NEXT GREEN WAVE HOLDINGS INC. NEXT GREEN WAVE HOLDINGS INC.
CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS
For the Three and Nine Month Period Ended September 30, 2021 (Expressed in US dollars)
September 30, 2021
Consolidated Condensed Interim Statements of Financial Position…………….……………………….... 2
Consolidated Condensed Interim Statements of Operations and Comprehensive Income (Loss)…...... 3
Consolidated Condensed Interim Statements of Changes in Equity………………….…………….…....... 4
Consolidated Condensed Interim Statements of Cash Flows…………………………….……………........ 5
Notes to the Consolidated Condensed Interim Financial Statements…………………….……………... 6 - 18
1
NEXT GREEN WAVE HOLDINGS INC.
Consolidated Condensed Interim Statements of Financial Position
As at September 30, 2021
(Expressed in US Dollars)
September 30, | December 31, | ||||
2021 | 2020 | ||||
Assets | |||||
Current | |||||
Cash (Note 13) | $ | 4,943,652 | $ | 3,973,634 | |
Accounts and other receivables (Note 13) | 1,633,446 | 513,796 | |||
Inventory (Note 3) | 1,118,899 | 699,469 | |||
Biological assets (Note 4) | 1,160,064 | 1,562,184 | |||
Investments (Note 6) | 157,085 | 157,085 | |||
Deferred income tax asset (Note 18) | 588,837 | - | |||
Prepaids and deposits | 30,046 | 24,572 | |||
Total Current Assets | 9,632,029 | 6,930,740 | |||
Non-current | |||||
Property, plant and equipment (Note 5) | 13,057,196 | 13,362,951 | |||
Total Assets | $ | 22,689,225 | $ | 20,293,691 | |
Liabilities | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities (Notes 8 and 13) | $ | 269,438 | $ | 533,918 | |
Lease liability (Note 7) | 36,180 | 36,180 | |||
Secured Loan (Note 12) | - | 2,673,043 | |||
Income tax payable | 389,453 | - | |||
Total Current Liabilities | 695,071 | 3,243,141 | |||
Non-current | |||||
Lease liability (Note 7) | 37,650 | 64,729 | |||
Total Liabilities | 732,721 | 3,307,870 | |||
Equity | |||||
Share capital (Note 9) | 30,444,696 | 27,835,784 | |||
Reserves | 5,091,132 | 5,230,417 | |||
Accumulated other comprehensive loss | (132,091) | (130,290) | |||
Accumulated deficit | (13,447,233) | (15,950,090) | |||
Total Shareholders' Equity | 21,956,504 | 16,985,821 | |||
Total Liabilities and Shareholders' Equity | $ | 22,689,225 | $ | 20,293,691 |
Nature and Continuance of Operations - Note 1
Events After the Reporting Period - Note 19
Approved on behalf of the Board on November 29, 2021
"Norm Mayr"
Director
"Glen Harder"
Director
(The accompanying notes are an integral part of these consolidated condensed interim financial statements)
2
NEXT GREEN WAVE HOLDINGS INC.
Consolidated Condensed Interim Statements of Operations and Comprehensive Income
For the Three and Nine Month Period Ended September 30, 2021 and 2020
(Expressed in US Dollars)
For the three month period ended | For the nine month period ended | |||||||
September 30, | September 30, | September 30, | September 30, | |||||
2021 | 2020 | 2021 | 2020 | |||||
Revenue (Note 17) | $ | 4,294,386 | $ | 3,582,416 | $ | 12,712,607 | $ | 7,933,704 |
Cost of Sales (Notes 15 and 17) | (2,213,194) | (1,688,971) | (6,372,448) | (2,368,215) | ||||
Gross profit before fair value adjustments | 2,081,192 | 1,893,445 | 6,340,159 | 5,565,489 | ||||
Fair value changes in biological assets included in inventory sold | (975,165) | 113,526 | (4,861,386) | (2,645,991) | ||||
Unrealized fair value adjustment on growth of biological assets | 1,442,443 | (285,993) | 4,878,697 | 158,232 | ||||
Gross profit | 2,548,470 | 1,720,978 | 6,357,470 | 3,077,730 | ||||
Operating Expenses | ||||||||
Bank charges | 20,830 | 49,237 | 54,119 | 99,909 | ||||
Depreciation (Note 5) | 89,824 | 206,307 | 439,716 | 651,762 | ||||
Directors fees (Note 15) | 11,932 | 16,561 | 57,990 | 42,866 | ||||
Foreign exchange loss (gain) | (2,884) | (10,476) | (26,358) | (1,514) | ||||
General office | 17,552 | 6,790 | 59,273 | 99,431 | ||||
Insurance | 82,822 | 109,676 | 207,760 | 251,498 | ||||
Investor relations, marketing and communications | 6,720 | 13,122 | 146,670 | 127,379 | ||||
Royalty payments | - | 6,467 | - | 62,058 | ||||
Professional fees | 55,444 | 66,448 | 99,014 | 122,105 | ||||
Consulting services (Note 15) | 24,979 | 31,766 | 63,092 | 122,330 | ||||
Regulatory and filing fees | 7,983 | 13,607 | 46,597 | 24,818 | ||||
Salaries and management fees (Note 15) | 71,737 | 162,745 | 195,810 | 602,003 | ||||
Stock-based compensation (Notes 10 and 15) | 53,897 | 271,138 | 399,313 | 427,195 | ||||
Travel, meals and entertainment | 26,935 | 12,706 | 75,921 | 76,184 | ||||
Total operating expenses | 467,771 | 956,094 | 1,818,917 | 2,708,024 | ||||
Income from operations | 2,080,699 | 764,884 | 4,538,553 | 369,706 | ||||
Other Expenses (Income) | ||||||||
Transaction costs | 20,296 | (348) | 539,835 | 70,694 | ||||
Unrealized gain on investments (Note 6) | - | 5,449 | - | (954,735) | ||||
Reversal of impairment of assets (Note 5) | - | - | - | (2,447,948) | ||||
Interest and accretion expense (Notes 7 and 12) | 255,226 | 359,072 | 649,095 | 931,551 | ||||
Interest income | (7,100) | (1,296) | (18,890) | (2,262) | ||||
Net income for the period, before provision for income taxes | 1,812,277 | 402,007 | 3,368,513 | 2,772,406 | ||||
Current tax expense | 394,354 | - | 1,454,493 | - | ||||
Deferred income tax (Note 18) | (77,593) | - | (588,837) | - | ||||
Net income for the period | $ | 1,495,516 | $ | 402,007 | $ | 2,502,857 | $ | 2,772,406 |
Other comprehensive income | (1,801) | (11,152) | ||||||
Cumulative translation income (loss) | (59,358) | 862 | ||||||
Total comprehensive income for the period | $ | 1,436,158 | $ | 402,869 | $ | 2,501,056 | $ | 2,761,254 |
Basic Income per common share | $ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.02 |
Diluted Income per common share | $ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.02 |
Weighted average number of common shares outstanding basic | 188,272,920 | 162,006,783 | 184,699,069 | 168,208,675 | ||||
Weighted average number of common shares outstanding diluted | 195,640,420 | 162,006,783 | 192,066,569 | 168,208,675 |
(The accompanying notes are an integral part of these consolidated condensed interim financial statements)
3
NEXT GREEN WAVE HOLDINGS INC.
Consolidated Condensed Interim Statements of Changes in Equity
For the Nine Month Period Ended September 30, 2021 and 2020
(Expressed in US Dollars)
Share Capital | Equity portion | Accumulated other | |||||||||||
Number of | of convertible | comprehensive | Accumulated | ||||||||||
Common shares | Amount | debentures | Reserves | income | Deficit | Total | |||||||
Balance, December 31, 2019 | 164,670,189 | $ | 25,211,208 | $ | 146,560 | $ | 5,338,166 | $ | (123,355) | $ | (19,405,838) | $ | 11,166,741 |
Stock based compensation (Note 10) | - | - | - | 427,195 | - | - | 427,195 | ||||||
Return to treasury - SDC assets purchase (Note 9) | (5,163,406) | (201,489) | - | - | - | - | (201,489) | ||||||
Shares issued for debenture conversion at CDN$0.15 per common share (Note 19) | 10,000,000 | 1,124,522 | (146,560) | - | - | - | 977,962 | ||||||
Net income for the period | - | - | - | - | (11,152) | 2,772,406 | 2,761,254 | ||||||
Balance, September 30, 2020 | 169,506,783 | $ | 26,134,241 | $ | - | $ | 5,765,361 | $ | (134,507) | $ | (16,633,432) | $ | 15,131,663 |
Balance, December 31, 2020 | 177,394,283 | $ | 27,835,784 | $ | - | $ | 5,230,417 | $ | (130,290) | $ | (15,950,090) | $ | 16,985,821 |
Stock based compensation (Note 10) | - | - | - | 399,313 | - | - | 399,313 | ||||||
Shares issued for subscription of finders units (Note 9) | 541,265 | 163,809 | - | - | - | - | 163,809 | ||||||
Shares issued for subscription of warrants (Note 9) | 9,273,622 | 2,021,115 | - | (393,441) | - | - | 1,627,674 | ||||||
Shares issued for exercise stock options (Note 9) | 1,850,000 | 423,989 | - | (145,157) | - | - | 278,832 | ||||||
Net income for the period | - | - | - | - | (1,801) | 2,502,857 | 2,501,056 | ||||||
Balance, September 30, 2021 | 189,059,170 | $ | 30,444,696 | $ | - | $ | 5,091,132 | $ | (132,091) | $ | (13,447,233) | $ | 21,956,504 |
(The accompanying notes are an integral part of these consolidated condensed interim financial statements)
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Next Green Wave Holdings Inc. 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 00:20:08 UTC.
