NOBLE IRON INC.
INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited) Expressed in Canadian Dollars
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021
AND 2020
NOBLE IRON INC.
CONTENTS
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | Page |
Management's comments on Unaudited Interim Condensed Consolidated Financial Statements | 1 |
Interim Condensed Consolidated Statements of Financial Position | 2 |
Interim Condensed Consolidated Statements of Comprehensive Income | 3 |
Interim Condensed Consolidated Statements of Changes in Shareholders' Equity | 4 |
Interim Condensed Consolidated Statements of Cash Flows | 5 |
Notes to Interim Condensed Consolidated Financial Statements | 6-14 |
MANAGEMENT'S COMMENTS ON
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the interim financial statements; they must be accompanied by a notice indicating that the interim financial statements have not been reviewed by an auditor.
The accompanying unaudited interim condensed consolidated financial statements of Noble Iron Inc. (the "Company") have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these interim condensed consolidated financial statements in accordance with standards established by the CPA Canada for a review of interim financial statements by an entity's auditor.
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NOBLE IRON INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
AS AT JUNE 30, 2021 AND DECEMBER 31, 2020
In Canadian Dollars
Notes | 2021 | 2020 | |
Assets | $ | $ | |
Current assets | |||
Cash | 5,136,648 | 5,470,634 | |
Trade receivables | 680,178 | 552,327 | |
Prepayment and other assets | 128,206 | 201,613 | |
Total current assets | 5,945,032 | 6,224,574 | |
Non-current assets | |||
Intangible assets | 23,770 | 35,071 | |
Property and equipment | 45,304 | 56,758 | |
Right of use assets | 27,064 | 57,424 | |
Total non-current assets | 96,138 | 149,253 | |
Total assets | 6,041,170 | 6,373,827 | |
Liabilities and Equity | |||
Current liabilities | |||
Trade and other payables | 670,157 | 905,465 | |
Contract liabilities | 240,615 | 194,185 | |
Lease liabilities | 35,660 | 67,789 | |
Total current liabilities | 946,432 | 1,167,439 | |
Non-current liabilities | |||
Lease liabilities | - | 5,502 | |
Long term note | 3 | 232,375 | 245,875 |
Total non-current liabilities | 232,375 | 251,377 | |
Total liabilities | 1,178,807 | 1,418,816 | |
Equity attributable to owners of the parent | |||
Share capital | 5 | 36,471,467 | 36,471,467 |
Other reserves | 4,519,461 | 4,519,374 | |
Accumulated other comprehensive income | 2,135,618 | 2,236,132 | |
Accumulated deficit | (38,264,183) | (38,271,962) | |
Total equity | 4,862,363 | 4,955,011 | |
Total equity and liabilities | 6,041,170 | 6,373,827 |
See Accompanying Notes to Interim Condensed Consolidated Financial Statements
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NOBLE IRON INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020
In Canadian Dollars
Three months ended | Six months ended | ||||
June 30, | June 30, | ||||
2021 | 2020 | 2021 | 2020 | ||
$ | $ | $ | $ | ||
Revenue | 1,677,292 | 1,537,648 | 3,258,571 | 2,893,852 | |
Cost of revenue | 149,732 | 83,857 | 237,547 | 207,336 | |
Gross profit | 1,527,560 | 1,453,791 | 3,021,024 | 2,686,516 | |
Operating expenses | |||||
General and administrative | 555,452 | 533,547 | 1,168,747 | 1,262,317 | |
Research and development | 447,907 | 298,811 | 862,778 | 779,404 | |
Sales and marketing | 194,671 | 160,651 | 344,027 | 535,711 | |
Support, maintenance and delivery | 245,302 | 178,824 | 546,321 | 478,721 | |
Income / (loss) from operations | 84,228 | 281,958 | 99,151 | (369,637) | |
Finance cost / (income) | |||||
Interest expense / (income) | 431 | (5,581) | 1,123 | (702) | |
Foreign exchange loss / (gain) | 56,794 | (112,910) | 90,249 | (304,862) | |
Income / (loss) before taxation | 57,225 | 400,449 | 91,372 | (64,073) | |
Income tax | - | - | - | - | |
Net income / (loss) | 27,003 | 400,449 | 7,779 | (64,073) | |
Other comprehensive loss | |||||
Item that may be subsequently reclassified to | |||||
profit or loss | |||||
Foreign currency translation adjustment | (53,834) | (196,585) | (100,514) | (28,209) | |
Total comprehensive (loss) / income | (26,831) | 203,864 | (92,735) | (92,282) | |
Income / (loss) per share | |||||
Basic and diluted | 0.00 | 0.01 | 0.00 | (0.00) |
See Accompanying Notes to Interim Condensed Consolidated Financial Statements
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