Geekco Technologies : Interim Financial Statement June 30, 2022

Geekco Technologies Corporation

(formerly Woden Venture Capital Corporation)

Condensed Interim Consolidated

Financial Statements

for the three and six month periods

ended June 30, 2022 and 2021

Financial Statements
Notice to Reader	2
Unaudited Condensed Interim Statements of
Consolidated Financial Position	3
Condensed Interim Statements of
Consolidated Operations and
Comprehensive Income	4
Condensed Interim Statements of
Consolidated Cash Flows	5
Condensed Interim Statements of
Consolidated Changes in Equity	6
Notes to Condensed Interim Consolidated
Financial Statements	7 - 16

2

Geekco Technologies Corporation

(formerly Woden Venture Capital Corporation)

Unaudited Condensed Interim Consolidated Financial Statements

In accordance with National Instrument 51-102, Part 4, paragraph 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, these statements must be accompanied by a notice indicating that the interim financial statements have not been reviewed by an auditor.

The Company's condensed interim consolidated financial statements have been prepared by and are the responsibility of the Company's management.

The condensed interim consolidated financial statements of Geekco Technologies Corporation

as at June 30, 2022 and for the three and six-month period ended June 30, 2022 and 2021 have not been reviewed by the Company's external auditors.

3

Geekco Technologies Corporation

(formerly Woden Venture Capital Corporation)

Condensed Interim Statements of Consolidated Financial Position

June 30, 2022 and December 31, 2021

(In Canadian dollars)

	Unaudited	Audited
	2022-06-30	2021-12-31
ASSETS	$	$
Current
Cash	210,393	747,424
Trade and other receivables	390,781	475,752
Emergency Wage Subsidy receivable	12,031	12,031
Security deposits		6,647
Prepaid expenses	102,225	77,829
	715,429	1,319,683
Non-current
Investment at fair value	1,120,756	2,858,886
Advance to a company	7,008	7,008
Property, plant and equipment	7,475	8,619
Financial asset related to royalties (Note 8.2)	285,316	285,316
Right-of-use assets		6,557
Intangible assets (Note 6)	2,427,973	2,476,607
	3,848,528	5,642,993
	4,563,958	6,962,676
LIABILITIES
Current
Accounts payable	495,120	455,936
Lease liabilities		7,356
	495,120	463,292
Non-current
Convertible debenture	929,011	939,092
Lease liabilities
Secured loan	40,000	40,000
Financial liability related to royalties (Note 8.2)	345,000	345,000
	1,809,131	1,787,384
SHAREHOLDERS' EQUITY
Share capital (Note 7)	6,228,143	6,103,143
Contributed surplus	2,751,315	2,367,916
Equity component of convertible debenture	190,815	190,815
Deficit	(6,415,447)	(3,486,582)
	2,754,826	5,175,292
	4,563,958	6,962,676

The accompanying notes are an integral part of the condensed interim financial statements.

4

Geekco Technologies Corporation

(formerly Woden Venture Capital Corporation)

Condensed Interim Statements of Consolidated Operations and

Comprehensive Income

For the three and six-month periods ended June 30, 2022 and 2021

(In Canadian dollars) (Unaudited)

	2022-06-30	2021-06-302022-06-30	2021-06-30
	(3 months)	(3 months)	(6 months)	(6 months)
	$	$	$	$
Revenues
Collaboration
Royalties	20,390	23,449	41,218	45,588
Other
	20,390	23,449	41,218	45,588
Expenses
Selling expenses	3,000	86,644	20,875	304,342
Administrative expenses	726,993	370,261	1,016,482	763,285
Amortization and depreciation	95,937	4,128	194,406	8,252
Financial expenses	2,431,579	(460,076)	1,738,322	(447,006)
Exchange loss		(1,019)		255
Government subsidy with respect to the secured loan				(10,000)
	3,257,509	(62)	2,970,084	619,128
Profit/Loss before income taxes	(3,237,119)	23,511	(2,928,866)	(573,540)
Deferred income taxes		18,279		97,309
Profit/Loss and comprehensive income	(3,237,119)	41,790	(2,928,866)	(476,231)
Basic and diluted earnings per share
(note 10)	(0.089)	0.001	(0.080)	(0.013)

The accompanying notes are an integral part of the condensed interim financial statements.

5

Geekco Technologies Corporation

(formerly Woden Venture Capital Corporation)

Condensed Interim Statements of Consolidated Changes in Equity

For the three and six-month periods ended June 30, 2022 and 2021

(In Canadian dollars) (Unaudited)

	2022-06-30	2021-06-30	2022-06-30	2021-06-30
	(3 months)	(3 months)	(6 months)	(6 months)
	$	$
OPERATING ACTIVITIES
Net loss	(3,237,119)	41,790	(2,928,866)	(476,231)
Non-cash items
Change in the fair value of a financial asset	2,431,579		1,738,130
Collaboration Revenues
Amortization and depreciation	95,937	4,128	194,406	8,252
Financial Expenses		(456,081)	192	(443,011)
Deferred Taxes		(18,279)		(97,309)
Right of use asset	4,088		4,088
Government subsidy				(10,000)
Share-based bonus payment	383,399		383,399	189,407
	(322,116)	(428,443)	(608,651)	(828,892)
Net change in working capital
(note 11)	64,271	35,351	106,407	157,164
Cash flows from operating activities	(257,845)	(393,092)	(502,245)	(671,728)
INVESTING ACTIVITIES		(1,833)		(1,833)
Property, plant and equipment
Intangible assets and cash flows from investing activities	(79,364)	(94,608)	(142,158)	(168,824)
Cash flows from investing activities	(79,364)	(96,441)	(142,158)	(170,657)
FINANCING ACTIVITIES
Repayment of lease liabilities	(4,088)	(3,435)	(7,356)	(7,270)
Interest paid on lease liabilities		(718)	(192)	(1,727)
Share equity	25,000		125,000
Convertible debentures, net of issue expenses	32,707	230,108	(10,081)	1,164,708
Secured loan				20,000
Cash flows from financing activities	53,619	225,955	107,371	1,175,711
Net increase (decrease) in cash	(283,590)	(263,578)	(537,031)	333,326
Cash, beginning of period	493,983	1,738,289	747,424	1,141,385
Cash, end of period	210,393	1,474,711	210,393	1,474,711

The accompanying notes are an integral part of the condensed interim financial statements.