QUIZAM MEDIA CORPORATION
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
NOVEMBER 30, 2021 AND 2020
(Unaudited)
The accompanying unaudited interim financial statements have been prepared by Management of Quizam Media
CorporaTon 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 | ||||
November | As at | |||
30, | May 31, | |||
2021 | 2021 | |||
$ | $ | |||
ASSETS | ||||
Current | ||||
Cash and cash equivalents | 505,305 | 921,534 | ||
Accounts receivable | 59,071 | 67,761 | ||
Sales taxes recoverable | 7,070 | 4,724 | ||
Prepaid expenses and deposits | 119,721 | 84,938 | ||
Inventory (Note 3) | 208,818 | 120,835 | ||
Total current assets | 899,985 | 1,199,792 | ||
Property and equipment (Note 4) | 1,305,550 | 868,226 | ||
Total assets | 2,205,535 | 2,068,018 | ||
LIABILITIES | ||||
Current | ||||
Accounts payable and accrued liabilities | 442,465 | 382,630 | ||
Deferred revenue | 61,056 | 21,833 | ||
Due to related parties (Note 10) | 14,731 | 23,606 | ||
Lease liabilities - Current (Note 16) | 383,574 | 307,244 | ||
Total current liabilities | 901,826 | 735,313 | ||
Lease liabilities - Long-term (Note 16) | 798,861 | 455,265 | ||
Loan payable - Long-term (Note 15) | 60,000 | 60,000 | ||
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Total liabilities | 1,760,687 | 1,250,578 | ||
DEFICIENCY | ||||
Share capital (Note 5) | 24,792,167 | 24,245,652 | ||
Share subscriptions receivable | (5,000) | - | ||
Contributed surplus | 3,182,498 | 3,173,032 | ||
Deficit | (27,524,817) | (26,601,244) | ||
Total surplus/(deficiency) | 444,848 | 817,440 | ||
Total liabilities and deficiency | 2,205,535 | 2,068,018 | ||
Nature and continuance of operations (Note 1)
APPROVED ON BEHALF OF THE BOARD ON JANUARY 29, 2021
/s/ "Russ Rossi" | /s/ "Jim Rosevear" | ||
Russ Rossi, Director | Jim Rosevear, Director | ||
The Accompanying Notes are an Integral Part of the Consolidated Financial Statements
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QUIZAM MEDIA CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Expressed in Canadian dollars) (Unaudited - Prepared by Management)
Thre | Six | ||||||||
Three | e | Month | |||||||
Month | Mon | s | |||||||
s | ths | Six | Endin | ||||||
Endin | Endi | Months | g | ||||||
g | ng | Ending | Nove | ||||||
Novembe | Novemb | Novemb | mber | ||||||
r 30 | er 30 | er 30 | 30 | ||||||
2021 | 2020 | 2021 | 2020 | ||||||
$ | $ | $ | $ | ||||||
REVENUES | |||||||||
Training services and software sales | 95,826 | 72,559 | 177,246 | 127,451 | |||||
Consulting fees | - | - | - | - | |||||
Retail sales | 1,503,103 | 881,367 | 3,027,090 | 1,178,334 | |||||
1,598,929 | 953,926 | 3,204,336 | 1,305,785 | ||||||
EXPENSES | |||||||||
Accounting and legal (Note 10) | 113,990 | 92,231 | 169,044 | 144,157 | |||||
Automobile | 8,941 | 8,742 | 16,778 | 18,442 | |||||
Bank charges and finance fees | 22,932 | 10,816 | 43,324 | 29,565 | |||||
Depreciation | 119,783 | 26,016 | 213,495 | 100,329 | |||||
Investor and finance development (Note 10) | 51,155 | 16,595 | 80,311 | 34,473 | |||||
Management fees (Note 10) | 56,000 | 36,000 | 100,500 | 60,000 | |||||
Office and miscellaneous (Note 10 and 17) | 252,897 | 133,270 | 507,552 | 176,350 | |||||
On-Track TV development costs (Note 9 and | |||||||||
10) | 21,050 | 850 | 52,200 | 18,250 | |||||
Regulatory fees | 6,463 | 6,151 | 9,892 | 14,067 | |||||
Rent | 25,723 | - | 51,529 | 11,049 | |||||
Research and development (Note 10) | 63,556 | (20,525) | 140,706 | 59,675 | |||||
Retail inventory (Note 3) | 936,598 | 546,125 | 1,888,633 | 732,425 | |||||
Software development costs (Note 10) | 2,500 | 7,200 | 14,000 | 12,250 | |||||
Share-based compensation (Note 10) | - | - | 10,331 | 196,892 | |||||
Subcontractors (Note 10) | 46,219 | 83,820 | 70,902 | 198,116 | |||||
Th Accompanying Notes are an In | l Part of the Consolidated Financial Statements | 11,342 | |||||||
Telephone and internet | 7,613 | 5,322 | 14,496 |
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