CIELO WASTE SOLUTIONS CORP.
Unaudited Condensed Consolidated Interim Financial Statements
For the three months ended July 31, 2021 and 2020
TO THE SHAREHOLDERS OF CIELO WASTE SOLUTIONS CORP.
In accordance with National Instrument 51-102, Part 4, subsection 4.3(3)(a), the Company discloses the unaudited condensed consolidated interim financial statements for the period ended July 31, 2021 were prepared by management and were not reviewed by Cielo's independent auditor.
Cielo Waste Solutions Corp.
Unaudited Condensed Consolidated Statements of Financial Position
(In Canadian Dollars) | Note | July 31, 2021 | April 30, 2021 |
Assets | |||
Current Assets | |||
Cash | 14,105,580 | 17,176,212 | |
Accounts receivable | 717,660 | 530,460 | |
Prepaid expenses | 1,094,122 | 376,500 | |
Inventory | 543,975 | 342,225 | |
16,461,337 | 18,425,397 | ||
Non-current Assets | |||
Property, plant and equipment | 5 | 29,714,682 | 26,623,622 |
Right-of-use assets | 173,371 | 143,236 | |
29,888,053 | 26,766,858 | ||
Total Assets | 46,349,390 | 45,192,255 | |
Liabilities | |||
Current Liabilities | |||
Accounts payable and accrued liabilities | 3,533,460 | 4,134,553 | |
Other current liabilities | 14 | 3,000,000 | - |
Deferred revenue and fees | 3,750,000 | 3,750,000 | |
Short-term warrant liability | 8 | - | 10,169,563 |
Current portion of lease liability | 100,095 | 59,307 | |
Current portion of long-term debt | 6 | 1,000,000 | 1,000,000 |
11,383,555 | 19,113,423 | ||
Non-current Liabilities | |||
Royalty payable | 889,219 | 889,219 | |
Lease liability | 109,170 | 120,757 | |
Long term loans payable | 6 | 60,000 | 60,000 |
Convertible debentures | 7 | - | 503,585 |
1,058,389 | 1,573,561 | ||
Total Liabilities | 12,441,944 | 20,686,984 | |
Shareholders' Equity | |||
Share capital | 8 | 92,074,928 | 79,672,607 |
Contributed surplus | 8 | 3,317,146 | 3,278,486 |
Deficit | (61,484,628) | (58,445,822) | |
Total Shareholders' Equity | 33,907,446 | 24,505,271 | |
Total Liabilities and Shareholders' Equity | 46,349,390 | 45,192,255 |
Going concern (note 3), Commitments (note 12), and Subsequent events (note 14)
The accompanying notes are an integral part of these financial statements.
Cielo Waste Solutions Corp. | 1 |
Cielo Waste Solutions Corp.
Unaudited Condensed Consolidated Statements of Loss and Comprehensive Loss
Three months ended July 31, | |||
(In Canadian Dollars) | Note | 2021 | 2020 |
Restated (note 13) | |||
Incidental sales | - | 4,200 | |
Cost of sales | - | (4,200) | |
Gross profit | - | - | |
Expenses and other income | |||
Financing costs | 9 | 121,613 | 188,808 |
General and administrative | 1,556,488 | 539,568 | |
Research and development | 1,682,280 | 143,060 | |
Share based compensation | 8 | 95,465 | 202,168 |
Depreciation and amortization | 57,710 | 45,968 | |
Fair value change of warrant | 8 | (492,378) | 156,641 |
Other (income) expenses | 17,628 | - | |
Loss before income taxes | (3,038,806) | (1,276,213) | |
Income taxes | - | - | |
Net and comprehensive loss | (3,038,806) | (1,276,213) | |
Loss per share | |||
Basic | (0.005) | (0.005) | |
Diluted | (0.005) | (0.005) |
Restatement of comparative periods (note 13)
The accompanying notes are an integral part of these financial statements.
Cielo Waste Solutions Corp. | 2 |
Cielo Waste Solutions Corp.
Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity
Total | ||||
Contributed | Shareholders' | |||
(In Canadian Dollars) | Share Capital | Surplus | Deficit | Equity |
Balance, April 30, 2020 (Restated - Note 13) | 20,941,031 | 3,725,559 | (18,736,848) | 5,929,742 |
Shares issued on debt conversion | 1,365,000 | - | - | 1,365,000 |
Shares issued on prepaid interest and warrants | 416,480 | 397,188 | - | 813,668 |
on convertible debenture issuance | ||||
Fair value of finders' warrants | - | 56,334 | - | 56,334 |
RSU vesting | - | 55,926 | - | 55,926 |
Share issuance costs | (1,995) | - | - | (1,995) |
Share based compensation | - | 146,242 | - | 146,242 |
Net loss for the period | - | - | (1,276,213) | (1,276,213) |
Balance, July 31, 2021 | 22,720,516 | 4,381,249 | (20,013,061) | 7,088,704 |
Balance, April 30, 2021 | 79,672,607 | 3,278,486 | (58,445,822) | 24,505,271 |
Shares issued on debt conversion | 709,500 | - | - | 709,500 |
Shares issued for warrant exercise | 11,631,157 | (35,009) | - | 11,596,148 |
Shares issued for option exercise | 66,296 | (21,796) | - | 44,500 |
Share based compensation | - | 95,465 | - | 95,465 |
Share issuance costs | (4,632) | - | - | (4,632) |
Net loss for the period | - | - | (3,038,806) | (3,038,806) |
Balance, July 31, 2021 | 92,074,928 | 3,317,146 | (61,484,628) | 33,907,446 |
The accompanying notes are an integral part of these financial statements.
Cielo Waste Solutions Corp. | 3 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Cielo Waste Solutions Corp. published this content on 28 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 October 2021 09:40:30 UTC.