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

5

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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.