PLANET BASED FOODS GLOBAL INC. Planet Based Foods Global Inc.
Interim Condensed Consolidated Financial Statements
For the Six Months Ended June 30, 2022 and 2021
(Expressed in US Dollars)
NOTICE TO READER
The accompanying unaudited interim condensed financial statements of Planet Based Foods Global Inc. for the period ended June 30, 2022, have been prepared by the management of the Company and approved by the Company's Audit Committee and the Company's Board of Directors.
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 indication that an auditor has not reviewed the financial statements.
The accompanying unaudited interim condensed 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 interim condensed financial statements in accordance with standards established by the Canadian Institute of Chartered Professional Accountants for a review of the interim condensed financial statements by an entity's auditor
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Planet Based Foods Global Inc.
Interim condensed Consolidated Statements of Financial Position (Expressed in US Dollars)
As at | Note | June 30, 2022 | December 31, 2021 |
$ | $ | ||
Current Assets | |||
Cash | 2,852,396 | 5,425,339 | |
Accounts receivable and other receivable | 7 | 55,024 | 30,120 |
Prepaid expenses | 88,753 | 145,655 | |
Inventory | 8 | 371,891 | 155,371 |
3,368,064 | 5,756,485 | ||
Non-Current Assets | |||
Equipment, net | 9 | 133,620 | 141,466 |
Intangible assets | 10 | 709,794 | 709,794 |
4,211,478 | 6,607,745 | ||
Current Liabilities | |||
Accounts payable and accrued liabilities | 106,215 | 163,477 | |
Due to related parties | 12 | - | 137,558 |
Short-term loans | 11 | - | 454,791 |
106,215 | 755,826 | ||
Shareholders' Equity | |||
Share capital | 15 | 9,738,112 | 9,734,270 |
Contributed surplus | 15 | 1,468,671 | 830,302 |
Accumulated other comprehensive income | 29,757 | 52,356 | |
Deficit | (7,131,277) | (4,765,009) | |
4,105,263 | 5,851,918 | ||
4,211,478 | 6,607,745 |
Nature of operations and going concern (Note 1)
Commitments (Note 17)
Subsequent events (Note 18)
Approved on Behalf of the Board of Directors on August 23, 2022:
"Braelyn Davis" | Director | "James Harris" | Director |
Braelyn Davis | James Harris |
The accompanying notes are integral to these interim condensed consolidated financial statements.
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Planet Based Foods Global Inc.
Interim condensed Consolidated Statements of Operations and Comprehensive Loss (Expressed in US Dollars)
Three Months Ended | Six Months Ended | |||
Notes | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 |
$ | $ | $ | $ | |
Sales | 18,439 | - | 24,769 | - |
Cost of sales | 9,628 | - | 12,517 | - |
Gross profit | 8,811 | - | 12,252 | - |
Operating Expenses | ||||
Advertising | 170,254 | 101,753 | 389,756 | 142,956 |
Computer and related | 8,780 | 3,859 | 12,615 | 5,617 |
Consulting | 251,041 | 13,180 | 491,326 | 13,180 |
Depreciation | 11,191 | 5,968 | 17,024 | 9,888 |
Employee and related costs | 136,420 | 55,181 | 256,823 | 80,891 |
Foreign exchange gain (loss) | 40 | (105) | 198 | - |
Insurance | 26,460 | 3,067 | 49,023 | 4,606 |
Investor relation expenses | 27,298 | - | 181,813 | - |
Miscellaneous | 2,048 | 1,530 | 12,415 | 1,950 |
Occupancy | 1,050 | 825 | 2,575 | 1,375 |
General and administration | 359 | 800 | 1,453 | 1,574 |
Professional fees | 19,884 | 68,199 | 68,324 | 110,397 |
Research and development | 44,996 | 62,692 | 147,808 | 80,537 |
Stock based compensation | - | - | 639,812 | - |
Transfer agent and regulatory | 19,898 | - | 65,172 | - |
Travel and related | 14,272 | 11,554 | 48,189 | 21,477 |
Total operating expenses | (733,991) | (328,503) | (2,384,326) | (474,448) |
Other Income (Expenses) | ||||
Accrued Interest and Accretion Expense | - | (178,901) | - | (215,534) |
Gain on fair value of derivative liability | - | 94,460 | - | 94,460 |
Interest income (expense) | (92) | (1,949) | 1,170 | (4,026) |
Other income (expenses) | 8,077 | 2,391 | 4,636 | 3,210 |
State tax | - | - | - | (250) |
7,985 | (83,999) | 5,806 | (122,140) | |
Net Loss | (717,195) | (412,502) | (2,366,268) | (596,588) |
Other Comprehensive Loss (Income) | ||||
Unrealized gain (loss) on foreign exchange | ||||
translation | (47,032) | - | (22,599) | - |
Comprehensive Loss | (764,227) | (412,502) | (2,388,867) | (596,588) |
Basic and diluted loss per common share | (0.01) | (0.02) | (0.04) | (0.03) |
Weighted average number of common shares outstanding - | ||||
Basic and diluted | 59,235,693 | 20,000,000 | 59,234,754 | 20,000,000 |
The accompanying notes are integral to these interim condensed consolidated financial statements.
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Planet Based Foods Global Inc.
Interim condensed Consolidated Statements of Changes in Shareholders' Equity (Deficiency) (Expressed in US Dollars)
Number of | Number of | Shareholders' | ||||||||
Common | Common | Subordinated | Subordinated | Multiple | Multiple | Contributed | Equity | |||
Shares | Shares | Voting Shares | Voting Shares | Voting Shares | Voting Shares | Surplus | AOCI | Deficit | (Deficiency) | |
# | $ | # | $ | # | $ | $ | $ | $ | $ | |
Balance - December 31, 2019 | 19,000,000 | 941,499 | - | - | - | - | - | - | (291,282) | 650,217 |
Share subscription received | - | - | - | - | - | - | - | - | - | - |
Issuance of share capital | 1,000,000 | 50,000 | - | - | - | - | - | - | - | 50,000 |
Net loss and comprehensive loss for the period | - | - | - | - | - | - | - | - | (137,164) | (137,164) |
Balance - December 31, 2020 | 20,000,000 | 991,499 | - | - | - | - | - | - | (428,446) | 563,053 |
Net loss and comprehensive loss for the period | - | - | - | - | - | - | - | - | (532,932) | (532,932) |
Balance - June 30, 2021 | 20,000,000 | 991,499 | - | - | - | - | - | - | (961,378) | 30,121 |
Balance - December 31, 2020 | 20,000,000 | 991,499 | - | - | - | - | - | - | (428,446) | 563,053 |
Re-designation off shares pursuant to reverse acquisition | (20,000,000) | (991,499) | - | 594,899 | - | 396,600 | - | - | - | - |
Shares and warrants deemed issued in connection with the reverse | ||||||||||
acquisition (Note 6) | - | - | 15,616,778 | 2,081,949 | 4,000,000 | 814,648 | 573,053 | - | - | 3,469,650 |
Digital common shares issued and outstanding at August 31, 2021 (Note 6) | - | - | 8,565,150 | 1,659,321 | - | - | 35,271 | - | - | 1,694,592 |
Adjustment of Digital share capital upon reverse acquisition | - | - | - | (1,659,321) | - | - | (35,271) | - | - | (1,694,592) |
Share unit issued on Major financing | - | - | 27,043,765 | 6,316,071 | - | - | - | - | - | 6,316,071 |
Broker warrants and cash finders fee issued on Major financing | - | - | - | (469,897) | - | - | 138,360 | - | - | (331,537) |
RSU to be issued | - | - | - | - | - | - | 118,889 | - | - | 118,889 |
Net loss and comprehensive loss for the period | - | - | - | - | - | - | - | 52,356 | (4,336,563) | (4,284,207) |
Balance - December 31, 2021 | - | - | 51,225,693 | 8,523,022 | 4,000,000 | 1,211,248 | 830,302 | 52,356 | (4,765,009) | 5,851,919 |
Shares issued from warrant exercised | - | - | 10,000 | 3,842 | - | - | (1,443) | - | - | 2,399 |
Stock options granted and vested | - | - | - | - | - | - | 639,812 | - | - | 639,812 |
Net loss and comprehensive loss for the period | - | - | - | - | - | - | - | (22,599) | (2,366,268) | (2,388,867) |
Balance - June 30, 2022 | - | - | 51,235,693 | 8,526,864 | 4,000,000 | 1,211,248 | 1,468,671 | 29,757 | (7,131,277) | 4,105,263 |
The accompanying notes are integral to these interim condensed consolidated financial statements.
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Planet Based Foods Global Inc. published this content on 23 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2022 20:47:01 UTC.
