CYPHER METAVERSE INC. CODEBASE VENTURES INC.
CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
FOR THE NINE-MONTH PERIODS ENDED
SEPTEMBER 30, 2021, AND 2020
(UNAUDITED)
(Expressed in Canadian Dollars)
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), 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 interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
Codebase Ventures Inc.
Condensed Consolidated Interim Statements of Financial Position (Expressed in Canadian Dollars)
(Unaudited)
Note | September 30, | December 31, | |||
2021 | 2020 | ||||
ASSETS | |||||
Current | |||||
Cash | $ | 3,901,366 | $ | 894,548 | |
Investments | 6 | 1,678,111 | - | ||
Receivables | 5 | 34,107 | 28,000 | ||
Digital assets | 149,501 | - | |||
Prepaid expenses | 127,422 | 43,494 | |||
Loan receivable | 6 | 42,852 | 20,600 | ||
5,933,359 | 986,642 | ||||
Non-Current | |||||
Data centre equipment | 7 | 1,137,500 | - | ||
Investment in associate - Capital Blocktech Inc. | 4 | 320,773 | 331,980 | ||
Investment in associate - Glanis Pharmaceuticals Inc. | 5 | 1,004,808 | 990,000 | ||
Investments | 6 | 167,637 | 816,120 | ||
Total Assets | $ | 8,564,077 | $ | 3,124,742 | |
LIABILITIES AND EQUITY | |||||
Current | |||||
Accounts payable and accrued liabilities | 8 | $ | 136,692 | $ | 158,457 |
Equity | |||||
Share capital | 9 | 30,525,974 | 20,085,264 | ||
Contributed surplus | 9 | 5,795,836 | 4,019,525 | ||
Accumulated other comprehensive income | (9,650) | (9,650) | |||
Deficit | (27,895,235) | (21,139,314) | |||
Total equity attributable to shareholders of the Company | 8,416,925 | 2,955,825 | |||
Non-controlling interest | 10,460 | 10,460 | |||
Total Equity | 8,427,385 | 2,966,285 | |||
Total Liabilities and Equity | $ | 8,564,077 | $ | 3,124,742 |
Nature and continuance of operations (Note 1)
Subsequent events (Note 13)
Approved on behalf of the Board of Directors on November 23, 2021:
"George Tsafalas" - Director | "Brian Keane" - Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
Codebase Ventures Inc.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars)
(Unaudited)
For the three months ended | For the nine months ended | ||
September 30, | September 30, | ||
2021 | 2020 | 2021 | 2020 |
Revenues | ||||||||||
Digital assets mined | $ | 132,041 | $ | - | $ | 132,041 | $ | - | ||
Cost of revenues | ||||||||||
Site operating costs | 53,897 | - | 53,897 | - | ||||||
Depreciation (Note 7) | 162,500 | - | 162,500 | - | ||||||
(84,356) | - | (84,356) | - | |||||||
Revaluation of digital assets | 18,406 | - | 18,406 | - | ||||||
Expenses | ||||||||||
Advertising and promotion | $ | 90,583 | $ | 255,007 | $ | 526,299 | $ | 398,949 | ||
Management and consulting | 356,300 | 323,584 | 1,440,720 | 605,896 | ||||||
Office and miscellaneous | 43,698 | 106,157 | 102,230 | 140,339 | ||||||
Professional fees | 462,328 | 104,396 | 640,147 | 140,066 | ||||||
Regulatory and transfer agent | 13,174 | 41,367 | 40,582 | 53,774 | ||||||
Research and development | - | - | 78,000 | - | ||||||
Travel | 77,949 | 331 | 146,418 | 13,432 | ||||||
Share-based payments | - | 292,985 | 4,222,589 | 292,985 | ||||||
Foreign exchange | 19,380 | 71,047 | 15,069 | 38,293 | ||||||
Interest and other income | 1,285 | (70,516) | (19,910) | (116,318) | ||||||
Loss on sale of investment | - | 271,877 | - | 274,864 | ||||||
Unrealized (gain) loss on investments | (40,160) | 426,390 | (1,009,980) | 529,327 | ||||||
Strategic relationship expense (Note 7) | 340,000 | - | 340,000 | - | ||||||
Loss in equity accounted investments | 1,364,537 | 1,822,625 | 6,522,164 | 2,371,607 | ||||||
101,297 | 1,034 | 167,807 | 2,069 | |||||||
( | 4 d | ) | ||||||||
Net loss for the period | 1,531,784 | 1,823,659 | 6,755,921 | 2,373,676 | ||||||
Translation adjustment | - | (8,586) | - | 4,293 | ||||||
Comprehensive loss for the period | $ | (1,531,784) | $ | (1,832,245) | $ | (6,755,921) | $ | (2,369,383) | ||
Net loss for the period attributable to: | $ | (2,373,676) | ||||||||
Shareholders of the Company | $ | (1,531,784) | $ | (1,823,659) | $ | (6,755,921) | ||||
Other comprehensive income (loss) - | ||||||||||
shareholders | - | (8,586) | - | 4,293 | ||||||
Comprehensive loss for the period | $ | (1,531,784) | $ | (1,832,245) | $ | (6,755,921) | $ | (2,369,383) | ||
Loss per share: | ||||||||||
Basic and diluted | $ | (0.02) | $ | (0.04) | $ | (0.07) | $ | (0.06) | ||
Weighted average number of common shares | 119,969,013 | 50,339,594 | 109,683,271 | 39,103,967 | ||||||
outstanding | - basic and diluted | |||||||||
The accompanying notes are an integral part of these condensed interim consolidated financial statements
Codebase Ventures Inc.
Condensed Consolidated Interim Statements of Cash Flows
(Expressed in Canadian Dollars)(Unaudited)
Nine months ended | |
September 30, | September 30, |
2021 | 2020 |
Operating Activities | ||||
Net loss for the period | $ | (6,755,921) | $ | (2,373,676) |
Adjusted for: | ||||
Loss on equity accounted investments | 167,807 | 1,022 | ||
Gain on revaluation of digital assets | (18,406) | - | ||
Revenues from digital asset mining | (132,041) | - | ||
Depreciation | 162,500 | - | ||
Share for debt conversion | - | 24,744 | ||
Accrued interest income | (19,910) | (64,478) | ||
Shares issued for interest | - | (5,940) | ||
Share-based payments | 4,222,589 | 292,985 | ||
Loss on investments | - | 274,864 | ||
Unrealized foreign exchange gain | 55,716 | 73,764 | ||
Unrealized (gain) loss on investments | (1,009,980) | 529,327 | ||
Strategic relationship expense | 340,000 | - | ||
Changes in non-cash working capital: | ||||
Receivables | (34,107) | (25,860) | ||
Prepaid expenses | (83,928) | (28,824) | ||
Accounts payable and accrued liabilities | (22,635) | (82,249) | ||
Cash flows from operating activities | (3,128,316) | (1,384,321) | ||
Investing Activities | ||||
Acquisition of investment | (176,447) | (285,045) | ||
Disposition of investment | - | 458,656 | ||
Acquisition of data centre equipment | (640,000) | |||
Loan advanced | (42,852) | (693,175) | ||
Cash flows from investing activities | (859,299) | (519,564) | ||
Financing Activities | ||||
Proceeds from private placements, net of share issuance costs | 1,223,033 | 1,832,114 | ||
Proceeds from warrants exercised | 3,398,400 | - | ||
Proceeds from stock options exercised | 2,373,000 | - | ||
Cash flows from financing activities | 6,994,433 | 1,832,114 | ||
Change in cash | $ | 3,006,817 | $ | (71,771) |
Cash, beginning of period | 894,548 | 79,278 | ||
Cash, end of period | $ | 3,901,366 | $ | 7,507 |
Non-Cash Transactions | ||||
Shares issued for data centre equipment | $ | 660,000 | $ | - |
Shares issued for strategic digital asset mining relationship | $ | 340,000 | $ | - |
Fair value of warrants exercised | $ | 197,272 | $ | - |
Fair value of options exercised | $ | 2,318,603 | $ | - |
Fair value of warrants granted as finders' fee | $ | 69,597 | $ | - |
Receivables settled for services | $ | 28,000 | $ | - |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
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Codebase Ventures Inc. published this content on 24 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2021 00:29:01 UTC.
