Exhibit 99.1
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Consolidated Financial Statements
For the three-months ended December 31, 2009 and 2008
(Expressed in Canadian Dollars)
Contents
Consolidated Financial Statements
Consolidated Balance Sheets
2
Consolidated Statements of Operations and Comprehensive Loss
3
Consolidated Statements of Shareholders’ Equity
4
Consolidated Statements of Cash Flows
5
Notes to Consolidated Financial Statements
6 - 27
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Consolidated Balance Sheets
(Canadian Dollars)
|
|
| ||
December 31 2009 | September 30 2009 | |||
|
|
| Restated Note 2(a) | |
Assets |
|
| ||
Current |
|
| ||
Cash and cash equivalents (note 4) | $ | 13,427,358 | $ | 15,553,239 |
Amounts receivable |
| 776,381 |
| 688,976 |
Due from related parties (note 10(a)(i)) |
| - |
| 19,419 |
Prepaid expenses and deposits (note 10(b)) |
| 139,299 |
| 126,556 |
|
|
| ||
Total current assets |
| 14,343,038 |
| 16,388,190 |
Property and equipment (note 6) |
| 886,826 |
| 307,237 |
Mineral properties(note 7 and Schedule 1) |
| 4,716,900 |
| 4,716,904 |
|
|
| ||
Total assets | $ | 19,946,764 | $ | 21,412,331 |
|
|
| ||
Liabilities |
|
| ||
Current |
|
| ||
Accounts payable and accrued liabilities | $ | 131,654 | $ | 227,517 |
Due to related parties (note 10(a)(ii)) |
| 20,651 |
| 26,380 |
|
|
| ||
|
| 152,305 |
| 253,897 |
|
|
| ||
Shareholders’ Equity |
|
| ||
Share capital(note 8) |
| 61,405,528 |
| 61,393,374 |
Contributed surplus |
| 7,279,918 |
| 7,215,180 |
Deficit accumulated in the exploration stage |
| (48,890,987) |
| (47,450,120) |
|
|
| ||
Total shareholders’ equity |
| 19,794,459 |
| 21,158,434 |
|
|
| ||
Total liabilities and shareholders’ equity | $ | 19,946,764 | $ | 21,412,331 |
Nature of operations (note 1)
Commitments (notes 7 and 13)
Subsequent events (note 14)
Approved on behalf of the Board:
“Chris Theodoropoulos” (signed)
“Gary Freeman” (signed)
Chris Theodoropoulos, Director
Gary Freeman, Director
The accompanying notes are an integral part of these consolidated financial statements.
2
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Consolidated Statements of Operations and Comprehensive Loss
(Canadian Dollars)
For the three months ended December 31 |
| 2009 | 2008 | ||||
|
|
|
| Restated Note 2(a) | |||
Expenses |
|
| |||||
Stock-based compensation (note 8(g)(i)) |
| $ | 70,892 | $ | 629,081 | ||
Consultants (notes 10(c) and (d)) |
|
| 295,956 |
| 312,622 | ||
Salaries |
|
| 56,130 |
| 84,781 | ||
Office and administration |
|
| 88,143 |
| 61,481 | ||
Investor relations and promotion |
|
| 64,891 |
| 37,815 | ||
Legal and audit |
|
| 34,270 |
| 23,531 | ||
Travel |
|
| 45,413 |
| 53,442 | ||
Transfer agent, listing and filing fees |
|
| 20,844 |
| 4,971 | ||
Exploration expenses (Schedule 2) |
|
| 823,611 |
| 691,083 | ||
Interest and financing costs |
|
| - |
| 340 | ||
Amortization |
|
| 3,944 |
| 2,949 | ||
|
|
|
| ||||
Total expenses |
|
| (1,504,094) |
| (1,902,096) | ||
|
|
|
| ||||
Other income (expenses) |
|
|
| ||||
Investment and other income |
|
| 67,464 |
| 42,826 | ||
Foreign exchange gain (loss) |
|
| (4,233) |
| 415,893 | ||
Write-down of mineral properties |
|
| (4) |
| - | ||
|
|
|
| ||||
Total other income (expenses) |
|
| 63,227 |
| 458,719 | ||
|
|
|
| ||||
Net loss and comprehensive loss for the year |
| $ | (1,440,867) | $ | (1,443,377) | ||
|
|
|
| ||||
Loss per share, basic and diluted |
| $ | (0.03) | $ | (0.03) | ||
|
|
|
| ||||
Weighted average number of common shares outstanding |
|
| 47,316,372 |
| 42,115,765 | ||
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements.
3
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Consolidated Statements of Shareholders’ Equity
(Canadian Dollars)
|
|
|
| Deficit accumulated in the exploration stage |
| |
| Share Capital | Contributed Surplus | Total | |||
| Shares | Amount | Shareholders' Equity | |||
|
|
|
|
| ||
| Restated – Note 2(a) | |||||
| ||||||
Balance, September 30, 2008 | 41,382,069 | $57,856,097 | $6,010,303 | $ (42,455,313) | $21,411,087 | |
Shares issued during the year | ||||||
For cash | ||||||
Private placements, net of share issue costs (note 8(c)(i)) | 3,223,000 | 2,147,074 | 117,194 | - | 2,264,268 | |
Exercise of options | 132,500 | 78,250 | - | - | 78,250 | |
For mineral property (note 7(a)(ii)) | 75,760 | 65,745 | - | - | 65,745 | |
In relation to acquisition of subsidiary (note 7(a)(i)) | 2,500,000 | 1,175,000 | - | - | 1,175,000 | |
Transfer of contributed surplus to share capital on exercise of options | - | 71,208 | (71,208) | - | - | |
Stock-based compensation for the year (note 8(g)(i)) | - | - | 1,158,891 | - | 1,158,891 | |
Net loss for the year | - | - | - | (4,994,807) | (4,994,807) | |
| ||||||
Balance, September 30, 2009 | 47,313,329 | $61,393,374 | $7,215,180 | $(47,450,120) | $21,158,434 | |
Shares issued during the year | ||||||
For cash | ||||||
Exercise of options | 10,000 | 6,000 | - | - | 6,000 | |
Transfer of contributed surplus to share capital on exercise of options | - | 6,154 | (6,154) | - | - | |
Stock-based compensation for the year (note 8(g)(i)) | - | - | 70,892 | - | 70,892 | |
Net loss for the year | - | - | - | (1,440,867) | (1,440,867) | |
Balance, December 31, 2009 | 47,323,329 | $61,405,528 | $7,279,918 | $(48,890,987) | $19,794,459 |
The accompanying notes are an integral part of these consolidated financial statements.
4
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Consolidated Statements of Cash Flows
(Canadian Dollars)
For the three months ended December 31 |
| 2009 | 2008 | ||||
|
|
| |||||
Operating activities |
|
| |||||
Net loss for the year |
| $ | (1,440,867) | $ | (1,443,377) | ||
Adjustments to reconcile net loss to cash used in operating activities: |
|
|
| ||||
Amortization |
|
| 3,944 |
| 2,949 | ||
Stock-based compensation |
|
| 70,892 |
| 629,081 | ||
Write-down of mineral properties |
|
| 4 |
| - | ||
Future income tax expense |
|
| - |
| (5,467) | ||
Unrealized loss on foreign exchange |
|
| (1,981) |
| 56,464 | ||
Changes in operating assets and liabilities: |
|
|
| ||||
Amounts receivable |
|
| (87,405) |
| 153,636 | ||
Prepaid expenses and deposits |
|
| (12,743) |
| 98,348 | ||
Accounts payable and accrued liabilities |
|
| (95,863) |
| (44,150) | ||
|
|
|
| ||||
Cash used in operating activities |
|
| (1,564,019) |
| (552,516) | ||
|
|
|
| ||||
Investing activities |
|
|
| ||||
Purchase of property and equipment |
|
| (583,533) |
| (277,290) | ||
Expenditures and advances on mineral properties |
|
| - |
| (701,856) | ||
|
|
|
| ||||
Cash used in investing activities |
|
| (583,533) |
| (979,146) | ||
|
|
|
| ||||
Financing activities |
|
|
| ||||
Proceeds from issuance of common shares and share subscriptions, net of |
|
|
| ||||
issue costs |
|
| 6,000 |
| - | ||
Due from/to related parties |
|
| 13,690 |
| (1,514) | ||
|
|
|
| ||||
Cash provided by financing activities |
|
| 19,690 |
| (1,514) | ||
|
|
|
| ||||
Foreign exchange effect on cash |
|
| 1,981 |
| (56,464) | ||
(Decrease) increase in cash and cash equivalents |
|
| (2,125,881) |
| (1,589,640) | ||
Cash and cash equivalents, beginning of year |
|
| 15,553,239 |
| 18,049,781 | ||
|
|
|
| ||||
Cash and cash equivalents, end of year |
| $ | 13,427,358 | $ | 16,460,141 | ||
Cash and cash equivalents consists of: |
|
|
| ||||
Cash |
| $ | 538,199 | $ | 6,460,141 | ||
Cash equivalents |
|
| 12,889,159 |
| 10,000,000 | ||
|
| $ | 13,427,358 | $ | 16,460,141 |
Supplemental disclosure with respect to cash flows (note 11)
The accompanying notes are an integral part of these consolidated financial statements.
5
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
1.
NATURE OF OPERATIONS
Pediment Gold Corp (the “Company”) is governed under theBusiness Corporations Act(British Columbia) and is a natural resource company engaged in the evaluation, acquisition, exploration and development and ultimately is working towards commercial production of gold and silver in Mexico.
On February 25, 2009, the Company changed its name from Pediment Exploration Ltd. to Pediment Gold Corp. As of March 2, 2009, the Company’s shares were delisted from the TSX Venture Exchange (“TSX-V”) and commenced trading on the Toronto Stock Exchange (“TSX”).
The Company reported a net loss of $1,440,867 (2008 - $1,443,377) for the three months ended December 31, 2009 and has an accumulated deficit of $48,890,987 as at December 31, 2009 (2008 - $44,218,736). As at December 31, 2009, the Company had $14,190,733 (2008 - $16,987,364) in working capital, which is sufficient working capital to fund its 2010 operating and exploration expenditures and to continue its operations through fiscal 2011. The Company relies on financing through the issuance of additional shares of its common stock until such time as it achieves sustained profitability through profitable mining operations, or the receipt of proceeds from the disposition of its mineral property interests.
2.
SIGNIFICANT ACCOUNTING POLICIES
The unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in Canada and follow the same accounting policies and methods consistent with those used in preparation of the most recent annual audited consolidated financial statements except as noted below. The interim consolidated financial statements do not include all information and note disclosures required by Canadian GAAP for annual financial statements, and therefore should be read in conjunction with the Company’s annual audited consolidated financial statements for the year ended September 30, 2009.
(a)
Future changes in accounting policies (Continued)
(i)
International Financial Reporting Standards ("IFRS")
In February 2008, the Canadian Accounting Standards Board ("AcSB") confirmed that January 1, 2011 is the changeover date for publicly-listed companies to use IFRS, replacing Canadian GAAP. The IFRS standards will be effective for the Company for interim and annual financial statements relating to the Company’s fiscal year beginning on or after October 1, 2011. The effective date of October 1, 2011 will require the restatement for comparative purposes of amounts reported by the Company for the interim periods and year ended September 30, 2011. The Company has begun the planning and scoping phase of the transition to IFRS and intends to transition to IFRS financial statements during fiscal 2010. While the Company has begun assessing the adoption of IFRS for 2011, the financial reporting impact of the transition to IFRS cannot be reasonably estimated at this time.
6
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
3.
CHANGE IN ACCOUNTING POLICY
Effective October 1, 2009, the Company retrospectively changed its accounting policy for exploration expenditures to more appropriately align itself with policies applied by other comparable companies at a similar stage in the mining industry. Prior to October 1, 2009, the Company capitalized all such costs to mineral properties held directly or through an investment and only wrote down capitalized costs when the property was abandoned or if the capitalized costs were not considered to be economically recoverable.
Exploration expenditures are now charged to operations as they are incurred until the mineral property reaches the development stage. Significant costs related to property acquisitions, including allocations for undeveloped mineral interests, are capitalized until the viability of the mineral interest is determined. When it has been established that a mineral deposit is commercially mineable and an economic analysis has been completed, the costs incurred to develop a mine on the property prior to the start of mining operations are capitalized. The impact of this change on the previously reported December 31, 2009 consolidated financial statements is as follows:
| As previously reported | Restatement | As restated |
Mineral properties – Dec 31, 2008 | 13,584,547 | (9,055,128) | 4,529,419 |
|
|
|
|
Exploration expenses for the period ended Dec 31,2008 | 5,944 | 685,139 | 691,083 |
|
|
|
|
Loss for the period ended Dec 31, 2008 | 758,238 | 685,139 | 1,443,377 |
|
|
|
|
Loss per share for the period ended Dec 31, 2008 | 0.02 | 0.01 | 0.03 |
|
|
|
|
Deficit at Dec 31, 2008 | 35,426,236 | 8,792,500 | 44,218,736 |
|
|
|
|
The impact of this change on the previously reported deficits per the consolidated financial statements at September 30, 2009 and 2008 are as follows:
| As previously reported | Restatement | As restated |
|
|
|
|
Deficit at Sept 30, 2008 | 34,347,952 | 8,107,361 | 42,455,313 |
|
|
|
|
Deficit at Sept 30, 2009 | 37,620,962 | 9,829,158 | 47,450,120 |
|
|
|
|
7
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
4.
FINANCIAL INSTRUMENTS
The Company classifies its cash and cash equivalents as held-for-trading; amounts receivable (excluding taxes receivable) and due from related parties as loans and receivables; and due to related parties and accounts payable and accrued liabilities as other financial liabilities.
The carrying values of cash and cash equivalents, amounts receivable (excluding taxes receivable), and accounts payable and accrued liabilities approximate their fair values due to the short-term maturity of these financial instruments. The fair values of amounts due to and from related parties have not been disclosed as their fair values cannot be reliably measured since the parties are not at arm’s length.
The fair value of financial instruments is summarized as follows:
| December 31, 2009 | September 30, 2009 | ||||||
Financial Assets |
| Carrying Amount |
| Fair Value |
| Carrying Amount |
| Fair Value |
|
|
|
|
|
|
|
|
|
Held-for-trading |
|
|
|
| ||||
Cash and cash equivalents | $ | 13,427,358 | $ | 13,427,358 | $ | 15,553,239 | $ | 15,553,239 |
|
|
|
|
| ||||
Loans and receivables |
|
|
|
| ||||
Amounts receivable (excluding taxes receivable) | $ | 8,909 | $ | 8,909 | $ | 25,726 | $ | 25,726 |
Due from related parties | $ | - |
| N/A | $ | 19,419 |
| N/A |
|
|
|
|
| ||||
Financial Liabilities |
|
|
|
| ||||
Accounts payable and accrued liabilities | $ | 131,654 | $ | 131,654 | $ | 227,517 | $ | 227,517 |
Due to related parties | $ | 20,651 |
| N/A | $ | 26,380 |
| N/A |
8
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
4.
FINANCIAL INSTRUMENTS (Continued)
The Company’s risk exposure and the impact on the Company’s financial instruments are summarized below:
(a)
Credit risk
The Company is exposed to credit risk with respect to its cash and cash equivalents. Cash and cash equivalents have been placed on deposit with major Canadian financial institutions and major Mexican financial institutions. The risk arises from the non-performance of counterparties of contracted financial obligations. The Company is not exposed to significant credit risk on amounts receivable.
The Company manages credit risk, in respect of cash and cash equivalents, by purchasing highly liquid, short-term investment-grade securities held at major financial institutions with strong investment-grade ratings by a primary rating agency in accordance with the Company’s investment policy.
Concentration of credit risk exists with respect to the Company’s cash and cash equivalents as the majority of the amounts are held with only a few Canadian and Mexican financial institutions. The Company’s concentration of credit risk and maximum exposure thereto is as follows:
| December 31, 2009 | September 30, 2009 |
|
|
|
Held at major Canadian financial institutions: |
|
|
Cash | $ 538,199 | $ 5,137,947 |
Cash equivalents | 12,779,530 | 10,271,727 |
|
|
|
| 13,317,729 | 15,409,674 |
Held at major Mexican financial institutions: |
|
|
Cash | 109,629 | 143,565 |
|
|
|
Total cash and cash equivalents | $13,427,358 | $15,553,239 |
Included in cash equivalents at December 31, 2009 are cashable guaranteed investment certificates earning interest between 0.6% and 0.7% (2008 - 2.00% and 3.25%) and maturing at various dates between September 8, 2010 and December 10, 2010 (2008 –
September 8, 2009 and December 10, 2009).
9
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
4.
FINANCIAL INSTRUMENTS (Continued)
(b)
Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in obtaining funds to meet commitments as they become due. The Company’s approach to managing liquidity risk is to provide reasonable assurance that it will have sufficient funds to meet liabilities when due. The Company manages its liquidity risk by forecasting cash flows from operations and anticipated investing and financing activities. The Company believes it has sufficient cash and cash equivalents at December 31, 2009 in the amount of $13,427,358 (2008 - $16,460,141) in order to fund its 2010 operating and exploration expenditures and to continue operations through fiscal 2011. At December 31, 2009, the Company had accounts payable and accrued liabilities of $131,654 (2008 - $141,446) and amounts due to related parties of $20,651 (2008 - $11,431), which will become due for payment within three months.
(c)
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, foreign currency risk and other price risk.
(i)
Interest rate risk
Interest rate risk consists of two components:
(a)
To the extent that payments made or received on the Company’s monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk.
(b)
To the extent that changes in prevailing market rates differ from the interest rate in the Company’s monetary assets and liabilities, the Company is exposed to interest rate price risk.
The Company’s cash and cash equivalents consists of cash held in bank accounts and guaranteed investment certificates that earn interest at variable interest rates. Due to the short-term nature of these financial instruments, fluctuations in market rates do not have a significant impact on estimated fair values as of December 31, 2009 and 2008. Future cash flows from interest income on cash and cash equivalents will be affected by interest rate fluctuations. The Company manages interest rate risk by maintaining an investment policy that focuses primarily on preservation of capital and liquidity.
(ii)
Foreign currency risk
The Company is exposed to foreign currency risk to the extent that certain monetary assets and liabilities held by the Company are not denominated in Canadian dollars.
10
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
4.
FINANCIAL INSTRUMENTS (Continued)
(c)
Market risk (continued)
(ii)
Foreign currency risk (continued)
The Company is exposed to foreign currency risk with respect to cash and cash equivalents, amounts receivable, and accounts payable and accrued liabilities as a portion of these amounts are denominated in US dollars and Mexican pesos. The Company has not entered into any foreign currency contracts to mitigate this risk.
The sensitivity analysis of the Company’s exposure to foreign currency risk at the reporting date has been determined based upon hypothetical changes taking place at December 31, 2009 and 2008, which includes a hypothetical change in the foreign currency exchange rate between the Canadian dollar and Mexican peso of 9% and 11%, respectively, and the effect on net loss and comprehensive loss.
| Reasonably Possible Changes | |||
| 2009 | 2008 | ||
|
|
| ||
CDN $: MXN peso exchange rate variance | +9% | +11% | ||
|
|
| ||
Net loss and comprehensive loss | $ | 153,455 | $ | 111,247 |
|
|
| ||
CDN $: MXN peso exchange rate variance | -9% | -11% | ||
|
|
| ||
Net loss and comprehensive loss | $ | (183,809) | $ | (138,746) |
(iii)
Other price risk
Other price risk is the risk that the fair or future cash flows of a financial instrument will fluctuate because of changes in market prices, other than those arising from interest rate risk or foreign currency risk. The Company is not exposed to significant other price risk.
5.
CAPITAL MANAGEMENT
The Company’s primary objective when managing capital is to safeguard the Company’s ability to continue as a going concern in order to pursue the development and exploration of its mineral properties. The Company defines capital that it manages as shareholders’ equity.
The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust its capital structure, the Company may attempt to issue new shares. The Company’s primary source of funds comes from the issuance of share capital. The Company does not use other sources of financing that require fixed payments of interest and principal due to lack of cash flow from current operations and is not subject to any externally imposed capital requirements.
11
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
5.
CAPITAL MANAGEMENT (continued)
Capital requirements are driven by the Company’s exploration activities on its mineral properties. To effectively manage the Company’s capital requirements, the Company has a planning and budgeting process in place to ensure that adequate funds are available to meet its strategic goals. The Company monitors actual expenses to budget on all exploration projects and overhead to manage costs, commitments and exploration activities.
There have been no changes to the Company’s approach to capital management during the year.
6.
PROPERTY AND EQUIPMENT
| 2009 |
| 2008 | |||||||||||
|
| Cost |
| Accumulated Amortization |
| Net Book Value |
| Cost |
| Accumulated Amortization |
| Net Book Value | ||
|
|
|
|
|
|
| ||||||||
Computer equipment | $ | 33,712 | $ | 23,626 | $ | 10,086 | $ | 32,005 | $ | 21,811 | $ | 10,194 | ||
Office furniture |
| 28,370 |
| 10,665 |
| 17,705 |
| 28,370 |
| 9,508 |
| 18,862 | ||
Vehicles |
| 18,748 |
| 4,167 |
| 14,581 |
| 18,748 |
| 3,195 |
| 15,553 | ||
Mining equipment |
| 57,330 |
| - |
| 57,330 |
| 57,330 |
| - |
| 57,330 | ||
Land |
| 787,124 |
| - |
| 787,124 |
| 205,298 |
| - |
| 205,298 | ||
| $ | 925,284 | $ | 38,458 | $ | 886,826 | $ | 341,751 | $ | 34,514 | $ | 307,237 |
At December 31, 2009, the Company’s mining equipment is under development; therefore, it will be amortized once it is ready for use.
12
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
7.
MINERAL PROPERTIES
| December 31 2009 | September 30 2009 |
San Antonio | 2,529,862 | 2,529,862 |
La Colorada | 2,187,038 | 2,187,038 |
Others | - | 4 |
| 4,716,900 | 4,716,904 |
(a)
The Company’s mineral property holdings consist of mineral concessions located in Sonora State and Baja California Sur, Mexico. Descriptions of specific concession groups are as follows:
(i)
San Antonio Project
The San Antonio project is located in the state of Baja California Sur, Mexico.
On September 29, 2005, the Company acquired 100% of the issued and outstanding shares of Pitalla, which owned the 6 original concessions that made up the San Antonio project.
On March 28, 2008, the San Antonio Project was expanded to include the Triunfo Est. Properties, which consist of five mining exploration concessions located in the state of Baja California Sur, Mexico. The concessions were acquired for a cash payment of $11,250 (paid) and mineral property data related to the concessions were acquired for 25,000 common shares (issued) of the Company valued at $71,500 (note 8(c)(iv)).
On July 3, 2008, the Company acquired the El Triunfo concession group, a group of adjacent concessions in the San Antonio district. The four concessions were acquired for a cash payment of $1,241,568 (paid) and are subject to a variable 1% to 3% net smelter royalty (“NSR”).
Pursuant to the terms of the Company’s purchase agreement to acquire Pitalla in 2005, if prior to December 31, 2011, an aggregate of one million ounces of gold or gold equivalents were determined to be situated on three or fewer of the properties acquired, of which 500,000 ounces or equivalent must be on a single property, the Company would be required to issue 2,500,000 common shares. On December 4, 2008, the Company issued the 2,500,000 common shares valued at $1,175,000, which has been allocated to the acquisition cost of the San Antonio project (note 8(c)(iii)).
On December 13, 2009, the Company entered into a promissory agreement whereby the Ejido San Antonio sold outright 260 hectares covering the Planes and Colinas mineral targets and surrounding area to the Company for total consideration of 6,500,000 pesos ($581,826) which purchase price has been allocated to land. The Company is currently arranging for the transfer of legal title to the land.
13
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
7.
MINERAL PROPERTIES(Continued)
(a)
(Continued)
(i)
San Antonio Project (continued)
On December 13, 2009, the Company entered into a rental agreement, called a “temporary occupation agreement”, securing long-term surface and access rights for the on-going exploration and operation of the San Antonio project. The agreement has a term of 30 years and includes a one-time payment of 200,000 pesos ($16,230 paid) for access and annual per hectare payments for areas subject to exploration or other disturbance within the Company’s concession holdings, which total approximately 8,100 hectares. Under the terms of the agreement, the minimum annual hectare payments are 600,000 pesos with the agreement stipulating an advance payment of 1,800,000 pesos ($146,070 paid) for the first three years of the agreement.
(ii)
La Colorada Project
On October 22, 2007, the Company negotiated the exclusive option to acquire the past producing La Colorada gold-silver mine property located in the state of Sonora, Mexico. The Company has an option to acquire 100% of 18 concessions held by private owners plus 1,130 hectares of surface holdings that include mining equipment and machinery in return for an initial payment of US$1,100,000 ($1,085,518 paid), followed by additional payments of US$1,100,000 on or before October 22, 2008 and US$550,000 on or before October 22, 2009.
On November 26, 2008, the Company amended the original option agreement and entered into two separate agreements, a revised purchase agreement and an option to purchase agreement.
Pursuant to the revised purchase agreement, the Company acquired all concessions except the Sonora IV concession, land and mining equipment agreed to under the original option agreement by making one further payment of US$825,000 ($964,484 paid), for a total purchase price of US$1,925,000 ($2,050,002 paid), and granted a 3% NSR if open-pit mined or 2% if underground mined. The 2% NSR on underground production can be purchased by the Company at any time for US$300,000.
The purchase price of US$1,925,000 ($2,050,002) was allocated US$200,800 ($205,298) to land, US$56,075 ($57,330) to mining equipment and US$1,668,125 ($1,787,374) to mineral properties pursuant to the terms of the revised purchase agreement.
Pursuant to the option to purchase agreement, the Company was granted the option to acquire the Sonora IV concession for 300,000 common shares of the Company on or before October 16, 2009. The Company did not exercise this option by October 16, 2009.
14
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
7.
MINERAL PROPERTIES(Continued)
(a)
(Continued)
(ii)
La Colorada Project (continued)
On February 12, 2008, the Company entered into an option agreement to acquire three additional mineral concessions totaling 400 hectares for a total purchase price of US$800,000.
On May 12, 2009, the Company amended the terms of the option agreement, dated February 12, 2008 which reduced the total purchase price from US$800,000 to US$600,000 and introduced US$200,000 payable in shares due as follows:
Cash:
US$100,000 – February 8, 2008 ($102,491 paid)
US$100,000 – March 23, 2009 ($121,131 paid)
US$100,000 – March 3, 2010
US$100,000 – March 3, 2011
Common Shares:
Shares, equivalent to US$50,000 plus 15% VAT – May 31, 2009 (Issued 75,760 common shares valued at $65,745 (note 7(c)(ii))
Shares, equivalent to US$50,000 plus 15% VAT – March 3, 2010
Shares, equivalent to US$100,000 plus 15% VAT – March 3, 2011
The revised option agreement also includes a 3% NSR to be paid to the vendor should the Company complete the transaction. The 3% NSR can be purchased by the Company at any time for a cash payment of US$200,000. The vendor is entitled to annual advance payments of US$50,000 on account of the 3% NSR commencing March 3, 2012.
On August 14, 2008, the Company acquired six mineral concessions totalling 218 hectares for US$100,000 ($109,688 paid) that cover part of the El Creston pit and adjacent ground as well as additional exploration potential west of the pit.
On June 30, 2009, the Company acquired the La Noria concession for $609 (paid).
15
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
8.
SHARE CAPITAL
(a)
Authorized - Unlimited number of common shares without par value
(b)
Escrow shares
During the year ended September 30, 2009, the Company released 442,556 (2008 – nil) common shares from escrow. Accordingly, as at September 30, 2009, there are no common shares held in escrow (2008 – 442,556).
(c)
Private placements and shares issued for property
(i)
On September 30, 2009, the Company completed a non-brokered private placement and issued 3,223,000 units at a price of $0.75 per unit, for gross proceeds of $2,417,250. Each unit consisted of one common share and one-half of one share purchase warrant. One whole warrant entitles the holder to purchase one additional common share at a price of $0.90 per share on or before March 30, 2011. As part of the finder’s fee arrangement, $145,035 was paid in cash and 257,840 finder’s warrants were issued with a fair value of $117,194, each exercisable to acquire one unit having the same terms as units issued to investors at a price of $0.83 per unit until March 30, 2011. Other cash share issuance costs of $7,947 were incurred by the Company through the private placement.
(ii)
During the year ended September 30, 2009, 75,760 common shares were issued for the acquisition of mineral concessions (note 7(a)(ii)). The fair value of these shares, based upon the volume weighted average trading price on the TSX for the ten trading days ending seven business days before the date of issue, was $65,745.
16
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
8.
SHARE CAPITAL(Continued)
(c)
Private placements and shares issued for property (Continued)
(iii)
During the year ended September 30, 2009, 2,500,000 common shares were issued for the acquisition of the San Antonio Project (note 7(a)(i)). The $0.47 per share fair value of these shares was based on market value at the time of issue for a total value of $1,175,000.
(iv)
During the year ended September 30, 2008, 25,000 common shares were issued to acquire mineral property data relating to certain mineral concessions (note 7(a)(i)). The fair value of these shares based upon their market value at the time of issue was $71,500.
(d)
Stock options
Pursuant to the policies of the TSX, under the Company’s stock option plan, options to purchase common shares have been granted to directors, employees and consultants at exercise prices determined by reference to the market value on the date of grant for a maximum term of ten years. The board of directors may grant options for the purchase of up to a total of 10% of the outstanding shares at the time of the option grant less the aggregate number of existing options and number of common shares subject to issuance under outstanding rights that have been issued under any other share compensation arrangement. Options granted under the plan carry vesting terms determined at the discretion of the board of directors.
17
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
8.
SHARE CAPITAL(Continued)
(d)
Stock options (Continued)
A summary of the status of the Company’s outstanding and exercisable stock options at December 31, 2009 and 2008 and changes during the years then ended is as follows:
|
| Outstanding | Exercisable |
| Weighted Average Exercise Price |
|
| ||||
Balance, September 30, 2008 | 3,642,500 | 3,392,500 | $ | 1.61 | |
Exercised | - | - | $ | ||
Vested in year | - | 100,000 | $ | 1.88 | |
Cancelled / Forfeited | (1,277,000) | (1,277,000) | $ | 2.53 | |
Granted | 1,270,000 | 1,270,000 | $ | 0.60 | |
|
| ||||
Balance, December 31, 2008 | 3,635,000 | 3,485,500 | $ | 0.93 | |
|
| ||||
|
| ||||
Balance, September 30, 2009 | 3,772,500 | 3,547,500 | $ | 0.98 | |
Exercised | (10,000) | (10,000) | $ | 0.60 | |
Vested in year | - | 75,000 | $ | 1.08 | |
Cancelled / Forfeited | - | - | $ | - | |
Granted | 300,000 | 75,000 | $ | 1.37 | |
|
| ||||
Balance, December 31, 2009 | 4,062,500 | 3,687,500 | $ | 1.01 |
18
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
8.
SHARE CAPITAL(Continued)
(d)
Stock options (Continued)
The following summarizes information about options outstanding at December 31, 2009 and 2008:
| Exercise Price |
| |
Expiry Date | December 31 | December 31 | |
| 2008 | ||
|
| ||
April 4, 2009 | $0.85 | - | 80,000 |
February 12, 2010 | $0.60 | 50,000 | 87,500 |
July 21, 2010 | $0.50 | 25,000 | 25,000 |
July 21, 2010 | $0.63 | 290,000 | 290,000 |
April 25, 2011 | $0.80 | 415,000 | 415,000 |
August 2, 2011 | $0.55 | 205,000 | 230,000 |
February 12, 2012 | $0.60 | 50,000 | 50,000 |
March 23, 2012 | $0.73 | 37,500 | 37,500 |
April 27, 2012 | $0.78 | 50,000 | 50,000 |
June 17, 2013 | $1.60 | 1,100,000 | 1,100,000 |
December 12, 2013 | $0.60 | 570,000 | 750,000 |
May 4, 2011 | $0.90 | 200,000 | - |
May 4, 2012 | $0.90 | 100,000 | - |
May 11, 2010 | $0.84 | 80,000 | - |
May 11, 2014 | $0.84 | 590,000 | - |
December 9, 2010 | $1.37 | 200,000 | - |
December 9, 2014 | $1.37 | 100,000 | - |
| 4,062,500 | 3,115,000 |
(e)
Warrants
At December 31, 2009, the Company has outstanding warrants to purchase an aggregate 1,611,500 common shares as follows:
Exercise Price | Expiry Date | Outstanding at September 30, 2009 | Issued | Exercised | Expired | Outstanding at December 31, 2009 | |
|
|
|
|
|
|
|
|
$ | 0.90 | March 30, 2011 | 1,611,500 | - | - | - | 1,611,500 |
|
|
|
|
|
|
|
|
|
|
| 1,611,500 | - | - | - | 1,611,500 |
19
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
8.
SHARE CAPITAL(Continued)
(e)
Warrants (Continued)
At December 31, 2008, the Company has outstanding warrants to purchase an aggregate 5,166,348 common shares as follows:
Exercise Price | Expiry Date | Outstanding at September 30, 2008 | Issued | Exercised | Expired | Outstanding at December 31, 2008 | |
|
|
|
|
|
|
|
|
$ | 1.05 | November 2, 2008 | 232,000 | - | - | (232,000) | - |
$ | 2.00 | February 21, 2009 | 1,798,059 | - | - | - | 1,798,059 |
$ | 2.05 | February 21, 2009 | 131,174 | - | - | - | 131,174 |
$ | 3.75 | June 3, 2009 | 2,975,150 | - | - | - | 2,975,150 |
$ | 3.80 | June 3, 2009 | 261,965 | - | - | - | 261,965 |
|
|
|
|
|
|
|
|
|
|
| 5,398,348 | - | - | (232,000) | 5,166,348 |
(f)
Finder’s warrants
At December 31, 2009, the Company has outstanding finder’s warrants as follows:
Exercise Price | Expiry Date | Outstanding at September 30, 2009 | Issued | Exercised | Expired | Outstanding at December 31, 2009 | |
|
|
|
|
|
|
|
|
$ | 0.83 | March 30, 2011 | 257,840 | - | - | - | 257,840 |
The 257,840 finder’s warrants are exercisable at $0.83 per warrant until March 30, 2011 for regular units where each regular unit consists of one common share and one-half of one share purchase warrant. Each full warrant is exercisable for one common share at a price of $0.90 each for a period of 18 months.
At December 31, 2008, the Company had no finder’s warrants outstanding.
(g)
Stock-based compensation
(i)
The fair value of stock options granted, and which vested to directors, employees and consultants, is broken down as follows:
|
|
|
| 2009 |
| 2008 |
|
|
|
|
|
| |
Salaries – employees/directors |
| $ | 26,975 | $ | 475,213 | |
Consultants |
|
| 17,176 |
| 153,868 | |
Investor relations |
|
| 26,741 |
| - | |
|
| $ | 70,892 | $ | 629,081 |
20
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
8.
SHARE CAPITAL(Continued)
(g)
Stock-based compensation (Continued)
(i)
(Continued)
Stock-based compensation expense was retroactively restated by ($320,046) for the quarter ended December 31, 2008, in relation to the 520,000 unvested options that were cancelled on March 23, 2009.
The fair value of each option grant was estimated as at the date of the grant using the Black-Scholes option pricing model with the following weighted average assumptions and resulting fair value:
|
| 2009 | 2008 |
|
|
|
|
Risk-free interest rate |
| 1.68% | 2.15% |
Expected dividend yield |
| 0.00% | 0.00% |
Expected stock price volatility |
| 83.7% | 101.66% |
Expected option life in years |
| 2.33 | 5.00 |
Fair value at grant date |
| $0.58 | $0.61 |
|
|
|
|
Expected volatilities are based on the Company’s trading history except where there is insufficient trading history and volatilities are based on industry comparables. When applicable, the Company uses historical data to estimate option exercise, employee termination and forfeiture within the valuation model. For non-employees, the expected term of the options approximate the full term of the option.
21
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
8.
SHARE CAPITAL(Continued)
(h)
Shares reserved for issuance at December 31, 2009 and 2008 are as follows:
| 2009 | 2008 |
|
|
|
Outstanding at December 31 | 47,323,329 | 43,822,069 |
Stock options (note 8(d)) | 4,062,500 | 3,635,000 |
Warrants (note 8(e)) | 1,611,500 | 5,166,348 |
Finder’s warrants (note 8(f)) | 386,760 | - |
|
|
|
Fully diluted at December 31 | 53,384,089 | 52,623,417 |
9.
INCOME TAXES
At the last fiscal year end, the Company has approximate non-capital losses of $18,656,000 in Canada and Mexico that may be carried forward to apply against future years’ income. These losses expire as follows:
|
| Canada | Mexico | Total | ||
|
|
| ||||
2010 | $ | 85,000 | $ | - | $ | 85,000 |
2012 |
| - |
| 63,000 |
| 63,000 |
2013 |
| - |
| 37,000 |
| 37,000 |
2014 |
| - |
| 25,000 |
| 25,000 |
2015 |
| 585,000 |
| 23,000 |
| 608,000 |
2016 |
| - |
| 90,000 |
| 90,000 |
2017 |
| - |
| 4,443,000 |
| 4,443,000 |
2018 |
| - |
| 4,902,000 |
| 4,902,000 |
2026 |
| 1,070,000 |
| 3,797,000 |
| 4,867,000 |
2027 |
| 1,356,000 |
| - |
| 1,356,000 |
2028 |
| 972,000 |
| - |
| 972,000 |
2029 |
| 1,208,000 |
| - |
| 1,208,000 |
|
|
|
| |||
| $ | 5,276,000 | $ | 13,380,000 | $ | 18,656,000 |
The Company also has $4,767,000 of net capital losses available to apply against future capital gains in Canada.
The tax benefit of the above losses has not been recorded in these financial statements as their realization is not more likely than not.
22
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
10.
RELATED PARTY TRANSACTIONS
(a)
The amounts due from/to related parties are non-interest bearing, unsecured and due on demand, and are due from/to officers of the Company and companies with common directors.
(i)
As at September 30, 2009, $nil (2008 - $8,457) is due from a company with common directors for its share of rent for shared office space.
(ii)
As at September 30, 2009, $20,651 (2008 - $11,431) is due to directors/officers of the Company for director and consulting fees.
(b)
As at December 31, 2009, $21,000 (2008 - $21,000) of prepaid expenses relates to an advance on consulting fees paid to a company with a common director.
(c)
Included in consulting fees is $105,000 (2008 - $112,857) of which $60,000 (2008 - $60,000) was charged by a company owned by a director and $45,000 (2008 - $52,857) by a director for consulting services.
(d)
Included in consulting fees is $18,500 (2008 - $21,000) paid to directors for directors’ fees.
(e)
Rent of $6,900 (2008 - $6,900) was recovered from companies with common directors for their respective share of the rent expense paid by the Company for shared office space.
The above transactions incurred in the normal course of operations and are recorded at the exchange amount, being the amount agreed upon by the related parties.
23
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
11.
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS
|
|
|
| 2009 |
| 2008 |
Non-cash transactions for the quarter ended December 31 | ||||||
Shares issued for acquisition of subsidiary |
| $ | - | $ | 1,175,000 | |
Accounts payable related to mineral properties |
|
| $ | - | $ | - |
Other supplemental cash flow information | ||||||
Cash paid during the year for | ||||||
Interest expense |
| $ | - | $ | - | |
Income tax expense |
| $ | - | $ | - |
12.
SEGMENT DISCLOSURES
The Company operates in one industry segment, the mineral resource industry, and in two geographical segments, Canada and Mexico. All current exploration activities are conducted in Mexico. The capital assets (including mineral properties) and total assets identifiable with these geographic areas at December 31 are as follows:
|
| 2009 |
| 2008 |
| ||||
Capital assets (including mineral properties) |
|
| ||
Canada | $ | 8,921 | $ | 12,021 |
Mexico |
| 5,594,805 |
| 4,832,508 |
|
|
| ||
| $ | 5,603,726 | $ | 4,844,529 |
|
|
| ||
Total assets |
|
| ||
Canada | $ | 13,435,154 | $ | 15,993,718 |
Mexico |
| 6,511,610 |
| 5,991,052 |
|
|
| ||
| $ | 19,946,764 | $ | 21,984,770 |
24
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Notes to Consolidated Financial Statements
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
13.
COMMITMENT
The Company has a commitment with respect to its premises operating lease. The minimum annual lease payments required are payable as follows:
| ||
2010 | $ | 69,378 |
2011 |
| 106,116 |
2012 |
| 106,116 |
2013 |
| 106,116 |
2014 |
| 106,116 |
2015 |
| 35,372 |
|
| |
| $ | 529,214 |
14.
SUBSEQUENT EVENTS
(a)
Subsequent to December 31, 2009, 120,000 stock options were exercised for total proceeds to the Company of $87,000.
25
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Schedule 1 – Mineral Property Costs
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
As at December 31, 2009 | ||||||||||||
|
| San Antonio Project |
| La Colorada Project |
| Other Projects |
| Total | ||||
|
|
|
|
|
| |||||||
|
|
|
|
| ||||||||
Acquisition costs – September 30, 2009 | $ | 2,529,862 | $ | 2,187,038 | $ | 4 | $ | 4,716,904 | ||||
|
|
|
|
| ||||||||
Acquisition during period |
| - |
| - |
| (4) |
| (4) | ||||
|
|
|
|
| ||||||||
Balance, December 31, 2009 | $ | 2,529,862 | $ | 2,187,038 | $ | - | $ | 4,716,900 | ||||
| ||||||||||||
| ||||||||||||
| ||||||||||||
| ||||||||||||
Restated – Note 2(a) | ||||||||||||
As at December 31, 2008 | ||||||||||||
|
| San Antonio Project |
| La Colorada Project |
| Other Projects |
| Total | ||||
|
|
|
|
|
| |||||||
|
|
|
|
| ||||||||
Acquisition costs – September 30, 2008 | $ | 1,354,862 | $ | 1,297,697 | $ | 4 | $ | 2,652,563 | ||||
|
|
|
|
| ||||||||
Acquisition during period |
| 1,175,000 |
| 701,856 |
| - |
| 1,876,856 | ||||
|
|
|
|
| ||||||||
Balance, December 31, 2008 | $ | 2,529,862 | $ | 1,999,553 | $ | 4 | $ | 4,529,419 |
26
Pediment Gold Corp.
(Formerly Pediment Exploration Ltd.)
(An Exploration Stage Company)
Schedule 2 – Exploration Costs
(Canadian Dollars)
For the three months ended December 31, 2009, 2008
As at December 31, 2009 | |||||||||||
|
| San Antonio Project |
| La Colorada Project |
| Total | |||||
|
|
|
|
| |||||||
Geological services | $ | 357,301 | $ | 17,899 | $ | 375,200 | |||||
Tax on surface rights |
| - |
| 8,311 |
| 8,311 | |||||
Drilling, sampling and testing |
| - |
| 176,830 |
| 176,830 | |||||
|
|
|
| ||||||||
Leasing |
| 10,075 |
| - |
| 10,075 | |||||
Salaries and fees |
| 85,549 |
| 134,699 |
| 220,248 | |||||
Miscellaneous |
| 22,166 |
| 10,781 |
| 32,947 | |||||
|
|
|
| ||||||||
| $ | 475,091 | $ | 348,520 | $ | 823,611 |
Restated – Note 2(a) | |||||||||||
As at December 31, 2009 | |||||||||||
|
| San Antonio Project |
| La Colorada Project |
| Total | |||||
|
|
|
|
| |||||||
Geological services | $ | 191,378 | $ | 75,392 | $ | 266,770 | |||||
|
|
|
| ||||||||
Drilling, sampling and testing |
| 45,144 |
| - |
| 45,144 | |||||
Technical assistance |
| 2,480 |
| 456 |
| 2,936 | |||||
Leasing |
| - |
| 7,275 |
| 7,275 | |||||
Salaries and fees |
| 136,822 |
| 53,900 |
| 190,722 | |||||
Miscellaneous |
| 149,581 |
| 28,655 |
| 178,236 | |||||
|
|
|
| ||||||||
| $ | 525,405 | $ | 165,678 | $ | 691,083 |
27