The following unaudited interim financial
statements of Blox, Inc. are included in this quarterly report on Form 10-Q.
Notes to Condensed
Interim Consolidated Financial Statements
Three months
Ended June 30, 2020 and 2019
(Unaudited –
Expressed in U.S. Dollars)
1.
|
Description
of Business
|
Blox,
Inc. (the “Company”) was incorporated on July 21, 2005 under the laws of the state of Nevada. The address of the Company
is #1177 Avenue of Americas 5th Floor, New York, NY 10036.
The
Company is primarily engaged in developing mineral exploration projects in Guinea, West Africa.
|
(a)
|
Statement
of Compliance
|
These
condensed interim consolidated financial statements are presented in accordance with generally accepted accounting principles
in the United States (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”)
and are expressed in U.S. dollars. The Company’s fiscal year-end is March 31.
|
(b)
|
Basis
of Presentation
|
The
condensed interim consolidated financial statements of the Company comprise the Company and its subsidiaries. These condensed
interim consolidated financial statements are prepared on the historical cost basis. These condensed interim consolidated financial
statements have also been prepared using the accrual basis of accounting, except for cash flow information. In the opinion of
management, all adjustments (including normal recurring ones), considered necessary for the fair statement of results have been
included in these financial statements. All intercompany balances and transactions have been eliminated upon consolidation. The
interim results are not necessarily indicative of results for the full year ending March 31, 2021, or future operating periods.
For further information, see the Company’s annual consolidated financial statements for the year ended March 31, 2020, including
the accounting policies and notes thereto.
|
(c)
|
Reporting
and Functional Currencies
|
The
functional currency of an entity is the currency of the primary economic environment in which the entity operates. The functional
currency of the Company is the Canadian dollar (“CAD”). The Company’s reporting currency is the US dollar.
Transactions:
Monetary
assets and liabilities denominated in foreign currencies are translated into functional currencies of the Company and its subsidiaries
using period end foreign currency exchange rates and expenses are translated using the exchange rate approximating those in effect
on the date of the transactions during the reporting periods in which the expenses were transacted. Non-monetary assets and liabilities
are translated at their historical foreign currency exchange rates. Gains and losses resulting from foreign exchange transactions
are included in the determination of net income or loss for the period.
Translations:
Foreign
currency financial statements are translated into the Company’s reporting currency, the US dollar as follows:
|
(i)
|
All
of the assets and liabilities are translated at the rate of exchange in effect on the
balance sheet date;
|
|
(ii)
|
Expenses
are translated at the exchange rate approximating those in effect on the date of the
transactions; and
|
|
(iii)
|
Exchange
gains and losses arising from translation are included in other comprehensive income.
|
Blox,
Inc.
Notes to Condensed
Interim Consolidated Financial Statements
Three months
Ended June 30, 2020 and 2019
(Unaudited –
Expressed in U.S. Dollars)
2.
|
Basis
of Presentation (continued)
|
|
(d)
|
Significant
Accounting Judgments and Estimates (continued)
|
The
preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the period.
Actual outcomes could differ from these estimates. Revisions to accounting estimates are recognized in the period in which the
estimate is revised and may affect both the period of revision and future periods.
In
applying the Company’s accounting policies, management has made certain judgments that may have a significant effect on the consolidated
financial statements. Such judgments include the determination of the functional currencies and use of the going concern assumption.
|
(i)
|
Determination
of Functional Currencies
|
In
determining the Company’s functional currency, it periodically reviews its primary and secondary indicators to assess the primary
economic environment in which the entity operates in determining the Company’s functional currencies. The Company analyzes the
currency that mainly influences labor, material and other costs of providing goods or services which is often the currency in
which such costs are denominated and settled. The Company also analyzes secondary indicators such as the currency in which funds
from financing activities such as equity issuances are generated and the funding dependency of the parent company whose predominant
transactional currency is the Canadian dollar. Determining the Company’s predominant economic environment requires significant
judgment.
These
condensed interim consolidated financial statements have been prepared on a going concern basis, which implies the Company will
continue to realize its assets and discharge its liabilities in the normal course of business. The Company has incurred a net
loss of $87,581 for the three months ended June 30, 2020 and has incurred cumulative losses since inception of $35,415,109 as
at June 30, 2020.
These
factors raise substantial doubt about the ability of the Company to continue as going concern. The continuation of the Company
as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain
necessary debt and/or equity financing to continue operations. These condensed interim consolidated financial statements do not
include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that
might be necessary should the Company be unable to continue as a going concern. Management of the Company has undertaken steps
as part of a plan to sustain operations for the next fiscal year including plans to raise additional equity financing, control
costs and reduce operating losses.
|
3.
|
Recent
Accounting Pronouncements
|
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact
on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
Blox,
Inc.
Notes to Condensed
Interim Consolidated Financial Statements
Three months
Ended June 30, 2020 and 2019
(Unaudited –
Expressed in U.S. Dollars)
|
|
|
|
|
Fair Value as at
|
|
|
|
Number
|
|
|
June 30,
2020
|
|
|
March 31,
2020
|
|
Available-for-sale
|
|
|
|
|
|
|
|
|
|
Common shares
|
|
|
3,333,333
|
|
|
$
|
85,610
|
|
|
$
|
46,993
|
|
|
|
|
1,000,000
|
|
|
|
25,683
|
|
|
|
14,098
|
|
Total investment:
|
|
|
|
|
|
$
|
111,293
|
|
|
$
|
61,091
|
|
On
March 28, 2018, the Company participated in a private placement offering by its strategic partner, Ashanti Sankofa Inc (TSX.V-
ASI), which shares the same management group and board of directors as the Company. The Company purchased 3,333,333 units at CAD$0.03
per unit for a total cost of $77,510 (CAD$100,000). Each unit consists of one common share and one transferable share purchase
warrant with each warrant entitling the holder to acquire one additional common share at a price of CAD$0.05 for a period of 24
months from the closing of the private placement. On the date of issuance, the Company determined the fair value of the common
share and warrants to be $44,331 and $33,179, respectively.
On
April 16, 2018, the Company participated in a private placement offering by its strategic partner, Ashanti Sankofa Inc (TSX.V-
ASI), which shares the same management group and board of directors as the Company. The Company purchased 1,000,000 units at CAD$0.03
per unit for a total cost of $23,850 (CAD$30,000). Each unit consists of one common share and one transferable share purchase
warrant with each warrant entitling the holder to acquire one additional common share at a price of CAD$0.05 for a period of 24
months from the closing of the private placement. On the date of issuance, the Company determined the fair value of the common
share and warrants to be $13,420 and $10,430, respectively.
As
at June 30, 2020, the fair value of common shares was $111,293 which resulted in an unrealized gain of $50,202 that was recorded
in other comprehensive income. The share purchase warrants of ASI expired during the year ended March 31, 2020.
|
|
Machinery
|
|
|
Total
|
|
Cost
|
|
|
|
|
|
|
Balance at June 30 & March 31, 2020
|
|
$
|
232,620
|
|
|
$
|
232,620
|
|
Accumulated Depreciation
|
|
|
|
|
|
|
|
|
Balance at June 30 & March 31, 2020
|
|
$
|
161,060
|
|
|
$
|
161,060
|
|
Carrying amounts
|
|
|
|
|
|
|
|
|
As at June 30 & March 31, 2020
|
|
$
|
71,560
|
|
|
$
|
71,560
|
|
Machinery
in the amount of $71,560 has not been placed into production and is not currently being depreciated.
Blox,
Inc.
Notes to Condensed
Interim Consolidated Financial Statements
Three months
Ended June 30, 2020 and 2019
(Unaudited –
Expressed in U.S. Dollars)
6.
|
Mineral
Property Interest
|
The
Company entered into a Deed of Assignment and Assumption Agreement dated July 24, 2014 (the “Assumption Agreement”)
among Joseph Boampong Memorial Institute Ltd. (“JBMIL”) and Equus Mining Ltd. (“EML”), Burey Gold Guinee sarl
(“BGGs”) and Burey Gold Limited (“BGL”) and, collectively with EML and BGGs, (the “Vendors”), pursuant
to which the Company agreed to assume JBMIL’s right to acquire a 78% beneficial interest in the Mansounia Concession (the “Property”)
from the Vendors. The Company exercised that right and acquired a 78% beneficial interest in the Property.
The
Property lies in the southwest margin of the Siguiri Basin, in the Kouroussa Prefecture, Kankan Region, in Guinea, West Africa
and covers a surface area of 145 square kilometres. The Property is located approximately 80 kilometres west, by road, from the
country’s third largest city, Kankan.
An
exploration permit for the Property was granted by the Ministère des Mines et de la Géologie on August 20, 2013.
As part of its due diligence, the Company obtained a legal opinion which confirmed that the license was in good standing at the
time of acquisition. It is the Company’s intention to obtain an exploitation permit to allow the Company the right to mine and
dispose of minerals for 15 years, with a possible 5-year extension. The Company has commenced work on the feasibility study required
for obtaining this permit.
In
consideration for the acquisition of the interest in the Property, the Company paid in cash $100,000 to BGL and $40,000 to EML
and issued BGL and EML an aggregate of 6,514,350 shares of common stock of the Company (the “First Tranche Shares”),
at a deemed price of $0.1765 per share, for an aggregate deemed value of $1,150,000. The First Tranche Shares were issued to BGL
and EML in the proportions of 71.43% and 28.57%, respectively. For accounting purposes, the Company recorded the cash payment
of $140,000, and $10,000 for an independent valuation of the Property. Additionally, $781,722 was capitalized to mineral property
interests, being the fair value of the first tranche of shares. The fair value of the first tranche shares was based on the closing
price of the Company’s shares on the OTCQB on July 24, 2014.
Within
14 days of commercial gold production being publicly declared from ore mined from the Property, the Company will issue BGL and
EML a second tranche of shares of common stock of the Company (the “Second Tranche Shares”). The number of Second Tranche
Shares to be issued shall be calculated by dividing $1,150,000 by the volume weighted average share price of the Company’s common
stock over a 20-day period preceding the issuance date. The Second Tranche Shares shall be issued to BGL and EML in the proportions
of 71.43% and 28.57%, respectively.
The
exploration license, which was originally granted on August 20, 2013, was extended by the Company until January 30, 2020, pending
the results of its application for a mining license for the property (first submitted December 7, 2018). On February 17, 2020,
the Company received notice from Minister of Mines and Geology, Republic of Guinea, revoking the Company’s exploration license
for the Mansounia Gold Project. As a result of the revocation of the Company’s exploration license, all rights held by the
Company and its partners in the Mansounia Gold Project have been terminated. The Company has since confirmed that its mining license
application cannot proceed without a valid exploration license, and that it is ineligible to re-apply for an exploration
license due to the expiration of its previous license. At March 31, 2020, management decided to write off the mineral property
interest.
|
|
Mansounia
Property,
West Africa
|
|
Acquisition of mineral property interest
|
|
|
|
Cash payment
|
|
$
|
150,000
|
|
Issuance of 6,514,350 common shares
|
|
|
781,722
|
|
Write-off mineral property interest
|
|
|
(931,722
|
)
|
Balance, March 31 & June 30, 2020
|
|
$
|
-
|
|
During
the three months ended June 30, 2020, the Company spent $Nil (2019 – $25,105) on the property.
Blox,
Inc.
Notes to Condensed
Interim Consolidated Financial Statements
Three months
Ended June 30, 2020 and 2019
(Unaudited –
Expressed in U.S. Dollars)
Year
ended March 31, 2020
There
were no shares issued from private placement for the year ended March 31, 2020.
Three
months ended June 30, 2020
There
were no shares issued from private placement for the three months ended June 30, 2020.
|
(b)
|
Convertible
debenture shares issuance
|
Year
ended March 31, 2020
On
August 16, 2019, the Company issued 300,000 commitment shares to two convertible debenture holders. The fair value of the common
shares was $60,000 (Note 10).
In
March 2020, $22,300 principal of convertible debenture was converted to 1,475,000 common shares of the Company at price range
of $0.03 to $0.17 (Note 10).
Three
Months ended June 30, 2020
From
April 1 to June 30, 2020, $127,273 principal of convertible debenture was converted to 66,999,411 common shares of the Company
at a price range of $0.01 to $0.02 (Note 10).
On
May 28, 2020, the Company received a notice from one convertible debenture holder that $17,500 of default penalty will be converted
into 10,000,000 shares. On June 1, 2020, the 10,000,000 common shares were issued to settle the default penalty of $17,500. The
penalty incurred due to the loss of Mansounia property.
On
June 8, 2020, the Company received a notice from one convertible debenture holder that $17,500 of default penalty will be converted
into 10,000,000 shares. On June 8, 2020, the 10,000,000 common shares were issued to settle the default penalty of $17,500.
Year
ended March 31, 2020
On
August 7, 2019, 50,000 warrants were exercised for common shares at $0.05 per share.
On
August 16, 2019, the Company issued 1,111,110 warrants to two convertible debenture holders with a fair value of $220,541 (Note
10). On the issuance date of the warrants, the share price was $0.20. The warrants expire five years from the date of issuance
and are exercisable at $0.135 per share. The fair value of these warrants was determined with the Black-Scholes option pricing
model using the following assumptions: risk free interest rate of 1.57%, volatility of 231.6%, annual rate of dividend of 0%,
and expected life of 5 years.
On
February 27, 2020, the Company extended the term of 88,000,000 share purchase warrants from February 27, 2020 to February 27,
2021, no other terms were changed.
Three
months ended June 30, 2020
On
May 7, 2020, the Company entered into an Amendment #1 with one convertible debenture holder that the 555,555 warrant shares issued
on August 16, 2019 are subject to anti-dilution protection. The Company agreed that the number of warrant shares should be equal
to 10,000,000. On May 13, 2020, the convertible debt holder exercised 10,000,000 warrants to common shares via cashless exercise.
Blox,
Inc.
Notes to Condensed
Interim Consolidated Financial Statements
Three months
Ended June 30, 2020 and 2019
(Unaudited –
Expressed in U.S. Dollars)
7.
|
Common
Stock (continued)
|
On
May 28 and June 8, 2020, the Company received an Exercise Notice from another convertible debenture holder that 10,844,805 and
12,049,784 warrant shares were exercised to common shares via cashless exercise.
The
1,111,110 warrants were cancelled as at June 30, 2020 due to the warrant shares that were issued.
The
following table summarizes historical information about the Company’s warrants:
|
|
Number
of
Warrants
|
|
|
Weighted
Average
Exercise
Price ($)
|
|
|
Weighted
Average
Life
Remaining
(Years)
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2020
|
|
|
118,604,860
|
|
|
|
0.05
|
|
|
|
1.41
|
|
Warrants issued
|
|
|
32,894,589
|
|
|
|
0.001
|
|
|
|
-
|
|
Warrants exercised
|
|
|
(32,894,589
|
)
|
|
|
0.001
|
|
|
|
-
|
|
Warrants cancelled
|
|
|
(1,111,110
|
)
|
|
|
|
|
|
|
|
|
Balance, June 30, 2020
|
|
|
117,493,750
|
|
|
|
0.05
|
|
|
|
1.38
|
|
As
at June 30, 2020, the following warrants were outstanding and exercisable:
Number of Warrants
|
|
|
Exercise Price
|
|
|
Expiry Date
|
|
|
|
|
|
|
|
|
87,543,750
|
|
|
$
|
0.05
|
|
|
February 27, 2021
|
|
29,950,000
|
|
|
$
|
0.05
|
|
|
April 24, 2023
|
|
117,493,750
|
|
|
|
|
|
|
|
Year
ended March 31, 2020
650,000
options expired on August 7, 2019.
Three
months ended June 30, 2020
1,500,000
options were cancelled on May 27, 2020 due to the optionee no longer being an officer of the Company. There were no stock options
granted for the three months ended June 30, 2020.
The
following table summarizes historical information about the Company’s incentive stock options:
|
|
|
Number
of
options
|
|
|
Weighted
Average
Exercise
Price ($)
|
|
|
Weighted
Average
Life
Remaining
(Years)
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2020
|
|
|
|
1,500,000
|
|
|
|
0.27
|
|
|
|
2.90
|
|
Cancelled
|
|
|
|
(1,500,000
|
)
|
|
|
0.27
|
|
|
|
|
|
Balance, June 30, 2020
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
At
June 30, 2020, there were no stock options outstanding.
Blox,
Inc.
Notes to Condensed
Interim Consolidated Financial Statements
Three months
Ended June 30, 2020 and 2019
(Unaudited –
Expressed in U.S. Dollars)
8.
|
Fair
Value of Financial Instruments
|
The
following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped
into Levels 1 to 3 and based on the degree to which fair value is observable:
Level
1 – fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or
liabilities;
Level
2 – fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable
for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Level
3 – fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that
are not based on observable market data (unobservable inputs).
Level
2 and 3 financial instruments are measured using management’s best estimate of fair value, where the inputs into the determination
of fair value require significant management judgment to estimation. Valuations based on unobservable inputs are highly subjective
and require significant judgments. Changes in such judgments could have a material impact on fair value estimates. In addition,
since estimates are as of a specific point in time, they are susceptible to material near-term changes. Changes in economic conditions
may also dramatically affect the estimated fair values.
The
following table sets forth the Company’s financial assets measured at fair value by level within the fair value hierarchy:
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
June
30,
2020
|
|
Cash
|
|
$
|
63,066
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
63,066
|
|
Long-term investment – Shares
|
|
|
111,293
|
|
|
|
-
|
|
|
|
-
|
|
|
|
111,293
|
|
Total
|
|
$
|
174,359
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
174,359
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
March
31,
2020
|
|
Cash
|
|
$
|
27,551
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
27,551
|
|
Long-term investment – Shares
|
|
|
61,091
|
|
|
|
-
|
|
|
|
-
|
|
|
|
61,091
|
|
Total
|
|
$
|
88,642
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
88,642
|
|
During
the period ended June 30, 2020, the Company received advances from Waratah Capital Ltd. (“Waratah”), a controlling
shareholder of the Company, in the amount of $Nil (year ended March 31, 2020 - $61,868). As at June 30, 2020, the Company was
indebted to Waratah for $391,214 (March 31, 2020 - $391,214). The advances from shareholder are unsecured, non-interest bearing
and have no fixed repayment terms.
Blox,
Inc.
Notes to Condensed
Interim Consolidated Financial Statements
Three months
Ended June 30, 2020 and 2019
(Unaudited –
Expressed in U.S. Dollars)
10.
|
Convertible
Debenture
|
Year
ended March 31, 2020
On
August 16, 2019, the Company entered into security purchase agreements with two private investors, issuing two convertible promissory
notes in an aggregate principal amount of $150,000, with a $15,000 original issue discount and $10,000 in legal fees, paid in
cash to the investors and the legal counsel. Each note accrues interest at an annual rate of 5% and is to be repaid nine months
after the dates of actual funding received. The investors have rights to convert a portion, or all, of the principal amount plus
interest of each note at a lowest conversion price of i) $0.09 (fixed conversion price); or ii) 50% multiplied by the lowest closing
bid price of the Common Stock during the 25 consecutive trading day period immediately preceding the date of the respective conversion
(alternative conversion price) into common shares of the Company after 180 days and prior to May 16, 2020.
In
addition, the Company issued 300,000 commitment shares to the two investors with a fair value of $60,000 and 1,111,110 warrants
with a fair value of $220,541. The two warrant holders are entitled to purchase up to 1,111,110 common shares of the Company at
an exercise price of $0.135 with a 5-year expiry date (Note 7 (b) & (c))
Based
on a discount factor of 66%, the debt portion of the promissory note was valued at $102,567 and the conversion feature portion
of the notes was valued at $202,208. The conversion feature was valued using the Black Scholes model with the following assumptions:
risk free interest rate of 1.61%, volatility of 100.01%, dividend rate of 0% and expected life of 9 months.
The
net proceeds received by the Company were allocated to the convertible debt and associated financial instruments based on their
relative fair values as below:
|
|
Proceeds
Allocation
|
|
Debt
|
|
$
|
23,656
|
|
Conversion feature
|
|
|
46,638
|
|
Warrants
|
|
|
50,867
|
|
Shares
|
|
|
13,839
|
|
Total proceeds
|
|
$
|
135,000
|
|
For
the year ended March 31, 2020, $22,300 of debt principal was converted to 1,475,000 common shares of the Company at price range
of $0.03 to $0.17 (Note 7 (b)).
Three
months ended June 30, 2020
On
June 8, 2020, the Company entered into security purchase agreements with a private investor, issuing one convertible promissory
note in an aggregate principal amount of $74,800, with a $6,800 original issue discount, $500 in due diligence fees and $2,500
in legal fees, paid in cash to the investors and the legal counsel. Each note accrues interest at an annual rate of 8% and is
to be repaid on June 8, 2021. The investors have rights to convert a portion, or all, of the principal amount plus interest at
variable conversion price to Common Stock of the Company after 180 days and prior to June 8, 2021.
For
the period ended June 30, 2020, $127,273 debt principal was converted to 66,999,411 common shares of the Company at price range
of $0.01 to $0.02 (Note 7 (b)). Accretion for the note was calculated as $9,261 (2019 - $Nil) and interest expense of $790 was
recorded. As of June 30, 2020, $149,572 debt principal were converted to commons shares.
Blox,
Inc.
Notes to Condensed
Interim Consolidated Financial Statements
Three months
Ended June 30, 2020 and 2019
(Unaudited –
Expressed in U.S. Dollars)
10.
|
Convertible
Debenture (continued)
|
|
|
June 30,
2020
|
|
|
March 31,
2020
|
|
Convertible debenture – beginning of the period
|
|
$
|
120,480
|
|
|
$
|
-
|
|
Debt proceeds received
|
|
|
74,800
|
|
|
|
23,656
|
|
Debt converted to common shares
|
|
|
(127,541
|
)
|
|
|
(20,753
|
)
|
Equity portion of convertible debenture
|
|
|
(25,000
|
)
|
|
|
-
|
|
Finance cost - accretion
|
|
|
9,261
|
|
|
|
117,577
|
|
Carrying value – end of the period
|
|
$
|
52,000
|
|
|
$
|
120,480
|
|
On
June 22, 2013, the Company entered into a share purchase agreement with Waratah Capital Ltd. (“Waratah”) where the
Company agreed to purchase all of Waratah’s right, title, and interest in the Quivira Gold (“Quivira”) shares,
of which Waratah holds 100% of the outstanding shares. As consideration for the Quivira shares, the Company will issue to Waratah
60,000,000 shares of common stock and 60,000,000 warrants. Each warrant entitles the holder to purchase one additional common
share at $0.05 for a period of five years from the closing date. Quivira, a subsidiary of Waratah Investments, owns and operates
gold and diamond mining properties in Ghana.
The
closing of the agreement is subject to the completion of due diligence and the completion of a private placement for $1,500,000.
The private placement closed during the year ended March 31, 2019. As of the issuance date of these financial statements, the
due diligence has not yet been completed.
12.
|
Related
Party Transactions
|
The
Company’s related parties include its subsidiaries, key management personnel, controlling shareholders, and strategic partner.
Transactions with related parties for goods and services are based on the exchange amount as agreed to by the related parties.
The
Company incurred the following expenses with related parties during the three months ended June 30, 2020 and 2019:
|
|
Three Months Ended
June 30,
|
|
|
|
2020
|
|
|
2019
|
|
Compensation – CEO
|
|
$
|
12,780
|
|
|
$
|
13,500
|
|
Compensation – Former Officer
|
|
|
-
|
|
|
|
6,750
|
|
|
|
$
|
12,780
|
|
|
$
|
20,250
|
|
As
at June 30, 2020, the Company was indebted to its related parties for the amounts as below:
|
|
June 30,
2020
|
|
|
March 31,
2020
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
134,793
|
|
|
$
|
122,651
|
|
Due to shareholder (Note 9)
|
|
|
391,214
|
|
|
|
391,214
|
|
These
amounts owing are unsecured, non-interest bearing and have no fixed repayment terms.
Blox,
Inc.
Notes to Condensed
Interim Consolidated Financial Statements
Three months
Ended June 30, 2020 and 2019
(Unaudited –
Expressed in U.S. Dollars)
13.
|
Geographical
Area Information
|
|
|
Canada
|
|
|
Africa
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
$
|
62,871
|
|
|
$
|
2,362
|
|
|
$
|
65,233
|
|
Long term investments
|
|
|
111,293
|
|
|
|
-
|
|
|
|
111,293
|
|
Equipment
|
|
|
-
|
|
|
|
71,560
|
|
|
|
71,560
|
|
Total assets
|
|
$
|
174,164
|
|
|
$
|
73,922
|
|
|
$
|
248,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
$
|
642,930
|
|
|
$
|
98,797
|
|
|
$
|
741,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
$
|
30,575
|
|
|
$
|
2,143
|
|
|
$
|
32,718
|
|
Long term investments
|
|
|
61,091
|
|
|
|
-
|
|
|
|
61,091
|
|
Equipment
|
|
|
-
|
|
|
|
71,560
|
|
|
|
71,560
|
|
Total assets
|
|
$
|
91,666
|
|
|
$
|
73,703
|
|
|
$
|
165,369
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
$
|
718,237
|
|
|
$
|
92,545
|
|
|
$
|
810,779
|
|