AUSTRALIS CAPITAL INC. AUSTRALIS CAPITAL INC.
Condensed Interim Consolidated Financial Statements
For the Three and Nine Months Ended
December 31, 2021 and 2020
(Unaudited - in Canadian Dollars)
Pursuant to National Instrument 51-102, Part 4, subsection 4.3(3)(a) issued by the Canadian Securities administrators, if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated financial statements (the "interim financial statements") of Australis Capital Inc. (the "Company") for the interim period ended December 31, 2021, have been prepared in accordance with the International Accounting Standard 34 - Interim Financial Reporting as issued by the International Accounting Standards Board and are the responsibility of the Company's management.
The Company's independent auditors have not performed a review of these interim financial statements.
AUSTRALIS CAPITAL INC.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited - in Canadian Dollars)
Consolidated Statements of Financial Position
December 31, | March 31, | |||||
Notes | 2021 | 2021 | ||||
$ | $ | |||||
Assets | ||||||
Current | ||||||
Cash and cash equivalents | 655,597 | 3,531,357 | ||||
Accounts receivable | 4 | 3,803,803 | 1,696,656 | |||
Inventory | 659,395 | 473,185 | ||||
Prepaid expenses | 418,273 | 470,479 | ||||
Current portion of deposits | 1,303,734 | 649,464 | ||||
Current portion of annuity receivable - SubTerra | 59,576 | 66,070 | ||||
Loans receivable | 2,386,414 | - | ||||
Marketable securities held for sale | 5 | 2,890,022 | 12,803,638 | |||
Land held for sale | 6 | - | 4,151,551 | |||
12,176,814 | 23,842,400 | |||||
Non-current | ||||||
Investment in ALPS technology solution APIS | 8 | 3,034,309 | 1,130,233 | |||
Property, plant, and equipment | 9 | 2,122,250 | 298,258 | |||
Right-of-use assets | 9 | 754,156 | 1,097,361 | |||
Intangible assets | 11 | 13,287,857 | 14,227,461 | |||
Goodwill | 11 | 15,057,796 | 15,057,796 | |||
Derivative financial instrument - NCI call option | 8 | 7,320,630 | 7,320,630 | |||
Annuity receivable - SubTerra | 679,492 | 672,998 | ||||
Long-term deposits | 10 | 3,219,387 | 4,130,168 | |||
Other assets - acquisition deposit | 7 | 14,797,896 | 14,677,674 | |||
TOTAL ASSETS | 72,450,587 | 82,454,979 | ||||
Liabilities | ||||||
Current | ||||||
Accounts payable and accrued liabilities | 15 | 5,448,113 | 5,915,674 | |||
Deferred revenue | 8,858 | 17,813 | ||||
Current portion of lease liability | 12 | 438,641 | 459,895 | |||
Provisions | 10 | - | 1,029,014 | |||
5,895,612 | 7,422,396 | |||||
Non-current | ||||||
Contingent consideration payable | 8 | 3,698,980 | 3,698,980 | |||
Lease liability | 12 | 369,991 | 686,191 | |||
Loan payable | 15 | - | 747,115 | |||
Deferred tax liability | 3,205,244 | 3,205,244 | ||||
TOTAL LIABILITIES | 13,169,827 | 15,759,926 | ||||
Shareholders' equity | ||||||
Share capital | 13 | 112,002,679 | 104,617,900 | |||
Treasury shares | 7,13 | (11,367,770) | (11,367,770) | |||
Exchangeable shares reserve | 13 | 10,383,426 | 11,114,175 | |||
Reserves | 13 | 14,173,098 | 9,640,106 | |||
Accumulated other comprehensive income | 323,717 | 234,035 | ||||
Accumulated deficit | (71,303,420) | (52,937,270) | ||||
Equity attributable to owners of the Company | 54,211,730 | 61,301,176 | ||||
Non-controlling interest | 8 | 5,069,030 | 5,393,877 | |||
TOTAL SHAREHOLDERS' EQUITY | 59,280,760 | 66,695,053 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 72,450,587 | 82,454,979 | ||||
Nature of Operations and Going Concern (Note 1) | ||||||
Commitments and Contingencies (Note 19) | ||||||
Subsequent Events (Note 20) | ||||||
Approved on March 1, 2022 | ||||||
"Terry Booth" | "Hanoz Kapadia" | |||||
Director | Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
AUSTRALIS CAPITAL INC.
Condensed Interim Consolidated Statements of Comprehensive Loss (Unaudited - in Canadian Dollars, except number of shares)
Consolidated Statements of Comprehensive Loss
Three months ended | Nine months ended | |||
December 31, | December 31, | |||
Notes | 2021 | 2020 | 2021 | 2020 |
Revenue | $ | $ | $ | $ |
Revenue-Services | 1,993,131 | 8,430 | 5,137,007 | 43,102 | |
Revenue-Kiosks | 94,522 | 35,181 | 315,787 | 71,510 | |
Revenue-Consulting | 283,565 | 46,767 | 918,617 | 143,368 | |
2,371,218 | 90,378 | 6,371,411 | 257,980 | ||
Cost of goods sold | (527,781) | (256,426) | (2,229,669) | (484,534) | |
Gross profit (loss) | 1,843,437 | (166,048) | 4,141,742 | (226,554) | |
Operating expenses | |||||
Wages and benefits | 1,183,865 | 3,451,617 | 3,825,604 | 5,097,118 | |
Share-based payments | 13 | 1,097,784 | (1,263,126) | 3,759,580 | 391,507 |
Selling, general and administrative | 14 | 3,476,327 | 2,557,961 | 7,415,624 | 4,137,737 |
Depreciation and amortization | 9,11 | 406,543 | 152,341 | 1,281,555 | 496,355 |
6,164,519 | 4,898,793 | 16,282,363 | 10,122,717 | ||
Loss from operations | (4,321,082) | (5,064,841) | (12,140,621) | (10,349,271) | |
Other income (expense) | |||||
Gain on asset disposal | (83,460) | 82 | (83,496) | 138 | |
Loss on investment in associate | - | (427,739) | - | (1,282,451) | |
Gain (loss) on sale of marketable securities | (142,217) | - | (180,880) | - | |
Loss on settlements | - | (3,000,000) | (237,338) | (4,025,477) | |
Loss on true-up provision | - | - | - | (1,615,835) | |
Loss on impairment - intertangle assets | - | (7,684,824) | - | (7,684,824) | |
Loss on remeasurement of land held for sale | - | (2,250,241) | - | (2,250,241) | |
Net change on investment at fair value through profit or loss | 5 | (275,278) | (796,163) | (6,202,654) | (992,718) |
Other income | - | 70 | - | 483 | |
Other expense - merger and acquisition costs | - | (118,311) | - | (286,846) | |
Foreign exchange gain (loss) | 323,052 | (88,989) | 214,362 | (87,192) | |
Income tax expense | (77,596) | - | (77,596) | - | |
Interest and other expense | (184,599) | (12,712) | (94,436) | (23,195) | |
Interest expense - leases | (4,616) | (4,880) | (33,670) | (38,685) | |
Interest income | 62,259 | 26,460 | 145,332 | 86,120 | |
(382,455) | (14,357,247) | (6,550,376) | (18,200,723) | ||
Net loss | (4,703,537) | (19,422,088) | (18,690,997) | (28,549,994) | |
Other comprehensive income (loss) | |||||
Foreign currency translation | (175,046) | 6,010 | 89,682 | (247,153) | |
Share of OCI from investments in associates | - | 144,441 | - | (51,976) | |
Total comprehensive loss | (4,878,583) | (19,271,637) | (18,601,315) | (28,849,123) | |
Net loss attributable to: | |||||
Shareholders of the Company | (4,714,729) | (19,422,088) | (18,366,150) | (28,549,994) | |
Non-controlling interest | 11,192 | - | (324,847) | - | |
Net loss | (4,703,537) | (19,422,088) | (18,690,997) | (28,549,994) | |
Total comprehensive loss attributable to: | |||||
Shareholders of the Company | (4,889,775) | (19,271,637) | (18,276,468) | (28,849,123) | |
Non-controlling interest | 11,192 | - | (324,847) | - | |
Total comprehensive loss | (4,878,583) | (19,271,637) | (18,601,315) | (28,849,123) | |
Net loss per share attributable to shareholders of the Company | |||||
Basic and diluted | (0.02) | (0.11) | (0.08) | (0.17) | |
Weighted average number of shares outstanding | |||||
Basic and diluted | 247,284,636 | 176,512,309 | 239,885,621 | 172,937,978 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
AUSTRALIS CAPITAL INC.
Condensed Interim Consolidated Statements of Changes in Equity (Unaudited -in Canadian Dollars, except number of shares) Consolidated Statements of Changes in Equity
Accumulated | |||||||||||
Notes | Exchangeable | other | Non- | ||||||||
Common | Share | Treasury | shares | Share-based | Warrant | comprehensive Accumulated | controlling | ||||
shares | capital | shares | reserve | reserves | reserves | income | deficit | Interest | Total equity | ||
# | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||
Balance, March 31, 2020 | 169,943,997 | 74,650,429 | - | - | 2,895,969 | 7,368,032 | 527,974 | (27,676,380) | - | 57,766,024 | |
Shares issued for acquisition of Paytron, LLC assets | 13 | 949,926 | 170,717 | - | - | - | - | - | - | - | 170,717 |
Return of shares relating to the disposal of Mr. | 13 | (533,981) | - | (101,456) | - | - | - | - | - | - | (101,456) |
Natural assets | |||||||||||
Shares issued pursuant to the agreements with | |||||||||||
Passport Technology Inc. and the Company's | 13 | 4,250,000 | 595,000 | - | - | - | - | - | - | - | 595,000 |
former CEO | |||||||||||
Vesting of RSUs, net of withholding | 13 | 2,148,509 | (149,681) | - | - | - | - | - | - | - | (149,681) |
Share-based payments, net of forfeitures and | 13 | - | 1,493,735 | - | - | (1,093,489) | - | - | - | - | 400,246 |
cancellations | |||||||||||
Warrant forfeitures | - | 323,048 | - | - | - | (323,048) | - | - | - | - | |
Net loss | - | - | - | - | - | - | - | (28,549,994) | - | (28,549,994) | |
Other comprehensive loss | - | - | - | - | - | - | (299,129) | - | - | (299,129) | |
Balance, December 31, 2020 | 176,758,451 | 77,083,248 | (101,456) | - | 1,802,480 | 7,044,984 | 228,845 | (56,226,374) | - | 29,831,727 |
Return of shares relating to the settlement of the GT transaction
Shares issued pursuant to revised GT Transaction Subsidiary shares exchanged relating to the GT Transaction
Shares issued pursuant to ALPS Transaction Vesting of RSUs, net of withholding Share-based payments, net of forfeitures and cancellations
Shares issued on transactions, settlement, and as signing bonus
Stock option exercise, net of withholding Non-controlling interest on ALPS Transaction Net loss
Other comprehensive income
7 | (11,417,376) | 909,436 | (11,266,314) | - | - | - | - | - | - | (10,356,878) |
7 | - | - | - | 14,662,500 | - | - | - | - | - | 14,662,500 |
7 | 9,075,000 | 3,548,325 | - | (3,548,325) | - | - | - | - | - | - |
8 | 50,000,000 | 22,500,000 | - | - | - | - | - | - | - | 22,500,000 |
13 | 50,144 | 4,331 | - | - | - | - | - | - | - | 4,331 |
13 | - | 80,888 | - | - | 822,765 | - | - | - | - | 903,653 |
13 | 1,323,148 | 419,280 | - | - | - | - | - | - | - | 419,280 |
13 | 255,069 | 72,392 | - | - | (30,123) | - | - | - | - | 42,269 |
8 | - | - | - | - | - | - | - | - | 5,592,298 | 5,592,298 |
- | - | - | - | - | - | - | 3,289,104 | (198,421) | 3,090,683 | |
- | - | - | - | - | - | 5,190 | - | - | 5,190 |
Balance, March 31, 2021 | 226,044,436 104,617,900 (11,367,770) | 11,114,175 | 2,595,122 | 7,044,984 | 234,035 (52,937,270) 5,393,877 | 66,695,053 |
Subsidiary shares exchanged relating to the GT Transaction
Shares issued on transactions, settlement, and as signing bonus
Shares issued for private placement Stock option exercise, net of withholding Vesting of RSUs, net of withholding Share-based payments, net of forfeitures and cancellations
Net loss
Other comprehensive loss
13 | 1,868,924 | 730,749 | - | (730,749) | - | - | - | - | - | - |
13 | 15,092,309 | 4,486,533 | - | - | - | - | - | - | - | 4,486,533 |
17,840,349 | 2,148,893 | - | - | - | 817,976 | - | - | - | 2,966,869 | |
13 | 44,444 | 11,238 | - | - | (11,238) | - | - | - | - | - |
13 | 22,042 | 7,366 | - | - | - | - | - | - | - | 7,366 |
13 | - | - | - | - | 3,726,254 | - | - | - | - | 3,726,254 |
- | - | - | - | - | - | - | (18,366,150) | (324,847) | (18,690,997) | |
- | - | - | - | - | - | 89,682 | - | - | 89,682 |
Balance, December 31, 2021 | 260,912,504 112,002,679 (11,367,770) | 10,383,426 | 6,310,138 | 7,862,960 | 323,717 (71,303,420) 5,069,030 | 59,280,760 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Australis Capital Inc. published this content on 02 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 March 2022 00:19:00 UTC.
