IC CAPITALIGHT CORP.
Unaudited Condensed Interim Consolidated Financial Statements
For the nine-months ended September 30, 2021, and 2020
Expressed in Canadian Dollars
In accordance with National Instrument 51-102, the
Company discloses that its auditors have not reviewed these unaudited condensed interim consolidated financial statements.
1
IC Capitalight Corp.
Condensed Interim Consolidated Statements of Financial Position
Expressed in CAD Dollars
September 30, | December 31, | |
2021 | 2020 | |
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 278,824 | $ 76,176 |
Accounts receivable (note 4) | 8,060 | 13,389 |
Amounts receivable (note 16) | 3,733 | 42,525 |
Debenture interest receivable (note 4) | 48,597 | 48,731 |
Prepaid expenses | 17,200 | 22,630 |
Total current assets | 356,414 | 203,451 |
Investments (note 5) | 2,652,296 | 1,842,253 |
Intangible asset (note 6) | 40,950 | 50,400 |
Goodwill (note 6) | 189,000 | 189,000 |
Exploration and evaluation assets (note 7) | 1 | 2 |
Total Assets | $ 3,238,661 | $ 2,285,106 |
Liabilities | ||
Current liabilities: | ||
Accounts payable and accrued liabilities (note 16) | 249,823 | 453,181 |
Deferred revenue (note 8) | 122,158 | 134,692 |
Deferred obligation (note 9) | 322,230 | 300,000 |
Deferred flow-through premium (note 14) | 21,500 | 21,500 |
Total current liabilities | 715,711 | 909,373 |
Long-term debt (note 10) | 40,000 | 40,000 |
Total Liabilities | 755,711 | 949,373 |
Shareholders' Equity | ||
Share capital (note 11) | 8,438,015 | 8,216,854 |
Contributed surplus | 982,065 | 746,885 |
Accumulated deficit | (6,937,130) | (7,628,006) |
Total Shareholders' Equity | 2,482,950 | 1,335,733 |
Total Liabilities and Shareholders' Equity | $ 3,238,661 | $ 2,285,106 |
Nature of operations (note 1) | ||
Basis of presentation (note 2) |
The accompanying notes are integral to these condensed interim consolidated financial statements.
1
IC Capitalight Corp.
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss
Expressed in CAD Dollars
Nine months ended | Nine months ended | Three months ended | Three months ended | |
September 30, | September 30, | September 30, | September 30, | |
2021 | 2020 | 2021 | 2020 | |
Revenues | $ 307,887 | $ 236,011 | $ 102,733 | $ 86,961 |
Operating expenses | ||||
Research expenses (note 13) | 423,383 | 312,343 | 139,223 | 97,436 |
Exploration and evaluation expenses (note 6) | 561 | 38,267 | - | 9,877 |
General and administrative expenses (note 13) | 273,666 | 257,207 | 80,007 | 74,833 |
Amortization of brand value (note 5) | 9,450 | 9,450 | 3,150 | 3,150 |
Interest (income) expense | 296 | 130 | 173 | 41 |
Share-based compensation (notes 12 and 15) | 95,570 | - | - | - |
Obligation accretion (note 8) | 22,230 | 7,436 | 7,562 | 3,718 |
Foreign exchange (gain) loss | 2,272 | 7,842 | 2,236 | 2,388 |
Total operating expenses | 827,428 | 632,674 | 232,351 | 191,443 |
Loss before other (loss) income | (519,541) | (396,663) | (129,618) | (104,482) |
Coupon income from investments (note 4) | 145,525 | 126,086 | 48,598 | 45,416 |
Realized gain on sale of mineral property (note 6) | 459,999 | - | - | - |
Realized gain on investments (note 4) | 107,500 | - | 107,500 | - |
Unrealized gain on investments (note 4) | 497,393 | - | (16,842) | - |
Net gain (loss) and comprehensive gain (loss) for the period | $ 690,876 | $ (270,577) | $ 9,638 | $ (59,066) |
Weighted-average common shares (basic) | 88,341,228 | 85,198,252 | 89,649,915 | 85,580,770 |
Net loss per common shares (basic) | $ 0.01 | $ (0.00) | $ 0.00 | $ (0.00) |
Weighted-average common shares (diluted) | 92,352,536 | 85,198,252 | 94,247,168 | 85,580,770 |
Net loss per common shares (basic) | $ 0.01 | $ (0.00) | $ 0.00 | $ (0.00) |
The accompanying notes are integral to these condensed interim consolidated financial statements.
2
IC Capitalight Corp.
Condensed Interim Consolidated Statements of Changes in Shareholders' (Deficit) Equity
Expressed in CAD Dollars
Shares | Share | Contributed | Accumulated | Total | |
Outstanding | Capital | Surplus | Deficit | Equity | |
Balance as of December 31, 2019 | 84,688,063 | 8,145,552 | 613,208 | (7,016,381) | 1,742,379 |
Shares issued for settlement of debt (note 8) | 892,707 | 44,636 | - | - | 44,636 |
Net gain (loss) for the period | - | - | - | (76,639) | (76,639) |
Balance as of March 31, 2020 | 85,580,770 | $ 8,190,188 | $ 613,208 | $ (7,093,020) | $ 1,710,376 |
Shares issued for joint venture acquisition (notes 6 and 9) | 666,666 | 26,667 | - | - | 26,667 |
Warrants issued for joint venture acquisition (notes 6 and 10) | - | - | 11,963 | - | 11,963 |
Share based compensation (stock options) | - | - | 121,714 | - | 121,714 |
Net gain (loss) for the period | - | - | - | (534,986) | (534,986) |
Balance as of December 31, 2020 | 86,247,436 | 8,216,854 | 746,885 | (7,628,006) | 1,335,733 |
Shares issued for settlement of debt (note 9) | 3,402,479 | 221,161 | - | - | 221,161 |
Share based compensation (stock options) | - | - | 95,570 | - | 95,570 |
Share based compensation (RSUs) | - | - | 139,610 | - | 139,610 |
Net gain (loss) for the period | - | - | - | 690,876 | 690,876 |
Balance as of September 30, 2021 | 89,649,915 | $ 8,438,015 | $ 982,065 | $ (6,937,130) | $ 2,482,950 |
The accompanying notes are integral to these condensed interim consolidated financial statements.
3
IC Capitalight Corp.
Condensed Interim Consolidated Statements of Cash Flows
Expressed in CAD Dollars
Nine months ended | Nine months ended | |
September 30, | September 30, | |
2021 | 2020 | |
Operating activities | ||
Net (loss) income for the period | $ 690,876 | $ (270,577) |
Add (deduct) items not affecting cash: | ||
Change in value of deferred obligation | 22,230 | 7,436 |
Amortization of brand value | 9,450 | 9,450 |
Share-based compensation (options) | 95,570 | - |
Share-based compensation (RSUs) | 139,610 | - |
Share-based payments received for disposition | (360,000) | - |
Share-based payments completed for acquisition | - | - |
Unrealized gain on investments | (497,393) | - |
Change in non-cash working capital balances: | ||
(Increase) decrease in accounts and amounts receivable | 44,255 | (24,301) |
(Increase) decrease in prepaid expenses | 5,430 | (9,220) |
Increase (decrease) in accounts payable and accrued liabilities | (203,358) | (139,893) |
Increase (decrease) in deferred revenue | (12,534) | 10,946 |
Net cash used in operating activities | (65,864) | (416,159) |
Investing activities | ||
Acquisition of debenture units | - | (194,725) |
Net change in investments | 47,350 | - |
Disposition of mineral property | 1 | - |
Net cash provided by investing activities | 47,351 | (194,725) |
Financing activities | ||
Proceeds from short term debt | - | 40,000 |
Proceeds from issuance of common shares | 221,161 | 44,636 |
Net cash provided by financing activities | 221,161 | 84,636 |
Net increase (decrease) in cash and cash equivalents | 202,648 | (526,248) |
Cash and cash equivalents - beginning of period | 76,176 | 645,775 |
Cash and cash equivalents - end of period | $ 278,824 | $ 119,527 |
The accompanying notes are integral to these condensed interim consolidated financial statements.
4
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
IC Capitalight Corp. published this content on 07 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 December 2021 16:41:03 UTC.