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    SEV   CA84761T8692

SPECTRA7 MICROSYSTEMS INC.

(SEV)
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Spectra7 Microsystems : Q3 2021 Financial Statements

11/30/2021 | 01:51pm EST

Unaudited Condensed Interim Consolidated Financial Statements of

SPECTRA7 MICROSYSTEMS INC.

For the Three and Nine Months Ended September 30, 2021 and 2020

(Expressed in United States Dollars)

The accompanying unaudited condensed interim consolidated financial statements of Spectra7 Microsystems Inc. (the "Company") have been prepared by and are the responsibility of the Company's management and approved by the Board of Directors of the Company.

The Company's independent auditor has not performed a review of these unaudited condensed interim consolidated financial statements in accordance with standards established by the Canadian Institute of Chartered Professional Accountants for a review of interim financial statements by an entity's auditor.

SPECTRA7 MICROSYSTEMS INC. (Unaudited)

For the Three and Nine Months Ended September 30, 2021 and 2020

Table of Contents

Page

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss

1

Condensed Interim Consolidated Statements of Changes in Deficiency

2 - 3

Condensed Interim Consolidated Statements of Financial Position

4

Condensed Interim Consolidated Statements of Cash Flows

5

Notes to the Condensed Interim Consolidated Financial Statements

6 - 17

SPECTRA7 MICROSYSTEMS INC.

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Unaudited) Three and Nine Months Ended September 30, 2021 and 2020

(Expressed in United States Dollars)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2021

2020

2021

2020

$

$

$

$

Revenue

1,567,762

281,982

2,857,288

655,009

Cost of sales

667,979

126,122

1,210,869

293,327

Gross profit

899,783

155,860

1,646,419

361,682

Research and development, net of investment

1,006,147

2,442,179

tax credits including amortization of licenses

573,551

2,331,006

Sales and marketing

233,757

63,579

348,744

309,928

General and administrative

717,623

293,502

1,740,231

1,020,438

Depreciation of right-of-use assets

60,037

74,373

199,225

234,083

Depreciation of property and equipment

24,467

68,740

133,403

227,925

Share-based compensation

766,921

(11,849)

907,429

252,539

Interest on lease obligation of right-of-use

9,309

18,204

asset

5,342

25,875

Accretion expense (Note 5)

573,615

548,463

1,524,716

1,587,986

Foreign exchange loss (gain)

3,483

(4,842)

6,180

(46,807)

Gain on disposal of property and equipment

-

-

(6,500)

-

Total Expenses

3,395,359

1,610,859

7,313,811

5,942,973

Grant income

-

(206,546)

(739,470)

(776,085)

Net Loss

(2,495,576)

(1,248,453)

(4,927,922)

(4,805,206)

Other comprehensive loss:

Unrealized foreign currency translation

(78,550)

(187,939)

(152,483)

374,734

Total comprehensive loss

(2,574,126)

(1,436,392)

(5,080,405)

(4,430,472)

Loss per share

(0.12)

(0.27)

Basic and diluted

(0.13)

(0.44)

Weighted average number of common shares

outstanding

21,153,529

18,478,290

Basic and diluted

11,434,278

10,181,549

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

Page | 1

SPECTRA7 MICROSYSTEMS INC.

Condensed Interim Consolidated Statements of Changes in Deficiency (Unaudited)

Nine Months Ended September 30, 2021 and 2020

(Expressed in United States Dollars)

Convertible

debentures

Accumulated

Share-based

share

Subscription

other

Common

payment

conversion

received for

comprehensive

shares

reserve

option

Warrants

units

Deficit

loss

Total Equity

$

$

$

$

$

$

$

$

Balance, December 31, 2019

142,428,107

3,663,400

1,574,971

1,282,929

(4,104)

(160,831,092)

62,362

(11,823,427)

Shares issued under Restricted Share Unit plan

281,789

(281,789)

-

-

-

-

-

-

Subscription received for common shares

-

-

-

4,104

-

-

4,104

Units issued on March Private Placement (Note 6(a))

1,102,344

-

-

-

-

-

-

1,102,344

Units issued on July Private Placement (Note 6(b))

604,447

-

-

-

-

-

-

604,447

Allocation of warrants portion of July Units (Note 6(b)(i))

10,826

10,826

Share-based compensation expense

252,539

-

-

-

-

-

252,539

Settlement of Promissory Notes (Note 6(b)(v))

753,583

-

753,583

Total comprehensive loss

-

-

-

-

-

(4,805,206)

374,734

(4,430,472)

Balance, September 30, 2020

145,170,270

3,634,150

1,574,971

1,293,755

-

(165,636,298)

437,096

(13,526,056)

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

Page | 2

SPECTRA7 MICROSYSTEMS INC.

Condensed Interim Consolidated Statements of Changes in Deficiency (Unaudited)

Nine Months Ended September 30, 2021 and 2020

(Expressed in United States Dollars)

Convertible

debentures

Accumulated

Share-based

share

Subscription

other

Common

payment

conversion

received for

comprehensive

shares

reserve

option

Warrants

units

Deficit

loss

Total Equity

$

$

$

$

$

$

$

$

Balance, December 31, 2020

145,179,094

3,868,338

1,561,032

1,384,160

740,161

(166,988,726)

(20,681)

(14,276,622)

Shares issued under Restricted Share Unit plan

94,974

(94,974)

-

-

-

-

-

-

Subscription received for common shares

-

-

(740,161)

-

-

(740,161)

Units issued on January 2021 Private

Placement (Note 6(a))

2,991,914

-

-

-

-

-

-

2,991,914

Units issued on Spring 2021 Private Placement

(Note 6(b))

4,259,057

-

-

-

-

-

-

4,259,057

Allocation of warrants portion of January 2021

-

-

Units (Note 6(b)(i))

-

762,427

762,427

Allocation of warrants portion of Spring 2021

Units (Note 6(b)(i))

-

-

-

478,196

-

-

-

478,196

Conversions of convertible debt to shares

3,476,069

-

-

-

-

-

-

3,476,069

Share-based compensation expense

-

907,389

-

-

-

-

-

907,389

Shares issued upon exercise of stock options

16,680

-

-

-

-

-

-

16,680

Total comprehensive loss

-

-

-

-

-

(4,772,676)

(152,483)

(5,080,405)

Balance, September 30, 2021

156,017,788

4,680,753

1,561,032

2,624,783

-

(171,916,648)

(173,164)

(7,205,456)

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

Page | 3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Spectra7 Microsystems Inc. published this content on 30 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 18:50:05 UTC.


© Publicnow 2021
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Sales 2020 1,03 M - -
Net income 2020 -6,16 M - -
Net Debt 2020 9,90 M - -
P/E ratio 2020 -2,37x
Yield 2020 -
Capitalization 36,2 M 36,1 M -
EV / Sales 2019 3,62x
EV / Sales 2020 25,4x
Nbr of Employees 40
Free-Float 84,0%
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