Wishbone Gold Regulatory News (WSBN)

Wishbone Gold PLC

Consolidated Income Statement

for the period 1 January 2019 to 30 June 2019

Unaudited Six Months Ended

30 June 2019

Unaudited Six Months Ended

30 June 2018

Audited Year Ended 31 December 2018

US$

US$

US$

Sales

 6,562,093

 3,908,979

10,896,045

Cost of sales

 (6,530,233)

 (3,873,223)

 (10,849,774)

Gross profit

 31,860

 35,755

46,271

Administration expenses

 (555,687)

 (497,834)

 (1,064,988)

Operating loss

 (523,827)

 (462,079)

 (1,018,717)

Loss on equity sharing agreement

-

-

(797,220)

Impairment of investments

 -

 -

-

Foreign exchange gains

(3,315)

 (6,746)

 (10,223)

Finance costs

(10,595)

 (58,603)

 (64,007)

Loss on ordinary activities before taxation

 (537,737)

 (527,428)

 (1,890,167)

Tax on loss on ordinary activities

 -

 -

 -

Loss for the financial year

 (537,737)

 (527,428)

 (1,890,167)

Wishbone Gold PLC

Consolidated Statement of Financial Position

as at 30 June 2019

Unaudited

Six Months

Ended

30 June 2019

Unaudited Six Months Ended

30 June 2018

Audited Year Ended 31 December 2018

US$

US$

US$

Current assets

Trade and other receivables

555,936

 545,843

 583,834

Cash and cash equivalents

36,271

 54,102

 24,428

Inventory

 -

 27,751

 -

Loans

199,864

 306,183

 199,864

 792,071

 933,879

 808,126

Non-current assets

Property, plant and equipment

 193,750

 250,024

 212,500

Goodwill

748,617

 748,625

 748,617

Assets

393,874

 377,672

371,923

Loans

-

 572,278

-

 1,336,241

 1,948,599

1,333,040

Total assets

 2,128,312

 2,882,478

2,141,166

Current liabilities

 555,407

 1,397,345

863,176

Non-current liabilities

 -

 -

 -

Equity

Share capital

 3,791,823

 1,730,590

2,872,843

Share premium

 7,370,895

 7,115,052

 7,306,550

Share based payment reserve

64,355

 62,908

64,355

Accumulated losses

 (9,610,478)

 (7,710,000)

 (9,072,741)

Foreign exchange reserve

 (43,690)

 286,583

106,983

Total equity and liabilities

 2,128,312

 2,882,478

 2,141,166

Wishbone Gold PLC

Consolidated Statement of Cash Flows

for the period from 1 January 2019 to 30 June 2019

Unaudited

Six Months Ended

 30 June 2019

Unaudited Six Months Ended

30 June 2018

Audited

Year Ended

 31 December 2018

US$

US$

US$

Cash flows from operating activities

Loss before tax

 (537,737)

 (527,428)

 (1,890,167)

Reconciliation to cash generated from operations:

Foreign exchange (gain)/loss

 3,315

 6,745

 10,223

Interest expense

 10,595

 58,603

 64,007

Impairment losses

-

 -

Write-off of loan receivable

-

107,509

Losss on equity sharing agreement

-

797,220

Depreciation

18,750

-

37,500

Administrative expenses converted into ordinary shares

 -

382,950

Operating cash flow before changes in working capital

 (505,077)

 (462,080)

 (490,758)

Derease/(increase) in inventory

 4

27,755

Decrease/(increase) in receivables

 27,898

 22,553

(15,437)

Increase/(decrease) in payables

 (307,769)

 178,036

 (335,012)

Cash outflow from operations

 (784,948)

 (261,487)

 (813,452)

Cash flows from investing activities

Increase/(decrease) in fixed assets

 34

 -

Net movement in investments

 -

 -

 -

(Increase)/Decrease in Assets

(21,951)

 9,490

 15,239

(Increase)/Decrease in Loans

-

 27

 -

Other investing activities

 108,198

 (116,744)

Net cash flow from investing activities

 (21,951)

 117,749

 (101,505)

Cash flows from financing activities

(Decrease)/Increase in loans payable

(10,595)

 (389,276)

(64,007)

Issue of shares for cash

 983,325

 -

 747,289

Interest Paid

 -

 -

 -

Net cash flow from financing activities

972,730

 (389,276)

 683,282

Effects of exchange rates on cash and cash equivalents

(153,988)

 330,260

(754)

Net increase/(decrease) in cash

 11,843

 (202,755)

 (232,429)

Cash at bank at 1 January

 24,428

 256,857

 256,857

Cash at bank at period end

 36,271

 54,102

 24,428