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Tasman Metals: Condensed Consolidated Interim Financial Statements For The Nine Months Ended May 31, 2015

The following excerpt is from the company's SEC filing.

_______________________________________________________________________________________________________________________________________

TASMAN METALS LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED

(Unaudited - Expressed in Canadian Dollars)

Page 1

NOTICE OF NO AUDITOR REVIEW OF

In accordance with National Instrument 51-102 Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of these condensed consolidated interim financial statements they must be accompanied by a notice indicating that the co ndensed consolidated interim financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

The Company's auditors have not performed a review of these condensed consolidated interim 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.

Page 2

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

May 31,

August 31,

ASSETS

Current assets

3,066,969

6,136,271

Amounts receivable

GST/VAT receivables

21,625

117,813

Prepaids

81,549

76,294

Total current assets

3,176,591

6,334,960

Non-current assets

Investments

14,159

39,018

Property, plant and equipment

60,351

103,075

Exploration and evaluation assets

12,252,431

10,866,653

Bond deposit

31,883

31,865

Total non-current assets

12,358,824

11,040,611

TOTAL ASSETS

15,535,415

17,375,571

LIABILITIES

Current liabilities

Accounts payable and accrued liabilities

194,493

931,838

TOTAL LIABILITIES

SHAREHOLDERS' EQUITY

Share capital

25,910,384

Share-based payments reserve

9,174,090

9,122,790

Deficit

(19,605,284

(18,476,032

Accumulated other comprehensive loss

(138,268

(113,409

TOTAL SHAREHOLDERS' EQUITY

15,340,922

16,443,733

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

Event after the Reporting Period

- See Note 12

These condensed consolidated interim financial statements were approved and authorized for issue by the Board of Directors on July 15, 2015 and are signed on its behalf by:

The accompanying notes are an integral part of these condensed consolidated interim financial statements

/s/ Mark Saxon

/s/ Nick DeMare

Page 3

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS

Three Months Ended

Nine Months Ended

Expenses

Accounting and administration

8(b)(ii)

21,935

27,374

87,797

104,013

40,938

51,117

Corporate development

11,865

51,277

25,896

126,485

Depreciation

13,778

32,583

40,857

General exploration

18,641

13,862

37,320

Insurance

24,270

22,837

87,580

78,552

47,608

132,055

231,603

Management fees

8(a)(i)

45,000

40,500

135,000

121,500

Office

19,512

47,906

72,143

Professional fees

74,606

105,313

301,035

366,157

Regulatory fees

18,480

17,898

54,828

54,802

11,483

29,442

36,827

Salaries and benefits

93,841

21,680

272,304

Shareholder costs

17,448

18,270

21,188

23,646

Share-based compensation

82,000

51,300

225,200

Transfer agent

12,268

14,619

20,260

21,048

Travel

31,950

66,430

119,390

317,782

578,083

1,169,780

1,982,964

Loss before other items

(317,782

(578,083

(1,169,780

(1,982,964

Other items

Gain on sale of equipment

11,041

Impairment of exploration and evaluation assets

(37,631

(7,154

(44,230

Interest income

25,993

37,812

60,854

Foreign exchange

(3,802

(22,075

(1,171

(24,263

16,041

(33,713

40,528

(7,639

Net loss for the period

(301,741

(611,796

(1,129,252

(1,990,603

Other comprehensive loss

(23,410

(10,141

(24,859

(19,134

Comprehensive loss for the period

(325,151

(621,937

(1,154,111

(2,009,737

Basic and diluted loss per common share

Weighted average number of

common shares outstanding

66,141,922

65,739,508

62,780,459

Page 4

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

Nine Months Ended May 31, 2015

Share Capital

Number of

Shares

Share-Based

Payments

Reserve

Equity

Balance at August 31, 2014

Share-based compensation on share options

Unrealized loss on investments

Balance at May 31, 2015

Nine Months Ended May 31, 2014

Balance at August 31, 2013

60,850,982

20,299,802

9,056,102

(16,034,024

(111,019

13,210,861

Common shares issued for:

Cash - private placement

4,919,940

5,411,934

Cash - exercise of share options

285,000

351,000

Exploration and evaluation assets

86,000

104,420

Share issue costs

(620,282

Share-based compensation on finder's option

189,222

Share-based compensation on finders' warrants

10,072

Transfer on exercise of share options

386,900

(386,900

Balance at May 31, 2014

24,933,774

9,093,696

(18,024,627

(130,153

16,872,690

Page 5

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

Operating activities

Adjustments for:

Depreciation

Share-based compensation

Impairment of exploration and evaluation assets

Gain on sale of equipment

(11,041

(1,049,256

(1,680,316

Changes in non-cash working capital items:

Increase in amounts receivable

(1,866

(18,489

Decrease (increase) in GST/VAT receivables

96,188

Increase in prepaids

(5,255

(27,637

Increase (decrease) in accounts payable and accrued liabilities

70,168

(78,490

159,235

(125,604

Net cash used in operating activities

(890,021

(1,805,920

Investing activities

Proceeds on sale of equipment

21,182

Additions to exploration and evaluation assets

(2,200,445

(1,542,008

Additions to property, plant and equipment

(6,555

Increase in bond deposit

Increase in investments

(16,603

Net cash used in investing activities

(2,179,281

(1,565,339

Financing activities

Issuance of common shares

5,762,934

(420,988

Net cash provided by financing activities

5,341,946

Net change in cash

(3,069,302

1,970,687

Cash at beginning of period

5,601,492

Cash at end of period

7,572,179

Supplemental cash flow information

- see Note 11

Page 6

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED MAY 31, 2015

Nature of Operations

Tasman Metals Ltd. ("Tasman" or the "Company") was incorporated under the laws of the Province of British Columbia on August 27, 2007. The Company's common shares are listed and traded on the TSX Venture Exchange ("TSXV") under the symbol "TSM" and on the New York Stock Exchange Market ("NYSE MKT"), under the symbol "TAS". The Company's head office is located at #1305 - 1090 West Georgia Street, Vancouver, British Columbia, V6E 3V7, Canada.

The Company is a junior resource company engaged in the acquisition and exploration of unproven mineral interests in Scandinavia. As at May 31, 2015 the Company has not earned any production revenue, nor found proved reserves on any of its mineral interests.

The Company is in the process of exploring and evaluating its mineral properties. On the basis of information to date, it has not yet determined whether these properties contain economically recoverable ore reserves. The underlying value of the mineral properties and related deferred acquisition costs is entirely dependent on the existence of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete development and upon future profitable production. Exploration and evaluation assets represent costs incurred to date, less amounts depreciated and/or written off, and do not necessarily represent present or future values.

As at May 31, 2015 the Company had working capital of $2,982,098. These condensed consolidated interim 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 operations for the foreseeable future. The Company's ability to continue as a going concern is dependent upon the ability of the Company to obtain the necessary financing to develop properties and to establish future profitable production. The Company's operations are primarily funded from equity financings which are dependent upon many external factors and may be difficult to impossible to secure or raise when required. Although management considers that the Company has adequate resources to maintain its core operations and planned work programs on its existing exploration and evaluation assets for the next twelve months, the Company recognizes that work programs may change with ongoing results and, as a result, it may be required to obtain additional financing. While the Company has been successful in securing financings in the past, there can be no assurance that it will be able to do so in the future.

Basis of Preparation

Statement of Compliance

These condensed consolidated interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS"), and in accordance with International Accounting Standards ("IAS") 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB"). These condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements for the year...


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