Quizam Media : 2022 Q3 FS

About this update from Quizam Media Corp.

QUIZAM MEDIA CORPORATION CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED February 28, 2022 AND 2021 (Unaudited) The accompanying unaudited interim financial statements have been prepared by Management of Quizam Media Corporation and have not been reviewed by the Company's auditors QUIZAM MEDIA CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars) (Unaudited - Prepared by Management) As at As at February 28, May 31, 2022 2021 $ $ ASSETS Current Cash and cash equivalents 251,633 921,534 Accounts receivable 18,709 67,761 Sales taxes recoverable 9,357 4,724 Prepaid expenses and deposits 80,591 84,938 Inventory (Note 3) 235,963 120,835 Total current assets 596,253 1,199,792 Property and equipment (Note 4) 1,054,316 868,226 Total assets 1,650,569 2,068,018 LIABILITIES Current Accounts payable and accrued liabilities 393,477 382,630 Deferred revenue 32,009 21,833 Due to related parties (Note 10) 26,767 23,606 Lease liabilities - Current (Note 16) 275,640 307,244 Total current liabilities 727,893 735,313 Lease liabilities - Long-term (Note 16) 666,751 455,265 Loan payable - Long-term (Note 15) 60,000 60,000 Total liabilities 1,454,644 1,250,578 EQUITY Share capital (Note 5) 25,313,167 24,245,652 Share subscriptions receivable - - Contributed surplus 3,278,463 3,173,032 Deficit (28,395,705) (26,601,244) Total equity 195,925 817,440 Total liabilities and equity 1,650,569 2,068,018 Nature and continuance of operations (Note 1) Commitment (Note 17) APPROVED ON BEHALF OF THE BOARD ON APRIL 29, 2021 /s/ "Russ Rossi" Russ Rossi, Director /s/ "Jim Rosevear" Jim Rosevear, Director QUIZAM MEDIA CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Expressed in Canadian dollars) (Unaudited - Prepared by Management) Three Three Nine Nine Months Months Months Months Ending Ending Ending Ending February February February February 28 28 28 28 2022 2021 2022 2021 $ $ $ $ REVENUES Training services and software sales 147,328 113,178 324,574 240,629 Consulting fees - - - - Retail sales 1,599,709 1,192,761 4,626,799 2,371,095 1,747,037 1,305,939 4,951,373 2,611,724 EXPENSES Accounting and legal (Note 10) 39,266 13,947 208,310 158,104 Automobile 13,452 14,058 30,230 32,500 Bank charges and finance fees 23,585 13,100 66,909 42,665 Depreciation 121,166 54,468 334,661 154,797 Investor and finance development (Note 10) 79,168 68,317 159,479 102,789 Management fees (Note 10) 63,200 36,500 163,700 96,500 Office and miscellaneous (Note 10 and 17) 581,808 214,152 1,089,360 395,558 On-Track TV development costs (Note 9 and 10 ) 27,850 45,750 80,050 64,000 Regulatory fees 3,972 23,667 13,863 37,735 Rent 17,641 - 69,170 5,995 Research and development (Note 10) 60,494 70,835 201,200 130,510 Retail inventory (Note 3) 992,255 729,395 2,880,888 1,461,820 Software development costs (Note 10 ) 63,275 41,750 77,275 54,000 Share-based compensation (Note 10) 95,965 8,191 106,296 205,083 Subcontractors (Note 10) 54,125 55,480 125,027 253,595 Telephone and internet 7,323 10,266 21,819 21,608 Travel and business development (Note10 and 18) 59,745 31,403 385,202 124,221 Wages and benefits (Note 10 ) 247,596 163,451 676,628 369,716 Loss from termination of leases 66,039 0 66,039 0 2,617,925 1,594,730 6,756,106 3,711,196 LOSS BEFORE OTHER ITEMS (870,888) (288,791) (1,804,733) (1,099,472) OTHER ITEMS Other income - - 10,272 - NET LOSS AND COMPREHENSIVE LOSS (870,888) (288,791) (1,794,461) (1,099,472) LOSS PER SHARE BASIC AND DILUTED (0.04) (0.02) (0.09) (0.09) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 21,907,904 15,544,148 19,854,357 12,848,546 QUIZAM MEDIA CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in Canadian dollars) (Unaudited - Prepared by Management) Nine Months Nine Months Ending Ending February 28, February 28, 2022 2021 $ $ OPERATING ACTIVITIES Net loss (1,794,461) (1,099,472) Add back non-cash items: Depreciation 334,661 154,797 Share-based compensation 88,256 205,083 Lease interest expenses 62,810 - Loss from termination of leases 66,039 - (1,224,668) (739,591) Changes in non-cash working capital items: Accounts receivable 49,052 (59,990) Prepaid expenses and deposits 4,347 (65,083) Sales taxes recoverable (633) 6,210 Inventory (115,128) (99,938) Accounts payable and accrued liabilities 89,847 (343,912) Due to related parties 3,161 (260,607) Deferred revenue 10,176 19,583 CASH USED IN OPERATING ACTIVITIES (1,183,846) (1,543,329) FINANCING ACTIVITIES Repayment of principal portion of lease liability (285,570) (125,361) Issuance of common shares, net 903,650 2,029,000 CASH PROVIDED BY FINANCING ACTIVITIES 618,080 1,903,639 INVESTING ACTIVITIES Acquisition of property and equipment (104,135) (65,972) Loan repayments - (10,000) CASH USED IN INVESTING ACTIVITIES (104,135) (75,972) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (669,901) 284,338 CASH AND CASH EQUIVALENTS - BEGINNING 921,534 6,435 CASH AND CASH EQUIVALENTS - ENDING 251,663 290,773 SUPPLEMENTAL INFORMATION Interest paid - - Income tax paid - - The Accompanying Notes are an Integral Part of the Consolidated Financial Statements 4 QUIZAM MEDIA CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED FEBRUARY 28, 2022 AND 2021 (Expressed in Canadian dollars) (Unaudited - Prepared by Management) Number of Common Contributed Shares Amount Surplus Deficit $ $ $ May 31, 2020 5,947,704 21,083,180 2,750,976 (24,665,937) (831,781) Units issued for cash 9,610,000 1,999,000 - - 1,999,000 Share issuance costs - (147,014) 147,014 - - Shares issued for exercise of warrants 100,000 30,000 - - 30,000 Share-based compensation - - 205,083 - 205,703 Net loss for the period - - - (1,099,472) (1,099,472) As at February 28, 2021 15,657,704 22,965,166 3,103,073 (25,765,409) 302,830 As at May 31, 2021 18,213,971 24,245,652 3,173,032 (26,601,244) 817,440 Units issued for cash 6,000,000 800,000 - - 800,000 Share issued for exercise of warrants 337,500 101,250 - - 101,250 Share issued for exercise of options 6,000 3,265 (865) - 2,400 Share issued for debt 677,783 163,000 - - 163,000 Share-based compensation - - 106,296 - 106,296 Net loss for the period - - - (1,794,461) (1,794,461) As at February 28, 2022 25,277,678 25,313,167 3,278,463 (28,395,705) 195,925 Total $ 5 This is an excerpt of the original content. 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