CITY VIEW GREEN HOLDINGS INC. CITY VIEW GREEN HOLDINGS INC.
CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2021
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED)
Notice To Reader
The accompanying unaudited condensed interim consolidated financial statements of City View Green Holdings Inc. (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements have not been reviewed by the Company's auditors.
City View Green Holdings Inc.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)
Unaudited
As at | As at | |||
September 30, | December 31, | |||
2021 | 2020 | |||
ASSETS | ||||
Current assets | $ | 18,447 | ||
Cash and cash equivalents | $ | 152,577 | ||
Amounts receivable (note 6) | 133,640 | 275,629 | ||
Prepaid rent and deposit | 177,038 | 186,711 | ||
Promissory notes receivable (note 7) | 358,700 | 497,901 | ||
Total current assets | 687,825 | 1,112,818 | ||
Non-current assets | 1,617,953 | |||
Plant and equipment (note 8) | 629,167 | |||
Right-of-use assets (note 9) | 2,578,639 | 2,825,626 | ||
Intangible assets and goodwill (notes 5 and 10) | 1,680,315 | 1,886,818 | ||
Investments in associate (note 11) | 1,185,592 | 1,232,872 | ||
Total assets | $ | 7,750,324 | $ | 7,687,301 |
EQUITY AND LIABILITIES | ||||
Current liabilities | $ | 1,037,823 | ||
Accounts payable and accrued liabilities (note 12) | $ | 1,061,116 | ||
Promissory note payable (note 13) | 230,623 | - | ||
Loans payable (note 14) | 228,901 | 427,822 | ||
Current portion of lease liabilities (note 15) | 151,404 | 137,413 | ||
Due to related parties (note 19) | 40,443 | - | ||
Total current liabilities | 1,689,194 | 1,626,351 | ||
Non-current liabilities | 40,000 | |||
Loans payable (note 14) | 40,000 | |||
Lease liabilities (note 15) | 2,842,621 | 2,957,987 | ||
Total liabilities | 4,571,815 | 4,624,338 | ||
Equity | 30,003,288 | |||
Share capital (note 16) | 28,500,186 | |||
Shares to be issued (note 5) | 1,226,513 | 1,384,053 | ||
Contributed surplus (note 17) | 8,429,293 | 7,794,193 | ||
Deficit | (36,480,585) | (34,615,469) | ||
Total equity | 3,178,509 | 3,062,963 | ||
Total equity and liabilities | $ | 7,750,324 | $ | 7,687,301 |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
Nature of operations and going concern (note 1)
Subsequent events (note 21)
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City View Green Holdings Inc.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
(Expressed in Canadian Dollars)
Unaudited
Three Months | Three Months | Nine Months | Nine Months | |||||
Ended | Ended | Ended | Ended | |||||
September 30, | September 30, | September 30, September 30, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Expenses | $ | 69,287 | $ | 309,847 | ||||
Consulting (notes 16 and 19) | $ | 167,190 | $ | 571,144 | ||||
Professional fees | 17,404 | 40,218 | 70,938 | 159,334 | ||||
Rent | 30,088 | 28,514 | 60,180 | 181,380 | ||||
General and administration | 68,206 | 29,589 | 204,853 | 52,941 | ||||
Debt issue costs (notes 13, 14 and 18) | 37,300 | 81,036 | 37,300 | 158,202 | ||||
Share-based compensation (notes 17, 18 and 19) | 2,000 | 1,464,715 | 68,000 | 1,639,810 | ||||
Depreciation (notes 8, 9 and 10) | 306,899 | 112,458 | 657,655 | 321,536 | ||||
Advertising and promotion | 4,441 | 17,313 | 6,307 | 27,932 | ||||
Interest on loans and promissory | 10,442 | 27,173 | ||||||
notes payable (notes 13 and 14) | 10,757 | 76,829 | ||||||
Interest on lease liabilities (note 15) | 98,064 | 113,928 | 297,487 | 345,539 | ||||
644,131 | 2,065,718 | 1,739,740 | 3,534,647 | |||||
Net loss before interest and undernoted items | (644,131) | (2,065,718) | (1,739,740) | (3,534,647) | ||||
Interest income | 5,634 | 6,752 | 17,856 | 24,854 | ||||
Gain on lease modification (note 15) | - | - | - | 24,922 | ||||
Loss on debt settlement (note 16) | - | - | (95,952) | - | ||||
Share of gain (loss) in associate (note 11) | (30,884) | (16,845) | (47,280) | 149,221 | ||||
Net loss and comprehensive loss for the period | $ | (669,381) | $ | (2,075,811) | $ | (1,865,116) | $ | (3,335,650) |
Basic and diluted net comprehensive | ||||||||
loss per share (note 20) | $ | (0.00) | $ | (0.01) | $ | (0.01) | $ | (0.02) |
Weighted average number of common shares | ||||||||
outstanding - basic and diluted | 272,919,922 | 227,790,161 | 266,001,542 | 206,332,767 |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
- 2 -
City View Green Holdings Inc.
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in Canadian Dollars)
Unaudited
Nine Months | Nine Months | |||
Ended | Ended | |||
September 30, September 30, | ||||
2021 | 2020 | |||
Operating activities | $ | (1,865,116) | ||
Net loss for the period | $ | (3,335,650) | ||
Adjustments for: | 657,655 | |||
Depreciation | 321,536 | |||
Share-based compensation | 68,000 | 1,639,810 | ||
Accrued interest | 9,318 | 26,975 | ||
Interest expense on lease liabilities | 297,487 | 345,539 | ||
Debt issue cost | 37,300 | 158,202 | ||
Gain on lease modification | - | (24,922) | ||
Loss on debt settlement | 95,952 | - | ||
Share of loss in associate | 47,280 | (149,221) | ||
Changes in non-cash working capital items: | 141,989 | |||
Amounts receivable | (21,301) | |||
Prepaid rent and deposit | 9,673 | (63,258) | ||
Accounts payable and accrued liabilities | 68,695 | 330,155 | ||
Net cash used in operating activities | (431,767) | (772,135) | ||
Investing activities | (1,192,951) | |||
Purchase of plant and equipment | (270,123) | |||
Repayment of lease liabilities | (398,862) | (315,000) | ||
Cash acquired in asset purchase transaction | - | 439,238 | ||
Net cash used in investing activities | (1,591,813) | (145,885) | ||
Financing activities | 1,409,490 | |||
Proceeds from issuance of units, net of share issue costs | 1,210,000 | |||
Proceeds from stock options exercised | - | 60,000 | ||
Proceeds from warrants exercised | 5,000 | 50,000 | ||
Proceeds from (repayment of) promissory note | 225,000 | (392,367) | ||
Repayment of promissory note receivable | 157,057 | (72,000) | ||
Proceeds from loan payable | - | 451,688 | ||
Advances from related parties | 40,443 | - | ||
Shares to be issued | 52,460 | - | ||
Net cash provided by financing activities | 1,889,450 | 1,307,321 | ||
Net change in cash and cash equivalents | (134,130) | 389,301 | ||
Cash and cash equivalents, beginning of period | 152,577 | 6,026 | ||
Cash and cash equivalents, end of period | $ | 18,447 | $ | 395,327 |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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City View Green Holdings Inc.
Condensed Interim Consolidated Statements of Changes in Equity
(Expressed in Canadian Dollars)
Unaudited
Share capital | ||||||||||
Number | Shares to | Contributed | ||||||||
of shares | Amount | be issued | surplus | Deficit | Total | |||||
Balance, December 31, 2019 | 186,397,937 | $ | 25,987,484 | $ | - | $ | 3,654,029 | $ (29,003,182) | $ | 638,331 |
Units issued for cash | 24,350,000 | 1,217,500 | - | - | - | 1,217,500 | ||||
Share issuance cost | - | (7,500) | - | - | - | (7,500) | ||||
Fair value of warrants | - | (584,000) | - | 584,000 | - | - | ||||
Common shares issued for debt settlement | 6,970,849 | 348,542 | - | - | - | 348,542 | ||||
Common shares issued for asset acquisition | 9,542,422 | 477,121 | - | - | - | 477,121 | ||||
Units issued for financing costs | 411,688 | 44,036 | - | 62,000 | - | 106,036 | ||||
Issued on exercise of stock options | 400,000 | 97,609 | - | (37,609) | - | 60,000 | ||||
Issued on exercise of warrants | 1,000,000 | 73,977 | - | (23,977) | - | 1,050,000 | ||||
Shares to be issued pursuant to asset purchase transaction | - | - | 1,870,985 | - | - | 1,870,985 | ||||
Share-based payments | - | - | - | 1,639,810 | - | 1,639,810 | ||||
Net loss for the period | - | - | - | - | (3,335,650) | (3,335,650) | ||||
Balance, September 30, 2020 | 229,072,896 | $ | 27,654,769 | $ | 1,870,985 | $ | 5,878,253 | $ (32,338,832) | $ | 3,065,175 |
Balance, December 31, 2020 | 247,461,530 | $ | 28,500,186 | $ | 1,384,053 | $ | 7,794,193 | $ (34,615,469) | $ | 3,062,963 |
Units issued for cash | 25,649,142 | 1,619,490 | (210,000) | - | - | 1,409,490 | ||||
Fair value of warrants | - | (532,200) | - | 532,200 | - | - | ||||
Common shares issued for debt settlement | 3,838,097 | 408,412 | - | - | - | 408,412 | ||||
Warrants issued for financing costs | - | - | - | 37,300 | - | 37,300 | ||||
Issued on exercise of warrants | 100,000 | 7,400 | - | (2,400) | - | 5,000 | ||||
Shares to be issued | - | - | 52,460 | - | - | 52,460 | ||||
Share-based payments | - | - | - | 68,000 | - | 68,000 | ||||
Net loss for the period | - | - | - | - | (1,865,116) | (1,865,116) | ||||
Balance, September 30, 2021 | 277,048,769 | $ | 30,003,288 | $ | 1,226,513 | $ | 8,429,293 | $ (36,480,585) | $ | 3,178,509 |
The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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City View Green Holdings Inc. published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 23:40:05 UTC.
