Condensed Interim Consolidated Financial Statements
PeakBirch Commerce Inc.
(formerly PeakBirch Logic Inc.)
For the three and six months ended April 30, 2022 and 2021
(Unaudited - Expressed in US Dollars)
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 interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated financial statements have been prepared by and are the responsibility of the management and have been approved by the board of directors.
The Company's independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
PeakBirch Commerce Inc. (formerly PeakBirch Logic Inc.)
Condensed Interim Consolidated Statements of Financial Position
As at
(Expressed in US Dollars)
April 30, | October 31, | |||||
2022 | 2021 | |||||
Note | (unaudited) | (audited) | ||||
Assets | ||||||
Current assets | ||||||
Cash | $ | 77,932 | $ | 131,696 | ||
Sales tax recoverable and other receivables | 4 | 345,875 | 192,392 | |||
Loan receivable | 9 | - | 207,632 | |||
Prepaid assets | 20,780 | 24,227 | ||||
Inventory | 12 | 51,347 | 59,113 | |||
Total current assets | 495,934 | 615,060 | ||||
Non-current assets | ||||||
Equipment | 5 | 3,694 | 5,197 | |||
Intangible assets | 6 | 747,281 | 144,650 | |||
Right-of-use assets | 12,14 | 61,090 | 84,909 | |||
Total assets | $ | 1,307,999 | $ | 849,816 | ||
Liabilities | ||||||
Current liabilities | ||||||
Accounts payable | 9 | $ | 1,081,211 | $ | 1,006,022 | |
Accrued liability | 7,9 | 121,854 | 220,265 | |||
Promissory notes | 7 | 728,886 | 709,442 | |||
Loans payable | 8 | 35,177 | 44,096 | |||
Lease liability | 12,14 | 33,639 | 36,586 | |||
Total current liabilities | 2,000,767 | 2,016,411 | ||||
Non-current liabilities | ||||||
Loans payable | 8 | 76,998 | 127,702 | |||
Lease liability | 12,14 | 27,705 | 48,569 | |||
Total liabilities | 2,105,470 | 2,192,682 | ||||
Shareholders' deficiency | ||||||
Share capital | 10 | 33,977,192 | 32,188,714 | |||
Contributed surplus | 10 | 1,312,289 | 1,422,517 | |||
Warrant reserve | 10 | 826,398 | 826,398 | |||
Foreign exchange translation reserve | 10 | (68,350) | 86,448 | |||
Deficit | (36,845,000) | (35,866,943) | ||||
Total shareholders' deficiency | (797,471) | (1,342,866) | ||||
Total liabilities and shareholders' deficiency | $ | 1,307,999 | $ | 849,816 | ||
Nature of operations and going concern (Note 2) | ||||||
Subsequent event (Note 19) | ||||||
Approved and authorized by the Board on June 29, 2022. | ||||||
(signed) "Marc Mulvaney" | (signed) "Usama Chaudhry" | |||||
Marc Mulvaney | Usama Chaudhry | |||||
Director | Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
3
PeakBirch Commerce Inc. (formerly PeakBirch Logic Inc.)
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) For the three and six months ended April 30,
(Unaudited) (Expressed in US Dollars)
Three months | Three months | Six months | Six months | ||||||
ended | ended | ended | ended | ||||||
April 30, | April 30, | April 30, | April 30, | ||||||
Note | 2022 | 2021 | 2022 | 2021 | |||||
Revenue | 17 | $ | 88,173 | $ | 871,858 | $ | 618,716 | $ | 2,243,365 |
Cost of sales | 93,440 | 643,714 | 314,730 | 1,776,730 | |||||
(5,267) | 228,144 | 303,986 | 466,635 | ||||||
Expenses | |||||||||
Selling | 19,583 | 133,643 | 80,114 | 278,105 | |||||
Advertising and promotion | 208,735 | - | 208,735 | - | |||||
Accounting and audit fees (recovery) | 71,098 | 41,283 | 93,977 | 67,651 | |||||
Amortization | 6,7 | 20,784 | 75,690 | 41,713 | 150,672 | ||||
Consulting | 10 | 365,715 | 70,398 | 431,220 | 206,737 | ||||
General and administrative | 27,641 | 9,592 | 62,369 | 16,788 | |||||
Insurance expense | 1,412 | 52,358 | 5,481 | 82,609 | |||||
Legal fees | 168 | 16,922 | 17,297 | 29,793 | |||||
Salaries | 10 | 12,103 | 28,835 | 47,335 | 55,148 | ||||
Share-based compensation | 10,13 | 277,532 | 217,030 | 277,532 | 217,030 | ||||
Transfer agent | 592 | 3,073 | 8,383 | 6,886 | |||||
1,005,363 | 648,824 | 1,274,156 | 1,111,419 | ||||||
Other items | |||||||||
Other income | 4 | - | - | - | 59 | ||||
Gain on change in fair value of | |||||||||
derivative liability | 8 | - | (30,586) | - | 3,162 | ||||
Write-off of payable | 6,462 | - | 6,462 | - | |||||
Foreign exchange gain (loss) | (466) | (143,074) | 29,579 | (194,729) | |||||
Interest and accretion expense | 8,9 | (14,846) | (115,352) | (43,928) | (219,556) | ||||
Indemnification provision for flow- | - | 805 | - | 11,213 | |||||
through shares | |||||||||
Net loss | $ | (1,019,480) | $ | (708,887) | $ | (978,057) | $ | (1,044,635) | |
Translation adjustment | (137,742) | 89,463 | (154,798) | 167,022 | |||||
Comprehensive loss | (1,288,452) | (619,424) | (1,132.855) | (877,613) | |||||
Net loss per share | |||||||||
Basic and diluted | $ | (0.01) | $ | (0.02) | $ | (0.02) | $ | (0.04) | |
Weighted average number of | |||||||||
Basic and diluted | 71,434,300 | 30,015,337 | 54,629,758 | 29,222,350 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
4
PeakBirch Commerce Inc. (formerly PeakBirch Logic Inc.)
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency)
For the six months ended April 30, 2022 and 2021
(Unaudited) (Expressed in US Dollars)
Foreign | ||||||||
Number of | Exchange | |||||||
Common | Share | Contributed | Warrant | Translation | ||||
Notes | Shares | Capital | Surplus | Reserve | Reserve | Deficit | Total | |
$ | $ | $ | $ | $ | $ | |||
Balance as at October 31, 2020 | 28,455,221 | 30,819,074 | 973,822 | 701,666 | (26,376) | (32,077,169) | 391,017 | |
Shares issued for conversion of convertible notes | 8,11 | 1,300,121 | 294,321 | - | - | - | - | 294,321 |
Shares issued from private placement | 11 | 3,148,888 | 373,136 | - | 124,732 | - | - | 497,868 |
Share-based compensation | 11 | - | - | 217,030 | - | - | - | 217,030 |
Net loss and comprehensive loss | - | - | - | - | 167,022 | (1,044,635) | (877,613) | |
Balance as at April 30, 2021 | 32,904,230 | 31,486,531 | 1,190,852 | 826,398 | 140,646 | (33,121,804) | 522,623 | |
Balance as at October 31, 2021 | 38,373,189 | 32,188,714 | 1,422,517 | 826,398 | 86,448 | (35,866,943) | (1,342,866) | |
Shares issued from private placement | 11 | 5,000,000 | 194,825 | - | - | - | - | 194,825 |
Shares issued for acquisition of subsidiary | 11 | 27,272,727 | 1,062,684 | - | - | - | - | 1,062,684 |
Shares issued for debt settlement | 11 | 11,877,950 | 461,398 | - | - | - | - | 330,168 |
Shares issued from RSU conversion | 11,13 | 729,687 | 69,571 | (69,571) | - | - | - | - |
Share-based compensation | - | - | 90,573 | - | - | - | 90,573 | |
Net loss and comprehensive loss | - | - | - | - | (154,798) | (978,057) | (1,132,855) | |
Balance as at April 30, 2022 | 83,253,553 | 33,977,192 | 1,443,519 | 826,398 | (68,350) | (36,845,000) | (797,471) |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Peakbirch Commerce Inc. published this content on 08 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 July 2022 18:33:01 UTC.