FluroTech Ltd.
Consolidated Financial Statements December 31, 2021
(In Canadian dollars)
Placeholder for MNP Audit Report
Consolidated Statements of Financial Position (In Canadian dollars)
As at December 31 Assets
Current assets
Cash
Term deposit (Note 17) Accounts receivable (Note 17) Prepaid expenses and deposits Assets held for sale (Note 14)
Total current assets
2021
2020
$
551,005 $ 30,210
616,920 -
27,681 10,441
34,434 22,786
- 25,000
643,330 675,147
Property and equipment (Note 5)
Total assets
Liabilities
Accounts payable and accrued liabilities (Note 17)
Shareholder loan (Note 7)
Total current liabilities
610,719 82,219
$
1,254,049
$
757,366
$
322,540 $ 126,780
267,583 -
449,320 267,583
CEBA loan (Note 6)
Total liabilities
25,423 21,545
474,743
289,128
Shareholders' equity Share capital (Note 8) Warrants (Note 9) Contributed surplus
Accumulated other comprehensive loss Deficit
Total shareholders' equity
Total liabilities and shareholders' equity
Going concern (Note 1)
Approved on behalf of the Board of Directors:
{Signed}
Sid Dutchak, Director
20,365,020
1,019,360
3,536,178
(103,044)
(24,038,208)
11,222,334
(13,401,208)
779,306
$
1,254,049
$
{Signed}
Dave Majeski, Director
164,329
2,482,783 -
468,238
757,366
Consolidated Statements of Loss and Comprehensive Loss (In Canadian dollars)
For the years ended December 31 Expenses
General and administrative Research and development Share-based compensation (Note 10) Depreciation (Note 5)
Total expenses
Other expenses (income)
Interest income
Share of FluroTest Systems Ltd. loss (Note 4)
Gain on step-acquisition (Note 4)
Goodwill impairment (Note 4)
Gain on disposal of property and equipment (Note 5)
Finance gain on CEBA loan (Note 6)
Accretion of CEBA loan (Note 6)
Loss from continuing operations
Loss from discontinued operations, net of tax (Note 14)
Loss for the year
Exchange differences on translation of subsidiary Comprehensive loss
2021
2020
$
1,160,868 $ 1,042,798
755,718 -
982,946 100,681
102,339 42,856
3,288,951
-
295,335
(27,501)
7,020,313
(14,468)
-
3,878
899,255
(22,825)
26,337 - - -
(20,772)
2,317
(10,566,508)
(70,492)
(884,312)
(1,790,045)
(10,637,000)
(103,044)
(2,674,357)
-
$
(10,740,044)
$
(2,674,357)
Loss per share - basic and diluted (Note 15) Continuing operations
Discontinued operations
$ $
(0.10) $ (0.02)
(0.00) $ (0.03)
Consolidated Statements of Changes in Shareholders' Equity (In Canadian dollars)
For the years ended December 31
Share capital (Note 8)
Balance, January 1
Unit private placement, net of issue costs
Warrants exercised, net of issue costs
Stock options exercised
Business combination (Note 4)
Balance, December 31 Warrants (Note 9) Balance, January 1
Warrants issued
Warrants exercised
Warrants expired
Balance, December 31
Contributed surplus Balance, January 1
Warrants expired (Note 9)
Share-based compensation (Note 10)
Stock options exercised (Note 10)
Stock options expired (Note 10)
Balance, December 31
Accumulated other comprehensive loss Balance, January 1
Exchange differences on translation of subsidiary Balance, December 31
Deficit
Balance, January 1
Stock options expired (Note 10)
Loss for the period
Balance, December 31
Total shareholders' equity
2021
$
11,222,334 $
1,396,232
1,408,699
380,474
5,957,281
20,365,020
164,329
1,456,360
(366,406)
(234,923)
1,019,360
2020
11,222,334 - - - - 11,222,334
1,161,345 - - (997,016) 164,329
2,482,783
234,923 997,016
982,946 100,681
(164,474)
- 3,536,178
- (103,044) (103,044)
(13,401,208)
-
(10,637,000) (24,038,208)
$
779,306
1,554,132
- (169,046) 2,482,783
- - -
(10,895,897)
169,046 (2,674,357) (13,401,208)
$
468,238
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