BLOOM HEALTH PARTNERS INC. Bloom Health Partners Inc.
Condensed Consolidated Interim Financial Statements For the nine months ended June 30, 2022 and 2021 (in Canadian Dollars - unaudited)
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), 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 financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
Bloom Health Partners Inc.
Condensed Consolidated Interim Statements of Financial Position
(in Canadian Dollars)
June 30, | September 30, | |||
2022 | 2021 | |||
(unaudited) | ||||
ASSETS | ||||
Current assets | $ | 5,929,973 | ||
Cash | $ | 5,598,296 | ||
Receivables | 6,840,125 | 5,394,812 | ||
Inventory | 1,144,410 | 967,853 | ||
Prepaid expenses | 216,585 | 62,457 | ||
14,131,093 | 12,023,418 | |||
Equipment | 784,407 | 826,244 | ||
Intangible assets (Note 7) | 13,776,516 | 15,852,900 | ||
Goodwill (Note 7) | 11,053,569 | 10,929,189 | ||
TOTAL ASSETS | $ | 39,745,585 | $ | 39,631,751 |
LIABILITIES | ||||
Current liabilities | $ | 3,491,754 | ||
Accounts payable and accrued liabilities | $ | 1,311,444 | ||
Customer deposits | 62,549 | 382,230 | ||
Current portion of lease obligations (Note 8) | 157,602 | 57,041 | ||
Current income tax payable | 602,959 | 1,334,085 | ||
Current portion of consideration payable (Note 9) | 11,632,715 | 14,007,837 | ||
15,947,579 | 17,092,637 | |||
Lease obligations (Note 8) | 86,389 | 43,728 | ||
Consideration payable (Note 9) | 3,402,215 | 3,084,219 | ||
Contingent consideration (Note 10) | 3,089,493 | 3,521,044 | ||
Deferred tax liability | 3,575,844 | 4,155,822 | ||
TOTAL LIABILITIES | 26,101,520 | 27,897,450 | ||
SHAREHOLDERS' EQUITY | 4,547,396 | |||
Share capital (Note 11) | 4,389,500 | |||
Shares issuable (Note 12) | 7,968,727 | 8,164,874 | ||
Subscriptions received (Notes 11 and 20) | 565,000 | - | ||
Reserves (Note 13) | 832,004 | 505,954 | ||
Deficit | (601,202) | (1,518,438) | ||
Accumulated other comprehensive income | 332,140 | 192,411 | ||
TOTAL SHAREHOLDERS' EQUITY | 13,644,065 | 11,734,301 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 39,745,585 | $ | 39,631,751 |
Nature of operations and going concern (Note 1)
Subsequent events (Note 20)
These condensed consolidated interim financial statements were authorized for issue by the Board of Directors on August 29, 2022. They are signed on behalf of the Board of Directors by:
"Andrew Morton" | "Jessica Federer" | |
Andrew Morton, CEO and Director | Jessica Federer, Director |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
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Bloom Health Partners Inc.
Condensed Consolidated Interim Statements of Income and Comprehensive Income (Loss) For the Nine Months Ended June 30, 2022, and 2021
(in Canadian Dollars - unaudited)
Three months ended | Nine months ended | |||||||
June 30, | June 30, | |||||||
June 30, | June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Revenue (Note 5) | $ | 8,448,590 | $ | 10,940 | $ | 24,987,577 | $ | 26,140 |
Cost of sales | (3,445,235) | (8,560) | (11,602,149) | (19,001) | ||||
GROSS PROFIT | 5,003,355 | 2,380 | 13,385,428 | 7,139 | ||||
OPERATING EXPENSES | 1,845,775 | 4,210,771 | ||||||
Consulting fees, salaries, and benefits (Note 15) | 790,830 | 1,249,579 | ||||||
General and administrative (Note 6) | 644,109 | 93,443 | 2,420,326 | 232,729 | ||||
Marketing | 258,905 | 6,178 | 1,346,910 | 331,236 | ||||
Professional fees | 779,936 | 78,172 | 1,666,936 | 132,886 | ||||
Stock-based compensation (Notes 13 and 15) | 80,800 | 99,356 | 326,050 | 478,604 | ||||
Amortization of intangible assets (Note 7) | 706,453 | - | 2,220,372 | - | ||||
Depreciation | 120,095 | - | 336,330 | - | ||||
TOTAL OPERATING EXPENSES | (4,436,073) | (1,067,979) | (12,527,695) | (2,425,034) | ||||
EARNINGS (LOSS) FROM OPERATIONS | 567,282 | (1,065,599) | 857,733 | (2,417,895) | ||||
OTHER INCOME AND EXPENSES | (261,148) | (137,216) | ||||||
Interest expense (Notes 8 and 9) | - | - | ||||||
Fair value (loss) gain on revaluation of contingent | (274,642) | 464,010 | ||||||
consideration (Note 10) | - | - | ||||||
Gain on debt settlement | - | - | - | 458 | ||||
Listing expense (Note 3) | - | - | - | (1,328,871) | ||||
NET INCOME (LOSS) BEFORE TAX | 31,492 | (1,065,599) | 1,184,527 | (3,746,308) | ||||
Current income tax expense | (759,189) | - | (847,269) | - | ||||
Deferred income tax recovery | 107,401 | - | 579,978 | - | ||||
NET INCOME (LOSS) | $ | (620,296) | $ | (1,065,599) | $ | 917,236 | $ | (3,746,308) |
ITEMS THAT MAY BE SUBSEQUENTLY RECLASSIFIED TO | ||||||||
PROFIT OR LOSS | ||||||||
Foreign exchange differences on translation of foreign | 400,879 | 139,729 | ||||||
operations | - | - | ||||||
COMPREHENSIVE INCOME (LOSS) | $ | (219,417) | $ | (1,065,599) | $ | 1,056,965 | $ | (3,746,308) |
EARNINGS (LOSS) PER SHARE (Note 14) | $ | (0.02) | $ | 0.02 | ||||
Basic earnings (loss) per share | $ | (0.03) | $ | (0.11) | ||||
Diluted earnings (loss) per share | $ | (0.02) | $ | (0.03) | $ | 0.01 | $ | (0.11) |
Basic weighted average common shares outstanding | 39,354,044 | 35,433,482 | 39,082,872 | 32,839,942 | ||||
Diluted weighted average common shares outstanding | 39,354,044 | 35,433,482 | 67,112,872 | 32,839,942 |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
4
Bloom Health Partners Inc.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Deficiency) (in Canadian Dollars - unaudited)
Share capital | Accumulated | Total | |||||||||||||
other | shareholders' | ||||||||||||||
Shares | Subscriptions | comprehensive | equity | ||||||||||||
Number | Amount | issuable | received | Reserve | loss | Deficit | (deficiency) | ||||||||
Balance, September 30, 2020 | 25,000,000 | $ | 265,000 | $ | - | $ | - | $ | - | $ | - | $ | (431,827) | $ | (166,827) |
Private placement financing (Note 11) | 3,696,500 | 1,510,460 | - | - | 6,126 | - | - | 1,516,586 | |||||||
Reverse acquisition (Note 3) | 7,160,590 | 1,790,148 | - | - | - | - | - | 1,790,148 | |||||||
Finders' shares issued | 1,000,000 | 250,000 | - | - | - | - | - | 250,000 | |||||||
Fair value of replacement warrants | |||||||||||||||
(Notes 3 and 13) | - | (1,636) | - | - | 1,636 | - | - | - | |||||||
Shares issued to settle accounts payable | 22,910 | 12,142 | - | - | - | - | - | 12,142 | |||||||
Shares issued for services | 38,182 | 20,000 | - | - | - | - | - | 20,000 | |||||||
Shares issued for warrant exercise | 7,000 | 3,386 | - | - | (1,636) | - | - | 1,750 | |||||||
Stock-based compensation | - | - | - | - | 478,604 | - | - | 478,604 | |||||||
Loss and comprehensive loss for the period | - | - | - | - | - | - | (3,746,308) | (3,746,308) | |||||||
Balance, June 30, 2021 | 36,925,182 | $ | 3,849,500 | $ | - | $ | - | $ | 484,730 | $ | - | $ | (3,112,537) | $ | 156,095 |
Balance, September 30, 2021 | 38,925,182 | $ | 4,389,500 | $ | 8,164,874 | $ | - | $ | 505,954 | $ | 192,411 | $ | (1,518,438) | $ | 11,734,301 |
Shares issuable for services (Note 12) | 113,000 | 45,200 | 1,133 | - | - | - | - | 46,333 | |||||||
Bonus shares issued | 326,754 | 112,696 | (197,280) | - | - | - | - | (84,584) | |||||||
Subscriptions received (Notes 11 and 20) | - | - | - | 565,000 | - | - | - | 565,000 | |||||||
Stock-based compensation (Notes 13 and 15) | - | - | - | - | 326,050 | - | - | 326,050 | |||||||
Income for the period | - | - | - | - | - | - | 917,236 | 917,236 | |||||||
Other comprehensive income for the period | - | - | - | - | - | 139,729 | - | 139,729 | |||||||
Balance, June 30, 2022 | 39,0364,936 | $ | 4,547,396 | $ | 7,968,727 | $ | 565,000 | $ | 832,004 | $ | 332,140 | $ | (601,202) | $ | 13,644,065 |
The accompanying notes form an integral part of these condensed consolidated interim financial statements.
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Bloom Health Partners Inc. published this content on 30 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 09:53:53 UTC.
