NEXOPTIC TECHNOLOGY CORP. NEXOPTIC TECHNOLOGY CORP.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Unaudited)
(Expressed in Canadian Dollars)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021
1
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the condensed consolidated interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.
The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
2
NEXOPTIC TECHNOLOGY CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited)
(Expressed in Canadian Dollars)
AS AT
September 30, | December 31, | ||||||||
2021 | 2020 | ||||||||
ASSETS | |||||||||
Current | |||||||||
Cash and cash equivalents (Note 7) | $ | 728,097 | $ | 2,338,615 | |||||
Accounts receivable | 9,161 | 29,586 | |||||||
Prepaid expenses and deposits | 83,514 | 79,547 | |||||||
$ | 820,772 | $ | 2,447,748 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Current | |||||||||
Accounts payable and accrued liabilities (Note 6) | $ | 674,410 | $ | 864,801 | |||||
Accrued liabilities (Note 6) | - | 11,591 | |||||||
Loans payable (Note 3) | 52,740 | 47,832 | |||||||
727,150 | 924,224 | ||||||||
Shareholders' equity | |||||||||
Share capital (Note 5) | 78,375,453 | 78,255,444 | |||||||
Reserve (Note 5) | 8,823,953 | 9,493,272 | |||||||
Accumulated other comprehensive income | 589,127 | 601,058 | |||||||
Deficit | (87,694,911) | (86,826,250) | |||||||
93,622 | 1,523,524 | ||||||||
$ | 820,772 | $ | 2,447,748 | ||||||
Approved and authorized by the Board on November 29, 2021. | |||||||||
"Richard Gerson" | Director | "Paul McKenzie" | Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
3
NEXOPTIC TECHNOLOGY CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited)
(Expressed in Canadian Dollars)
For the three months ended | For the nine months ended | |||||||||||
September 30, | September 30, | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
EXPENSES | ||||||||||||
Research and development (Note 4) | $ | 224,477 | $ | 237,970 | $ | 607,274 | $ | 644,913 | ||||
General and administrative (Note 4) | 509,251 | 668,912 | 1,379,166 | 4,601,100 | ||||||||
Business development | 77,740 | - | 200,854 | - | ||||||||
Total operating expenses | (811,468) | (906,882) | (2,187,294) | (5,246,013) | ||||||||
Accrued severance recovery (Note 6) | - | 57,781 | 209,129 | 76,725 | ||||||||
Recovery on accounts payable | - | - | 14,358 | - | ||||||||
Foreign exchange | (11,646) | 9,986 | (2,545) | (10,589) | ||||||||
Finance expense (Note 3) | (2,170) | - | (4,908) | - | ||||||||
Interest and other income | - | 44 | - | 87 | ||||||||
(13,816) | 67,811 | 216,034 | 66,223 | |||||||||
Net loss for the period | (825,284) | (839,071) | (1,971,260) | (5,179,790) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||
Item that may be reclassified subsequently to | ||||||||||||
profit or loss | ||||||||||||
Foreign exchange on | ||||||||||||
translating foreign operations | (9,715) | (46) | (11,931) | 11 | ||||||||
Comprehensive loss for the period | $ | (834,999) | $ | (839,117) | $ | (1,983,191) | $ | (5,179,779) | ||||
Basic and diluted loss per common share | $ | (0.01) | $ | (0.01) | $ | (0.01) | $ | (0.04) | ||||
Weighted average number of | ||||||||||||
common shares outstanding | 147,318,161 | 144,869,854 | 147,303,568 | 139,856,600 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
4
NEXOPTIC TECHNOLOGY CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in Canadian Dollars)
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
2021 | 2020 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss for the period | $ | (1,971,260) | $ | (5,179,790) |
Non-cash items: | ||||
Accrued finance expense | 4,908 | - | ||
Recovery on accounts payable | (14,358) | - | ||
Severance liability recovery | (209,129) | (76,725) | ||
Share-based payments | 487,189 | 3,702,055 | ||
Changes in non-cash working capital items: | ||||
Accounts receivable | 20,364 | 23,281 | ||
Prepaid expenses and deposits | (3,969) | (49,710) | ||
Accounts payable and accrued liabilities | 21,719 | (2,361) | ||
(1,664,536) | (1,583,250) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Share issuance costs | - | (3,719) | ||
Proceeds from exercised warrants | - | 3,695,481 | ||
Proceeds from exercised options | 66,100 | 456,550 | ||
Loan funds | - | 80,000 | ||
66,100 | 4,228,312 | |||
Effect of foreign exchange on cash | (12,082) | - | ||
Change in cash and cash equivalents during the period | (1,610,518) | 2,645,062 | ||
Cash and cash equivalents, beginning of period | 2,338,615 | 194,045 | ||
Cash and cash equivalents, end of period | $ | 728,097 | $ | 2,839,107 |
There were no significant non-cash investing or financing activities for the periods ended September 30, 2021 and 2020.
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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NexOptic Technology Corp. published this content on 30 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 16:50:09 UTC.
