BIOME GROW INC.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021
(UNAUDITED)
(Expressed in Canadian dollars)
Notice of Disclosure of Non-Auditor Review of the Condensed Interim Consolidated Financial Statements for the Three Months ended March 31, 2022 and 2021.
Pursuant to subsection 4.3(3)(a) of National Instrument 51-102 - Continuous Disclosure Obligations, issued by the Canadian Securities Administrators, if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated financial statements of Biome Grow Inc. (the "Company") for the interim period ended March 31, 2022 and 2021 have been prepared in accordance with the International Accounting Standard 34 - Interim Financial Reporting as issued by the International Accounting Standards Board, and are the responsibility of the Company's management.
The Company's independent auditors, Manning Elliot LLP, have not performed a review of these condensed interim consolidated financial statements.
May 30, 2022
BIOME GROW INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at March 31, 2022 and December 31, 2021
(Unaudited - Expressed in Canadian dollars)
Notes | 2022 | 2021 | |
$ | $ | ||
ASSETS | |||
Current assets | |||
Cash | 329,197 | 582,304 | |
Restricted cash | - | 897 | |
Goods and services tax receivable | 103,286 | 86,064 | |
Prepaid expenses and advances - current | 144,053 | 88,695 | |
Investments | 4 | 6,436,068 | 10,249,135 |
Total current assets | 7,012,604 | 11,007,095 | |
Prepaid expenses and advances | 44,348 | 66,521 | |
TOTAL ASSETS | 7,056,952 | 11,073,616 | |
LIABILITIES | |||
Current liabilities | |||
Accounts payable and accrued liabilities | 5, 10 | 1,129,852 | 1,138,584 |
Loans payable | 6, 10 | 3,510,178 | 3,506,295 |
Total liabilities | 4,640,030 | 4,644,879 | |
SHAREHOLDERS' EQUITY | |||
Share capital | 7 | 23,183,398 | 23,183,398 |
Reserves | 2,557,115 | 2,544,824 | |
Deficit | (23,323,591) | (19,299,485) | |
Total shareholders' equity | 2,416,922 | 6,428,737 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 7,056,952 | 11,073,616 |
Nature of operations and going concern (Note 1)
Subsequent event (Note 11)
These condensed interim consolidated financial statements were approved and authorized for issue by the Board of Directors on May 30, 2022. They are signed on the Company's behalf by:
"Khurram Malik" | "Mark Lievonen" | |
Director | Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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BIOME GROW INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME
For the three months ended March 31, 2022 and 2021
(Unaudited - Expressed in Canadian dollars, except number of shares)
Notes | 2022 | 2021 | |
$ | $ | ||
Operating expenses | |||
Professional fees | 10 | 49,605 | 28,648 |
Insurance | 41,116 | 29,599 | |
Share-based compensation | 7, 10 | 12,291 | 16,344 |
Transfer agent and listing fees | 4,892 | 5,310 | |
Accretion expense | 3,883 | 9,286 | |
Donations | - | 2,500 | |
General and administration | - | 5,923 | |
Loss before other items | (111,787) | (97,610) | |
Other expenses (income) | |||
Change in unrealized fair value on investments | 4 | 3,813,067 | (16,976,298) |
Interest expense | 6 | 99,252 | 108,735 |
Realized gain on investments sold | 4 | - | (512,554) |
Gain on settlement of debt | - | (28,071) | |
3,912,319 | (17,408,188) | ||
Net (loss) income and comprehensive (loss) income | (4,024,106) | 17,310,578 | |
(Loss) earnings per share | |||
Basic and diluted | (0.04) | 0.15 | |
Weighted average number of common shares outstanding | |||
Basic and diluted | 112,417,435 | 112,417,435 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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BIOME GROW INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited - Expressed in Canadian dollars, except number of shares)
Common shares | |||||
Number | Share capital | Reserves | Deficit | Total | |
# | $ | $ | $ | $ | |
Balance, December 31, 2020 | 112,417,435 | 23,183,398 | 2,492,497 | (19,159,556) | 6,516,339 |
Share-based compensation | - | - | 16,344 | - | 16,344 |
Net income for the period | - | - | - | 17,310,578 | 17,310,578 |
Balance, March 31, 2021 | 112,417,435 | 23,183,398 | 2,508,841 | (1,848,978) | 23,843,261 |
Share-based compensation | - | - | 35,983 | - | 35,983 |
Net loss for the period | - | - | - | (17,450,507) | (17,450,507) |
Balance, December 31, 2021 | 112,417,435 | 23,183,398 | 2,544,824 | (19,299,485) | 6,428,737 |
Share-based compensation | - | - | 12,291 | - | 12,291 |
Net loss for the period | - | - | - | (4,024,106) | (4,024,106) |
Balance, March 31, 2022 | 112,417,435 | 23,183,398 | 2,557,115 | (23,323,591) | 2,416,922 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
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Biome Grow Inc. published this content on 30 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2022 20:39:03 UTC.