PLANT VEDA FOODS LTD. PLANT VEDA FOODS LTD.
CONDENSED INTERIM FINANCIAL STATEMENTS
For the six months ended June 30, 2022, and 2021
(Unaudited - Expressed in Canadian Dollars)
NOTICE OF NO AUDITOR REVIEW OF THE
CONDENSED INTERIM FINANCIAL STATEMENTS
In accordance with National Instrument 51-102 Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of these condensed interim financial statements, they must be accompanied by a notice indicating that the condensed interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim financial statements of the Company for the six months ended June 30, 2022 have been prepared by and are the responsibility of the Company's management and have not been reviewed by the Company's auditors.
PLANT VEDA FOODS LTD.
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in Canadian Dollars)
June 30, | December 31, | |||
2022 | 2021 | |||
ASSETS | ||||
Current | ||||
Cash and restricted cash | $ | 839,764 | $ | 856,660 |
Accounts and other receivable - Note 5 | 97,306 | 108,992 | ||
Prepaid expenses and deposits - Note 10 | 232,434 | 252,171 | ||
Inventory - Note 6 | 92,139 | 62,018 | ||
1,261,643 | 1,279,841 | |||
Intangible asset | 10,430 | - | ||
Property and equipment - Note 7 | 1,215,367 | 1,165,981 | ||
Right of use asset - Note 10 | 1,842,346 | 1,946,630 | ||
Total Assets | $ | 4,329,786 | $ | 4,392,452 |
LIABILITIES | ||||
Current | ||||
Accounts payable and accrued liabilities - Notes 8 and 12 | $ | 658,138 | $ | 446,275 |
Convertible loan - current portion - Note 11 | 18,904 | - | ||
Due to related parties - Note 13 | 20,113 | 20,885 | ||
Government assistance advance - Note 15 | 147,869 | - | ||
Lease liabilities - Note 10 | 146,170 | 123,190 | ||
991,194 | 590,350 | |||
Lease liabilities - Note 10 | 1,828,755 | 1,910,473 | ||
CEBA loan - Note 9 | 32,416 | 30,246 | ||
Convertible loan - Note 11 | 870,251 | - | ||
Total Liabilities | 3,722,616 | 2,531,069 | ||
SHAREHOLDERS' EQUITY | ||||
Share capital - Note 12 | 7,454,563 | 6,684,420 | ||
Commitment to issue shares - Note 12 | - | 312,757 | ||
Reserves - Note 12 | 2,331,752 | 1,068,964 | ||
Deficit | (9,179,145) | (6,204,758) | ||
Total Shareholders' Equity | 607,170 | 1,861,383 | ||
Total Liabilities and Shareholders' Equity | $ | 4,329,786 | $ | 4,392,452 |
Going Concern - Note 2
APPROVED ON BEHALF OF THE BOARD OF DIRECTORS: | |||
"Sunny Gurnani" | Director | "Geoff Balderson" | Director |
3 | P a g e
See accompanying notes to the financial statements
PLANT VEDA FOODS LTD.
CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited - Expressed in Canadian Dollars)
Three months ended | Six months ended | |||||||
June 30, | June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Revenue - Note 17 | $ | 66,131 | $ | 64,243 | $ | 108,336 | $ | 115,442 |
Costs of goods sold | 66,770 | 73,351 | 109,856 | 112,670 | ||||
Gross profit | (639) | (9,108) | (1,520) | 2,772 | ||||
Expenses | ||||||||
Automotive and logistics | 8,937 | 16,732 | 25,532 | 21,992 | ||||
Depreciation - Notes 7 and 10 | 105,577 | 66,296 | 196,853 | 82,354 | ||||
General and administrative - Note 13 | 149,955 | 80,304 | 347,913 | 98,447 | ||||
Marketing and investor relations | 34,673 | 258,682 | 381,512 | 308,172 | ||||
Professional fees - Note 13 | 143,061 | 231,900 | 292,976 | 372,326 | ||||
Share based compensation - Note 13 | 192,814 | 1,290,025 | 1,346,499 | 1,676,357 | ||||
Wages and benefits - Note 13 | 242,490 | 75,477 | 474,966 | 113,939 | ||||
(877,507) | (2,019,416) | (3,066,251) | (2,673,587) | |||||
Loss before other income (expenses) | (878,146) | (2,028,524) | (3,067,771) | (2,670,815) | ||||
Other income (expenses) | ||||||||
Other income - Note 10 | 80,797 | 22,019 | 113,816 | 29,089 | ||||
Income from government assistance - Note 9 | 108,484 | - | 122,165 | 10,429 | ||||
Interest accretion - Notes 9 and 10 | (91,036) | (57,450) | (151,723) | (76,848) | ||||
Deferred income tax recovery - Note 11 | 9,126 | - | 9,126 | - | ||||
Net and comprehensive loss for the year | $ | (770,775) | $ | (2,063,955) | $ | (2,974,387) | $ | (2,708,145) |
Loss per share - basic and diluted | $ | (0.02) | $ | (0.13) | $ | (0.10) | $ | (0.18) |
Weighted average number of shares outstanding - | 31,601,976 | 15,371,226 | 31,296,343 | 14,973,868 | ||||
basic and diluted |
4 | P a g e
See accompanying notes to the financial statements
PLANT VEDA FOODS LTD.
CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY For the period ended June 30, 2022 and 2021
(Unaudited - Expressed in Canadian Dollars)
Share capital | |||||||||||||
Issued | Commitment to | Special | Accumulated | ||||||||||
Shares | Amount | Issue Shares | Warrants | Reserves | Deficit | Total | |||||||
Balance, December 31, 2020 | 14,572,095 | $ | 250,090 | $ | - | $ | - | $ | - | $ | (204,444) | $ | 45,646 |
Special warrants issued | - | - | - | 1,095,227 | - | - | 1,095,227 | ||||||
Warrants issued | - | - | - | - | 909,435 | - | 909,435 | ||||||
Agent's warrants issued | - | - | - | - | 70,956 | - | 70,956 | ||||||
Share-based compensation | - | - | - | - | 782,072 | - | 782,072 | ||||||
Private placement | 4,829,393 | 4,104,984 | - | (1,062,785) | - | - | 3,042,199 | ||||||
Share issue cost | - | (575,450) | - | (32,442) | - | - | (607,892) | ||||||
Exercise of stock options | 40,000 | 34,000 | - | - | - | - | 34,000 | ||||||
Exercise of warrants | 100,000 | 20,000 | - | - | - | - | 20,000 | ||||||
Transfer of fair value on stock options exercised | - | 17,749 | - | - | (17,749) | - | - | ||||||
Transfer of fair value on warrants exercised | - | 6,003 | - | - | (6,003) | - | - | ||||||
Net and comprehensive loss | - | - | - | - | - | (2,708,145) | (2,708,145) | ||||||
Balance, June 30, 2021 | 19,541,488 | 3,857,376 | - | - | 1,738,711 | (2,912,589) | 2,683,498 | ||||||
Balance, December 31, 2021 | 29,519,336 | 6,684,420 | 312,757 | - | 1,068,964 | (6,204,758) | 1,861,383 | ||||||
Private placement | 432,692 | 225,000 | - | - | - | - | 225,000 | ||||||
Exercise of stock options | 20,000 | 17,000 | - | - | - | - | 17,000 | ||||||
Exercise of warrants | 1,683,786 | 336,757 | (312,757) | - | - | - | 24,000 | ||||||
Convertible note - Note 11 | 100,000 | 83,000 | - | - | 24,675 | - | 107,675 | ||||||
Share-based compensation | - | - | - | - | 1,346,499 | - | 1,346,499 | ||||||
Transfer of fair value on stock options exercised | - | 8,875 | - | - | (8,875) | - | - | ||||||
Transfer of fair value on warrants exercised | - | 99,511 | - | - | (99,511) | - | - | ||||||
Net and comprehensive loss | - | - | - | - | - | (2,974,387) | (2,974,387) | ||||||
Balance, June 30, 2022 | 31,755,814 | $ | 7,454,563 | $ | - | $ | - | $ | 2,331,752 | $ | (9,179,145) | $ | 607,170 |
5 | P a g e
See accompanying notes to the financial statements
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Plant Veda Foods Ltd. published this content on 29 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 08:43:11 UTC.
