IMAGINEAR INC.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED MAY 31, 2022 AND 2021
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED - PREPARED BY MANAGEMENT)
NOTICE OF NO AUDITOR REVIEW
The accompanying unaudited condensed interim financial statements of Imagination Park Technology have been prepared by and are the responsibility of management and have approved by the Board of Directors.
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.
IMAGINEAR INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED - PREPARED BY MANAGEMENT)
May 31, | August 31, | |||
2022 | 2021 | |||
ASSETS | ||||
Current | ||||
Cash | $ | 963,000 | $ | 4,205,362 |
Receivables (Note 5) | 301,633 | 67,240 | ||
Prepaid expenses (Note 6) | 74,087 | 42,911 | ||
Total current assets | 1,338,720 | 4,315,513 | ||
Intangible asset (Note 11) | 49,892 | - | ||
Reclamation bonds (Note 7) | - | 5,040 | ||
Right of use asset (Note 10) | 12,403 | 8,303 | ||
Total assets | $ | 1,401,015 | $ | 4,328,856 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current | ||||
Accounts payable and accrued liabilities (Notes 8 and 15) | $ | 294,644 | $ | 402,487 |
Deferred revenue (Note 9) | 47,548 | 16,340 | ||
Subscriptions received in advance | 13,032 | 13,032 | ||
Lease liabilities (Note 10) | 12,478 | 7,900 | ||
Total current liabilities | 367,702 | 439,759 | ||
Loan payable (Note 12) | 40,000 | 40,000 | ||
Total liabilities | 407,702 | 479,759 | ||
Shareholders' equity | ||||
Capital stock (Note 14) | 34,388,295 | 34,358,920 | ||
Reserves (Note 14) | 7,122,975 | 6,912,274 | ||
Deficit | (40,517,957) | (37,422,097) | ||
Total shareholders' equity | 993,313 | 3,849,097 | ||
Total liabilities and shareholders' equity | $ | 1,401,015 | $ | 4,328,856 |
Nature and continuance of operations (Note 1)
Subsequent events (Note 19)
"Alen Paul Silverrstieen" | "Mike Tunnicliffe" | |
Director | Director |
See accompanying notes to the condensed interim consolidated financial statements.
IMAGINEAR INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED - PREPARED BY MANAGEMENT)
Three Months Ended | Nine Months Ended | |||||||
May 31, | May 31, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
REVENUE | ||||||||
Licensing income | $ | - | $ | - | $ | 176,237 | $ | - |
Services income | 93,097 | 99,260 | 128,531 | 264,229 | ||||
Recovery (cost) of sales | - | - | (98,839) | - | ||||
93,097 | 99,260 | 205,929 | 264,229 | |||||
EXPENSES | ||||||||
Accretion of convertible debentures (Note 13) | - | 250 | - | 1,260 | ||||
Consulting, director and management fees (Note 15) | 596,026 | 296,311 | 1,012,454 | 618,634 | ||||
Depreciation (Note 10) | 17,769 | 5,537 | 23,996 | 19,037 | ||||
Foreign exchange loss | 5,336 | 211 | 13,480 | 38,019 | ||||
Interest | 245 | 116 | 730 | 3,122 | ||||
Office and miscellaneous | 40,348 | 62,453 | 151,164 | 165,520 | ||||
Professional fees | 64,737 | 106,375 | 220,154 | 206,128 | ||||
Share-based compensation (Notes 14 and 15) | 43,413 | 1,053,733 | 210,701 | 2,425,341 | ||||
Shareholder communications and promotion | 124,857 | 352,334 | 300,199 | 682,020 | ||||
Software (Note 16) | 213,910 | 483,474 | 1,376,534 | 1,025,025 | ||||
Transfer agent and filing fees | 4,679 | 9,211 | 12,538 | 17,696 | ||||
Travel and accommodation | 14,589 | 5,231 | 34,181 | 6,878 | ||||
Wages and salaries | 26,663 | 24,518 | 90,328 | 81,207 | ||||
(1,152,572) | (2,399,754) | (3,446,459) | (5,289,887) | |||||
OTHER | ||||||||
Bad debt expenses | (13) | - | (6,332) | - | ||||
Forgiveness of debt | 9,375 | 14,047 | 9,375 | 14,047 | ||||
Write-off of reclamation bond | - | - | (5,040) | - | ||||
Write-off of accounts payable (Notes 8 and 15) | - | - | 146,667 | - | ||||
9,362 | 14,047 | 144,670 | 14,047 | |||||
Net loss and comprehensive loss for the period | $ | (1,050,113) | $ | (2,286,447) | $ | (3,095,860) | $ | (5,011,611) |
Basic and diluted net loss per common share | $ | (0.01) | $ | (0.01) | $ | (0.02) | $ | (0.03) |
Weighted average number of common shares | ||||||||
outstanding - basic and diluted | 203,601,826 | 199,945,272 | 203,496,712 | 192,349,415 | ||||
See accompanying notes to the condensed interim consolidated financial statements.
IMAGINEAR INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED - PREPARED BY MANAGEMENT)
For the nine months ended,
May 31,
2022 | 2021 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss for the period | $ | (3,095,860) | $ | (5,011,611) |
Items not affecting cash: | ||||
Depreciation | 23,997 | 19,037 | ||
Share-based compensation | 210,701 | 2,425,341 | ||
Accretion interest on convertible debentures | - | 3,122 | ||
Accretion interest on lease liabilities | 730 | 1,260 | ||
Forgiveness of lease liabilities | - | (14,047) | ||
Shares for services | 9,375 | 335,000 | ||
Write-off of reclamation bond | 5,040 | - | ||
Write-down of accounts payable | (146,667) | - | ||
Change in non-cash working capital items: | ||||
Receivables | (234,393) | (70,310) | ||
Prepaid expenses | (31,176) | 32,443 | ||
Accounts payable and accrued liabilities | 38,824 | (61,058) | ||
Deferred revenue | 31,208 | 65,590 | ||
Cash used in operating activities | (3,188,221) | (2,275,233) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from options exercised | - | 91,550 | ||
Proceeds from warrants exercised | 20,000 | 2,829,633 | ||
Cash provided by financing activities | 20,000 | 2,921,183 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of intangible asset | (64,458) | - | ||
Repayment of lease liabilities | (9,683) | (7,452) | ||
Cash used in investing activities | (74,141) | (7,452) | ||
Change in cash | (3,242,362) | 638,498 | ||
Cash, beginning of period | 4,205,362 | 4,659,437 | ||
Cash, end of period | $ | 963,000 | $ | 5,297,935 |
Cash paid for taxes during the period | $ | - | $ | - |
Cash paid for interest during the period | $ | - | $ | - |
Supplemental disclosure with respect to cash flows (Note 19)
See accompanying notes to the condensed interim consolidated financial statements.
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
ImagineAR Inc. published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 18:28:04 UTC.