RE:FinancialsThe ability of the Company to continue as a going concern, realize its assets and discharge its liabilities in the normal course of business, expand upon its exploration and development programs, and advance the Company’s RapidSXTM technology is contingent upon securing financing or monetizing assets.
[url=file:///C:/Users/mark/Downloads/UCU_-_FS_-_Sep_30,_2023_-_FINAL-1.pdf]"Going Concern" section 2 of Unaudited Condensed Interim Consolidated Financial Statements Third Quarter For the Nine-Month Period Ended September 30, 2023:[/url]
These condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) applicable to a going concern, which assumes the Company will continue in operation for the foreseeable future and be able to realize its assets and discharge its liabilities and commitments in the normal course of business. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but is not limited to, twelve months from the end of the reporting period. Management is aware, in making its assessment, of material uncertainties related to events or conditions that may cast significant doubt upon the Company’s ability to continue as a going concern, as described in the following paragraphs
The Company has no sources of revenue, experienced significant losses and negative cash flows from operations in 2023 and 2022 and has a deficit. Without additional financing or other satisfactory arrangements, the Company’s financial resources will not be sufficient to develop its projects and continue the advancement of the Company’s RapidSXTM technology. The ability of the Company to continue as a going concern, realize its assets and discharge its liabilities in the normal course of business, expand upon its exploration and development programs, and advance the Company’s RapidSXTM technology is contingent upon securing financing or monetizing assets. The timing and availability of additional financing will be determined largely by market conditions, the results of the Company’s ongoing exploration and development programs, and the advancement of Company’s RapidSXTM technology. There is no certainty that the Company will be able to raise funds as they are required in the future.
These 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, then adjustments would be necessary to the carrying value of assets and liabilities, the reported revenues and expenses, and the statement of financial position classifications used.