant is
exercisable into an additional common share at a price of $0.15 until December 29, 2007. The Company has not
recorded a separate value to the warrants.
On February 9, 2007 completed its Initial Public Offering and issued 2,200,000 shares of the Company at $0.25 per
share for gross proceeds of $550,000. As compensation, Bolder received a work fee of $10,000, a corporate finance
fee of 75,000 shares, a commission of 8% of the gross proceeds of the Offering, and was issued Broker’s Warrants
equivalent to 10% of the number of Shares sold under the Offering, with each Broker Warrant exercisable to
purchase a share at the Offering price of $0.25 for a period of one year from the date of the Offering.
On April 30, 2007 the Company issued 25,000 shares at $0.40 per share in settlement of debt owing to Eastfield of
$10,000 with respect to an option payment due on the OK property.
10. PROPHECY RESOURCE CORP.
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2007
7. SHARE CAPITAL (cont’d..)
On May 11, 2007 the Company issued 750,000 flow-through units at a price of $0.30 per share for proceeds of
$225,000 pursuant to a private placement. Each unit consisted of one flow-through common share and one share
purchase warrant. Each warrant is exercisable into an additional non-flow-through common share at a price of $0.40
until May 11, 2009. The Company has not recorded a separate value to the warrants.
8. STOCK OPTIONS AND WARRANTS
Stock options
The Company intends to follow the policies of the TSX-V under which it would be authorized to grant options to
executive officers and directors, employees and consultants enabling them to acquire up to 10% of the issued and
outstanding common stock of the Company. Under the policies, the exercise price of each option equals the market
price or a discounted price of the Company’s stock as calculated on the date of grant. The options can be granted
for a maximum term of five years.
Stock-based compensation
During the three months ended December 31, 2006, the Company granted 450,000 incentive stock options to
officers and directors. These options may be exercised within 5 years from the date of listing on the TSX-V at a
price of $0.25 per share.
The Company expenses the fair value of all stock-based compensation awards as determined using the Black-
Scholes option pricing model. The granting of these 450,000 incentive stock options resulted in stock-based
compensation expense, calculated using the Black-Scholes option pricing model, of $55,304. This amount was
recorded as contributed surplus on the balance sheet, and was calculated using the following assumptions:
Risk-free interest rate: 3.96%
Expected life of options: 5 years
Annualized volatility: 89%
Dividend yield: 0%
There were no options granted during the three month periods ended March 31 and June 30, 2007. The following
options were outstanding at June 30, 2007:
Number Exercise
of Shares Price Expiry Date
450,000 $0.25 February 14, 2011
Warrants
The following warrants were outstanding at March 31, 2007:
Number Exercise Price Expiry Date
1,400,000 $0.15 December 23, 2007
200,000 $0.15 December 29, 2007
220,000 $0.25 February 9, 2008
750,000 $0.40 May 11, 2009
The weighted average remaining life of the warrants is 0.89 years and the weighted average exercise price is $0.23.
11. PROPHECY RESOURCE CORP.
NOTES TO THE FINANCIAL STATEMENTS
June 30, 2007
9. CONTRIBUTED SURPLUS
Balance, February 9, 2006 $ -
Stock-based compensation expense (Note 7) 76,850
Balance, September 30, 2006 76,850
Stock-based compensation expense (Note 7) 55,304
Balance, June 30, 2007 $ 132,154