Trio Resources, Inc.

CIK:0001532828|SEC Filings

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
REVENUE	$ 45,071		$ 45,071
COST OF GOODS SOLD	10,706		10,706
GROSS MARGIN	34,365		34,365
EXPENSES
Corporate expenses	53,027	$ 95,541	442,522	$ 399,189
Exploration and development costs	69,850	20,453	159,448	42,228
Interest expense	$ 42,618	63,731	129,263	201,623
Changes in fair value of derivative liabilities		1,288	1,666	18,627
Depreciation	$ 6,071	1,984	18,345	5,986
Total expenses	171,566	182,997	751,244	667,653
Net loss for the period before income taxes	$ (137,201)	$ (182,997)	$ (716,879)	$ (667,653)
Income taxes
NET LOSS FOR THE PERIOD	$ (137,201)	$ (182,997)	$ (716,879)	$ (667,653)
Foreign currency translation adjustment	1,897	(81,630)	317,735	65,529
COMPREHENSIVE LOSS	$ (135,304)	$ (264,627)	$ (399,144)	$ (602,124)
Loss per share, basic and diluted (Note 6)	$ (0.0004)	$ (0.0008)	$ (0.0011)	$ (0.0018)
Weighted average number of common stock outstanding, basic and diluted (Note 6)	374,353,231	339,162,500	369,587,088	339,024,630

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net loss for the period	$ (716,879)	$ (667,653)
Depreciation	$ 18,345	5,986
Stock based payment for services		8,875
Accretion expense including day one derivative loss		74,503
Change in fair value of derivative liabilities	$ 1,666	$ 18,627
Net change in non-cash working capital balances:
Accounts receivable	(34,364)
Prepaid expense and other assets	14,748	$ 40,777
Accounts payable and accrued liabilities	244,735	199,487
Cash used in operating activities	(471,749)	$ (319,398)
INVESTING ACTIVITIES
Purchase of property and equipment	(5,089)
Cash used in investing activities	(5,089)
FINANCING ACTIVITIES
Increase (decrease) in bank indebtedness	95	$ (10,519)
Proceeds from issuance of promissory notes	30,000	67,500
Loans payable including draw down loan payable	292,878	$ 246,833
Repayment of loans	(5,000)
Cash provided by financing activities	317,973	$ 303,814
Net (decrease)/increase in cash during the period	(158,865)	(15,584)
Effect of foreign currency translation	154,491	$ 17,131
Cash, beginning of the period	$ 4,374
Cash, end of period		$ 1,547

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Sep. 30, 2014
CURRENT ASSETS
Cash		$ 4,374
Accounts receivable, net of allowance of $nil	$ 34,364
Prepaid expenses and other receivables	28,917	$ 47,949
Total current assets	63,281	52,323
Loan receivable - related party (Note 7)	65,435	72,919
Property and equipment (Note 3)	292,992	340,794
Mining property claims (Note 4)	8,167	9,101
TOTAL ASSETS	429,875	$ 475,137
CURRENT LIABILITIES
Bank indebtedness	95
Accounts payable and accrued liabilities	1,126,861	$ 984,176
Loans payable (Note 8)	654,493	379,826
Promissory notes payable (Note 9)	131,000	146,000
Convertible notes payable (Note 12)	858,439	917,108
Convertible draw down loan payable (Note 10)	425,000	425,000
Derivative liabilities (Note 13)	47,961	35,267
Total current liabilities	3,243,849	2,887,377
Convertible note payable - related party (Note 11)	400,321	446,101
TOTAL LIABILITIES	3,644,170	3,333,478
STOCKHOLDERS' DEFICIENCY
Authorized: 400,000,000 common stock, par value $0.001 Issued and outstanding: 374,353,231 common stock as at June 30, 2015 (September 30, 2014 : 346,862,500 common stock) - (Note 5)	374,354	346,863
Shares to be issued (Note 5)	27,250	27,250
Excess of purchase price over net asset value (Note 7)	(299,105)	(299,105)
Additional paid-in capital	897,591	881,892
Accumulated other comprehensive income	537,010	219,275
Accumulated deficit	(4,751,395)	(4,034,516)
Total stockholders' deficiency	(3,214,295)	(2,858,341)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	$ 429,875	$ 475,137