CARBON STREAMING CORPORATION CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2022 AND 2021
(EXPRESSED IN UNITED STATES DOLLARS)
(UNAUDITED)
CARBON STREAMING CORPORATION
Condensed Interim Consolidated Statements of Financial Position
(Expressed in United States Dollars)(Unaudited)
As at | As at | |||
March 31, | June 30, | |||
2022 | 2021 | |||
Restated | ||||
(Note 2) | ||||
Assets | ||||
Current Assets | $ | 102,525,016 | ||
Cash | $ | 108,380,802 | ||
Amounts receivable and prepaid | 665,257 | 198,732 | ||
Carbon credit inventory (Note 4) | 1,645,265 | - | ||
Non-Current Assets | 104,835,538 | 108,579,534 | ||
27,133,896 | ||||
Carbon credit streaming investments (Note 5) | 500,000 | |||
Other strategic assets (Note 6) | 34,171,015 | - | ||
Total Assets | $ | 166,140,449 | $ | 109,079,534 |
Liabilities and Shareholders' Equity | ||||
Current Liabilities | $ | 2,692,249 | ||
Accounts payable and accrued liabilities | $ | 1,037,164 | ||
Warrant liabilities (Note 7) | 49,406,861 | - | ||
Total Liabilities | 52,099,110 | 1,037,164 | ||
Shareholders' Equity | 193,271,406 | |||
Share capital (Note 8(b)) | 51,705,862 | |||
Special warrant subscriptions (Note 8(c)) | - | 71,511,660 | ||
Share-based payment reserve | 6,037,341 | 3,200,033 | ||
Deficit | (85,267,408) | (18,375,185) | ||
Total Shareholders' Equity | 114,041,339 | 108,042,370 | ||
Total Liabilities and Shareholders' Equity | $ | 166,140,449 | $ | 109,079,534 |
Nature of operations (Note 1)
The accompanying notes are an integral part of these Interim Financial Statements.
- 1 -
CARBON STREAMING CORPORATION
Condensed Interim Consolidated Statements of Net and Comprehensive Income (Loss) (Expressed in United States Dollars)(Unaudited)
Three Months Ended | Nine Months Ended | |||||||
March 31, | March 31, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Restated | Restated | |||||||
(Note 2) | (Note 2) | |||||||
Revenue | $ | - | $ | 145,000 | ||||
Sale of carbon credits (Note 4) | $ | - | $ | - | ||||
Cost of carbon credits sold | - | - | (125,000) | - | ||||
Gross profit | - | - | 20,000 | - | ||||
Expenses | 888,691 | 1,777,382 | ||||||
Amortization (Note 6) | - | - | ||||||
Consulting fees | 328,492 | 120,487 | 851,237 | 506,431 | ||||
Unrealized foreign exchange (gain) loss | (317,580) | 78,215 | 275,593 | 78,215 | ||||
Marketing | 503,133 | - | 1,064,140 | - | ||||
Office and general | 344,208 | 49,440 | 893,041 | 53,448 | ||||
Professional fees | 363,531 | 72,378 | 600,845 | 104,067 | ||||
Regulatory fees | 131,588 | 12,832 | 511,168 | 23,565 | ||||
Salaries and fees | 906,449 | 217,161 | 5,321,208 | 241,377 | ||||
Share based compensation (Note 10) | 1,851,614 | 1,325,762 | 2,882,249 | 1,325,762 | ||||
Loss before other items | (5,000,126) | (1,876,275) | (14,156,863) | (2,332,865) | ||||
Other items | 53,499,494 | (27,944,285) | ||||||
Revaluation of warrant liabilities (Note 7) | - | - | ||||||
Net and Comprehensive Income (Loss) | ||||||||
for the Period | $ | 48,499,368 | $ | (1,876,275) | $ | (42,101,148) | $ | (2,332,865) |
Basic Income (Loss) per Share | $ | 1.04 | $ | (0.24) | $ | (1.21) | $ | (0.50) |
Diluted Income (Loss) per Share | $ | 0.86 | $ | (0.24) | $ | (1.21) | $ | (0.50) |
Weighted Average Number of Common Shares | ||||||||
Outstanding - Basic | 46,664,797 | 7,943,339 | 34,725,281 | 4,658,445 | ||||
Weighted Average Number of Common Shares | ||||||||
Outstanding - Diluted | 56,520,679 | 7,943,339 | 34,725,281 | 4,658,445 |
The accompanying notes are an integral part of these Interim Financial Statements.
- 2 -
CARBON STREAMING CORPORATION
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in United States Dollars)(Unaudited)
Nine Months Ended | ||||
March 31, | ||||
2022 | 2021 | |||
Restated | ||||
(Note 2) | ||||
Operating Activities | $ | (42,101,148) | ||
Net loss for the period | $ | (2,332,865) | ||
Items not affecting cash | 159,187 | |||
Unrealized foreign exchange loss | - | |||
Amortization | 1,777,382 | - | ||
Share based compensation | 2,882,249 | 1,325,762 | ||
Revaluation of warrant liabilities | 27,944,285 | - | ||
Changes in non-cash working capital items | (466,525) | |||
Amounts receivable and prepaid | (176,869) | |||
Carbon credit inventory | (1,645,265) | - | ||
Accounts payable and accrued liabilities | 1,655,085 | 254,825 | ||
Net Cash Used in Operating Activities | (9,794,750) | (929,147) | ||
Investing Activities | (26,633,896) | |||
Carbon credit streaming investments | - | |||
Purchase of other strategic assets | (4,400,750) | - | ||
Net Cash Used in Investing Activities | (31,034,646) | - | ||
Financing Activities | - | |||
Common shares issued for cash, net of costs (Note 8(b)) | 29,247,812 | |||
Common shares issued on exercise of warrants (Note 8(b)) | 2,142,181 | - | ||
Special warrants subscriptions (Note 8(c)) | 32,990,616 | - | ||
Net Cash Provided by Financing Activities | 35,132,797 | 29,247,812 | ||
Net change in Cash | (5,696,599) | 28,318,665 | ||
Effect of foreign exchange on cash | (159,187) | - | ||
Cash, Beginning of Period | 108,380,802 | 250,284 | ||
Cash, End of Period | $ | 102,525,016 | $ | 28,568,949 |
Supplemental Information | ||||
Income taxes paid | $ | - | $ | - |
Interest paid (received) | $ | - | $ | - |
Common shares issued for other strategic assets | $ | 31,547,647 | $ | - |
The accompanying notes are an integral part of these Interim Financial Statements.
- 3 -
CARBON STREAMING CORPORATION
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Expressed in United States Dollars)(Unaudited)
Share-based | |||||||||||
Share Capital | Subscriptions | payment | |||||||||
Number | Amount | received | reserve | Deficit | Total | ||||||
Balance, June 30, 2020 (Restated Note 2) | 2,995,127 | $ | 11,740,783 | $ | - | $ | 1,521,210 | $ (13,115,696) | $ | 146,297 | |
Shares issued for cash, net of costs (Note 8(b)) | 12,563,854 | 28,898,456 | - | 349,357 | - | 29,247,813 | |||||
Share based compensation (Note 10) | - | - | - | 1,325,762 | - | 1,325,762 | |||||
Net loss for the period | - | - | - | - | (2,332,865) | (2,332,865) | |||||
Balance, March 31, 2021 (Restated Note 2) | 15,558,981 | $ | 40,639,239 | $ | - | $ | 3,196,329 | $ (15,448,561) | $ | 28,387,007 | |
Balance, June 30, 2021 (Restated Note 2) | 20,672,831 | $ | 51,705,862 | $ | 71,511,660 | $ | 3,200,033 | $ (18,375,185) | $ | 108,042,370 | |
Receipts for Special Warrants (Note 8(c)) | - | - | 33,389,596 | - | - | 33,389,596 | |||||
Special Warrants converted to Common Shares (Note 8(c)) | 20,980,250 | 104,502,276 | (104,502,276) | - | - | - | |||||
Share issuance costs | - | - | (398,980) | - | - | (398,980) | |||||
Shares issued for other strategic assets (Note 6) | 4,539,180 | 31,547,647 | - | - | - | 31,547,647 | |||||
Shares issued on exercise of warrants (Note 8(b)) | 533,913 | 5,410,789 | - | - | - | 5,410,789 | |||||
Shares issued on exercise of stock options (Note 8(b)) | 20,000 | 104,832 | - | (44,941) | - | 59,891 | |||||
Share based compensation (Note 10) | - | - | - | 2,882,249 | - | 2,882,249 | |||||
Reclassification of warrant liabilities | - | - | - | - | (24,791,075) | (24,791,075) | |||||
Net loss for the period | - | - | - | - | (42,101,148) | (42,101,148) | |||||
Balance, March 31, 2022 | 46,746,174 | $ | 193,271,406 | $ | - | $ | 6,037,341 | $ (85,267,408) | $ | 114,041,339 |
All shares have been adjusted to reflect a share consolidation on a basis of five pre-consolidation Common Shares for one post-consolidation Common Share.
The accompanying notes are an integral part of these Interim Financial Statements. - 4 -
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Carbon Streaming Corp. published this content on 16 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 May 2022 16:48:09 UTC.
