PERK LABS INC.

Condensed Consolidated Interim Financial Statements

For the Three Months Ended February 28, 2022 and 2021

(Unaudited)

(Expressed in Canadian Dollars)

PERK LABS INC.

Condensed Consolidated Interim Financial Statements

For the Three Months Ended February 28, 2022 and 2021

Page

Condensed Consolidated Interim Statements of Financial Position

3

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss

4

Condensed Consolidated Interim Statements of Changes in Equity

5

Condensed Consolidated Interim Statements of Cash Flows

6

Notes to the Condensed Consolidated Interim Financial Statements

7 - 30

2

PERK LABS INC.

Condensed Consolidated Interim Statements of Financial Position (Unaudited)

(Expressed in Canadian Dollars)

As at

ASSETS Current

Cash and cash equivalents Amounts receivable Marketable securities (note 5) Inventory

Prepaid expenses and deposits Current portion of note receivableProperty and equipment (note 6) Marketable securities (note 5) Note receivable

Intangible assets Total assets

LIABILITIES Current

Accounts payable and accrued liabilities (note 16)

Current portion of lease liabilities (note 17)Lease liabilities (note 17)

Total liabilities

SHAREHOLDERS' EQUITY

Share capital (note 7) Reserves (notes 7 and 8) Deficit

Total shareholders' equity

Total liabilities and shareholders' equityGoing concern (note 2)

Commitments (note 17)

Subsequent events (note 19)

Authorized for issuance by the Board of Directors on April 28, 2022.

/s/ James Topham

(Unaudited) February 28 2022

$

  • 788,179 $ 29,770

1,304,217 987,828

13,075 9,074

113,046 83,360

1,279 2,249,566

111,396 135,221

487,064 651,994

4,371 234 2,852,631

$

251,128 $ 302,110

104,450 99,702

355,578 401,812

29,046 56,964

384,624 458,776

36,447,467 36,359,451

5,943,939 5,883,976

(39,923,399)

2,468,007 2,725,748

$

2,852,631

/s/ Kirk Herrington

Director

November 30 2021

1,287,468 29,579

- 2,397,309

- - 3,184,524

(39,517,679)

$ 3,184,524

Director

3

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

PERK LABS INC.

Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) (Unaudited)

(Expressed in Canadian Dollars)

Note(s)

Three Months Ended February 28 February 28 2022 2021

Revenue Cost of sales Gross margin (loss)

Operating expenses

Depreciation

General and administration Research and development Sales and marketing Share-based compensation

14

$

8,982 $ 15,373 3,030 18,558

5,952

(3,185)

6

23,825

16,922

9

277,387 272,551

10

202,954 168,644

11

105,787 162,381

7,8,16

66,888 288,381

Total operating expenses

676,841 908,879

Loss before other income (expenses)

Other income (expenses)

Foreign exchange (loss)

Gain on sale of property and equipment Gain on sale of marketable securities Government subsidies and grants Interest expense

Interest income

Unrealized gain (loss) on marketable securities

(670,889) (912,064)

(2,875) (4,220)

2,400

-

5 15 17 5

79,350 118,005

15,275 63,902

(5,978)

(9,248)

722

235

176,275 2,333,180

Total other income (expenses)

265,169 2,501,854

Net income (loss) and comprehensive income (loss) for the period

Net income (loss) per share

Basic

Diluted

Weighted average number of shares outstanding (basic)

Weighted average number of shares outstanding (diluted)

$

(405,720)

$ 1,589,790

$ $

(0.00) $ 0.01

(0.00) $ 0.01

183,480,976 161,772,594

192,946,373 170,680,141

4

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

PERK LABS INC.

Condensed Consolidated Interim Statements of Changes in Equity (Unaudited)

(Expressed in Canadian Dollars)

Number of

SharesShare CapitalReserves

Deficit

Total Equity

Balance, November 30, 2021 Shares issued for cash Share issuance costs Shared issued for services Shares issued under RSU plan Share-based compensation Net loss for the period

182,313,919 $ 1,028,000 - 650,542 61,250 - -

36,359,451 $

51,400

(1,542)

31,233

6,925 - -

5,883,976 $ - - - (6,925) 66,888 -

(39,517,679) $ - - - - - (405,720)

2,725,748

51,400

(1,542)

31,233 -

66,888

(405,720)

Balance, February 28, 2022

184,053,711 $

36,447,467 $

5,943,939 $

(39,923,399) $

2,468,007

Number of

SharesShare CapitalReserves

Deficit

Total Equity

Balance, November 30, 2020 Shares issued for cash Share issuance costs Shared issued for services Stock options exercised Warrants exercised

Shares issued under RSU plan Share-based compensation Net income for the period

152,474,995 $

17,496,000 -

685,036

60,000

687,173

89,000 - -

33,568,508 $

5,518,697 $

(38,030,367) $ 1,056,838

1,833,947 - - 1,833,947

(65,530) - - (65,530)

56,253 - - 56,253

14,766 54,974 8,900 - -

(5,766) - 9,000

- - 54,974

(8,900) 288,381 -

- -

- 288,381

1,589,790 1,589,790

Balance, February 28, 2021

171,492,204 $

35,471,818 $

5,792,412

(36,440,577) $ 4,823,653

5

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

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Perk Labs Inc. published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 16:07:07 UTC.