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    TELI   CA87953P1080

TELESCOPE INNOVATIONS CORP.

(TELI)
Delayed CANADIAN NATIONAL STOCK EXCHANGE  -  02:21 2022-09-30 pm EDT
0.2400 CAD   -4.00%
09/06Telescope Innovations Corp. Appoints Dr. Jeffrey Sherman as Chief Operating Officer
CI
08/16Telescope Innovations : MD&A - 9 months May 31, 2022
PU
08/15Telescope Innovations : Updated August 15
PU
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Telescope Innovations : For Three and Nine Months Ended May 31, 2021

07/25/2022 | 05:29pm EDT

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

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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.


© Publicnow 2022
All news about TELESCOPE INNOVATIONS CORP.
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Financials
Sales 2021 - - -
Net income 2021 -4,03 M -2,93 M -2,93 M
Net cash 2021 3,29 M 2,40 M 2,40 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 11,7 M 8,53 M 8,53 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float -
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Income Statement Evolution
Managers and Directors
Jason E. Hein Chief Executive Officer & Director
John Robert Chisholm Chief Financial Officer & Secretary
Paloma Prieto Vice President-Operations
Robert Mintak Independent Director
James Andrew Robinson Independent Director
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