CONSOLIDATED FINANCIAL STATEMENTS Nine Months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars)
[Notice: These interim condensed consolidated financial statements have not been audited or
reviewed by Novra's independent auditor.]
Table of Contents
Condensed Consolidated Statements of Financial Position 3
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 4
Condensed Consolidated Statements of Changes in Shareholders' Equity 5
Condensed Consolidated Statements of Cash Flows 6
Notes to Consolidated Financial Statements:
Note 1 - General Information 7
Note 2 - Basis of Preparation and Presentation 7
Note 3 - Current Assets 8
Note 4 - Right-of-use Assets 8
Note 5 - Related Party Transactions 8
Note 6 - Borrowings 10
Note 7 - Shareholders' Equity 11
Note 8 - Depreciation and Amortization 11
Note 9 - Finance Income and Finance Costs 12
Note 10 - Revenues 12
Note 11 - Commitments and Contingent Liabilities 13
Note 12 - Convertible Loan Agreement 13
NOVRA TECHNOLOGIES INC. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(Canadian dollars)
NOTES | September 30, 2025 | December 31, 2024 | |
ASSETS | |||
Current Assets | |||
Cash | 3(a) | 1,531,857 | 1,079,684 |
Trade and other receivables | 3(b) | 880,031 | 414,348 |
Sub-lease receivable - current portion | 5,139 | 47,627 | |
Inventories | 897,554 | 991,796 | |
Prepayments and other | 32,155 | 5,376 | |
Total Current Assets | 3,346,736 | 2,538,831 | |
Non-Current Assets | |||
Equipment | 87,212 | 142,590 | |
Right-of-use assets | 4 | 984,183 | 1,124,108 |
Intangible assets | 1,719,240 | 1,627,517 | |
Total Non-Current Assets | 2,790,635 | 2,894,215 | |
TOTAL ASSETS | $ 6,137,371 | $ 5,433,046 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current Liabilities | |||
Trade and other payables | $ 787,697 | 1,646,509 | |
Borrowings | 6 | 171,495 | 263,530 |
Lease liabilities | 11(a) | 350,005 | 313,090 |
Customer deposits | 390,953 | 94,912 | |
Deferred revenue - current portion | 1,073,809 | 888,424 | |
Advances from related parties | 5(c) | 1,832,529 | 1,682,098 |
Total Current Liabilities | 4,606,488 | 4,888,563 | |
Non-Current Liabilities | |||
Borrowings | 6 | 2,207,023 | 2,284,679 |
Lease liabilities | 11(a) | 925,935 | 1,162,049 |
Deferred revenue | 221,878 | 249,230 | |
Promissory notes from related party | 5(d) | 1,393,480 | 1,343,464 |
Total Non-Current Liabilities | 4,748,316 | 5,039,422 | |
TOTAL LIABILITIES | 9,354,804 | 9,927,985 | |
Equity | |||
Share capital | 7 | 8,053,749 | 7,372,749 |
Contributed surplus | 500,576 | 500,576 | |
Accumulated other comprehensive gain (loss) | (96,630) | (184,304) | |
Accumulated deficit | (11,455,009) | (12,019,550) | |
TOTAL EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF NOVRA | (2,997,314) | (4,330,529) | |
Non-Controlling Interests | (220,119) | (164,410) | |
TOTAL EQUITY | (3,217,433) | (4,494,939) | |
TOTAL LIABILITIES AND EQUITY | $ 6,137,371 | $ 5,433,046 | |
The accompanying notes are an integral part of these Consolidated Financial Statements
NOVRA TECHNOLOGIES INC. CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)(UNAUDITED)
(Canadian dollars, except share data)
Quarter ended September 30, Nine months ended September 30,
NOTES | 2025 | 2024 | 2025 | 2024 |
REVENUE 10 COST OF REVENUE | $ 1,211,547 438,638 | $ 702,551 292,066 | $ 3,969,317 1,891,942 | $ 2,487,929 1,243,925 |
GROSS PROFIT | 772,909 | 410,485 | 2,077,375 | 1,244,004 |
OPERATING EXPENSES | ||||
General and administrative | 278,284 | 200,453 | 728,814 | 911,967 |
Sales and marketing | 165,447 | 171,014 | 535,500 | 666,534 |
Research and development | 455,896 | 350,474 | 856,058 | 1,124,691 |
Total operating expenses | 899,627 | 721,941 | 2,120,372 | 2,703,192 |
OPERATING INCOME (LOSS) | (126,718) | (311,456) | (42,997) | (1,459,188) |
Other Income (Expenses) | ||||
Foreign exchange gain (loss) | 27,248 | (7,725) | 12,206 | 19,034 |
Finance income 9(a) | (5,137) | 49 | 658,658 | 173 |
Finance costs 9(b) | (39,542) | (41,873) | (119,036) | (132,881) |
INCOME (LOSS) BEFORE INCOME TAXES | (144,148) | (361,005) | 508,832 | (1,572,862) |
Income tax recovery (expense) | - | - | - | - |
NET INCOME (LOSS) | $ (144,148) | $ (361,005) | $ 508,832 | $ (1,572,862) |
OTHER COMPREHENSIVE INCOME, NET OF TAXES Foreign Currency Translation Adjustments on Wegener Consolidation | (33,717) | 34,833 | 87,674 | (31,729) |
Total other comprehensive income, net of taxes | (33,717) | 34,833 | 87,674 | (31,729) |
COMPREHENSIVE INCOME (LOSS) | $ (177,865) | $ (326,172) | $ 596,506 | $ (1,604,591) |
EARNINGS (LOSS) PER SHARE: | ||||
Basic | $ (0.0025) | $ (0.0079) | $ 0.0169 | $ (0.0373) |
Diluted | $ (0.0025) | $ (0.0079) | $ 0.0169 | $ 0.0373 |
Weighted average number of shares outstanding - basic | 33,420,293 | 33,420,293 | 33,420,293 | 33,420,293 |
Weighted average number of shares outstanding - diluted | 33,420,293 | 33,420,293 | 33,420,293 | 33,420,293 |
NET INCOME (LOSS) ATTRIBUTABLE TO : | ||||
Shareholders of Novra | $ (83,068) | $ (263,351) | $ 564,541 | $ (1,248,172) |
Non-controlling interest | (61,080) | (97,654) | (55,709) | (324,690) |
$ (144,148) | $ (361,005) | 508,832 | (1,572,862) | |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO: | ||||
Shareholders of Novra | $ (116,786) | $ (228,518) | $ 652,214 | $ (1,279,901) |
Non-controlling interest | (61,080) | (97,654) | (55,709) | (324,690) |
$ (177,865) | $ (326,172) | $ 596,506 | $ (1,604,591) |
The accompanying notes are an integral part of these Consolidated Financial Statements
NOVRA TECHNOLOGIES INC.CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Accumulated | ||||||
Number of | Other | Non- | Total | |||
Common | Common | Contributed | Comprehensive | Accumulated | Controlling | Shareholders' |
NOTES Shares | Shares | Surplus | Loss | Deficit | Interest | Equity |
(Canadian dollars, except share data)
At January 1, 2025 Total Less: common shares held by subsidiary | 35,420,293 (2,000,000) | $ 7,632,749 $ $ (260,000) | 500,576 $ | (184,304) $ | (12,019,550) $ | (164,410) $ | (4,234,939) (260,000) | |
33,420,293 | 7,372,749 | 500,576 | (184,304) | (12,019,550) | (164,410) | (4,494,939) | ||
Net income (loss) | - | - | - | - | 564,541 | (55,709) | 508,832 | |
Change in foreign currency translation | - | - | - | 87,674 | - | - | 87,674 | |
Shares paid for in advance | 7(a) | - | 681,000 | - | - | - | - | 681,000 |
Share based compensation | - | - | - | - | - | - | - | |
Options Exercised | - | - | - | - | - | - | - | |
Cancellation of common shares | - | - | - | - | - | - | - | |
At September 30, 2025 | 33,420,293 | $ 8,053,749 $ | 500,576 $ | (96,630) $ | (11,455,009) $ | (220,119) $ | (3,217,433) | |
At January 1, 2024 | |||||||
Total | 35,420,293 | $ 7,632,749 $ | 500,576 $ | 13,900 $ | (10,713,049) | $ 208,828 $ | (2,356,996) |
Less: common shares held by subsidiary | (2,000,000) | $ (260,000) | (260,000) | ||||
33,420,293 | 7,372,749 | 500,576 | 13,900 | (10,713,049) | 208,828 | (2,616,996) | |
Net income (loss) | - | - | - | - | (1,248,172) | (324,690) | (1,572,862) |
Change in foreign currency translation | - | - | - | (31,729) | - | - | (31,729) |
Share based compensation | - | - | - | - | - | - | - |
Options Exercised | - | - | - | - | - | - | - |
Cancellation of common shares | - | - | - | - | - | - | - |
At September 30, 2024 | 33,420,293 | $ 7,372,749 $ | 500,576 $ | (17,829) $ | (11,961,221) | $ (115,862) $ | (4,221,587) |
Accumulated | |||||||
Number of | Other | Non- | Total | ||||
Common | Common | Contributed | Comprehensive | Accumulated | Controlling | Shareholders' | |
NOTES | Shares | Shares | Surplus | Loss | Deficit | Interest | Equity |
The accompanying notes are an integral part of these Consolidated Financial Statements