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    EASY   CA84730M1023

SPEAKEASY CANNABIS CLUB LTD.

(EASY)
Delayed CANADIAN NATIONAL STOCK EXCHANGE  -  02:07 2022-03-02 pm EST
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Speakeasy Cannabis Club : FS - year ended July 31

01/24/2022 | 12:54pm EDT

Speakeasy Cannabis Club Ltd.

CONSOLIDATED FINANCIAL STATEMENTS

For the years ended July 31, 2019 and 2018

(Expressed in Canadian Dollars)

INDEPENDENT AUDITOR'S REPORT

To the Shareholders of

Speakeasy Cannabis Club Ltd.

Opinion

We have audited the accompanying consolidated financial statements of Speakeasy Cannabis Club Ltd. (the "Company"), which comprise the consolidated statements of financial position as at July 31, 2019, and the consolidated statements of loss and comprehensive loss, cash flows and changes in shareholders' equity for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at July 31, 2019, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards ("IFRS").

Basis for Opinion

We conducted our audits in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note 2 of the consolidated financial statements, which indicates that the Company incurred losses totaling $34,384,895 since inception. As stated in Note 2, these events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Emphasis of Matter

We draw attention to Note 10 and 16 which describes the amounts paid on significant contracts, and Note 1 of the financial statements which describes the provincial securities commission investigation of the significant contracts and parties related thereto.

Other Matters

The consolidated financial statements of Speakeasy Cannabis Club Ltd. for the year ended July 31, 2018 were audited by DMCL who expressed an unmodified opinion on those statements on January 29, 2019.

Other Information

Management is responsible for the other information. The other information obtained at the date of this auditor's report includes Management's Discussion and Analysis.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We obtained Management's Discussion and Analysis prior to the date of this auditor's report. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process..

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

  • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
  • Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
  • Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
  • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

The engagement partner on the audit resulting in this independent auditor's report is Stephen Hawkshaw.

"DAVIDSON & COMPANY LLP"

Vancouver, Canada

Chartered Professional Accountants

November 28, 2019

Speakeasy Cannabis Club Ltd.

Consolidated Statements of Financial Position

(Expressed in Canadian Dollars)

As at July 31,

2019

2018

ASSETS

Current assets

Cash and equivalents

$

3,922,921

$

588,041

GST/HST recoverable

560,971

326,385

Due from a related party (note 10)

11,044

-

Prepaids

76,363

10,000

Construction deposit (note 7)

65,471

385,769

Total current assets

4,636,770

1,310,195

Non-current assets

Property, plant and equipment (note 7)

12,671,359

4,221,461

Total non-current assets

12,671,359

4,221,461

Total assets

$

17,308,129

$

5,531,656

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

Accounts payable and accrued liabilities (note 8)

$

3,012,161

$

912,258

Advances payable (note 9)

100,000

-

Total liabilities

3,112,161

912,258

Shareholders' equity

Common share capital (note 11)

38,604,300

19,989,543

Contributed surplus (note 11)

4,976,563

3,418,026

Commitment to issue shares (note 12)

5,000,000

1,624,289

Share subscriptions received in advance (note 11)

-

360,000

Deficit

(34,384,895)

(20,772,469)

Total shareholders' equity

14,195,968

4,619,398

Total liabilities and shareholders' equity

$

17,308,129

$

5,531,656

Nature of operations (note 1)

Going concern assumption (note 2)

Commitments and contingencies (note 12)

Subsequent events (note 19)

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

- 3 -

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Disclaimer

Speakeasy Cannabis Club Ltd. published this content on 24 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2022 17:53:04 UTC.


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Sales 2020 - - -
Net income 2020 -2,68 M -2,08 M -2,08 M
Net Debt 2020 2,85 M 2,21 M 2,21 M
P/E ratio 2020 -16,4x
Yield 2020 -
Capitalization 17,9 M 13,8 M 13,8 M
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Free-Float 79,7%
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Managers and Directors
Malcolm Davidson Chief Executive Officer
Patrick Alan Geen Director & Head-Grower
William Fleming Chairman
Frey Garabagi Director & Chief Scientific Officer
Deborah Cotter Secretary & Compliance Officer