General and administrative 448,248 418,723 1,351,469 1,416,138
Depletion and depreciation 3 4,864,400 460,000 5,764,600 1,499,600
Finance 312,116 359,156 1,012,547 972,561
Stock-based compensation 46,081 142,162 225,988 257,615
Exploration and evaluation - 13,556 - 13,556
Capital taxes 30,849 21,686 93,519 3,178
Total expenses 6,696,897 2,345,354 11,473,235 6,943,069
--------------------------------- ----- ------------- ------------ ------------- -------------
Loss before income taxes (4,115,266) (949,068) (3,944,777) (1,194,736)
Deferred tax recovery - 116,077 - 116,077
--------------------------------- ----- ------------- ------------ ------------- -------------
Loss and comprehensive
loss for the period $ (4,115,266) $ (832,991) $ (3,944,777) $ (1,078,659)
--------------------------------- ----- ------------- ------------ ------------- -------------
Loss and comprehensive
loss per share
Basic and diluted $ (0.03) $ (0.01) $ (0.02) $ (0.01)
--------------------------------- ----- ------------- ------------ ------------- -------------
See accompanying notes to the condensed interim financial
statements.
Condensed Interim Statements of Changes in Shareholders'
Equity
(amounts in Canadian dollars)
(unaudited)
Share Capital Contributed surplus Deficit Total Shareholders' Equity
Balance at March 31, 2014 $ 36,094,048 $ 2,425,249 $ (24,096,038) $ 14,423,259
Issue common shares on exercise of
stock options 17,000 (6,000) - 11,000
Stock-based compensation - 225,988 - 225,988
Loss for the period - - (3,944,777) (3,944,777)
---------------------------------- -------------- -------------------- --------------- ---------------------------
Balance at December 31, 2014 $ 36,111,048 $ 2,645,237 $ (28,040,815) $ 10,715,470
---------------------------------- -------------- -------------------- --------------- ---------------------------
Balance at March 31, 2013 $ 32,691,059 $ 2,097,875 $ (22,392,438) $ 12,396,496
Issue of common shares for cash 3,618,294 - - 3,618,294
Share issue costs, cash paid (215,305) - - (215,305)
Stock-based compensation - 257,615 - 257,615
Loss for the period - - (1,078,659) (1,078,659)
Balance at December 31, 2013 $ 36,094,048 $ 2,355,490 $ (23,471,097) $ 14,978,441
---------------------------------- -------------- -------------------- --------------- ---------------------------
See accompanying notes to the condensed interim financial
statements.
Condensed Interim Statements of Cash Flows
(amounts in Canadian dollars)
(unaudited)
Three months ended Nine months ended
December
31,
2014 December December December
31, 2013 31, 2014 31, 2013
Cash flows provided by
(used for):
Cash flows generated from
(used in) operating activities
Loss (4,115,266) (832,991) (3,944,777) (1,078,659)
Items not affecting cash:
Unrealized loss (gain)
on financial derivatives (451,500) 190,536 (914,706) 23,564
Gain on disposition of
oil and natural gas interests - - - (185,000)
Loss on settlement of decommissioning
provision 28,379 - 28,379 -
Foreign exchange loss (gain) 3 (2,688) 14 (3,810)
Depletion and depreciation 4,864,400 460,000 5,764,600 1,499,600
Accretion of decommissioning
provisions 41,000 37,000 126,000 111,000
Stock-based compensation 46,081 142,162 225,988 257,615
Deferred tax recovery - (116,077) - (116,077)
Exploration and evaluation - 13,556 - 13,556
Decommissioning expenditures (290,379) - (290,379) -
Changes in non-cash items 441,367 159,771 810,365 379,178
Net cash generated from
operating activities 564,085 51,269 1,805,484 900,967
------------------------------------------------ --------------- ----------------- --------------- ---------------
Cash flows used in investing
activities
Exploration and evaluation
assets expenditures - - - (38,332)
Property, plant and equipment
expenditures (1,566,146) (2,949,281) (2,119,824) (3,504,714)
Changes in non-cash items 1,305,563 2,254,616 1,057,065 1,114,997
------------------------------------------------ --------------- ----------------- --------------- ---------------
Net cash used in investing
activities (260,583) (694,665) (1,062,759) (2,428,049)
------------------------------------------------ --------------- ----------------- --------------- ---------------
Cash flows from (used in)
financing activities
Proceeds from (repayments
of) bank debt, net (40,000) (2,600,000) 100,000 (1,500,000)
Proceeds from issuance
of common shares - 3,618,294 11,000 3,618,294
Share issuance costs - (215,305) - (215,305)
Net cash from (used in)
financing activities (40,000) 802,989 111,000 1,902,989
------------------------------------------------ --------------- ----------------- --------------- ---------------
Effect of exchange rates
on cash and cash equivalents
held in foreign currency (3) 2,688 (14) 3,810
------------------------------------------------ --------------- ----------------- --------------- ---------------
Net change in cash and
cash equivalents (bank
overdraft) 263,499 162,281 853,711 379,717
Cash and cash equivalents
(bank overdraft), beginning
of period $(229,098) $(187,353) $(819,310) $(404,789)
------------------------------------------------ --------------- ----------------- --------------- ---------------
Cash and cash equivalents
(bank overdraft), end of
period $34,401 $(25,072) $34,401 $(25,072)
------------------------------------------------ --------------- ----------------- --------------- ---------------
Notes to the Condensed Interim Financial Statements
Three and nine months ended December 31, 2013
(amounts in Canadian dollars)
(unaudited)
1. General business description
Edge Resources Inc. ("Edge" or the "Company") is engaged in the
acquisition of, exploration for, development of and production of
oil and natural gas. Edge is a publicly traded company on the TSX
Venture Exchange under the symbol "EDE" and the Alternative
Investment Market London Stock Exchange under the symbol "EDG",
incorporated and domiciled in Canada. The address of business of
the Company is Suite 1400, 717 - 7(th) Avenue SW, Calgary, Alberta,
Canada, T2P 0Z3. These financial statements were approved and
authorized for issuance by the Board of Directors on February 26,
2015.
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