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Our operating results for the years ended July 31, 2021 and 2020 are summarized as follows:
−Removed: Our operating expenses increased during the year ended July 31, 2020 compared to the prior year primarily as a result of increased costs as a result of increased activities by our company.
+Added: FOR THE YEAR ENDED JULY 31,
+Added: Accretion expense
+Added: Directors' fees
+Added: Filing and regulatory
+Added: Foreign exchange
+Added: General and administrative
+Added: Geological, mineral, and prospect costs
+Added: Interest expense
+Added: Professional fees
+Added: Promotion and shareholder communication
+Added: Share-based payments
+Added: Loss before other items
+Added: Gain (loss) on fair value adjustment on warrant derivatives
+Added: Gain on settlement of equipment loan
+Added: Net loss for the year
+Added: Cumulative translation adjustment
+Added: Net loss and comprehensive loss for the year
+Added: Basic and diluted loss per common share
+Added: Weighted average number of common shares outstanding (basic and diluted)
+Added: Our operating expenses decreased during the year ended July 31, 2021 compared to the prior year primarily as a result of lower costs as a result of moderated activities by our company.
These include salaries, filing and regulatory, general and administrative, professional fees, driven by the need for expenses related to planning and researching our mineral properties, and activity involved in raising funds in the recent private placements.
−Removed: As a result of the increased activity, significant expenses during the year ended July 31, 2020 include:
+Added: As a result of the ongoing activities, significant expenses during the year ended July 31, 2021 include:
Decrease in mineral exploration costs to $782,261 (2020 - $1,636,791) related to less activities and exploration work on the I-M Mine Property during the year;
Increase in share-based payments to $560,792 (2020 - $357,271) for the grant of options pursuant to our stock option plan to incentivize management and certain consultants;
−Removed: · Decrease in professional fees to $244,764 (2019 - $395,465) related to a decrease in legal and regulatory items pertaining to operating in Canada and the United States;
−Removed: · Decrease in promotion and shareholder communication to $176,652 (2019 - $414,341) as there were fewer activities compared to the previous year.
+Added: Increase in professional fees to $517,092 (2020 - $244,764) related to an increase in legal and regulatory items pertaining to the dewatering of the mine.
Liquidity and Capital Resources
−Removed: As of July 31, 2020, the Company had $3,378,826 in cash, $3,762,515 in current assets, $8,512,928 in total assets, $494,771 in current and 3,455,035 in total liabilities, working capital of $3,267,744 and an accumulated deficit of $17,940,599.
+Added: As of July 31, 2021, the Company had $773,279 in cash, $1,156,426 in current assets, $5,881,260 in total assets, $199,902 in current liabilities and $1,618,255 in total liabilities, working capital of $956,524 and an accumulated deficit of $19,544,477.
During the year ended July 31, 2021, the Company used $2,853,745 in net cash on operating activities, compared to $3,066,689 in net cash on operating activities during the prior year.
−Removed: The difference in net cash used in operating activities during the year was largely due to the increase in our net loss for the most recent year, as we incurred expenses relating to mineral exploration within the I-M Mine Project.
−Removed: During the year ended July 31, 2020, we used net cash of $Nil (2019 - $94,795) in investing activities for the acquisition of the I-M Mine Property, related transaction costs, and the recent option agreement to increase the holdings of the I-M Mine Property.
+Added: The difference in net cash used in operating activities during the year was largely due to lower level of activity relating to mineral exploration within the I-M Mine Project.
+Added: During the year ended July 31, 2021, we used net cash of $Nil (2020 - $Nil) in investing activities for the Company.
During the year ended July 31, 2021, we generated net cash from financing activities of $248,198 (2020 - $6,231,357).
The Company completed private placements totaling $250,000 (2020 - $5,499,131) in gross proceeds.
−Removed: In the current year, the Company repaid an equipment loan of $203,650 (2019 - $227,713).
−Removed: We also received gross proceeds of $1,000,000 from issuance of a loan.
We expect to operate at a loss for at least the next 12 months.
−Removed: We have received additional financing since the end of the July 31, 2020 fiscal year through private placements for a total of $250,000 in gross proceeds but we cannot provide any assurance that additional funding will be available to finance our operations on acceptable terms in order to enable us to carry out our business plan.
+Added: We have received additional financing during the year ended July 31, 2021 through private placements for a total of $250,000 in gross proceeds but we cannot provide any assurance that additional funding will be available to finance our operations on acceptable terms in order to enable us to carry out our business plan.
There are no assurances that we will be able to complete further sales of our common stock or any other form of additional financing.
−Removed: If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to carry out any further exploration work on the I-M Mine Property or the other properties in which we own an interest and our business may fail.
+Added: If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to carry out any further exploration work on the I-M Mine Property or the other properties in which we own an interest.
+Added: However, management believes that they will be able to raise funding based on their ability to do so in the past.
On March 11, 2020, the novel coronavirus outbreak ("COVID-19") was declared a pandemic by the World Health Organization.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.