EnviroMetal Technologies : Condensed Consolidated Financial Statements

About this update from Envirometal Technologies Inc

Condensed Consolidated Financial Statements For the three and six-month periods ended June 30, 2022 and 2021 (Formerly EnviroLeach Technologies Inc.) (Unaudited, expressed in Canadian dollars) EnviroMetal Technologies Inc. Consolidated Statements of Financial Position (Unaudited, expressed in Canadian dollars) Management's Responsibility for Financial Reporting Responsibility for Financial Statements The accompanying unaudited condensed consolidated interim financial statements of EnviroMetal Technologies Inc. as at and for the three and six-month periods ended June 30, 2022, have been prepared by the Company's management. Recognizing that the Company is responsible for both the integrity and objectivity of the condensed consolidated interim financial statements, management is satisfied that these condensed consolidated interim financial statements have been fairly presented. The external auditors of the Company have not audited these condensed consolidated interim financial statements. EnviroMetal Technologies Inc. Consolidated Statements of Financial Position (Unaudited, expressed in Canadian dollars) June 30, December 31, 2022 2021 Assets Current assets Cash $ 1,451,512 $ 784,790 Trade and other receivables (Note 4) 183,585 434,921 Inventories (Note 5) 469,952 4,058,440 Assets held for sale (Note 6) 382,694 326,947 Prepaid expenses and deposits 164,139 155,546 2,651,882 5,760,644 Non-current assets Investment in Group 11 (Note 7) 111,987 301,665 Plant and equipment (Note 8) 2,283,861 2,169,295 2,395,848 2,470,960 Total assets $ 5,047,730 $ 8,231,604 Liabilities and equity Current liabilities Accounts payable and accrued liabilities (Note 10) $ 356,340 $ 4,405,623 Due to (from) related parties (Note 12) 65,351 62,264 Deferred revenues 22,419 38,125 Loan payable (Note 14) 40,000 40,000 Lease liabilities (Note 9) 306,457 322,025 Contingent liability (Note 20) 1,099,795 1,109,026 $ 1,890,362 $ 5,977,063 Non-current liabilities Lease liabilities (Note 9) 316,785 129,470 316,785 129,470 Total liabilities 2,207,147 6,106,533 Equity Share capital (Note 13) 32,195,808 29,726,904 Reserves (Note 13) 8,419,402 7,765,126 Contributed surplus (Note 15) 1,498,964 750,000 Accumulated deficit (39,273,591) (36,116,959) Equity attributable to shareholders 2,840,583 2,125,071 Non-controlling interest - - Total equity 2,840,583 2,125,071 Total liabilities and shareholders' equity $ 5,047,730 $ 8,231,604 Going concern (Note 1),Commitments (Note 20), and Subsequent Events (Note 21) The accompanying notes form an integral part of these consolidated financial statements. Approved by the Board of Directors of EnviroMetal Technologies Inc. on August 29, 2022: EnviroMetal Technologies Inc. Consolidated Statements of Loss and Comprehensive Loss For the three and six-month periods ended June 30, 2022 and 2021 (Unaudited, expressed in Canadian dollars) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Revenues Consulting revenue 33,198 (1,154) 81,648 3,977 Sale of precious and other metals (35,496) 563,121 3,672,020 601,191 (2,298) 561,967 3,753,668 605,168 Expenses Operating costs 28,786 (501,155) (3,582,735) (578,354) Management and Employee costs (509,548) (338,387) (1,034,925) (703,073) General and administration (Note 15) (415,488) (547,530) (963,604) (841,657) Share-based payments (Note 13) (428,160) - (428,160) - (1,324,410) (1,387,072) (6,009,424) (2,123,084) Loss before other items (1,326,708) (825,105) (2,255,756) (1,517,916) Other items Interest income 1,339 1,353 1,988 2,246 Interest and financing costs (11,741) (9,580) (21,814) (411,516) Amortization (Note 8) (455,681) (471,618) (643,315) (942,496) Loss on disposal of assets - (47,838) (20,523) (47,838) Unrealised loss on investment in associate (Note 7) (109,096) (49,274) (189,678) (60,660) Gain on settlement of advance royalty payable (Note 11) - - - 629,850 Expected credit loss (Note 20) - - - (117,104) Foreign exchange (23,281) (81,620) (27,528) (19,605) (598,460) (658,577) (900,870) (967,123) Loss and comprehensive loss (1,925,168) (1,483,682) (3,156,626) (2,485,039) Loss and comprehensive loss attributable to: Shareholders (1,925,165) (1,483,680) (3,156,626) (2,376,130) Non-controlling interest - - - (108,909) $ (1,925,165) $ (1,483,680) $ (3,156,626) (2,485,039) Net loss per common share, basic and diluted (0.018) (0.016) (0.030) (0.027) Weighted-average number of common shares outstanding, basic and diluted 107,928,458 93,696,002 103,858,333 93,529,427 The accompanying notes form an integral part of these consolidated financial statements. EnviroMetal Technologies Inc. Consolidated Statements of Changes in Equity For the six-month period ended June 30, 2022 and 2021 (Unaudited, expressed in Canadian dollars, except for number of shares amount) Share capital Reserves Share-based Contributed Accumulated Non-controlling Shares # Amount payments Warrants surplus deficit interest Total Equity Balance, January 1, 2022 93,696,002 $ 29,726,904 $ 5,343,452 $ 2,421,674 $ 750,000 $ (36,116,959) $ - $ 2,125,071 Adjustment - - - - - - - - Private placement of units (Note 13) 14,232,456 2,583,034 - 975,080 - - - 3,558,108 Share issuance costs (Note 13) - (114,130) - - - - - (114,130) Share based payments - - 428,160 - - - - 428,160 Transfer - - - (748,964) 748,964 - - - Net loss for the period - - - - - (3,156,626) - (3,156,626) Balance, June 30, 2022 107,928,458 $ 32,195,808 $ 5,771,612 $ 2,647,790 $ 1,498,964 $ (39,273,591) $ - $ 2,840,583 Share capital Reserves Share-based Contributed Accumulated Non-controlling Shares # Amount payments Warrants surplus deficit interest Total Equity Balance, January 1, 2021 93,046,002 29,447,944 5,323,802 2,421,674 750,000 - 24,630,185 1,121,068 $ 14,434,303 Issuance of shares for options 400,000 184,920 (84,920) - - - - 100,000 Shares issued for debt settlement (Note 11) 250,000 102,927 - - - - - 102,927 Share issuance costs (Note 13) - (8,307) - - - - - (8,307) Equity contribution from minority shareholder - - - - - - 114,293 114,293 Net loss for the period - - - - - (2,376,130) (108,907) (2,485,037) Balance, June 30, 2021 93,696,002 $ 29,727,484 $ 5,238,882 $ 2,421,674 $ 750,000 $ (27,006,315) $ 1,126,454 $ 12,258,179 This is an excerpt of the original content. 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