Lexam Explorations Inc. 2005 First Quarter Results.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Lexam Lexam Explorations is a North America oil and gas exploration Company. The Company's most significant property is the Baca project located in a frontier basin in southern Colorado. Explorations Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:LEX.H)(NEX NEX abbr. Navy exchange BOARD:LEX.H) - 2005 First Quarter Results (All amounts in this news release are expressed in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents .) MANAGEMENT'S DISCUSSION AND ANALYSIS Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial Financial Results Lexam recorded a loss of $20,693 during the three months ended March 31, 2005, compared to loss of $23,271 during the corresponding period in 2004. The loss in the first quarter of 2005 can largely be attributed to expenditures for administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. of $19,726, reduced from $23,934 during the same period in 2004.
Three months ended
March 31,
2005 2004
------------------------
Loss $ (20,693) $ (23,271)
Loss per share $ - $ -
Baca Oil & Gas Property Update Lexam has not yet had an opportunity to further process or evaluate the data received from Petro-Hunt relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc this property due primarily to the Company's current financial condition. Financial Condition Lexam is currently not able to continue its exploration efforts and discharge its liabilities in the normal course of business, and may not be able to ultimately realize the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of its assets, subject to, among other things, being able to raise sufficient additional financing to fund its exploration programs. The Company is evaluating alternatives to address these issues, including joint venturing certain properties and seeking additional sources of debt or equity. On February February: see month. 18, 2005, the Company's listing on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. ("TSX-V") was transferred to the NEX board of the TSX-V due primarily to the Company's lack of sufficient operating capital Noun 1. operating capital - capital available for the operations of a firm (e.g. manufacturing or transportation) as distinct from financial transactions and long-term improvements capital, working capital - assets available for use in the production of further assets . The NEX board allows Lexam's shares to continue trading while it seeks alternative financing or other joint venture partners to resume exploration activities. Without such alternative funds or joint venture partners, Lexam is not expected to be able to conduct any exploration or development work during 2005. Financial Information and Notice to Reader Attached are the Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge of Lexam Explorations Inc. for the three months ended March 31, 2005. These interim financial statements have not been subject to auditor auditor n. an accountant who conducts an audit to verify the accuracy of the financial records and accounting practices of a business or government. A proper audit will point out deficiencies in accounting and other financial operations. review. Stock Symbol: TSX Venture Exchange NEX Board ("LEX.H")
LEXAM EXPLORATIONS INC.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheets
(in Canadian dollars)
As at As at
March 31, December 31,
2005 2004
---------------------------
(unaudited)
Assets
Current assets
Cash $ 11,894 11,932
Accounts receivable 600 1,198
Prepaid expenses 1,787 2,554
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$ 14,281 $ 15,684
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------------------------------
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued
liabilities $ 478,576 $ 459,286
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Shareholders' equity
Capital stock (note 2) 16,402,075 16,402,075
Deficit (16,866,370) (16,845,677)
------------------------------
(464,295) (443,602)
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$ 14,281 $ 15,684
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------------------------------
Contingencies (note 1)
The accompanying notes are an integral part of these consolidated
financial statements.
Consolidated Statements of Operations and Deficit (unaudited)
(in Canadian dollars)
Three months ended
March 31,
-------------------------------
2005 2004
-------------------------------
Revenues
Interest income $ 42 $ 663
Expenses
Administrative 19,726 23,934
Exploration 1,009 -
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20,735 23,934
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Loss for the period (20,693) (23,271)
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Deficit at beginning of period (16,845,677) (14,227,344)
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Deficit at end of period $ (16,866,370) $ (14,250,615)
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Loss per share (basic and diluted) $ - $ -
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Weighted average number of shares
outstanding (000's) 38,107 38,107
-------------------------------
-------------------------------
The accompanying notes are an integral part of these consolidated
financial statements.
Consolidated Statements of Cash Flows (unaudited)
(in Canadian dollars)
Three months ended
March 31,
2005 2004
------------------------
Cash provided by (used in)
Operating activities
Loss for the period $ (20,693) $ (23,271)
Items not affecting cash
Change in non-cash operating
working capital 20,654 7,367
------------------------
(39) (15,904)
------------------------
Decrease in cash (39) (15,904)
Cash at beginning of period 11,932 124,060
------------------------
Cash at end of period $ 11,893 $ 108,156
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------------------------
The accompanying notes are an integral part of these consolidated
financial statements.
Lexam Explorations Inc.
Notes to Consolidated Financial Statements (unaudited)
1. Basis of Presentation and Going Concern The consolidated financial statements are prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting and on the assumption that Lexam Explorations Inc. (the "Company" or "Lexam") will be able to realize the carrying value of its assets and discharge its liabilities in the normal course of business. The accompanying unaudited consolidated financial statements should be read in conjunction with the notes to the Company's audited consolidated financial statements for the year ended December December: see month. 31, 2004. These interim financial statements have not been subject to auditor review. These unaudited interim consolidated financial statements reflect all normal and recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. adjustments, which are, in the opinion of management, necessary for a fair presentation of the respective interim periods presented. The Company has a significant working capital deficiency and is not currently able to continue its exploration programs and discharge its liabilities in the normal course of business, and may not be able to ultimately realize the carrying value of its assets, subject to, among other things, being able to raise sufficient additional financing to fund its exploration programs. There can be no assurance that the Company will be able to raise sufficient additional financing to continue its exploration programs. The Company is evaluating alternatives to address these issues, including joint venturing certain properties and seeking additional sources of debt or equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . The financial statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate. If the going concern basis was not appropriate for these financial statements, adjustments may be necessary to the carrying value of assets, such as accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and prepaid expenses Prepaid Expense An asset that arises on a balance sheet because of the payment of something in advance (prepayment). Services for the payment will be received in the near future. , the accounts payable and accrued liabilities Accrued liabilities are liabilities which have occurred, but have not been paid or logged under accounts payable during an accounting period; in other words, obligations for goods and services provided to a company for which invoices have not yet been received. balance, and the reported expenses. 2. Capital Stock At March 31, 2005, the Company had 38,107,436 common shares outstanding. A total of 39,757,436 shares would have been outstanding had all options been exercised. LEXAM EXPLORATIONS INC. (TSX VENTURE:LEX.H) (NEX BOARD:LEX.H) |
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