THE BC BUD CORPORATION THE BC BUD HOLDINGS CORP.
(Formerly The BC Bud Corporation)
CONDENSED INTERIM FINANCIAL STATEMENTS
(Unaudited)
(Expressed in Canadian Dollars)
FOR THE SIX MONTHS ENDED AUGUST 31, 2021 AND 2020
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the condensed consolidated interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.
The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
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THE BC BUD HOLDINGS CORP.
(Formerly The BC Bud Corporation)
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited)
(Expressed in Canadian Dollars)
AS AT AUGUST 31, 2021 AND FEBRUARY 28, 2021
August 31, | February 28, | |||||||
2021 | 2021 | |||||||
ASSETS | ||||||||
Current | ||||||||
Cash | $ | 155,211 | $ | 340,429 | ||||
Goods services tax (GST) recoverable | 7,325 | 1,582 | ||||||
Prepaid expenses | 99,408 | 2,317 | ||||||
Inventory (Note 3) | 485 | 6,273 | ||||||
262,429 | 350,601 | |||||||
Machinery and equipment (Note 4) | 66,881 | 68,591 | ||||||
Intangible assets (Note 5) | 7,674 | 1,340 | ||||||
$ | 336,984 | $ | 420,532 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current | ||||||||
Accounts payable and accrued liabilities | $ | 34,722 | $ | 26,416 | ||||
Provincial sales tax (PST) payable | - | 35 | ||||||
Due to shareholder (Note 8) | - | 14 | ||||||
34,722 | 26,465 | |||||||
Loan payable (Notes 6 and 8) | 89,117 | 85,761 | ||||||
123,839 | 112,226 | |||||||
Shareholders' equity | ||||||||
Share capital (Note 7) | 351,340 | 351,340 | ||||||
Equity contribution from shareholder (Notes 7 and 8) | 15,358 | 15,358 | ||||||
Deficit | (153,553) | (58,392) | ||||||
213,145 | 308,306 | |||||||
$ | 336,984 | $ | 420,532 | |||||
NATURE OF OPERATIONS AND GOING CONCERN (Note 1) | ||||||||
SUBSEQUENT EVENT (Note 12) | ||||||||
Approved and authorized by the Board on October 25, 2021 | ||||||||
/s/ Brayden Sutton | Director | /s/ Josh Taylor | Director |
The accompanying notes are an integral part of these condensed interim financial statements.
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THE BC BUD HOLDINGS CORP.
(Formerly The BC Bud Corporation)
CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited)
(Expressed in Canadian Dollars)
FOR THE SIX MONTHS ENDED AUGUST 31, 2021 AND 2020
For the three | For the three | For the six | For the six | |||||
months | months | months | months | |||||
ended | ended | ended | ended | |||||
August 31, | August 31, | August 31, | August 31, | |||||
2021 | 2020 | 2021 | 2020 | |||||
EXPENSES | ||||||||
Accounting and legal | $ | 14,807 | $ | - | $ | 25,156 | $ | - |
Advertising and promotion | 22,384 | 6,659 | 33,224 | 6,659 | ||||
Amortization (Note 5) | 2,833 | - | 2,833 | - | ||||
Consulting | 9,150 | - | 16,369 | - | ||||
Depreciation (Note 4) | 1,710 | - | 1,710 | - | ||||
Filing fees | - | - | - | 430 | ||||
Office and administration | 2,979 | 242 | 4,188 | 242 | ||||
Product research and development | 7,875 | - | 7,875 | - | ||||
Rent | - | - | 450 | - | ||||
Total operating expenses | (61,738) | (6,901) | (91,805) | (7,331) | ||||
OTHER ITEM | ||||||||
Accretion expense (Note 6) | (1,882) | - | (3,356) | - | ||||
Loss and comprehensive for the period | $ | (63,620) | $ | (6,901) | $ | (95,161) | $ | (7,331) |
Basic and diluted loss per common share | $ | (0.01) | $ | (6,901) | $ | (0.01) | $ | (7,331) |
Weighted average number of | ||||||||
common shares outstanding | 12,500,000 | 1 | 12,500,000 | 1 |
The accompanying notes are an integral part of these condensed interim financial statements
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THE BC BUD HOLDINGS CORP.
(Formerly The BC Bud Corporation)
CONDENSED INTERIM STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in Canadian Dollars)
FOR THE SIX MONTHS ENDED AUGUST 31, 2021 AND 2020
2021 | 2020 | |||
Operating activities | ||||
Net loss for the period | $ | (95,161) | $ | (7,331) |
Items not involving cash: | ||||
Accretion expense | 3,356 | - | ||
Amortization expense | 2,833 | - | ||
Depreciation expense | 1,710 | - | ||
Changes in non-cash working capital: | ||||
GST recoverable | (5,743) | - | ||
PST payable | (35) | - | ||
Prepaid expenses | (97,091) | - | ||
Inventory | 5,788 | - | ||
Accounts payable and accrued liabilities | 8,306 | - | ||
Due to shareholder | (14) | 7,331 | ||
Cash used in operating activities | (176,051) | - | ||
Investing activity | ||||
Intangible asset purchases | (9,167) | - | ||
Cash used in investing activity | (9,167) | - | ||
Change in cash | (185,218) | - | ||
Cash, beginning of period | 340,429 | 1 | ||
Cash, end of period | $ | 155,211 | $ | 1 |
Supplemental cash flow disclosure |
There were no non-cash financing or investing transactions for the six months period ended August 31, 2021 and 2020.
The accompanying notes are an integral part of these condensed interim financial statements.
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Waterfront Capital Corporation published this content on 14 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2022 02:41:03 UTC.
