WPC Resources Inc. ?· WPC Resources Inc. “WPC” or ( the “Company”) was incorporated on April…

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  • WPC Resources Inc.

    Condensed Consolidated Interim Financial Statements For the three and six months ended May 31, 2017 and May 31, 2016

    (Expressed in Canadian Dollars) (Unaudited)

  • MANAGEMENTS RESPONBILITY FOR FINANCIAL REPORTING

    The condensed consolidated interim financial statements and all information in the quarterly report are the responsibility of the Board of Directors and management. These condensed consolidated interim financial statements have been prepared by management in accordance with International Financial Reporting Standards. Management maintains the necessary systems of internal controls, policies and procedures to provide assurance that assets are safeguarded and that the financial records are reliable and form a proper basis for the preparation of financial statements. The Board of Directors ensures that management fulfils its responsibilities for financial reporting and internal control through an Audit Committee. This committee, which reports to the Board of Directors, meets with the independent auditors and reviews the financial statements. The condensed consolidated interim financial statements for the three and six month period ended May 31, 2017 are unaudited and prepared by Management. The Companys independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entitys auditor.

  • 3 | P a g e

    WPC Resources Inc.(Unaudited)(An Exploration Stage Company)

    (Expressed in Canadian Dollars) As at

    May 31, 2017 November 30, 2016

    ASSETS

    CurrentCash $ 5,251 $ 131,111 Advances and deposits 36,806 32,809 Receivables 9,890 46,380

    51,947 210,300

    Reclamation deposits (note 5) 8,936 8,936 Property, plant and equipment (note 9) 4,984 5,838 Exploration and evaluation assets (note 7) 2,173,475 2,158,605

    $ 2,239,342 $ 2,383,679

    LIABILITIES and SHAREHOLDERS' EQUITY

    CurrentAccounts payable and accrued liabilities $ 355,937 $ 296,218 Due to related parties (note 10) 261,942 267,336

    617,879 563,554

    Shareholders' equityShare capital (note 8) 7,481,689 7,481,689 Subscriptions received 175,000 - Reserves - options (note 8) 686,244 686,244 Reserves - warrants (note 8) 106,978 106,978 Deficit (6,828,448) (6,454,786)

    1,621,463 1,820,125

    $ 2,239,342 $ 2,383,679

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

    Condensed Consolidated Interim Statements of Financial Position

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    WPC Resources Inc.

    (Expressed in Canadian Dollars)(Unaudited)

    2017 2016 2017 2016

    ExpensesAmortization 427$ 428$ 854$ 1,085$ Consulting fees - - -$ 24,400 Insurance 4,612 3,283 8,903$ 5,783 Investor and shareholder relations 27,232 43,914 49,343$ 47,854 Management fees - - -$ - Office and miscellaneous 9,325 6,124 13,821$ 7,351 Professional fees 15,573 22,351 30,203$ 37,803 Property investigation 51,549 647 52,148$ 3,479 Regulatory and transfer agent fees 7,529 9,625 11,509$ 10,792 Rent and administrative services 2,347 (2,835) 11,598$ 560 Salaries 98,202 69,570 193,611$ 176,030 Share-based payments (note 8) - 18,811 -$ 20,238 Travel and entertainment 1,672 (3,351) 1,672$ 357

    (218,468) (168,567) (373,662)$ (335,732)

    Interest expense - (2) - (24) Impairment of exploration and evaluation assets (note 7) - - - (916) Loss on sale of fixed assets - - - -

    Net loss and comprehensive loss for the period (218,468)$ (168,569)$ (373,662)$ (336,672)$

    Loss per shareBasic and diluted $ (0.00) $ (0.00) $ (0.00) $ (0.00)

    Weighted average number of common shares outstanding

    Basic and diluted 98,541,608 78,822,885 86,197,572 73,746,206

    (An Exploration Stage Company)

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

    Condensed Consolidated Interim Statements of Operations and Comprehensive Loss

    Six months ended May 31,

    Three months ended May 31,

  • 5 | P a g e

    Shares Amount DeficitBalance - November 30, 2015 68,500,304 6,070,608 320,000 40,392 680,582 (5,785,061) 1,326,521 Units issued for cash for private placement 30,000,000 1,500,000 (320,000) - - - 1,180,000 Agent's warrants - (66,586) - 66,586 - - - Share issuance costs - (62,333) - - - - (62,333) Exercise of warrants - - - - - - - Share-based payments - - - - 20,238 - 20,238 Loss for the period - - - - - (336,672) (336,672)

    Balance - May 31, 2016 98,500,304 7,441,689 - 106,978 700,820 (6,121,733) 2,127,754 Exercise of warrants 400,000 40,000 - - - - 40,000 Share-based payments - - - - (14,576) - (14,576) Loss for the period - - - - - (333,053) (333,053)

    Balance - November 30, 2016 98,900,304 7,481,689 - 106,978 686,244 (6,454,786) 1,820,125 Subscriptions received - - 175,000 - - - 175,000 Loss for the period - - - - - (373,662) (373,662)

    Balance - May 31, 2017 98,900,304 7,481,689 175,000 106,978 686,244 (6,828,448) 1,621,463

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

    Subscription received

    Share capitalReserves - Warrants

    Reserves - Options

    Total shareholders'

    equity

  • 6 | P a g e

    WPC Resources Inc.(An Exploration Stage Company)

    Cash Flows(Expressed in Canadian Dollars)(Unaudited)

    May 31, 2017 May 31, 2016

    Operating activitiesLoss for the period (373,662)$ (336,672)$ Items not affecting cash:

    Amortization 854 1,085 Share-based payments - 20,238 Impairment of exploration and evaluation assets - - Loss on sale of fixed assets - 916

    Changes in non-cash working capitalAdvances and deposits (3,997) (3,411) Receivable from related parties - - Receivables 36,490 (59,991) Accounts payable and accrued liabilities 136,844 (142,367) Due to related parties (5,394) (171,143)

    (208,867) (691,345) Investing activitiesExploration and evaluation assets expenditures (91,994) (157,688) Purchase of property, plant and equipment - - Proceeds from sale of property, plant and equipment - 3,000

    (91,994) (154,688) Financing activitiesProceeds from issuances of shares (net) - 1,180,000 Share subscriptions received 175,000 - Share issuance costs - (62,332)