Although foreign exchange losses were greater in the three months ended Sept 30 versus a year ago, overall expenses were $146,129 versus $163,227 in the same quarter a year ago.
That led to a total comprehensive loss of $76,910 by September 30 compared with $469,053 a year earlier.
“Changes in foreign currency exchange loss is due to the fluctuation in the US dollar and Canadian dollar exchange rate as well as the US dollar and Mongolian Tughrik exchange rates. The Company reports in US dollars, however, most of its assets and liabilities are in Canadian dollars and Mongolian Turhik’s. Significant changes in the value of these assets and liabilities as well as the exchange rates compared to the US dollar can result in significant fluctuations in the foreign exchange loss period over period,” the company said in a statement.
Story by ProactiveInvestors