FluroTech Ltd.
Condensed Interim Consolidated Financial Statements September 30, 2021
(Unaudited)
(In Canadian dollars)
Notice of No Auditor Review of
Condensed Interim Financial Statements
In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed these unaudited condensed interim financial statements as at and for the three and nine months ended September 30, 2021.
FluroTech Ltd.
Condensed Interim Consolidated Statements of Financial Position (Unaudited)
(In Canadian dollars)
As at | September 30 | December 31 | ||
2021 | 2020 | |||
Assets | (audited) | |||
Current assets | ||||
Cash | $ | 1,104,989 | $ | 616,920 |
Accounts receivable (Note 7) | 10,441 | 10,441 | ||
Prepaid expenses and deposits | 8,149 | 22,786 | ||
Assets held for sale (Note 12) | 25,000 | 25,000 | ||
Total current assets | 1,148,579 | 675,147 | ||
Goodwill (Note 3) | 7,020,313 | - | ||
Property and equipment (Note 4) | 658,160 | 82,219 | ||
Total assets | $ | 8,827,052 | $ | 757,366 |
Liabilities | ||||
Accounts payable and accrued liabilities (Note 7) | $ | 564,127 | $ | 267,583 |
Shareholder loan (Note 6) | 127,410 | - | ||
Total current liabilities | 691,537 | 267,583 | ||
CEBA loan (Note 5) | 24,384 | 21,545 | ||
Total liabilities | 715,921 | 289,128 | ||
Shareholders' equity | ||||
Share capital (Note 8) | 20,365,020 | 11,222,334 | ||
Warrants (Note 9) | 1,217,740 | 164,329 | ||
Contributed surplus | 3,074,600 | 2,482,783 | ||
Accumulated other comprehensive loss | (98,851) | - | ||
Deficit | (16,447,378) | (13,401,208) | ||
Total shareholders' equity | 8,111,131 | 468,238 | ||
Total liabilities and shareholders' equity | $ | 8,827,052 | $ | 757,366 |
Going concern (Note 1) | ||
Approved on behalf of the Board of Directors: | ||
{Signed} | {Signed} | |
Sid Dutchak, Director | Dave Majeski, Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements. | 2 |
FluroTech Ltd.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
(Unaudited)
(In Canadian dollars)
Three months ended | Nine months ended | |||||||
September 30 | September 30 | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Expenses | ||||||||
Research and development | $ | 687,290 | $ | - | $ | 981,020 | $ | - |
General and administrative | 242,687 | 107,369 | 972,254 | 536,007 | ||||
Share-based compensation (Note 10) | 195,197 | 9,584 | 719,748 | 57,448 | ||||
Depreciation (Note 4) | 38,261 | 8,647 | 62,397 | 36,768 | ||||
Total expenses | 1,163,435 | 125,600 | 2,735,419 | 630,223 | ||||
Other expenses (income) | ||||||||
Interest income | - | (1,113) | - | (22,590) | ||||
Gain on disposal of property and | - | (5,264) | ||||||
equipment (Note 4) | - | - | ||||||
Accretion of CEBA loan (Note 5) | 996 | - | 2,839 | - | ||||
Share of FluroTest Systems Ltd. loss | - | 295,335 | ||||||
(Note 3) | - | - | ||||||
Gain on step-acquisition (Note 3) | - | - | (27,501) | - | ||||
Loss from continuing operations | (1,164,431) | (124,487) | (3,000,828) | (607,633) | ||||
Loss from discontinued operations | (473) | (45,342) | ||||||
(Note 12) | (176,683) | (1,016,305) | ||||||
Loss for the period | (1,164,904) | (301,170) | (3,046,170) | (1,623,938) | ||||
Exchange differences on translation | 8,586 | (98,851) | ||||||
of subsidiary | - | - | ||||||
Comprehensive loss | $ | (1,156,318) | $ | (301,170) | $ | (3,145,021) | $ | (1,623,938) |
Loss per share - basic and diluted | ||||||||
(Note 13) | ||||||||
Continuing operations | $ | (0.01) | $ | (0.00) | $ | (0.03) | $ | (0.01) |
Discontinued operations | $ | (0.00) | $ | (0.00) | $ | (0.00) | $ | (0.02) |
The accompanying notes are an integral part of these condensed interim consolidated financial statements. | 3 |
FluroTech Ltd.
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
(In Canadian dollars)
For the nine months ended September 30 | 2021 | 2020 | ||
Share capital (Note 8) | ||||
Balance, January 1 | $ | 11,222,334 | $ | 11,222,334 |
Unit private placement, net of issue costs | 1,396,232 | - | ||
Warrants exercised, net of issue costs | 1,408,699 | - | ||
Stock options exercised | 380,474 | - | ||
Business combination (Note 3) | 5,957,281 | - | ||
Balance, September 30 | 20,365,020 | 11,222,334 | ||
Warrants (Note 9) | ||||
Balance, January 1 | 164,329 | 1,161,345 | ||
Warrants issued | 1,456,360 | - | ||
Warrants exercised | (366,406) | - | ||
Warrants expired | (36,543) | (974,630) | ||
Balance, September 30 | 1,217,740 | 186,715 | ||
Contributed surplus | ||||
Balance, January 1 | 2,482,783 | 1,554,132 | ||
Warrants expired (Note 9) | 36,543 | 974,630 | ||
Share-based compensation (Note 10) | 719,748 | 57,448 | ||
Stock options exercised (Note 8) | (164,474) | - | ||
Balance, September 30 | 3,074,600 | 2,586,210 | ||
Accumulated other comprehensive loss | ||||
Balance, January 1 | - | - | ||
Exchange differences on translation of subsidiary | (98,851) | - | ||
Balance, September 30 | (98,851) | - | ||
Deficit | ||||
Balance, January 1 | (13,401,208) | (10,895,897) | ||
Loss for the period | (3,046,170) | (1,623,938) | ||
Balance, September 30 | (16,447,378) | (12,519,835) | ||
Total shareholders' equity | $ | 8,111,131 | $ | 1,475,424 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements. | 4 |
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