CENTR BRANDS CORP. Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
CENTR BRANDS CORP.
For the six months ended November 30, 2021 and 2020 (Unaudited)
NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Under National Instrument 51-102 "Continuous Disclosure Obligations", if an auditor has not performed a review of the interim financial statements, the financial statements must be accompanied by a notice indicating that they have not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated 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 CPA (Chartered Professional Accountants) Canada for a review of interim financial statements by an entity's auditor.
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CENTR BRANDS CORP.
Condensed Interim Consolidated Statements of Financial Position (Unaudited - Expressed in U.S. Dollars, unless otherwise stated)
November 30, 2021 | May 31, 2021 | |||
Assets | ||||
Current assets: | ||||
Cash | $ 2,463,547 | $ | 832,047 | |
Accounts receivable | 365,156 | 153,427 | ||
Inventories (note 3) | 1,641,341 | 1,119,298 | ||
Prepaid expenses and other assets | 181,121 | 254,084 | ||
4,651,165 | 2,358,856 | |||
Property and equipment (note 4) | 27,299 | 16,221 | ||
Right-of-use assets (note 5) | 497,331 | 4,201 | ||
$ 5,175,795 | $ 2,379,278 | |||
Liabilities and Shareholders' Equity (Deficiency) | ||||
Current liabilities: | ||||
Accounts payable and accrued liabilities (note 6) | $ 632,676 | $ | 772,825 | |
Due to related parties (note 12) | 625,119 | 622,112 | ||
Lease liability - current portion (note 5) | 92,071 | 6,205 | ||
1,349,866 | 1,401,142 | |||
Lease liability (note 5) | 397,625 | - | ||
Loans payable (note 7) | 31,382 | 33,189 | ||
Warrants liability (note 8) | 1,872,533 | 4,573,585 | ||
3,651,406 | 6,007,916 | |||
Shareholders' equity (deficiency): | ||||
Share capital (note 9) | 18,016,529 | 13,004,027 | ||
Reserves (note 10) | 1,540,215 | 2,537,792 | ||
Deficit | (18,032,355) | (19,170,457) | ||
1,524,389 | (3,628,638) | |||
$ 5,175,795 | $ 2,379,278 |
The accompanying notes form an integral part of these condensed interim consolidated financial statements.
Approved on behalf of the Board: | ||
"Joseph Meehan" | Director | |
"Arjan Chima" | Director |
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CENTR BRANDS CORP.
Condensed Interim Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss)
(Unaudited - Expressed in U.S. Dollars, unless otherwise stated)
Three months | Three months | Six months | Six months | |||||
ended | ended | ended | ended | |||||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2021 Nov. 30, 2020 | ||||||
Sales | $ | 298,799 | $ | 317,845 | $ | 1,218,915 | $ | 451,259 |
Cost of sales | 197,977 | 152,021 | 656,190 | 245,043 | ||||
Gross profit | 100,822 | 165,824 | 562,725 | 206,216 | ||||
Expenses: | ||||||||
General and administrative (note 11) | 1,394,284 | 734,208 | 2,664,742 | 1,388,214 | ||||
Share-based compensation (note 10) | 116,398 | 127,766 | 235,488 | 191,596 | ||||
Marketing | 79,140 | 60,327 | 162,655 | 136,174 | ||||
Loss from operations | (1,489,000) | (756,477) | (2,500,160) | (1,509,767) | ||||
Other income (expenses): | ||||||||
Gain on revaluation of warrants liability (note 8) | 2,320,419 | - | 3,646,200 | - | ||||
Other income (expense) | 3,093 | 4,123 | (7,938) | (12,622) | ||||
Net income (loss) and | ||||||||
comprehensive income (loss) | $ | 834,512 | $ | (752,354) | $ | 1,138,102 | $ | (1,522,389) |
Net income (loss) per share: | ||||||||
Basic (note 16) | $ | 0.01 | $ | (0.01) | $ | 0.01 | $ | (0.01) |
Diluted (note 16) | $ | 0.01 | $ | (0.01) | $ | 0.01 | $ | (0.01) |
The accompanying notes form an integral part of these condensed interim consolidated financial statements.
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CENTR BRANDS CORP.
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency) (Unaudited - Expressed in U.S Dollars, unless otherwise stated)
For the six months ended November 30, 2021, and 2020
Share capital | ||||||||||||||
Common shares | Reserves | |||||||||||||
Notes | Shares | Amount | Warrants | RSUs/Options | Total | Deficit | Total | |||||||
Balance, May 31, 2021 | 77,086,044 | $ | 13,004,027 | $ | - | $ | 2,537,792 | $ | 2,537,792 | $ | (19,170,457) | $ | (3,628,638) | |
Share-based compensation | 10 | - | - | - | 235,487 | 235,487 | - | 235,487 | ||||||
Warrants exercised | 8, 9(b) | 603,347 | 772,334 | - | - | - | - | 772,334 | ||||||
Shares issued in private placement | 9(b) | 3,935,520 | 3,277,213 | - | - | - | - | 3,277,213 | ||||||
Shares issuance cost | 9(b) | - | (270,109) | - | - | - | - | (270,109) | ||||||
Shares issued on vesting of restricted | ||||||||||||||
share units | 9(b), 10(b) | 4,950,000 | 1,233,064 | - | (1,233,064) | (1,233,064) | - | - | ||||||
Net Income for the period | - | - | - | - | - | 1,138,102 | 1,138,102 | |||||||
Balance, November 30, 2021 | 86,574,911 | $ | 18,016,529 | $ | - | $ | 1,540,215 | $ | 1,540,215 | $ | (18,032,355) | $ | 1,524,389 | |
Share capital | ||||||||||||||
Common shares | Reserves | |||||||||||||
Notes | Shares | Amount | Warrants | RSUs/Options | Total | Deficit | Total | |||||||
Balance, May 31, 2020 | 63,223,601 | $ | 4,862,661 | $ | 11,683 | $ | 427,788 | $ | 439,471 | $ | (4,925,101) | $ | 377,031 | |
Share-based compensation | 10 | - | - | - | 191,596 | 191,596 | - | 191,596 | ||||||
Shares issued in private placement | 9(b) | 8,810,468 | 2,355,343 | - | - | - | - | 2,355,343 | ||||||
Shares issuance cost | 9(b) | - | (1,078,644) | 927,883 | - | 927,883 | - | (150,761) | ||||||
Loss for the period | - | - | - | - | - | (1,522,389) | (1,522,389) | |||||||
Balance, November 30, 2020 | 72,034,069 | $ | 6,139,360 | $ | 939,566 | $ | 619,384 | $ | 1,558,950 | $ | (6,447,490) | $ | 1,250,820 |
The accompanying notes form an integral part of these condensed interim consolidated financial statements.
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CENTR Brands Corp. published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 16:51:10 UTC.
