STRONGBOW RESOURCES INC.

CIK:0001382231|SEC Filings

Consolidated Condensed Interim Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	May 31, 2020	May 31, 2019
General and administrative expenses
Accretion of asset retirement obligation (Note 10)	$ 776	$ 736
Consulting		17,885
Depreciation (Note 4)	891	891
Investor relations	6,406	2,830
Management fees	30,000	90,000
Office, travel and general	68,628	225,930
Professional fees	97,716	113,607
Loss from operations	(204,417)	(451,879)
Foreign exchange gain	39,752	1,250
Gain on settlement of debt (Note 6)		27,227
Interest income	130	212
Interest expense	(89,320)	(53,119)
Non operating income (expense)	(49,438)	(24,430)
Loss and comprehensive loss for the period	$ (253,855)	$ (476,309)
Basic and diluted loss per share	$ 0.00	$ 0.00
Weighted average number of basic and diluted common shares outstanding	122,571,156	122,538,547

Consolidated Condensed Interim Statements of Cash Flows (Unaudited) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2019	May 31, 2020	May 31, 2019	Feb. 29, 2020
Cash flows used in operating activities
Loss for the period		$ (253,855)	$ (476,309)
Non-cash items
Accretion of asset retirement obligation		776	736	$ 2,975
Depreciation		891	891
Gain on settlement of debt			(27,227)	(27,227)
Interest income accrued		(130)	212
Interest expense		89,320	53,119
Accrued management fees and expenses		65,485	30,000
Unrealized foreign exchange		(6,524)	614
Changes in non-cash working capital items
Receivable		(6,245)	1,256
Prepaid expenses and deposit		10,879	(12,302)
Accounts payable and accrued liabilities		40,848	(15,322)
Cash used in operating activities		(58,555)	(444,332)
Cash flows used in investing activities
Expenditures on oil and gas properties		(13,262)	(109,933)
Deferred acquisition costs			(74,951)
Cash used in investing activities		(13,262)	(184,884)
Cash flows from financing activities
Proceeds from warrants exercised, net of issuance costs	$ 200,000		186,000
Notes payable		70,000	560,000
Net proceeds from (repaid to) related parties		7,699	(88,089)
Cash provided by financing activities		77,699	657,911
Change in cash		5,882	28,695
Cash, beginning of period	$ 35,171	13,022	35,171	35,171
Cash, end of period		18,904	63,866	$ 13,022
Non-cash transactions
Oil and gas properties expenditures in accounts payable		$ 1,261,526	$ 326,085

Consolidated Condensed Interim Balance Sheets (Unaudited) - USD ($)	May 31, 2020	Feb. 29, 2020
Current assets
Cash	$ 18,904	$ 13,022
Receivables	25,170	18,925
Prepaid expenses and deposit	9,635	20,514
Due from related parties (Note 7)	21,419	48,392
Total current assets	75,128	100,853
Deposit (Note 5)	42,514	43,517
Equipment (Note 4)	46,635	47,526
Right to the acquisition of mineral exploration project (Note 3)	1	1
Oil and gas properties, full cost method (Note 5)	77,018,553	76,935,275
Total assets	77,182,831	77,127,172
Current liabilities
Accounts payable and accrued liabilities (Note 6)	1,837,533	1,684,901
Due to related parties (Note 7)	159,305	113,094
Related party loan payable (Note 7)	57,261	57,261
Notes payable (Note 8)	1,996,651	1,466,289
Total current liabilities	4,050,750	3,321,545
Long term notes payable (Note 9)	112,683	532,319
Asset retirement obligation (Note 10)	32,255	32,310
Deferred tax liabilities (Notes 5)	16,215,677	16,215,677
Total liabilities	20,411,365	20,101,851
Stockholders' equity
Share capital (Note 11) Authorized: 750,000,000 common shares, par value $0.001 per share Issued and outstanding: 122,571,156 common shares (122,571,156 at February 29, 2020)	122,570	122,570
Additional paid in capital	160,719,464	160,719,464
Obligation to issue shares (Note 5)	3,600,000	3,600,000
Accumulated other comprehensive loss	(383,257)	(383,257)
Accumulated deficit	(107,287,311)	(107,033,456)
Total stockholders' equity	56,771,466	57,025,321
Total stockholders' equity and liabilities	$ 77,182,831	$ 77,127,172