Announcement PDF Chariot Corporation Ltd Annual Report For the year ended 31 December 2021 |Chariot Corporation Ltd ABN 637 559 847 – Annual Report for the year ended 31 December 2021 1 Contents Corporate Directory 2 Directors’ Report 3 Auditor’s Independence Declaration 10 Financial Report 11 Directors’ Declaration 38 Independent Auditor’s Report 39 |Chariot Corporation Ltd ABN 637 559 847 – Annual Report for the year ended 31 December 2021 1 Corporate Directory Directors Shanthar Pathmanathan Jasveer Singh Jessy Frederick Peter Forni Company Secretary Shanthar Pathmanathan Registered office Suite 3 128 Main Street Osborne Park WA 6017 Auditor Moore Australia Audit (WA) Level 15 Exchange Tower 2 The Esplanade Perth WA 6000 Share Registry Automic Pty Ltd Level 5 191 St Georges Terrace Perth WA 6000 Bankers National Australia Bank Gateway Building Cnr Marmion & Davy Streets Booragoon WA 6154 |Chariot Corporation Ltd ABN 637 559 847 – Annual Report for the year ended 31 December 2021 2 Directors’ Report The Directors’ present their report, together with the financial statements of Chariot Corporation Ltd (the Company or Chariot) for the financial year ended 31 December 2021 and the auditor’s report thereon. 1. DIRECTORS The names of Directors in office at any time during or since the end of the year to the date of this report are: Name Shanthar Pathmanathan Jasveer Singh Jessy Frederick Peter Forni Naim Royden Jones Vincenzo Figliomeni Philip Andrew Nolis Chairman & Company Secretary Qualifications Status Director and Chairman Director Non-executive Director Director Director Director Appointed 16 March 2020 5 March 2021 2 August 2021 5 March 2021 10 December 2019 10 December 2019 Resigned 27 December 2021 27 July 2021 4 March 2021 Shanthar Pathmanathan Bachelor of Laws from the University of Western Australia Experience Mr Pathmanathan was most recently the Chief Executive Officer and Managing Director of Lithium Consolidated Ltd, an ASX-listed company, which had one of the largest portfolios of Hardrock lithium exploration assets, globally. Mr Pathmanathan also has 14 years investment banking experience, in the metals and mining, oil and gas and chemicals sectors. He was a Vice President with Deutsche Bank's investment banking division and prior to that has held investment banking and principal investment roles with the Macquarie Group's investment banking division in Australia and New York. Director Jasveer Singh Jessy Qualifications Bachelor of Commerce from Murdoch University Experience Mr Jessy is a stockbroker and investor in venture-stage and early-stage companies. Mr Jessy has financed a number of ASX listed and unlisted companies. Mr Jessy contributed to the financing of VGW Holdings Ltd. Mr Jessy was previously the state manager of a stock-broking firm in Perth, Western Australia. Director Frederick Peter Forni Qualifications B.A in Economics from Connecticut College, J.D., awarded cum laude, from Georgetown University Law Center and an LL.M. in taxation from New York University Law School Mr Forni was a senior finance professional with Macquarie Holdings (USA) Inc., a US affiliate of Macquarie Group Limited from October 1997 to October 2012 (and a Senior Managing Director from and after July 2004) where he was involved in (i) developing, marketing, executing and managing structured and conventional financial products transactions for the Macquarie Group, including the establishment of an NYSE listed USD 425m closed-end fund (Macquarie Global Infrastructure Fund; ticker: MGU) and the formation and management of specialized investment portfolios of CLO and CMBS securities aggregating in excess of USD 1 billion and (ii) structuring principal and advisory transactions principally from an income taxation perspective. Mr Forni acted as a non-executive director for numerous Macquarie Group entities, including an investment adviser under the Investment Company Act of 1940 and a fund incubation joint venture with M.D. Sass. From 1995 to 1997 Mr Forni was employed as a tax associate with Morgan, Lewis & Bockius LLP.. Mr Forni held Series 24, Series 7 and Series 63 FINRA licenses and is admitted to practice law in both New York and Connecticut. Experience |Chariot Corporation Ltd ABN 637 559 847 – Annual Report for the year ended 31 December 2021 3 Directors’ Report Director Naim Royden Jones (Resigned 27 December 2021) Qualifications Bachelor of Commerce from the University of Western Australia Experience Mr Jones is the founding Director of a boutique property development firm that focuses on high impact investments that notably funded a portfolio of social housing projects, delivered to the West Australian Government. Mr Jones has over 15 years of experience in financial services, including 6 years as a Senior Advisor with Westpac based in Sydney. 2. COMPANY SECRETARY The names of persons who held the position of Company Secretary at any time during or since the end of the year to the date of this report are: Name Shanthar Pathmanathan Philip Andrew Nolis 3. Appointed 5 March 2021 10 December 2019 Resigned 5 March 2021 PRINCIPAL ACTIVITIES Chariot’s strategy is to identify, evaluate, acquire and develop Tier-1 lithium assets with a view to building a global lithium asset portfolio. To date, the Company has focussed on lithium assets located in the United States of America, Africa and Western Australia. In order to enable the Company to access the resources required to implement its strategy, the Company is progressing with plans to apply for a public listing on the Australian Securities Exchange (ASX). 4. DIVIDENDS PAID OR RECOMMENDED There were no dividends paid or declared during the current or previous financial period. 5. REVIEW OF OPERATIONS The Directors’ present their review of operations for FY 2021 in two segments: 1) Lithium portfolio review; and 2) Corporate review. Lithium Portfolio Review The Company’s objective is to aggregate a global portfolio of Tier-1 lithium assets, which are competitively positioned to accelerate a clean energy future. Chariot’s flagship project, the Resurgent Lithium Project (Resurgent Lithium Project) is located in the McDermitt Caldera, in the States of Oregon and Nevada, USA. During the 2021 financial year, Chariot also held 11 exploration license applications and 3 granted exploration licenses in Western Australia, which are being targeted for hard rock lithium mineralisation. Subsequent to the end of the 2021 financial year, the Company expanded its global lithium exploration portfolio by acquiring additional lithium exploration assets in the States of Wyoming, and Nevada USA, Western Australia and Zimbabwe (see section 8. Matters Subsequent to the end of the Financial Year). United States The Directors believe the most promising lithium asset held by the Company is its interest in FMS Lithium Corporation (FMS Lithium) which was acquired during the financial year. FMS Lithium owns the Resurgent Lithium Project, which comprises of 1,412 claims in the McDermitt Caldera. The McDermitt Caldera is considered the largest and highest-grade lithium play in North America and hosts the two largest, known lithium resources in the USA: 1) the Thacker Pass project owned by Lithium Americas Corporation and 2) the McDermitt Lithium project owned by Jindalee Resources Ltd. The Caldera features clay-hosted lithium mineralisation and |Chariot Corporation Ltd ABN 637 559 847 – Annual Report for the year ended 31 December 2021 4 Directors’ Report its source, the McDermitt Tuff, has been determined to contain a very high-grade pre-eruptive lithium content, as measured via melt-inclusion analysis at 1,646 +/- 194 ppm Li. Mr Pathmanathan is the President and a Director of FMS Lithium. Mr Forni is also a Director of FMS Lithium. Australia The Company also expanded its footprint in Western Australia by applying to the Western Australia Government Department of Mines, Industry, Regulation and Safety (DMIRS) for 10 new exploration licenses. The Company held three granted exploration licenses as of 31 December 2021. Corporate Review In this corporate and financial operations review, the Directors describe equity financings and equity compensation transactions completed during the financial year, transactions involving loan financings of the Company for the financial year, financial results and certain other corporate matters that arose or occurred during the financial year. Note that in the discussion below, other than the discussion of the November Placement, the number and pricing of shares, options and performance rights is adjusted to reflect the share consolidation that occurred in October 2021 (see “Certain Other Corporate Matters” below). Equity Financings and Equity Compensation Transactions The Company raised a total of $4,650,500 (before costs) through a series of placements at various share issue prices, during the 2021 financial year. Refer to Note 11 for further information. During July 2021, the Company raised $1,351,500 (before costs) through the placement of 10,812,000 fully paid ordinary shares in the capital of the Company at $0.125 per share together with one free-attaching option, exercisable at $0.25 on or before 20 June 2023. The following placement fees, being a combination of cash and options, were paid to the Directors in consideration for their services with respect to the July placement. Director Shanthar Pathmanathan Jasveer Singh Jessy Naim Royden Jones1 Cash Fee Amount $20,999 $56,350 $26,005 No. Options 1,199,948 3,220,000 1,486,000 Valuation on Options $53,326 $143,098 $66,039 During August 2021, the Company raised a total of $629,000 (before costs) through a placement of 5,032,000 fully paid ordinary shares at $0.125 per share together with one free attaching option, exercisable at $0.25 on or before 30 June 2023. A total of 1,548,000 options, exercisable at $0.25 on or before 30 June 2023 were issued to the brokers for the placement. Philip Nolis, a former director and company secretary of the Company, participated in the Broker placement (refer Note 3 b). Later in the month of August, the Company raised an additional $190,000 (before costs) though a placement of 1,520,000 fully paid ordinary shares at $0.125 per share together with one free attaching option, exercisable at $0.25 on or before 30 June 2023. The following placement fees, being a combination of cash and options, were paid to the directors in consideration for their services with respect to the August 2021 placement. Director Jasveer Singh Jessy Naim Royden Jones1 Cash Fee Amount $350 $8,540 No. Options 20,000 488,000 Valuation on Options $853 $20,824 On 20 September 2021, the Company issued the following performance rights to an employee, at the date of this report the Class A Performance Rights had vested. Class Class A Class B Class C 1 Service Condition Six months continuous service Twelve months continuous service Twelve months continuous service Number 200,000 400,000 400,000 Resigned 27 December 2021 |Chariot Corporation Ltd ABN 637 559 847 – Annual Report for the year ended 31 December 2021 5 Directors’ Report On vesting of the service condition each performance right, subject to being exercised by the holder, converts on a one for one basis into ordinary fully paid securities. On 3 September 2021, the Company engaged Lodge Corporate Pty Ltd to act as Lead Manager to raise not less than $1,000,000 (before cost), through a placement of fully paid ordinary shares at $0.25 per share. During November 2021, Lodge raised $1,500,000 and as consideration under the mandate, Lodge was issue of 3,200,000 performance options in addition to cash consideration for services. On 19 November 2021, the Company raised $970,000 (before cost) by issuing 3,880,000 fully paid ordinary shares at $0.25 per share under the additional placement. The following placement fees, being a combination of cash and options, were paid to the directors in consideration for their services with respect to the September placement. Director Naim Royden Jones Jasveer Singh Jessy Cash Fee Amount $22,620 $34,980 No. Options 804,267 1,243,733 Valuation on Options $126,147 $195,076 For further information refer to Note 11: Issued Capital. Transactions involving loan financing During the year, the following loans were provided to the Company for working capital requirements prior to the completion of the placements: Director Jasveer Singh Jessy Loan Amount $200,000 Rajat Dewan11 $100,000 Ajaib Singh Dhillon1 $75,000 Matthew Mitchell1 $25,000 Interest 320,000 fully paid ordinary shares in lieu of cash payment of $40,000 interest accrued 80,000 fully paid ordinary shares and 80,000 options in lieu of cash payment of $10,000 interest accrued 60,000 fully paid ordinary shares and 60,000 Options in lieu of cash payment of $7,500 interest accrued 20,000 fully paid ordinary shares and 20,000 options in lieu of cash payment of $2,500 interest accrued On 7 July 2021, the Company issued 320,000 fully paid ordinary shares to Jasveer Singh Jessy in lieu of the $40,000 interest accrued on the $200,000 loan and $20,000 cash payment for introducing other lenders to the Company. The principal loan of $200,000 was repaid by cash in full on 14 July 2021. On 18 August 2021, the Company issued 80,000 fully paid ordinary shares and 80,000 options to Rajat Dewan for the $10,000 interest accrued on the $100,000 loan. The loan of $100,000 was repaid by cash in full on 12 July 2021. On 18 August 2021, the Company issued 60,000 fully paid ordinary shares and 60,000 options to Ajaib Singh Dhillon for the $7,500 interest accrued on the $75,000 loan. The principal of loan was repaid in full by 600,000 fully paid ordinary shares and 600,000 free attaching options in lieu of cash on 24 June 2021. On 30 July 2021, the Company issued 20,000 fully paid ordinary shares and 20,000 options to Matthew Mitchell for the $2,500 interest accrued on the $25,000 loan. The principal amount was repaid by 200,000 fully paid ordinary shares and 200,000 free attaching options in lieu of cash on 31 July 2021. As at the date of this report, no loans remain outstanding. 12 A fee of 10% of the amount of the loan is payable to Jasveer Singh Jessy in consideration for introducing the lender to the Company. |Chariot Corporation Ltd ABN 637 559 847 – Annual Report for the year ended 31 December 2021 6 Directors’ Report Financial Results and Certain Other Corporate Matters Financial Results The Company incurred a loss for the year of $1,381,482 (2020: $39,974) and had net assets of $3,843,756 (2020: $939) as of 31 December 2021. Significant expenditure items during the financial year include: - Exploration expenditure of $134,383, Legal and Consulting fees of $110,996 and Share-based payment expense of $889,248 (Refer Note 14). As of 31 December 2021, the Company had a cash and cash equivalents balance of $2,304,849 and the Company had working capital of $2,124,957. Certain Other Corporate Matters On 1 July 2021, the Company changed from proprietary limited to a public company limited by shares. On 18 October 2021, at the Company’s General Meeting shareholder approval was received to consolidate the securities of the Company on a 2.5 for 1 basis and such consolidation was effected on 18 October 2021 (Share Consolidation). All ordinary shares and option amounts are disclosed on a post Share Consolidation basis, such that the ordinary shares and option amounts disclosed incorporate the effects of the Share Consolidation, as applicable. 6. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS There were no significant changes in the state of affairs of the Company during the financial year, other than the changes noted and described above in this Directors’ report. 7. FUTURE DEVELOPMENTS, PROSPECTS AND BUSINESS STRATEGIES The Company will continue to pursue its “principal activities” as described above. Information on other likely developments in the operations of the Company and the expected results of operations have not been included in this report because the Directors believe the provision of such information would be likely to result in unreasonable prejudice to the Company. 8. MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR FMS Lithium acquired 1,090 claims located near Tonopah in Nevada, USA and close to lithium exploration projects operated by American Lithium Corp and American Battery Technology Company, subsequent to the end of the 2021 financial year. These claims are being targeted for claystone hosted lithium mineralisation. Chariot was granted five new exploration licenses by DMIRS in Western Australia and also applied for three new exploration licenses in Western Australia, subsequent to the end of the 2021 financial year. These exploration licenses are being targeted for hard rock lithium mineralisation. Chariot filed on 89 lode claim applications at the Black Mountain Lithium Project in Wyoming, USA, subsequent to the end of the 2021 financial year. These claims are being targeted for hard rock lithium mineralisation. Chariot filed on 30 exploration license applications in the Republic of Zimbabwe subsequent to the end of the 2021 financial year. These exploration licenses are being targeted for hard rock lithium mineralisation. On 11 February 2022, the Company entered into a subscription agreement with FMS Lithium pursuant to which the Company subscribed for 375 shares of the common stock of FMS Lithium at an issue price of US$800 per share, representing a total subscription amount of US$300,000. On 18 March 2022, the Company raised $250,000 (before cost) through the issue of 1,000,000 fully paid ordinary shares at $0.25 per share to Mr Jasveer Singh Jessy, one of the Company’s directors. On 15 May 2022, the Company entered into a subscription agreement with FMS Lithium pursuant to which the Company subscribed for 125 shares of the common stock of FMS Lithium at an issue price of US$800 per share, representing a total subscription amount of US$100,000. |Chariot Corporation Ltd ABN 637 559 847 – Annual Report for the year ended 31 December 2021 7 Directors’ Report As at the date of this Report, following all of the investments by Chariot in FMSL Lithium, Chariot held 2,050 shares in FMS Lithium. These shares in FMS Lithium were purchase at an aggregate cost of US$1,640,000. This represents a 16.84% percent interest in the common shares of FMS Lithium. On 27 May 2022, the Company raised $2,656,696 (before cost) through the issue of 6,473,418 fully paid ordinary shares at $0.35 per share and 920,222 options exercisable at $0.45 to brokers. Mr Frederick Forni a Director of the Company was provided as part of the remuneration for FY 2022, 200,000 fully paid ordinary shares. Other than the matters discussed above, no matters or circumstances have arisen since the end of the reporting period which significantly affected or may significantly affect the operation of the Company, the result of those operations, or the state of affairs of the Company in future financial years. 9. MEETING OF DIRECTORS The number of formal meetings of Directors (including committees of Directors) held during the year and the number of meetings attended by each Director was as follows: Vincenzo Figliomeni Shanthar Pathmanathan Naim Royden Jones Jasveer Singh Jessy Philip Nolis Frederick Peter Forni DIRECTORS’ MEETINGS Number eligible to attend 3 3 1 1 - Number attended 3 3 1 1 - 10. SHARES UNDER OPTION At the date of this report the unissued ordinary shares of the Company under option are as follows: Number of unissued shares under option 26,245,948 5,290,667 920,222 Exercise price per option $0.25 $0.25 $0.45 Expiry date of options 23 June 2023 31 December 2024 30 June 2024 Fair value per option $0.02 $0.16 $0.17 No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the Company or of any other body corporate. 11. SHARES ISSUED ON THE EXERCISE OF OPTIONS There were no ordinary shares of Chariot Corporation Ltd issued on the exercise of options during the period ended 31 December 2021 and up to the date of this report. 12. INDEMNIFICATION OF DIRECTORS, OFFICERS AND AUDITOR Indemnification The Company indemnifies each of its Directors, Officers and Company Secretary. The Company indemnifies each director and officer to the maximum extent permitted by the Corporations Act 2001 from liability to third parties, except where the liability arises out of conduct involving lack of good faith, and cost in defending legal and administrative proceedings and applications for such proceedings. The Company must use its best endeavours to insure a Director or officer against any liability, which does not arise out of conduct constituting a wilful breach of duty or a contravention of the Corporations Act 2001. The Company must also use its best endeavours to insure a Director or officer against liability for costs and expenses incurred in defending proceedings whether civil or criminal. |Chariot Corporation Ltd ABN 637 559 847 – Annual Report for the year ended 31 December 2021 8 Directors’ Report The Company has not otherwise, during or since the end of the financial year, except to the extent permitted by law, indemnified or agreed to indemnify an officer or auditor of the company or of any related body corporate against a liability incurred as such an officer or auditor. Insurance Premium During the financial year the Company paid insurance premiums to insure directors and officers against certain liabilities arising out of their conduct while acting as an officer of the Company. Under the terms and conditions of the insurance contract, the nature of the liabilities insured against, and the premium paid, cannot be disclosed. 13. ENVIRONMENTAL REGULATIONS The Company endeavours to comply with all regulatory requirements pertaining to the environment in each jurisdiction in which it operates. The directors are not aware of any material breaches by the Company of any of these environmental regulations during the period beginning with the commencement of the financial year and ending on the date of this Directors’ report. 14. PROCEEDINGS ON BEHALF OF THE COMPANY No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. The Company was not a party to any such proceedings during the financial year. 15. AUDITOR’S INDEPENDENCE DECLARATION The auditor’s independence declaration under section 307C of the Corporations Act 2001 (Cth) for the year ended 31 December 2021 has been received and directly follows the Directors report. 16. ROUNDING OF AMOUNTS The Company has applied the relief available to it in ASIC Legislative Instrument 2016/191 and accordingly amounts included in this report and in the financial report have been rounded off to the nearest $1 (where rounding is applicable). Auditor Moore Australia Audit (WA) continues in office in accordance with section 327 of the Corporations Act 2001. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the Directors, Shanthar Pathmanathan Director 22 July 2022 |Chariot Corporation Ltd ABN 637 559 847 – Annual Report for the year ended 31 December 2021 9 Moore Australia Audit (WA) Level 15, Exchange Tower, 2 The Esplanade, Perth, WA 6000 PO Box 5785, St Georges Terrace, WA 6831 AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF CHARIOT CORPORATION LTD T +61 8 9225 5355 F +61 8 9225 6181 www.moore-australia.com.au I declare that, to the best of my knowledge and belief, during the year ended 31 December 2021, there have been: a) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit, and b) no contraventions of any applicable code of professional conduct in relation to the audit. NEIL PACE PARTNER MOORE AUSTRALIA AUDIT (WA) CHARTERED ACCOUNTANTS Signed at Perth this 22nd day of July 2022. Moore Australia Audit (WA) – ABN 16 874 357 907. An independent member of Moore Global Network Limited - members in principal cities throughout the world. Liability limited by a scheme approved under Professional Standards Legislation. Statement of Profit or Loss and Other Comprehensive Income For the year ended 31 December 2021 31 December 2021 $ 19 November 2019 to 31 December 2020 $ Other Income 12,000 - Accounting & Company Secretary (48,042) (196) (11,500) - Compliance and regulatory expenses (5,553) - Depreciation (4,170) Note Audit and tax expenses 4 Director fees 3 (48,000) - Exploration expenses (134,383) (21,711) Employee wages and contractors (61,523) - Legal and consulting fee (110,996) (14,000) (889,248) - Other expenses (79,591) (4,067) Operating loss (1,381,006) (39,974) Finance costs (475) - (1,381,481) (39,974) - - (1,381,481) (39,974) 6,673 - (1,374,808) (39,974) Share based payment expenses 14 Loss before income tax Income tax expense 2 Loss for the year after income tax Other comprehensive income/(loss): Items that will not reclassified subsequently to profit or loss Fair value movement of financial asset at fair value through OCI Total comprehensive loss for the year Basic loss per share (cents per share) 5 (4.62) (0.06) Diluted loss per share (cents per share) 5 (4.62) (0.06) The accompanying notes form part of these financial statements. |Chariot Corporation Ltd ABN 637 559 847 – Annual Report for the year ended 31 December 2021 11 Statement of Financial Position As at 31 December 2021 Note 31 December 2021 $ 19 November 2019 to 31 December 2020 $ CURRENT ASSETS Cash and cash equivalents 6 2,304,849 26 Trade and other receivables 7 51,721 913 23,206 - 2,379,776 939 1,674,828 - 12,060 - 53,995 - TOTAL NON-CURRENT ASSETS 1,740,883 - TOTAL ASSETS 4,120,659 939 Other assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Financial assets at fair value through OCI 8 Plant and Equipment 10 Rights-of-use asset CURRENT LIABILITIES Trade and other payables 9 226,284 - Lease liabilities 10 28,535 - 254,819 - TOTAL CURRENT LIABILITIES NON-CURRENT LIABILTIES 10 Lease liabilities 22,084 - TOTAL NON-CURRENT LIABILITIES 22,084 - TOTAL LIABILITIES 276,903 - 3,843,756 939 NET ASSETS EQUITY Issued capital 11 4,751,413 40,913 Capital raising costs 11 (748,671) - Reserves 13 1,255,797 - Fair value reserve of financial assets through OCI 13 6,673 - Accumulated losses (1,421,456) (39,974) TOTAL EQUITY 3,843,756 939 The accompanying notes form part of these financial statements. |Chariot Corporation Ltd ABN 637 559 847 – Annual Report for the year ended 31 December 2021 12 Statement of Changes in Equity For the year ended 31 December 2021 Issued Capital Share based payment reserve $ $ Fair value reserve of financial assets through OCI $ Accumulated Losses Total $ $ Loss for the period - - - (39,974) (39,974) Total comprehensive loss for the period Transactions with owners, recognised directly in equity - - - (39,974) (39,974) Issue of ordinary shares 40,913 - - - 40,913 Balance at 31 December 2020 40,913 - - (39,974) 939 Balance at 1 January 2021 40,913 - - (39,974) 939 Loss for the year - - - (1,381,481) (1,381,481) Other Comprehensive income - - 6,673 - 6,673 Total comprehensive income for the year Transactions with owners, recognised directly in equity - - 6,673 (1,381,481) (1,374,808) 4,650,500 - - - 4,650,500 Issue of ordinary shares Issue of ordinary shares – equity settled 60,000 60,000 Capital raising costs (151,398) - - - (151,398) Capital raising costs – equity issued (597,273) 597,273 Share based payment expense - 658,523 - - 658,523 Balance at 31 December 2021 4,002,742 1,255,796 6,673 (1,421,455) 3,843,756 - The accompanying notes form part of these financial statements. |Chariot Corporation Ltd ABN 637 559 847 – Annual Report for the year ended 31 December 2021 13 Statement of Cash Flows For the year ended 31 December 2021 31 December 2021 $ 19 November 2019 to 31 December 2020 $ Payments to suppliers (101,341) (18,263) Payments for staff costs (109,523) - Payments for exploration expenses (134,383) (21,711) 12,000 - (170,724) - (503,971) (39,974) (12,630) - (1,668,155) - (2,043) - (1,682,828) - Note CASH FLOWS FROM OPERATING ACTIVITIES Receipt for referral fees Transaction expense – cash settled share based payment Net cash used in operating activities 6b CASH FLOWS FROM INVESTING ACTIVITIES Purchase of plant and equipment Investment in FMSL 3c Loan to a director Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowing 6d 400,000 - Payments to lender 6d (300,000) - (7,450) - Lease repayment Proceeds from issue of shares 11 4,550,470 40,000 Share issue costs 11b (151,398) - Net cash provided by financing activities 4,491,622 40,000 Net increase in cash and cash equivalents 2,304,823 26 26 - 2,304,849 26 Cash and cash equivalents at the beginning of the financial year Cash and cash equivalents at the end of the financial year 6a The accompanying notes form part of these financial statements. |Chariot Corporation Ltd ABN 637 559 847 – Annual Report for the year ended 31 December 2021 14 Notes to the Financial Statements For the year ended 31 December 2021 These financial statements cover Chariot Corporation Ltd (the Company). Chariot Corporation is a company limited by shares, in