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Pool Safe : Q2 2023 Financials - June 30, 2023
Pool Safe : Q2 2023 Financials - June 30,
About this update from Pool Safe, Inc.
CONSOLIDATED INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 (EXPRESSED IN CANADIAN DOLLARS) Notice to Reader The accompanying unaudited condensed interim financial statements of Pool Safe Inc. (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim financial statements have not been reviewed by the Company's auditors. POOL SAFE INC. CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 (EXPRESSED IN CANADIAN DOLLARS - UNAUDITED) INDEX PAGE Consolidated Interim Condensed Statements of Financial Position 1 Consolidated Interim Condensed Statements of Operations and Comprehensive Loss 2 Consolidated Interim Condensed Statements of Changes in Equity 3 Consolidated Interim Condensed Statements of Cash Flows 4 Notes to the Consolidated Interim Condensed Financial Statements 5 Pool Safe Inc. Consolidated Condensed Interim Statements of Financial Position (Expressed in Canadian Dollars - Unaudited) June 30, December 31, AS AT Note 2023 2022 ASSETS Current Cash and cash equivalents $ 801,248 $ 221,096 Receivables 5 243,825 33,343 Prepaids 69,349 - Inventory 6 244,555 210,532 Total current assets 1,358,977 464,971 Equipment 7 129,823 156,140 Revenue share assets 8 683,493 599,793 TOTAL ASSETS $ 2,172,293 $ 1,220,904 LIABILITIES AND EQUITY Current Trade payables and other liabilities 9 &14 $ 171,210 $ 258,006 Current portion of lease liability 10 32,020 33,464 Promissory notes 12 - - Current portion of loans 11 1,010,000 993,399 Total current liabilities 1,213,266 1,284,869 Lease liability 10 27,430 45,337 Long term portion of loans payable 11 2,066,049 902,990 Total liabilities 3,306,745 2,233,196 Going concern 2(a) Subsequent event 20 Shareholders' Equity Share capital 13 4,055,837 4,033,337 Warrants 417,741 221,899 Reserves 444,132 393,365 Accumulated deficit (6,052,126) (5,660,893) Total equity (1,134,416) (1,012,292) TOTAL LIABILITIES AND EQUITY $ 2,172,293 $ 1,220,904 These consolidated financial statements are approved on behalf of the Board of Directors: (Signed) "David Berger" Director (Signed) "Steven Glaser" Director The accompanying notes are an integral part of these consolidated condensed interim financial statements 1 Pool Safe Inc. Consolidated Condensed Interim Statements of Operations and Comprehensive Loss (Expressed in Canadian Dollars - Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 $ $ $ $ Revenue 322,484 260,044 414,597 330,420 Cost of Sales 127,698 58,347 249,031 137,633 Gross Profit 194,786 201,697 165,566 192,787 Expenses Selling, general and administrative 143,262 125,278 256,303 203,218 Stock-based compensation 2,193 - 50,767 - Professional fees 5,850 17,721 40,775 23,621 Regulatory 4,662 6,566 19,443 8,082 Advertising and promotion 20,823 - 26,041 3,654 Depreciation and amortization 1,624 7,721 6,496 17,717 Foreign exchange loss (gain) (2,827) 337 (3,061) 329 Interest and accretion expense 80,389 31,715 160,035 80,714 255,976 189,338 556,799 337,335 Net gain (loss) and comprehensive (61,190) 12,359 (391,233) (144,548) gain (loss) Weighted average shares outstanding, 89,979,750 89,229,750 89,433,794 89,229,750 basic and diluted Basic and diluted loss per share (0.00) 0.00 (0.00) (0.00) The accompanying notes are an integral part of these consolidated condensed interim financial statements 2 Pool Safe Inc. Consolidated Condensed Interim Statements of Changes in Shareholders' Equity (Expressed in Canadian Dollars - Unaudited) Share- based Number Share payments Accumulated of shares Capital Warrants reserve deficit Total Balance at December 31, 2021 89,229,750 $ 4,033,337 $ 136,269 $ 337,782 $ (5,005,266) $ (497,878) Warrants expired - - (58,059) - 58,059 - Net loss - - - - (144,548) (144,548) Balance at June 30, 2022 89,229,750 4,033,337 78,210 337,782 (5,091,755) (642,426) Warrants issued for debt financing - - 143,689 - - 143,689 Stock-based compensation - - - 55,583 - 55,583 Net loss - - - - (569,138) (569,138) Balance at December 31, 2022 89,229,750 4,033,337 221,899 393,365 (5,660,893) (1,012,292) Shares issued 750,000 22,500 - - - - Warrants issued for debt financing - - 195,842 - - 195,842 Stock-based compensation - - - 50,767 - 50,767 Net loss - - - - (391,233) (391,233) Balance at June 30, 2023 89,979,750 $ 4,055,837 $ 417,741 $ 444,132 $ (6,052,126) $ (1,134,416) The accompanying notes are an integral part of these consolidated condensed interim financial statements 3