Nubeva Technologies Ltd.
Condensed Consolidated Financial Statements
For the Nine Months Ended January 31, 2022 and 2021
UNAUDITED
NOTICE OF NO AUDITOR REVIEW OF 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 interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. 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 Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditor.
Nubeva Technologies Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As at January 31, 2022 and April 30, 2021
(Expressed in United States Dollars)
Note | January 31, 2022 | April 30, 2021 | |||
Assets | |||||
Current assets: | |||||
Cash and money market instruments | 4 | $ | 4,146,688 | $ | 2,280,420 |
Accounts receivable | 5 | 193,381 | 335,002 | ||
Tax credit receivable | 6, 13 | 159,247 | 241,260 | ||
Prepaid expenses and deposits | 7 | 63,083 | 129,967 | ||
Total current assets | 4,562,399 | 2,986,649 | |||
Total Assets | $ | 4,562,399 | $ | 2,986,649 | |
Liabilities | |||||
Current liabilities: | |||||
Accounts payable and accrued liabilities | 8, 10 | $ | 159,260 | $ | 198,922 |
Current portion of term loans payable | 11 | 28,496 | 182,915 | ||
Deferred revenue | 9 | - | 38,501 | ||
Total current liabilities | 187,756 | 420,338 | |||
Term loans payable | 11 | 29,193 | 26,387 | ||
Total Liabilities | 216,949 | 446,725 | |||
Shareholders' Equity | |||||
Common share capital | 12 | 17,790,003 | 14,936,186 | ||
Subscription receipts | 12 | 1,179,338 | 1,891 | ||
Reserves | 12 | 1,626,242 | 1,306,357 | ||
Deficit | (16,102,478) | (13,612,967) | |||
Accumulated other comprehensive loss | (147,655) | (91,543) | |||
Total Equity | 4,345,450 | 2,539,924 | |||
Total Liabilities and Shareholders' Equity | $ | 4,562,399 | $ | 2,986,649 |
Subsequent events - note 17 | |
Approved by the directors: | |
"Randy Chou" | "Greig Bannister" |
The accompanying notes are an integral part of these condensed consolidated interim financial statements 2
Nubeva Technologies Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Expressed in United States Dollars)
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||
Note | 2022 | 2021 | 2022 | 2021 | |||||
Re ve nue | 14 | $ | 55,677 | $ | 766,709 | $ | 115,791 | $ | 1,734,024 |
Operating expenses: | |||||||||
General and administrative | 13 | 217,758 | 176,727 | 749,578 | 550,764 | ||||
Research and development | 13 | 389,100 | 276,617 | 1,098,545 | 905,104 | ||||
Sales and marketing | 13 | 224,389 | 267,989 | 711,863 | 769,338 | ||||
Share-based compensation | 10, 12 | 76,386 | 93,876 | 347,954 | 140,503 | ||||
Total expenses | 907,633 | 815,209 | 2,907,940 | 2,365,709 | |||||
Other Items | |||||||||
Interest and other income | 139 | 173 | 679 | 2,748 | |||||
Interest expense | 11 | (2,291) | (6,249) | (13,978) | (17,447) | ||||
Gain on digital currency | - | 11,469 | - | 28,180 | |||||
Gain on shares issued for services/debt | 12 | 7,870 | 96,236 | 7,870 | 96,236 | ||||
Foreign exchange loss | (3,918) | (4,146) | (4,768) | (22,506) | |||||
Government assistance | 11, 13 | 83,294 | 12,339 | 281,422 | 318,043 | ||||
Net income (loss) | (766,862) | 61,322 | (2,520,924) | (226,431) | |||||
Other comprehensive income (loss), items that will be | |||||||||
recycled through profit and loss | |||||||||
Foreign currency translation adjustment | (51,161) | 14,235 | (56,112) | 30,025 | |||||
Total comprehensive income (loss) | $ | (818,023) | $ | 75,557 | $ | (2,577,036) | $ | (196,406) | |
Income (loss) per share - basic and dliuted | $ | (0.01) | $ | 0.00 | $ | (0.04) | $ | (0.00) | |
Weighted average number of common shares outstanding | 64,974,557 | 56,666,833 | 62,792,726 | 56,431,644 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
3
Nubeva Technologies Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
For the Nine Months Ended January 31, 2022 and 2021
(Expressed in United States Dollars)
Share capital | Reserves | |||||||||||||||
Obligation | Share Based | Accumulated | ||||||||||||||
Common | Warrants | Other | ||||||||||||||
Note | Amount | to Issue | Payment | Deficit | Total | |||||||||||
Shares | Reserve | Comprehensive | ||||||||||||||
Shares | Reserve | |||||||||||||||
Loss | ||||||||||||||||
Balance April 30, 2020 | 56,153,155 | $ | 13,730,668 | $ | - | $ | 603,282 | $ | 101,346 | $ | (12,960,121) | $ | (130,385) | $ | 1,344,790 | |
Options exercised | 529,809 | 26,225 | - | (5,243) | - | - | - | 20,982 | ||||||||
Share-based compensation | - | - | - | 140,503 | - | - | - | 140,503 | ||||||||
RSU issued | 216,128 | 56,720 | - | (56,720) | - | - | - | - | ||||||||
Forfeited options | - | - | - | (96,185) | - | 96,185 | - | - | ||||||||
Foreign currency translation | - | - | - | - | - | - | 30,025 | 30,025 | ||||||||
Net loss for the period | - | - | - | - | - | (226,431) | - | (226,431) | ||||||||
Balance January 31, 2021 | 56,899,092 | $ | 13,813,613 | $ | - | $ | 585,637 | $ | 101,346 | $ | (13,090,367) | $ | (100,360) | $ | 1,309,869 | |
Balance April 30, 2021 | 60,986,929 | $ | 14,936,186 | $ | 1,891 | $ | 758,383 | $ | 547,974 | $ | (13,612,967) | $ | (91,543) | $ | 2,539,924 | |
Shares issued pursuant to private placements | 12 | 2,455,000 | 1,159,891 | - | 395,999 | - | - | 1,555,890 | ||||||||
Share issuance costs | 12 | - | (4,473) | - | - | (2,115) | - | - | (6,588) | |||||||
Share-based compensation | 12 | - | - | - | 347,954 | - | - | - | 347,954 | |||||||
Options exercised | 12 | 1,033,217 | 157,655 | (1,891) | (61,318) | - | - | - | 94,446 | |||||||
Warrants exercised | 12 | 2,000,641 | 1,463,852 | - | - | (329,222) | - | - | 1,134,630 | |||||||
Shares issued for services | 12 | 102,443 | 76,892 | - | - | - | - | - | 76,892 | |||||||
Forfeited options | 12 | - | - | - | (31,413) | - | 31,413 | - | - | |||||||
Subscription receipts | 12 | - | - | 1,179,338 | - | - | - | 1,179,338 | ||||||||
Foreign currency translation | - | - | - | - | - | - | (56,112) | (56,112) | ||||||||
Net loss for the period | - | - | - | - | - | (2,520,924) | - | (2,520,924) | ||||||||
Balance Janury 31, 2022 | 66,578,230 | $ | 17,790,003 | $ | 1,179,338 | $ | 1,013,606 | $ | 612,636 | $ | (16,102,478) | $ | (147,655) | $ | 4,345,450 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
4
Nubeva Technologies Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended January 31, 2022 and 2021
(Expressed in United States Dollars)
2022 | 2021 | |||
Operating activities | ||||
Net loss for the period | $ | (2,520,924) | $ | (226,431) |
Items not involving cash: | ||||
Share-based compensation | 347,954 | 140,503 | ||
Interest accrued | 12,869 | 17,447 | ||
Gain on digital currency | - | (28,180) | ||
Foreign exchange | - | 34,830 | ||
Government assistance | (76,524) | (269,267) | ||
Shares issued for services | 84,762 | - | ||
Gain on shares issued on service settlement | (7,870) | - | ||
Changes in non-cash working capital items related to operations: | ||||
Accounts receivable | 142,365 | (593,671) | ||
Prepaid expenses | 61,967 | 67,446 | ||
Tax credit receivable | 61,586 | 97,090 | ||
Accounts payable and accrued liabilities | (53,864) | (143,174) | ||
Deferred revenue | (38,501) | 54,806 | ||
Cash used in operating activities | (1,986,180) | (848,601) | ||
Financing activities: | ||||
Proceeds from private placements | 1,555,890 | - | ||
Share issuance costs | (6,588) | - | ||
Term loans | (87,401) | 42,600 | ||
Proceeds from sale of digital currency | - | 56,565 | ||
Subscription receipts | 1,179,338 | - | ||
Options exercised | 94,446 | 20,982 | ||
Warrants exercised | 1,134,630 | - | ||
Cash from financing activities | 3,870,315 | 120,147 | ||
Effect of foreign exchange on cash | (17,867) | 8,622 | ||
Net decrease in cash during the period | 1,866,268 | (719,832) | ||
Cash and money market investments, beginning of the period | 2,280,420 | 1,873,375 | ||
Cash and money market investments, end of the period | $ | 4,146,688 | $ | 1,153,543 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
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Nubeva Technologies Ltd. published this content on 04 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 July 2022 21:52:05 UTC.