ELEMENT LIFESTYLE RETIREMENT INC.
Unaudited Condensed Consolidated Interim Financial Statements
Three and Nine Months Ended February 28, 2021 and February 29, 2020
NOTICE TO READERS
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 the condensed consolidated interim financial statements have not been reviewed by an auditor. 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 unaudited condensed consolidated interim financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards for the preparation of unaudited condensed consolidated interim financial statements and are in accordance with International Accounting Standard 34 - Interim Financial Reporting. The Company's independent auditor has not performed a review of these unaudited condensed consolidated interim 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.
ELEMENT LIFESTYLE RETIREMENT INC. | |||||||||||||||||
INDEX | Page | ||||||||||||||||
FINANCIAL STATEMENTS | |||||||||||||||||
Unaudited Condensed Consolidated Interim Statements of Financial Position | ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ | ∙ | ∙ | ∙ | ∙ | ∙ ∙ | ∙ ∙ | 3 | |||||||||
Unaudited Condensed Consolidated Interim Statements of Income and Comprehensive Income ∙ ∙ ∙ | ∙ | ∙ | ∙ | ∙ | ∙ | ∙ ∙ | 4 | ||||||||||
Unaudited Condensed Consolidated Interim Statements of Changes in Equity | ∙ ∙ | ∙ | ∙ | ∙ ∙ | ∙ | ∙ | ∙ ∙ | ∙ | ∙ ∙ | ∙ | ∙ | ∙ | ∙ | ∙ | ∙ | 5 | |
Unaudited Condensed Consolidated Interim Statements of Cash Flows ∙ ∙ ∙ ∙ | ∙ ∙ | ∙ | ∙ | ∙ ∙ | ∙ | ∙ | ∙ ∙ | ∙ | ∙ ∙ | ∙ | ∙ | ∙ | ∙ | ∙ | ∙ | 6 | |
Notes to the Unaudited Condensed Consolidated Interim Financial Statements | ∙ ∙ | ∙ | ∙ | ∙ ∙ | ∙ | ∙ ∙ | ∙ | ∙ | ∙ ∙ | ∙ ∙ | ∙ | 7 - 15 |
ELEMENT LIFESTYLE RETIREMENT INC. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars)
As at | February 28, 2021 | May 31, 2020 | ||
ASSETS | ||||
Current | ||||
Cash | $ | 113,077 | $ | 335,908 |
Other receivables (Note 5 ) | 185,131 | 123,581 | ||
Note receivable | 204,247 | 704,247 | ||
Prepaid expenses | 22,341 | 14,053 | ||
Due from related parties (Note 11) | 1,617,827 | 1,892,474 | ||
Total current assets | 2,142,623 | 3,070,263 | ||
Long term investment | 19 | 19 | ||
Property and equipment (Note 6 ) | 146,601 | 283,018 | ||
Trade-marks | 27,147 | 27,147 | ||
Total assets | $ | 2,316,390 | $ | 3,380,447 |
LIABILITIES
Current
Accounts payable and accrued liabilities (Note 7 ) Customer deposit
Lease liabilities- current (Note 9)
Total current liabilities
Long term liabilities
Convertible debentures (Note 8 )
Lease liabilities - long term (Note 9)
Total long term liabilities
Total liabilities
SHAREHOLDERS' EQUITY
Share capital (Note 10)
Share issuance costs (Note 10) Reserve - options (Note 10)
Equity component of convertible debentures (Note 8) Contributed surplus (Note 10)
Deficit
$ | 81,816 | $ | 186,845 |
10,000 | 10,000 | ||
68,730 | 79,795 | ||
160,546 | 276,640 | ||
2,139,687 | 1,975,552 | ||
- | 48,400 | ||
2,139,687 | 2,023,952 | ||
2,300,233 | 2,300,592 | ||
9,166,702 | 9,166,702 | ||
(260,385) | (260,385) | ||
144,311 | 144,311 | ||
677,998 | 677,998 | ||
487,255 | 487,255 | ||
(10,199,724) | (9,136,026) |
Total shareholders' equity | 16,157 | 1,079,855 | |||
Total liabilities and shareholders' equity | $ | 2,316,390 | $ | 3,380,447 | |
On behalf of the Board | |||||
"John Gilbert" | Director | ||||
"Don Ho" | Director |
The accompanying notes are an integral part of these condensed interim financial statements. | 3 |
ELEMENT LIFESTYLE RETIREMENT INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(Unaudited - See Notice To Reader) (Expressed in Canadian dollars)
Three Months Ended | Nine Months Ended | |||||||
Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2021 | Feb 29, 2020 | |||||
REVENUE | ||||||||
Consulting fees | $ | 20,000 | $ | - | $ | 20,000 | $ | - |
Management fees | 60,000 | 60,000 | 180,000 | 60,000 | ||||
80,000 | 60,000 | 200,000 | 60,000 | |||||
EXPENSES | ||||||||
Accretion expenses | 56,173 | 50,503 | 164,135 | 147,566 | ||||
Advertising and promotion | 15,822 | 18,952 | 42,172 | 74,753 | ||||
Amortization | 46,786 | 48,736 | 139,682 | 145,414 | ||||
Consulting fees | - | 35,500 | 426 | 148,505 | ||||
General & administration | 36,712 | 51,170 | 139,714 | 150,702 | ||||
Interest expenses | 43,926 | 45,848 | 131,776 | 140,525 | ||||
Professional fees | 4,838 | 14,892 | 24,274 | 48,748 | ||||
Rent | 13,081 | 14,096 | 35,984 | 43,194 | ||||
Salaries, wages and benefits | 239,328 | 287,511 | 640,979 | 1,068,086 | ||||
Travel | 2,691 | 15,136 | 9,867 | 58,678 | ||||
459,358 | 582,344 | 1,329,010 | 2,026,171 | |||||
OTHER INCOME | ||||||||
Other income | (2,463) | 17,451 | 20,311 | 86,118 | ||||
Rental income | 15,000 | - | 45,000 | - | ||||
INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) | $ | (366,820) | $ | (504,893) | $ | (1,063,698) | $ | (1,880,053) |
Basic and diluted loss per common share | $ | (0.005) | $ | (0.007) | $ | (0.015) | $ | (0.027) |
Weighted average number of shares outstanding | 70,478,299 | 70,478,299 | 70,478,299 | 70,478,299 |
The accompanying notes are an integral part of these condensed interim financial statements
4
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