Company: FECOF
Filing Date: 2025-07-15
Form Type: 20-F
Source: 0001477932-25-005053
Chunk: 36

Company: FEC Resources Inc.
Filing Date: 2025-07-15
Form: 20-F
Item: Item 5
Chunk 36
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 of total fees paid from cost cutting measures. Listing and filing fees were $25,183 for the year ended December 31, 2023 versus $15,549 for the same period in the previous year. The difference was due to the initial conversion of our 2022 and 2023 filings to XBRL pursuant to new filing requirements. For the year ended December 31, 2023 foreign exchange loss was $191 versus a loss of $4,712 for the same period in the previous year. The average foreign exchange for 2023 was 1.3497 versus 1.3013 in 2022. Interest income was $Nil for the year ended December 31, 2023 versus $38 for the same period in the previous year. The difference was not material. Interest expense for the year ended December 31, 2023 was $32,593 versus $10,642 for the same period in the previous year. The difference was due to the increased interest on the loans from PXP in 2023 as a result of an increase in the overall loan amount and the increase in interest rates.

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Balance Sheet

Our current assets were $14,245 at December 31, 2024 versus $16,642 for the year ended December 31, 2023. The difference is a result of the lower cash and lower prepaid balance. Our investment in Forum Energy was reflected at a carrying value of $8,568,094 in the financial statements as at December 31, 2024 (2023 - $2,461,931). The increase was due to the change in fair value of our investment in FEL in 2024. Our assets reflect our investment in Forum Energy on a fair value basis.

Liquidity and Capital Resources

Our working capital deficit at December 31, 2024 was $922,999 versus $678,562 at December 31, 2023 and shareholders’ equity was $7,645,095 at December 31, 2024 (2023 - $1,783,369). On December 31, 2024, our cash balance was $5,756 which was lower than on December 31, 2023. On December 31, 2024 our short-term loans payable was $895,637 versus $678,155 on December 31, 2023. In addition, our trade and accrued payables balance on December 31,