Financial Performance - For the three months ended March 31, 2022, Sunshine Oilsands reported a net loss attributable to equity holders of CAD 56.311 million, compared to a net income of CAD 0.632 million in the previous quarter[5]. - The company reported an operating cash flow loss of CAD 3.410 million for the quarter, compared to a loss of CAD 1.724 million in the same period last year[6]. - The company reported zero depletion expense for the three months ended March 31, 2022, due to the temporary suspension of production since March 31, 2020[17]. - For the three months ended March 31, 2022, the company's cash flow from operating activities was $(6,854) thousand, compared to $(3,303) thousand for the same period in 2021, indicating a significant increase in cash outflow[39]. - The net cash used in operating activities was $(4,414) thousand for the three months ended March 31, 2022, compared to $(2,820) thousand for the same period in 2021, reflecting a worsening operational performance[39]. - The company did not declare or pay any dividends for the three months ended March 31, 2022, consistent with the same period in 2021[50]. Production and Operations - Average production of oil sands heavy oil from the West Ells project was 0 barrels per day for the quarter, down from 22 barrels per day in the same period last year, due to a temporary shutdown[9]. - The company completed the preparatory work for the resumption of the West Ells project and announced full production resumption on April 11, 2022[3]. - The West Ells project has fully resumed production as of the date of this announcement[53]. Costs and Expenses - The company recorded operating costs of CAD 3.404 million for the quarter, an increase from CAD 1.825 million in the same period last year, primarily due to the resumption of production at the West Ells project[12]. - General and administrative expenses increased to CAD 3.650 million for the quarter, up from CAD 1.579 million in the same period last year, mainly due to increased municipal charges[15]. - The company’s financing costs rose to CAD 11.631 million for the quarter, compared to CAD 9.392 million in the previous quarter[5]. - The financing cost for the three months ended March 31, 2022, was CAD 11.6 million, a decrease of CAD 1.8 million compared to CAD 13.4 million for the same period in 2021[16]. Assets and Liabilities - The total assets of Sunshine Oilsands increased to CAD 812.323 million as of March 31, 2022, compared to CAD 755.724 million in the previous quarter[5]. - As of March 31, 2022, the company's working capital deficit was CAD 100.54 million, compared to CAD 93.01 million as of December 31, 2021[19]. - The company's total liabilities to total assets ratio was 71% as of March 31, 2022, down from 77% as of December 31, 2021[24]. - The company has unencumbered debt of USD 37.1 million (equivalent to CAD 46.3 million) as of March 31, 2022[20]. Tax and Legal Matters - The company has received a municipal property tax payment notice of CAD 12.72 million from the RMWB for the years 2016 to 2021, along with overdue penalties of CAD 9.82 million[22]. - The company has made provisions for various claims and legal proceedings, with CAD 0.82 million (equivalent to USD 1.03 million) in liens arising from normal business operations as of September 30, 2021[23]. Shareholder Information - As of March 31, 2022, the company had 243,478,681 shares of Class "A" common stock issued[49]. - The weighted average fair value of stock options granted during the three months ended March 31, 2022, was 0.6 CAD, compared to 0.012 CAD for the same period in 2021[44]. Internal Controls and Risks - The company has not identified any significant changes in internal controls over financial reporting that would materially affect the financial statements for the three months ended March 31, 2022[36]. - The company’s internal controls over financial reporting were assessed as effective as of March 31, 2022[35]. - The company continues to face significant risks and uncertainties in its resource exploration, development, and refining business[33]. - The company emphasizes that actual results may differ significantly from forward-looking statements due to various risks and uncertainties[40]. Strategic Focus - The company continues to focus on cost control and closely monitor the developments in the crude oil market and the COVID-19 pandemic in North America[53]. - The company plans to reactivate activities in the Muskwa and Godin areas in conjunction with joint ventures as international oil prices recover[53]. Securities Transactions - The company has not engaged in any purchases, sales, or redemptions of its listed securities during the first quarter of 2022[48]. - The company has not entered into any forward exchange contracts during the three months ended March 31, 2022[25].
阳光油砂(02012) - 2022 Q1 - 季度财报