WI2WI CORPORATION Wi2Wi Corporation
Condensed Consolidated Interim Financial Statements
(Unaudited, expressed in US Dollars)
Six Month Period June 30, 2023 and June 30, 2022
Notice to Reader
These condensed consolidated interim financial statements of Wi2Wi Corporation for the six months ended June 30, 2023 have been prepared by Management and were authorized for issue in accordance with a resolution of the Board of directors on August 9, 2023. Wi2Wi Corporation's independent auditor has not performed a review of these condensed consolidated interim financial statements, in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entities auditors.
Toronto, Canada
August 25, 2023
Wi2Wi Corporation
Table of Contents
Condensed Consolidated Interim Financial Statements (Unaudited) | |
Unaudited Condensed Consolidated Interim Statements of Financial Position | 3 |
Unaudited Consolidated Interim Statements of Income (Loss) | 4 |
Consolidated Statements of Changes in Shareholders' Equity | 5 |
Unaudited Consolidated Interim Statements of Cash Flows | 6 |
Notes to unaudited Condensed Consolidated Interim Financial Statements | 7-24 |
Wi2Wi Corporation
Unaudited Condensed Consolidated Interim Statements of Financial Position
(In thousands of U.S. dollars)
June 30, | December 31, | |||
2023 | 2022 | |||
Assets | ||||
Current Assets | ||||
Cash | $ | 973 | $ | 1,022 |
Restricted cash (Note 22) | - | 500 | ||
Trade accounts receivable (Note 7) | 1,508 | 1,242 | ||
Inventories (Note 8) | 2,699 | 2,797 | ||
Investment in Legend Oil and Gas Ltd. | 1 | 1 | ||
Prepaid expenses and other current assets | 187 | 178 | ||
Total current assets | 5,368 | 5,740 | ||
Property and equipment (Note 9) | 761 | 847 | ||
Right of use assets (Note 10) | 2,158 | 2,416 | ||
Total Assets | $ | 8,287 | $ | 9,003 |
Liabilities | ||||
Current Liabilities | ||||
Accounts payable | $ | 810 | $ | 604 |
Accrued liabilities (Note 12) | 260 | 272 | ||
Current portion of lease obligations (Note 13) | 424 | 424 | ||
Current portion of note payable (Note 15) | 30 | 60 | ||
Total current liabilities | 1,524 | 1,360 | ||
Lease obligations (Note 13) | 1,991 | 2,213 | ||
Economic Injury Disaster Loan (Note 14) | 150 | 150 | ||
Total Liabilities | 3,665 | 3,723 | ||
Shareholders' Equity | ||||
Common shares (Note 17) | 29,092 | 29,092 | ||
Reserves (Note 18) | 3,836 | 3,836 | ||
Accumulated other comprehensive loss | (2) | (2) | ||
Accumulated deficit | (28,304) | (26,646) | ||
Total shareholders' equity | 4,622 | 5,280 | ||
Total Liabilities and Shareholders' Equity | $ | 8,287 | $ | 9,003 |
See accompanying notes to consolidated financial statements.
Approved on behalf of the Board of Directors:
/s/ Zachariah Mathews, CEO and Director | /s/ Gary DuBroc, Chairman |
3
Wi2Wi Corporation
Unaudited Consolidated Interim Statements of Income (Loss)
(In thousands of U.S. dollars, except net income per share)
Three Months | Six Months | |||||||
Ended June 30 | Ended June 30 | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Revenues | $ | 1,560 | $ | 1,561 | $ | 3,399 | $ | 3,153 |
Cost of revenues (Note 8,9 and 14) | 1,434 | 1,433 | 2,985 | 2,865 | ||||
Gross profit | 126 | 128 | 414 | 288 | ||||
Operating expenses (Note 19) | ||||||||
Research and development (Notes 9 and 14) | 86 | 94 | 171 | 191 | ||||
Selling, general and administrative (Notes 9 and 14) | 436 | 417 | 842 | 811 | ||||
Changes in fair value of investment in Legend Oil and Gas | - | - | - | - | ||||
Total operating expenses | 522 | 511 | 1,013 | 1,002 | ||||
Income (loss) from operations | (396) | (383) | (599) | (714) | ||||
Other Income (Expense) (Note 14) | 2 | (1) | 4 | (2) | ||||
Interest Income (Expense) | (31) | (42) | (63) | (81) | ||||
Income before income taxes | (425) | (426) | (658) | (797) | ||||
Provision for (benefit from) income tax | - | - | - | - | ||||
Net Income (loss) | $ | (425) | $ | (426) | $ | (658) | $ | (797) |
Net Income (loss) per share, basic and diluted (Note 17) | $ | (0.00) | $ | 0.00 | $ | (0.00) | $ | (0.00) |
See accompanying notes to consolidated financial statements.
4
Wi2Wi Corporation
Consolidated Statements of Changes in Shareholders' Equity
(In thousands of U.S. dollars, except per share data)
Accumulated | ||||||||||||
Common Shares | Other | Accumulated | Total | |||||||||
Reserves | Comprehensive | shareholders' | ||||||||||
Deficit | ||||||||||||
Loss | Equity | |||||||||||
Shares | Amount | |||||||||||
Balances, | 152,688,019 | $ | 29,057 | $ | 3,849 | $ | (2) | $ | (26,206) | $ | 6,698 | |
January 1, 2021 | ||||||||||||
Share-based compensation | 245,294 | 35 | (14) | - | - | 21 | ||||||
Net comprehensive loss | - | - | - | - | (204) | (204) | ||||||
Balances, | 152,933,313 | 29,092 | 3,835 | (2) | (26,410) | 6,515 | ||||||
December 31, 2021 | ||||||||||||
Share-based compensation | - | - | - | - | - | - | ||||||
Net comprehensive loss | - | - | - | - | (797) | (797) | ||||||
Balances, | 152,933,313 | $ | 29,092 | $ | 3,835 | $ | (2) | $ | (27,207) | $ | 5,718 | |
June 30, 2022 | ||||||||||||
Share-based compensation | - | - | 1 | - | - | 1 | ||||||
Net comprehensive loss | - | - | - | - | (439) | (439) | ||||||
Balances, | 152,933,313 | $ | 29,092 | $ | 3,836 | $ | (2) | $ | (27,646) | $ | 5,280 | |
December 31, 2022 | ||||||||||||
Share-based compensation | - | - | - | - | - | - | ||||||
Net comprehensive loss | - | - | - | - | (658) | (658) | ||||||
Balances, | 152,933,313 | $ | 29,092 | $ | 3,836 | $ | (2) | $ | (28,304) | $ | 4,622 | |
June 30, 2023 | ||||||||||||
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Wi2Wi Corporation published this content on 23 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 August 2023 07:38:02 UTC.
