TELESCOPE INNOVATIONS CORP. TELESCOPE INNOVATIONS CORP.
(formerly CULMINA VENTURES CORP.)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS PERIODS ENDED MAY 31, 2021 AND MAY
31, 2020
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED)
TELESCOPE INNOVATIONS CORP. (formerly CULMINA VENTURES CORP.)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION AS AT MAY 31, 2021 AND AUGUST 31, 2020
(Expressed in Canadian Dollars)
MAY 31, | AUGUST 31, | |||
2021 | 2020 | |||
ASSETS | (Unaudited) | (Audited) | ||
Current | ||||
Cash | $ | 4,332,563 | $ | 49,071 |
Amounts receivable | 18,420 | - | ||
Prepaid expenses | 19,964 | - | ||
4,370,947 | 49,071 | |||
Non-Current | ||||
Equipment (Note 6) | 93,752 | - | ||
TOTAL ASSETS | $ | 4,464,699 | $ | 49,071 |
LIABILITIES | ||||
Current | ||||
Accounts payable and accrued liabilities (Note 8) | $ | 122,937 | $ | 41,049 |
Promissory notes (Note 9) | 7,070 | - | ||
EQUITY | 130,007 | 41,049 | ||
Common shares (Note 7) | 8,062,201 | - | ||
Share subscriptions received in advance (Note 7) | - | 261,000 | ||
Share subscriptions receivable (Note 7) | (5,000) | - | ||
Accumulated deficit | (3,722,509) | (252,978) | ||
TOTAL EQUITY | 4,334,692 | 8,022 | ||
TOTAL LIABILITES AND EQUITY | $ | 4,464,699 | $ | 49,071 |
CORPORATE INFORMATION AND CONTINUANCE OF OPERATIONS (Note 1)
Approved by the Board on August 30, 2021:
"Robert Mintak" | "J. Andrew Robinson" | |
Director | Director |
(The accompanying notes are an integral part of these condensed consolidated interim financial statements.)
2
TELESCOPE INNOVATIONS CORP. (formerly CULMINA VENTURES CORP.)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS FOR THE THREE AND NINE MONTHS PERIODS ENDED MAY 31, 2021 AND MAY 31, 2020
(Expressed in Canadian Dollars) - Unaudited
Three months ended | Nine months ended | ||||
May 31, | May 31, | May 31, | May 31, | ||
2021 | 2020 | 2021 | 2020 | ||
EXPENSES | $ | $ | $ | $ | |
Business development | 22,481 | 6,394 | 54,957 | 21,844 | |
Consulting | 84,009 | - | 84,009 | - | |
Listing expense (Note 5) | 3,058,752 | - | 3,058,752 | - | |
Office and miscellaneous | 22,236 | 309 | 26,234 | 471 | |
Patent | - | - | 12,545 | - | |
Professional fees (Note 8) | 41,903 | 403 | 91,891 | 403 | |
Research and development | 55,220 | 113,400 | 122,333 | 189,750 | |
Lab operations and supplies | 10,817 | - | 10,817 | - | |
Share-based payments (Note 7) | - | - | 8,504 | - | |
Foreign exchange | (303) | - | (511) | - | |
NET LOSS AND COMPREHENSIVE LOSS | (3,295,115) | (120,506) | (3,469,531) | (212,468) | |
BASIC AND DILUTED LOSS PER SHARE | (0.13) | (120,506) | (0.25) | (212,468) | |
WEIGHTED AVERAGE NUMBER OF | |||||
COMMON SHARES OUTSTANDING | |||||
- BASIC AND DILUTED | 24,846,576 | 1 | 13,842,136 | 1 |
(The accompanying notes are an integral part of these condensed consolidated interim financial statements.)
3
TELESCOPE INNOVATIONS CORP. (formerly CULMINA VENTURES CORP.)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY FOR THE NINE MONTHS PERIODS ENDED MAY 31, 2021 AND MAY 31, 2020
(Expressed in Canadian Dollars) - Unaudited
Common Shares | |||||||||||
Share | |||||||||||
Number of | Share | subscriptions | |||||||||
Common | subscriptions | received in | Accumulated | ||||||||
Shares | Amount | receivable | advance | Deficit | Total | ||||||
Balance at July 30, 2019 | |||||||||||
(Incorporation) | 1 | $ | - | $ | - | $ | - | $ | - | $ | - |
Share subscriptions received in | |||||||||||
advance | - | - | - | 211,000 | - | 211,000 | |||||
Net loss and comprehensive loss | - | - | - | - | (212,468) | (212,468) | |||||
Balance at May 31, 2020 | 1 | $ | - | $ | - | $ | 211,000 | $ | (212,468) | $ | (1,468) |
Balance at September 1, 2020 | 1 | $ | - | $ | - | $ | 261,000 | $ | (252,978) | $ | 8,022 |
Shares cancelled | (1) | - | - | - | - | - | |||||
Shares issued for services (Note 7) | 1,700,741 | 8,504 | - | - | - | 8,504 | |||||
Shares issued (Note 7) | 36,085,329 | 5,053,697 | (5,000) | (261,000) | - | 4,787,697 | |||||
Shares of ClearMynd exchanged for | (37,786,070) | - | - | - | - | - | |||||
shares of Telescope (Note 5) | 37,786,070 | - | - | - | - | - | |||||
Share exchange agreement (Note 5) | 10,000,000 | 3,000,000 | - | - | - | 3,000,000 | |||||
Net loss and comprehensive loss | - | - | - | - | (3,469,531) | (3,469,531) | |||||
Balance at May 31, 2021 | 47,786,070 | $ | 8,062,201 | $ | (5,000) | $ | - | $ | (3,722,509) | $ | 4,334,692 |
(The accompanying notes are an integral part of these condensed consolidated interim financial statements.)
4
TELESCOPE INNOVATIONS CORP. (formerly CULMINA VENTURES CORP.)
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS PERIODS ENDED MAY 31, 2021 AND MAY 31, 2020
(Expressed in Canadian Dollars) - Unaudited
2021 | 2020 | |||
CASH PROVIDED BY (USED IN): | ||||
OPERATING ACTIVITIES | ||||
Net loss | $ | (3,469,531) | $ | (212,468) |
Items not involving cash: | ||||
Share-based payments | 8,504 | - | ||
Listing expense | 3,058,752 | - | ||
Change in non-cash working capital items | ||||
Amounts receivable | (18,420) | - | ||
Prepaid expenses | (19,964) | - | ||
Accounts payable and accrued liabilities | 29,953 | 6,974 | ||
Cash used in operating activities | (410,705) | (205,494) | ||
INVESTING ACTIVITIES | ||||
Equipment purchases | (93,752) | - | ||
Cash used in investing activities | (93,752) | - | ||
FINANCING ACTIVITIES | ||||
Proceeds from the issuance of shares | 946,200 | - | ||
Share subscriptions received in advance | - | 211,000 | ||
Special warrant subscriptions, net | 3,841,497 | - | ||
Cash acquired on reverse acquisition transaction | 253 | - | ||
Cash provided by financing activities | 4,787,949 | 211,000 | ||
CHANGE IN CASH DURING THE PERIOD | 4,283,492 | 5,506 | ||
CASH, BEGINNING OF PERIOD | 49,071 | - | ||
CASH, END OF PERIOD | $ | 4,332,563 | $ | 5,506 |
Supplemental Cash Flow Information | ||||
Income taxes paid | $ | - | $ | - |
Interest paid | $ | - | $ | - |
(The accompanying notes are an integral part of these condensed consolidated interim financial statements.)
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Telescope Innovations Corp. published this content on 25 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2022 21:28:25 UTC.
