DEEPSPATIAL INC. DEEPSPATIAL INC.
(formerly, Aylen Capital Inc.)
Condensed interim consolidated financial statements
For the three and nine months ended March 31, 2022 and 2021 (Unaudited - expressed in Canadian Dollars)
NOTICE TO READER
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 interim financial statements have not been reviewed by an auditor.
The accompanying unaudited consolidated interim financial statements have been prepared by and are the responsibility of the management.
The Company's independent auditor has not performed a review of these consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
DEEPSPATIAL INC. (formerly, AYLEN CAPITAL INC.)
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED MARCH 31, 2022 AND 2021
(Unaudited - Amounts expressed in Canadian Dollars)
Table of contents
Cover | 1 |
Table of contents | 2 |
Interim Statements of Financial Position (unaudited) | 5 |
Interim Statement of Loss and Comprehensive Loss (unaudited) | 6 |
Interim Statement of Changes in Shareholders' Equity (unaudited) | 7 |
Interim Statement of Cash Flows (unaudited) | 8 |
Notes to the Interim Condensed Consolidated Financial Statements | 9-20 |
DeepSpatial Inc. (formerly, Aylen Capital Inc.)
Interim Consolidated Statements of Financial Position (Unaudited- expressed in Canadian dollars)
ASSETS | March 31, 2022 | June 30, 2021 | ||||
CURRENT | ||||||
Cash | $ | 379,658 | $ | 1,024,054 | ||
Prepaid expenses | 21,825 | 27,627 | ||||
Sales tax receivable | 140,137 | 88,689 | ||||
541,620 | 1,140,370 | |||||
Intangible assets (Note 4) | 1,360,929 | 1,590,750 | ||||
TOTAL ASSETS | $ | 1,902,549 | $ | 2,731,120 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
LIABILITIES | ||||||
CURRENT | ||||||
Accounts payable and accrued liabilities | $ | 76,274 | $ | 81,052 | ||
76,274 | 81,052 | |||||
Government Assistance loan (Note 11) | 30,000 | 30,000 | ||||
TOTAL LIABILITIES | 106,274 | 111,052 | ||||
SHAREHOLDERS' EQUITY | ||||||
Share capital (Note 6) | 5,785,354 | 5,747,604 | ||||
Options reserve | 738,617 | 121,025 | ||||
Accumulated deficit | (4,727,696) | (3,248,561) | ||||
TOTAL SHAREHOLDERS' EQUITY | 1,796,275 | 2,620,068 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,902,549 | $ | 2,731,120 | ||
Organization and nature of operations (Note 1) | ||||||
Basis of presentation and going concern (Note 2) | ||||||
Approved on behalf of the Board of Directors: | ||||||
"Rahul Kushwah" | "Sheldon Kales" | |||||
Signed: Rahul Kushwah, CEO and Director | Signed: Sheldon Kales, Director |
The accompanying notes are an integral part of these interim condensed consolidated financial statements
5
DeepSpatial Inc. (formerly, Aylen Capital Inc.)
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Unaudited- expressed in Canadian dollars)
For the | For the | For the | For the | |||||
three | three | nine | nine | |||||
months | months | months | months | |||||
ended | ended | ended | ended | |||||
March | March | March | March | |||||
31, 2022 | 31, 2021 | 31, 2022 | 31, 2021 | |||||
Expenses: | ||||||||
Amortization of intangible assets (Note 4) | $ | 76,607 | $ | 77,026 | $ | 229,821 | $ | 231,078 |
Audit and accounting | - | - | 14,650 | 5,000 | ||||
Consulting fees | 37,195 | 23,500 | 146,532 | 62,500 | ||||
Legal fees | 1,102 | 22,362 | 26,802 | 144,519 | ||||
Management fees (Note 7) | 55,150 | 44,550 | 172,340 | 132,680 | ||||
Marketing expenses (Note 7) | 29,250 | 22,375 | 127,300 | 43,375 | ||||
Office and miscellaneous | 11,053 | 139 | 29,965 | 392 | ||||
Professional fees | - | - | - | 4,550 | ||||
Research and development | 30,013 | - | 62,819 | 5,500 | ||||
Stock based compensation (Note 10) | 205,864 | - | 617,592 | - | ||||
Transfer agent and regulatory fees | 9,918 | 51,944 | 35,900 | 62,331 | ||||
Travel, entertainment, and related | 6,105 | 986 | 6,414 | 3,957 | ||||
Vehicles use expenses (Note 7) | 3,000 | 3,000 | 9,000 | 7,000 | ||||
$ | (465,257) | $ | (245,882) | $ | (1,479,135) | $ | (702,882) | |
Loss on acquisition of subsidiary (Note 5) | - | - | - | (1,608,153) | ||||
Loss and comprehensive loss | $ | (465,257) | $ | (245,882) | $ | (1,479,135) | $ | (2,311,035) |
Loss per share-Basic and Diluted | $ | (0.005) | $ | (0.003) | $ | (0.016) | $ | (0.027) |
Weighted average number of shares outstanding-Basic and | ||||||||
Diluted | 93,654,509 | 93,123,398 | 93,539,728 | 87,035,405 |
The accompanying notes are an integral part of these interim condensed consolidated financial statements
6
DeepSpatial Inc. (formerly, Aylen Capital Inc.) Interim Statement of Changes in Shareholders' Equity (Unaudited- expressed in Canadian dollars)
Number of | ||||||||||||||
common | ||||||||||||||
shares | Obligation to | Options | Share | |||||||||||
outstanding | Share capital | issue shares | reserve | Subscriptions | Deficit | Total | ||||||||
Balance as of | ||||||||||||||
June 30, 2020 | 83,575,000 | $ | 2,940,601 | $ | - | $ | - | $ | 642,000 | $ | (522,877) | $ | 3,059,724 | |
Share | ||||||||||||||
subscriptions | ||||||||||||||
received | - | - | - | - | 623,700 | - | 623,700 | |||||||
Shares issued for | ||||||||||||||
subscriptions | 4,219,000 | 1,265,700 | - | - | (1,265,700) | - | - | |||||||
Share issuance | ||||||||||||||
cost | - | (99,350) | - | - | - | - | (99,350) | |||||||
Reverse takeover | ||||||||||||||
of subsidiary (Note | ||||||||||||||
4) | 4,660,509 | 1,398,153 | -- | - | - | - | 1,398,153 | |||||||
Finders shares for | ||||||||||||||
reverse takeover | ||||||||||||||
(Note 4) | 700,000 | 210,000 | - | - | - | 210,000 | ||||||||
Net loss for the | ||||||||||||||
period | - | - | - | - | - | (2,311,035) | (2,311,035) | |||||||
Balance as at | ||||||||||||||
March 31, 2021 | 93,154,509 | $ | 5,715,104 | $ | $ | - | $ | - | $ | (2,833,912) | $ | 2,881,192 | ||
Balance as of June | ||||||||||||||
30, 2021 | 93,404,509 | $ | 5,747,604 | $ | - | $ | 121,025 | $ | - | $ | (3,248,561) | $ | 2,620,068 | |
Shares issued for | ||||||||||||||
services | 250,000 | 37,750 | - | - | - | - | 37,750 | |||||||
Stock-based | ||||||||||||||
compensation | - | - | - | 617,592 | - | - | 617,592 | |||||||
Net loss for the | ||||||||||||||
period | - | - | - | - | - | (1,479,135) | (1,479,135) | |||||||
Balance as at | ||||||||||||||
March 31, 2022 | 93,654,509 | $ | 5,785,354 | $ | - | $ | 738,617 | $ | - | $ | (4,727,696) | $ | 1,796,275 | |
The accompanying notes are an integral part of these interim condensed consolidated financial statements |
7
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Aylen Capital 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 21:39:02 UTC.
