IC Capitalight : Financial Statement

IC CAPITALIGHT CORP.

Condensed Interim Consolidated Financial Statements

For the Three Months Ended March 31, 2023, and 2022

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.

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IC Capitalight Corp.

Condensed Interim Consolidated Statements of Financial Position

Expressed in CAD Dollars

	March 31,	December 31,
	2023	2022
Assets
Current assets:
Cash and cash equivalents	$ 1,990,301	$ 2,123,977
Accounts receivable (note 6)	8,570	26,648
Amounts receivable (note 17)	64,826	58,917
Prepaid expenses	17,820	26,361
Investments (note 7)	65,493	61,400
Total current assets	2,147,010	2,297,303
Exploration and evaluation assets (note 5)	1	1
Property, plant, and equipment (note 8)	1,247	1,357
Intangible asset (note 9)	32,359	34,512
Total Assets	$ 2,180,617	$ 2,333,173
Liabilities
Current liabilities:
Accounts payable and accrued liabilities (note 18)	377,633	350,657
Short-term debt (note 10)	40,000	40,000
Deferred revenue (note 11)	109,490	116,591
Deferred debenture obligation (note 12)	330,000	330,000
Deferred flow-through obligation (note 13)	8,547	8,547
Total current liabilities	865,670	845,795
Total Liabilities	865,670	845,795
Shareholders' Equity
Share capital (note 14)	8,640,126	8,640,126
Contributed surplus (note 16)	1,045,009	1,045,009
Accumulated deficit	(8,370,188)	(8,197,757)
Total Shareholders' Equity	1,314,947	1,487,378
Total Liabilities and Shareholders' Equity	$ 2,180,617	$ 2,333,173
Nature of operations (note 1)
Basis of presentation (note 2)
Going concern (note 2)
Subsequent events (note 21)

The accompanying notes are integral to these condensed interim consolidated financial statements.

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IC Capitalight Corp.

Condensed Interim Consolidated Statements of Operations and Comprehensive (Loss) Income Expressed in CAD Dollars

	Three Months	Three Months
	Ended	Ended
	March 31,	March 31,
	2023	2022
Revenues
Research revenues	$ 155,304	$ 143,430
Consulting revenues	-	27,900
Total Revenues	$ 155,304	$ 171,330
Expenses
Research business expenses (note 17)	197,263	168,242
Exploration and evaluation expenses (notes 5)	44,634	419
General and administrative expenses (note 17)	106,622	155,939
Depreciation (note 8)	110	73
Amortization of brand value (note 9)	2,153	1,568
Interest expense	605	165,217
Accretion (note 10)	-	73,817
Loss on remeasurement of credit facility (note 10)	-	55,499
Foreign exchange loss	137	632
Total expenses	351,524	621,406
Net loss before other income	(196,220)	(450,076)
Investments income (note 7)	19,696	56,071
Unrealized (loss) gain on investments (note 7)	4,093	397,423
Net (loss) income and comprehensive (loss) income	$ (172,431)	$ 3,418
Weighted-average common shares (basic)	93,085,715	90,419,146
Net income (loss) per common shares (basic)	$ (0.00)	$ 0.00
Weighted-average common shares (diluted)	93,085,715	94,807,691
Net income (loss) per common shares (basic)	$ (0.00)	$ 0.00

The accompanying notes are integral to these condensed interim consolidated financial statements.

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IC Capitalight Corp.

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity

Expressed in CAD Dollars

	Shares	Share	Contributed	Accumulated	Total
Balance as of December 31, 2021	Outstanding	Capital	Surplus	Deficit	Equity
90,419,146	8,467,799	977,041	(7,462,457)	1,982,383
Warrants issued for credit facility (note 10)	-	-	20,745	-	20,745
Net loss	-	-	-	3,418	3,418
Balance as of March 31, 2022	90,419,146	8,467,799	997,786	(7,459,039)	2,006,546
Shares issued for settlement of debt (note 14)	2,566,569	166,827	-	-	166,827
Stock options granted under long-term incentive plan (note 15)	-	-	113,108	-	113,108
Shares issued for conversion of restricted share units (note 16)	100,000	5,500	(5,500)	-	-
Cash settlement for conversion of restricted share units (note 16)	-	-	(60,385)	-	(60,385)
Net Loss	-	-	-	(738,718)	(738,718)
Balance as of December 31, 2022	93,085,715	8,640,126	1,045,009	(8,197,757)	1,487,378
Net Loss	-	-	-	(172,431)	(172,431)
Balance as of March 31, 2023	93,085,715	8,640,126	1,045,009	(8,370,188)	1,314,947

The accompanying notes are integral to these condensed interim consolidated financial statements.

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IC Capitalight Corp.

Condensed Interim Consolidated Statements of Cash Flows

Expressed in CAD Dollars

	Three Months Ended	Three Months Ended
	March 31,	March 31,
	2023	2022
Operating activities
Net (loss) income	$ (172,431)	$ 3,418
Add (deduct) items not affecting cash:
Accretion	-	73,817
Loss on remeasurement of credit facility	-	55,499
Depreciation	110	73
Amortization of brand value	2,153	1,568
Unrealized gain on investments	(4,093)	(397,423)
Subtotal	(174,261)	(263,048)
Change in non-cash working capital balances:
Increase (decrease) in accounts receivable and debenture income receivable	12,169	(68,177)
(Increase) decrease in prepaid expenses	8,541	1,556
(Decrease) increase in accounts payable and accrued liabilities	26,976	33,468
(Decrease) increase in deferred revenue	(7,101)	35,803
Net cash (used in) from operating activities	$ (133,676)	$ (260,398)
Investing activities
Purchase of equipment	-	(1,760)
Business acquisition	-	(270,000)
Net cash (used in) investing activities	$ -	$ (271,760)
Financing activities
Proceeds from short-term debt	-	278,640
Net cash (used in) from financing activities	$ -	$ 278,640
Net increase in cash and cash equivalents	(133,676)	(253,518)
Cash and cash equivalents, beginning	2,123,977	422,719
Cash and cash equivalents, ending	$ 1,990,301	$ 169,201

The accompanying notes are integral to these condensed interim consolidated financial statements.

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