BRYN RESO : June 2022 Interim Financials

EXCELSIOR SOLUTIONS CORPORATION

(formerly, BRYN RESOURCES, INC.)

Interim Consolidated Financial Statements

Three and Six Months Ended

June 30, 2022 and 2021

(Expressed in US Dollars)

Notice to Reader

The accompanying unaudited interim consolidated financial statements of Excelsior Solutions Corporation (formerly, Bryn Resources, Inc.) (the "Company" or "Bryn") have been prepared in accordance with accounting principles generally accepted in the United States of America by and are the responsibility of management.

The accompanying unaudited interim consolidated balance sheet as at June 30, 2022 and December 31, 2021 and the interim consolidated statements of operations and comprehensive income (loss), interim consolidated statements of cash flows and interim consolidated statements of changes in shareholders' equity for the three and six months ended June 30, 2022 and 2021, constitute the financial statements of the Company. Such financial statements are set forth below.

Excelsior Solutions Corporation (formerly, Bryn Resources, Inc.)

Interim Consolidated Balance Sheets (Expressed in US Dollars) (Unaudited)

		June 30,	December 31,
As At,		2022		2021
ASSETS
Current assets	$	76,315
Cash and cash equivalents	$	114,946
Funds held in trust		2,344		2,344
Accounts receivable		164,269		169,277
Due from related parties		55,450		55,669
Prepaid expenses		16,068		6,191
Total current assets		314,446		348,427
Non-current assets		20,836
Property and equipment, net			15,306
Intangible assets (note 4)		1,067,656		1,135,603
Total non-current assets		1,088,492		1,150,909
Total assets	$	1,402,938	$	1,499,336
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities	$	88,845
Accounts payable	$	85,569
Accrued liabilities		39,929		44,255
Due to related parties		58,448		57,950
Customer deposits		53,170		53,747
Escrow funds		57,201		67,578
Loan and notes payable (note 6)		129,170		162,514
Total current liabilities		426,763		471,613
Shareholders' Equity
Preferred shares, par value $0.001, authorized - 1,000,000		2,201
issued and outstanding - 2,201 (December 31, 2021 - 2,201)			2,201
Common shares, no par value, authorized - 250,000,000		3,391,902
issued and outstanding - 92,232,912 (December 31, 2021 - 89,315,890)			3,334,388
Cumulative translation adjustment		(130,935)		(116,478)
Accumulated deficit		(2,286,993)		(2,192,388)
Total shareholders' equity		976,175		1,027,723
Total liabilities and shareholders' equity	$	1,402,938	$	1,499,336
Nature of operations (note 1); Going concern (note 2).

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

- 1 -

Excelsior Solutions Corporation (formerly, Bryn Resources, Inc.)

Interim Consolidated Statements of Operations and Comprehensive Income (Loss) (Expressed in US Dollars)

(Unaudited)

		Three months ended		Six months ended
		June 30		June 30,
		2022		2021		2022		2021
Revenue	$	122,661			$	335,498
Net sales	$	156,194	$	220,308
Cost of sales		(29,525)		(21,788)		(59,093)		(33,939)
Gross Profit		93,136		134,406		276,405		186,369
Expenses		99,304				192,970
Salaries and wages			86,262			167,809
Professional fees		-		17,524		15,875		28,030
Rent expense		6,762		4,677		14,578		7,758
General and administrative expenses		43,596		19,145		93,846		29,783
Depreciation and amortization		26,595		18,306		52,897		36,548
		176,257		145,914		370,166		269,928
Income (Loss) from operations		(83,121)		(11,508)		(93,761)		(83,559)
Other income (expense)		(631)				(844)
Other income (expense)			(664)			(5,025)
		(631)		(664)		(844)		(5,025)
Net income (loss)	$	(83,752)	$	(12,172)	$	(94,605)	$	(88,584)
Comprehensive income (loss)	$	(83,752)			$	(94,605)
Net income (loss)	$	(12,172)	$	(88,584)
Income (Loss) on foreign currency translation		25,269		(10,780)		(14,457)		33,075
Comprehensive income (loss)	$	(58,483)	$	(22,952)	$	(109,062)	$	(55,509)
Basic and diluted net loss per share	$	0.00	$	0.00	$	(0.00)	$	(0.00)
Weighted average number of
common shares outstanding - basic and diluted		91,793,711		71,551,061		90,883,182		66,051,630

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

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Excelsior Solutions Corporation (formerly, Bryn Resources, Inc.)

Interim Consolidated Statements of Cash Flows (Expressed in US Dollars)

(Unaudited)

Six Months Ended June 30,		2022		2021
Cash flows provided by (used in) operating activities	$	(94,605)
Net income (loss) for the period	$	(88,584)
Adjustments to reconcile net income (loss) to net cash used in operating activities:		52,897
Depreciation and amortization			36,548
Stock issued for services		57,514		84,349
(Increase) Decrease in:		5,008
Accounts receivable			(45,171)
Prepaid expense		(9,877)		(7,058)
Increase (Decrease) in:		3,276
Accounts payable			15,641
Accrued liabilities		(4,326)		18,810
Customer deposits		(577)		19,558
Net cash (used in) provided by operating activities		9,310		34,093
Cash flows provided by (used in) investing activities		-
Cash acquired from Touchstone International			12,743
Net cash provided by (used in) investing activities		-		12,743
Cash flows provided by (used in) financing activities		717
Loans from (Repayment of loans to) related parties			16,712
Increase in (Repayment) escrowed funds		(10,377)		2,273
Proceeds (Repayments) from loan and notes payable		(33,344)		40,120
Net cash provided by (used in) financing activities		(43,004)		59,105
Net change in cash		(33,694)		105,941
Effect of exchange rate changes on cash held in foreign currencies		(4,937)		(63,173)
Cash, beginning of period		114,946		62,753
Cash, end of period	$	76,315	$	105,521
Supplemental disclosure of non-cash investing and financing activities:	$	-
Noncash assets acquired in Touchstone International acquisition	$	326,911

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

- 3 -

Excelsior Solutions Corporation (formerly, Bryn Resources, Inc.)

Interim Consolidated Statements of Changes in Shareholders' Equity (Expressed in US Dollars)

(Unaudited)

	Preference shares	Common shares	Cumulative
	Number of		Number of	translation	Accumulated
	shares		Amount	share	Amount	adjustment	Deficit		Total
Balance, December 31, 2021	2,201	$	2,201	89,315,890	$ 3,334,388	$ (116,478)	$ (2,192,388)	$1,027,723
Shares issued for services	-		-	2,917,022	57,514	-		-		57,514
Foreign currency translation adjustment	-		-	-	-	(14,457)		-		(14,457)
Net loss for the period	-		-	-	-	-		(94,605)		(94,605)
Balance, June 30, 2022	2,201	$	2,201	92,232,912	$ 3,391,902	$ (130,935)	$ (2,286,993)	$	976,175
Balance, December 31, 2020	2,201	$	2,201	58,416,720	$ 2,836,944	$ (128,996)$ (1,949,918)	$	760,231
Shares issued for services	-		-	8,051,947	84,349	-		-		84,349
Shares issued for acquisition of
Tourchstone International	-		-	10,598,140	270,253	-		-		270,253
Foreign currency translation adjustment	-		-	-	-	33,075		-		33,075
Net loss for the period	-		-	-	-	-		(88,584)		(88,584)
Balance, June 30, 2021	2,201	$	2,201	77,066,807	$ 3,191,546	$ (95,921)	$ (2,038,502)	$	1,059,324

The accompanying notes are an integral part of these interim consolidated financial statements. - 4 -