Auxico Resources Canada Inc (CSE:AUAG, OTC:AUXIF) has filed its audited annual financial statements for the year ended September 30, 2022, which was the second year in which the company generated commissions from the sale of commodities.
The commissions amounted to $448,049 while cash and equivalents for the period stood at $2,115,889 and receivables at $676,939.
The Montreal-based company said that due to the accounting requirements of the International Financial Reporting Standards, a non-cash gain of $20,639,170 was recognized in connection with the convertible debentures issued by the company.
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For the year ended September 30, 2022, the change in fair value of derivatives resulted in a decrease of expense of $47,359,702 and was recorded in the consolidated statement of income (loss) and comprehensive income (loss).
The principal amount of the debentures outstanding as of September 30, 2022, was $7,500,000; this is the amount that would be paid in cash to investors upon maturity if not converted into common equity.
The company added that its interim consolidated financial statements for the period ended December 31, 2022, will be filed by March 10, 2023.
Auxico Resources Canada was founded in 2014 and is engaged in the acquisition, exploration and development of mineral properties in Colombia, Brazil, Mexico and the Democratic Republic of the Congo.
Contact the author at jon.hopkins@proactiveinvestors.com