Biome Grow : Q1_2022 Consolidated Financial Statements

BIOME GROW INC.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

(UNAUDITED)

(Expressed in Canadian dollars)

Notice of Disclosure of Non-Auditor Review of the Condensed Interim Consolidated Financial Statements for the Three Months ended March 31, 2022 and 2021.

Pursuant to subsection 4.3(3)(a) of National Instrument 51-102 - Continuous Disclosure Obligations, 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 of Biome Grow Inc. (the "Company") for the interim period ended March 31, 2022 and 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, Manning Elliot LLP, have not performed a review of these condensed interim consolidated financial statements.

May 30, 2022

BIOME GROW INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at March 31, 2022 and December 31, 2021

(Unaudited - Expressed in Canadian dollars)

	Notes	2022	2021
		$	$
ASSETS
Current assets
Cash		329,197	582,304
Restricted cash		-	897
Goods and services tax receivable		103,286	86,064
Prepaid expenses and advances - current		144,053	88,695
Investments	4	6,436,068	10,249,135
Total current assets		7,012,604	11,007,095
Prepaid expenses and advances		44,348	66,521
TOTAL ASSETS		7,056,952	11,073,616
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	5, 10	1,129,852	1,138,584
Loans payable	6, 10	3,510,178	3,506,295
Total liabilities		4,640,030	4,644,879
SHAREHOLDERS' EQUITY
Share capital	7	23,183,398	23,183,398
Reserves		2,557,115	2,544,824
Deficit		(23,323,591)	(19,299,485)
Total shareholders' equity		2,416,922	6,428,737
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		7,056,952	11,073,616

Nature of operations and going concern (Note 1)

Subsequent event (Note 11)

These condensed interim consolidated financial statements were approved and authorized for issue by the Board of Directors on May 30, 2022. They are signed on the Company's behalf by:

"Khurram Malik"		"Mark Lievonen"
Director		Director

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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BIOME GROW INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME

For the three months ended March 31, 2022 and 2021

(Unaudited - Expressed in Canadian dollars, except number of shares)

	Notes	2022	2021
		$	$
Operating expenses
Professional fees	10	49,605	28,648
Insurance		41,116	29,599
Share-based compensation	7, 10	12,291	16,344
Transfer agent and listing fees		4,892	5,310
Accretion expense		3,883	9,286
Donations		-	2,500
General and administration		-	5,923
Loss before other items		(111,787)	(97,610)
Other expenses (income)
Change in unrealized fair value on investments	4	3,813,067	(16,976,298)
Interest expense	6	99,252	108,735
Realized gain on investments sold	4	-	(512,554)
Gain on settlement of debt		-	(28,071)
		3,912,319	(17,408,188)
Net (loss) income and comprehensive (loss) income		(4,024,106)	17,310,578
(Loss) earnings per share
Basic and diluted		(0.04)	0.15
Weighted average number of common shares outstanding
Basic and diluted		112,417,435	112,417,435

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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BIOME GROW INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited - Expressed in Canadian dollars, except number of shares)

	Common shares
	Number	Share capital	Reserves	Deficit	Total
	#	$	$	$	$
Balance, December 31, 2020	112,417,435	23,183,398	2,492,497	(19,159,556)	6,516,339
Share-based compensation	-	-	16,344	-	16,344
Net income for the period	-	-	-	17,310,578	17,310,578
Balance, March 31, 2021	112,417,435	23,183,398	2,508,841	(1,848,978)	23,843,261
Share-based compensation	-	-	35,983	-	35,983
Net loss for the period	-	-	-	(17,450,507)	(17,450,507)
Balance, December 31, 2021	112,417,435	23,183,398	2,544,824	(19,299,485)	6,428,737
Share-based compensation	-	-	12,291	-	12,291
Net loss for the period	-	-	-	(4,024,106)	(4,024,106)
Balance, March 31, 2022	112,417,435	23,183,398	2,557,115	(23,323,591)	2,416,922

The accompanying notes are an integral part of these condensed interim consolidated financial statements

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