International Battery Metals Ltd.
Condensed Consolidated Interim Financial Statements Three and Nine Months Ended October 31, 2021 and 2020 (Expressed in Canadian dollars)
(Unaudited)
NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
The accompanying unaudited condensed consolidated interim financial statements for International Battery Metals Ltd. (the "Company") have been prepared by management in accordance with International Financing Reporting Standards ("IFRS"). These condensed consolidated interim financial statements, which are the responsibility of management, are unaudited and have not been reviewed by the Company's auditors. The Company's Audit Committee and Board of Directors have reviewed and approved these consolidated interim financial statements. In accordance with the disclosure requirements of National Instrument 51-102 released by the Canadian Securities Administrators, the Company's independent auditors have not performed a review of these condensed consolidated interim financial statements.
International Battery Metals Ltd.
Condensed Consolidated Interim Statements of Financial Position As at October 31, 2021 and January 31, 2021
(Expressed in Canadian dollars)
October 31, | January 31, | ||||
Note | 2021 | 2021 | |||
(unaudited) | (audited) | ||||
ASSETS | |||||
Current assets | |||||
Cash | 20 | $ | 85,034 | $ | 212,213 |
Amounts receivable | 5 | 7,118 | 5,830 | ||
Prepaid expenses | 6 | 62,969 | 106,594 | ||
Total current assets | 155,121 | 324,637 | |||
Equipment | 7 | 7,569,906 | 4,161,248 | ||
Intangible assets | 8, 9 | 4,330,418 | 4,831,008 | ||
Deferred acquisition costs | 11 | - | 229,967 | ||
$ | 12,055,445 | $ | 9,546,860 | ||
LIABILITIES | |||||
Current liabilities | |||||
Trade payables and other liabilities | 12, 15, 20 | $ | 2,861,344 | $ | 589,619 |
Derivative liability | 13, 14, 20 | 3,623,146 | 4,239,699 | ||
Total current liabilities | 6,484,490 | 4,829,318 | |||
Shareholders' equity | |||||
Share capital | 13 | 26,169,596 | 23,560,826 | ||
Obligation to issue shares | 8, 13 | 543,451 | 895,470 | ||
Reserves | 14 | 5,279,161 | 5,210,671 | ||
Deficit | (26,520,818) | (24,993,136) | |||
Accumulated other comprehensive income | 99,565 | 43,711 | |||
5,570,955 | 4,717,542 | ||||
$ | 12,055,445 | $ | 9,546,860 |
Nature and Continuance of Operations (Note 1)
Subsequent Event (Note 22)
Approved and Authorized by the Board on December 22, 2021:
"John Burba" | Director | "Logan Anderson" | Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
International Battery Metals Ltd.
Condensed Consolidated Interim Statements of Income and Comprehensive Income For the three and nine months ended October 31, 2021 and 2020
(Expressed in Canadian dollars) (Unaudited)
Three months ended October | Nine months ended October | ||||||||
31, | 31, | ||||||||
Note | 2021 | 2020 | 2021 | 2020 | |||||
Expenses | |||||||||
Amortization of intangible asset | 9 | $ | 169,317 | $ | 169,318 | $ | 500,590 | $ | 504,272 |
General and administrative | 15,16 | 690,795 | 373,392 | 1,643,645 | 829,777 | ||||
Operating loss | (860,112) | (542,710) | (2,144,235) | (1,334,049) | |||||
Gain on derecognition of | |||||||||
derivative liability | 13,14 | - | - | 3,962,612 | - | ||||
Change in fair value of derivative | |||||||||
liability | 13,14 | 762,027 | (185,054) | (3,346,059) | 406,337 | ||||
Other income | 10 | - | - | - | 2,700 | ||||
Finance costs | 10 | - | - | - | (46) | ||||
Loss on settlement of debt | 13 | - | (490,271) | - | (490,271) | ||||
Loss for the period | $ | (98,085) | $ | (1,218,035) | $ | (1,527,682) | $ | (1,415,329) | |
Other comprehensive income | |||||||||
(loss) | |||||||||
Foreign currency translation | |||||||||
adjustments | 73,261 | (36,680) | 55,854 | (20,809) | |||||
Loss and comprehensive loss for | |||||||||
the period | (24,824) | (1,254,715) | (1,471,828) | (1,436,138) | |||||
Earnings (Loss) per share, basic | |||||||||
and diluted | $ | (0.00) | $ | (0.02) | $ | (0.01) | $ | (0.02) | |
Weighted average number of | |||||||||
common shares outstanding | 126,401,332 | 63,971,166 | 124,683,129 | 63,620,801 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
International Battery Metals Ltd.
Condensed Consolidated Interim Statements of Cash Flows For the nine months ended October 31, 2021 and 2020 (Expressed in Canadian dollars)
(Unaudited)
Cash provided by (used in) | 2021 | 2020 | ||
Cash flows from operating activities | ||||
Income (loss) for the period | $ | (1,527,682) | $ | (1,415,329) |
Non-cash transactions: | ||||
Unrealized foreign exchange | (15,171) | (1,679) | ||
Depreciation expense | 363 | 5,303 | ||
Amortization of intangible asset | 500,590 | 504,272 | ||
Loss of settlement of debt | - | 490,271 | ||
Gain on derecognition of derivative liability | (3,962,612) | - | ||
Change in fair value of derivative liability | 3,346,059 | (406,337) | ||
Share-based compensation | 203,395 | - | ||
Changes in operating assets and liabilities: | ||||
Amounts receivable | (1,288) | 4,202 | ||
Prepaid expenses | 43,625 | (127,757) | ||
Trade payables and other liabilities | 1,042,986 | 2,103,679 | ||
Net cash provided by (used in) operating activities | (369,735) | 1,156,625 | ||
Cash flows from investing activities | ||||
Purchase of equipment | (1,228,798) | (1,384,014) | ||
Deferred acquisition costs | - | (657,388) | ||
Net cash used in investing activities | (1,228,798) | (2,041,402) | ||
Cash flows from financing activities | ||||
Proceeds from private placements | 711,307 | 830,177 | ||
Proceeds from warrants exercised | 581,358 | - | ||
Proceeds from options exercised | 117,875 | - | ||
Share issuance costs | - | (12,678) | ||
Principal payments on lease liability | - | (5,572) | ||
Net cash provided by financing activities | 1,410,540 | 811,927 | ||
Decrease in cash | (187,993) | (72,850) | ||
Effect of foreign exchange rate changes on cash | 60,814 | (20,809) | ||
Cash, beginning of period | 212,213 | 393,224 | ||
Cash, end of period | $ | 85,034 | $ | 299,565 |
Supplemental Disclosures with Respect to Cash Flows (Note 17)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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International Battery Metals Ltd. published this content on 27 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 December 2021 03:36:08 UTC.