Interim financial statements:report - English

WESTBRIDGE ENERGY CORPORATION

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

FOR THE NINE MONTHS ENDED AUGUST 31, 2021

WESTBRIDGE ENERGY CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited, prepared by management and expressed in Canadian Dollars)

	Note	August		November
	31, 2021		30, 2020
ASSETS
Current
		$		$
Cash		4,477,441		-
Accounts receivable		-		1,000
Prepaid Expenses		12,045		-
GST receivable		2,400		825
		4,491,886		1,825
Non-current
Intangible assets	9	182,329		-
Right of use assets	10	26,539		32,994
TOTAL ASSETS	$	4,700,754	$	34,819
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY)
Liabilities
Current
		$		$
Accounts payable and accrued liabilities	8	226,978		21,143
Related party loan	5	-		17,750
Lease liabilities	11	11,007		9,974
		237,985		48,867
Non-current
Lease liabilities	11	6,934		6,934
Total liabilities		244,919		55,801
Shareholders' equity (deficiency)
Share capital	6	7,143,820		1,000
Contributed surplus	6	184,910		-
Deficit		(2,872,895)		(21,982)
Total shareholders' equity (deficiency)		4,455,835		(20,982)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY)	$	4,700,754	$	34,819

Basis of operations and going concern (Note 2)

Subsequent events (Note 13, 14)

Approved on behalf of the Board:

"Stefano Romanin"	Director
"Margaret McKenna"	Director

See accompanying notes to the consolidated financial statements.

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WESTBRIDGE ENERGY CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited, prepared by management and expressed in Canadian Dollars)

			For the three		For the nine
	Note		months ended,		months ended,
		August 31,		August 31,
			2021		2021
Operating expenses
Depreciation of right of use assets	10	$	(2,152)	$	(6,455)
Consultancy			10,789		(67,774)
Office and miscellaneous			(106,903)		(109,086)
Professional fees			(46,536)		(110,270)
Operating losses			(144,802)		(293,585)
Listing Expense on RTO	12		(2,549,665)		(2,549,665)
Foreign exchange gain			7,730		7,370
Interest expense	5, 11		(8,667)		(15,033)
Loss and comprehensive loss		$	(2,695,404)	$	(2,850,913)
Loss per share - basic and diluted			(0.04)		(0.14)
Weighted average number of common shares outstanding			62,459,577		20,826,526

See accompanying notes to the consolidated financial statements.

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WESTBRIDGE ENERGY CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (Unaudited, prepared by management and expressed in Canadian Dollars)

		For the nine		For the period
		months ended		ended
		August 31,		November 30,
		2021		2020
Operating activities		$		$
Loss for the period		(2,850,913)		(21,982)
Items not affecting cash
Depreciation		6,455		1,435
Interest expense		15,033		229
RTO listing expense		2,549,665		-
Changes in non-cash working capital items:
GST receivable		(783)		(825)
Prepaid expenses		10,729		-
Accounts payable and accrued liabilities		38,138		21,143
Cash flows provided by operating activities		(231,676)		-
Taxes paid		-		-
Net cash flows provided by operating activities		(231,676)		-
Financing activities
Proceeds from convertible loan		350,000		-
Interest paid		(14,000)		-
Proceeds from exercise of share options and warrants		156,000		-
Cash flows provided by financing activities		492,000		-
Investing Activities
Intangible assets		(43,592)		-
Cash acquired on RTO		4,260,709		-
Cash flows provided by investing activities		4,217,117		-
Increase in cash		4,477,441		-
Cash, beginning		-		-
Cash, ending	$	4,477,441	$	-
Supplemental disclosures with respect to cash flows:
Lease payments made by related parties	$	-	$	(17,750)
Intangible assets accrued through accounts payable and accrued		(138,737)		-
liabilities
Conversion of convertible debentures for common shares		(350,000)		-
Prepaid expenses allocated to share issuance costs on RTO		47,289		-
Subscription receipts converted to common shares		(4,007,500)		-

See accompanying notes to the consolidated financial statements.

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WESTBRIDGE ENERGY CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (DEFICIENCY) (Unaudited, prepared by management and expressed in Canadian Dollars)

Balance at October 7, 2020

Share Issuance Net loss for the period Balance at November 30, 2020

Westbridge common shares issued and outstanding at RTO Consideration shares issued to Georgetown Shareholders Adjustment for transaction (elimination of historical Westbridge balances) Conversion of the Convertible Debentures Adjustment for transaction (consideration transferred for Georgetown Shares) Private placement concurrent with RTO Finders Shares issuable on completion of the transaction Share issuance costs Replacement of existing Westbridge share options Replacement of existing Westbridge share warrants Options exercised Warrants exercised Loss for the period Balance at August 31, 2021

Number of Shares		Share Capital		Contributed Suplus		Deficit		Total
-	$	-		$	-	$	-	$	-
10,000		1,000			-		-		1,000
-		-			-		(21,982)		(21,982)
10,000		1,000					(21,982)		(20,982)
18,932,154		27,036,348			-		-		27,036,348
20,000,000		1,000			-		-		1,000
-		(27,037,348)			-		-		(27,037,348)
2,800,000		350,000			-		-		350,000
(10,000)		2,366,519			-		-		2,366,519
32,060,000		4,007,500			-		-		4,007,500
1,200,000		150,000			-		-		150,000
-		(47,289)			-		-		(47,289)
-		-			142,000		-		142,000
-		-			203,000		-		203,000
800,000		170,880			(90,880)		-		80,000
950,000		145,210			(69,210)		-		76,000
-		-			-		(2,850,913)		(2,850,913)
76,742,154		7,143,820	$		184,910	$	(2,872,895)		4,455,835

See accompanying notes to the consolidated financial statements.

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