INTELLABRIDGE TECHNOLOGY CORP.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

(Unaudited)

(Expressed in US Dollars)

INTELLABRIDGE TECHNOLOGY CORP.

Index

Page

Condensed Consolidated Interim Financial Statements

Condensed Consolidated Interim Statements of Financial Position

3

Condensed Consolidated Interim Statement of Changes in Equity (Deficit)

4

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss

5

Condensed Consolidated Interim Statements of Cash Flows

6

Notes to Condensed Consolidated Interim Financial Statements

7-16

Page | 2

INTELLABRIDGE TECHNOLOGY CORP.

Condensed Consolidated Interim Statements of Financial Position

(Expressed in US Dollars)

March 31, 2022

December 31, 2021

Notes

(Unaudited)

(Audited)

ASSETS

4,766,775

Cash

$

$

5,080,163

Receivables

3

19,710

19,303

Prepaids and deposits

10,424

148,129

Digital currencies

4

2,814,669

3,004,248

Assets held-for-sale

5

305,209

305,209

7,916,787

8,557,052

Property and equipment

5

6,364

$

7,923,151

$

8,557,052

LIABILITIES

143,970

Trade payables and accrued liabilities

6 and 8

$

$

81,855

Due to related parties

8

64,667

59,144

208,637

140,999

SHAREHOLDERS' EQUITY (DEFICIT)

Share capital

7

15,485,232

15,485,232

Reserve

7

858,052

858,052

Accumulated other comprehensive loss

1,466,025

(55,300)

Deficit

(10,094,795)

(9,297,004)

7,714,514

8,416,053

$

7,923,151

$

8,557,052

Nature of operations (Note 1)

Subsequent event (Note 12)

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

Page | 3

INTELLABRIDGE TECHNOLOGY CORP.

Condensed Consolidated Interim Statement of Changes in Equity (Deficit) For the three months ended March,31, 2022 and 2021

(Expressed in US Dollars) (Unaudited)

Share Capital

Total

shareholders'

Number of

Accumulated other

equity

Note

shares

Amount

Reserve

comprehensive loss

Deficit

(deficiency)

Balance at December 31, 2019

56,471,844

$

7,262,188

$

848,907

$

(56,445)

$

(7,899,197)

$

155,453

Share-based compensation

7

-

-

1,535

-

-

1,535

Net loss for the period

-

-

-

-

(73,098)

(73,098)

Other comprehensive income

-

-

-

8,545

-

8,545

Balance at March 31, 2020

56,471,844

7,262,188

850,442

(47,900)

(7,972,295)

92,435

Share-based compensation

-

-

2,935

-

-

2,935

Benefit of below-market interest rate loan

-

-

4,195

-

-

4,195

Net loss for the year

-

-

-

-

(282,840)

(282,840)

Other comprehensive loss

-

-

-

(7,400)

-

(7,400)

Balance at December 31, 2020

56,471,844

7,262,188

857,572

(55,300)

(8,255,135)

(190,675)

Share-based compensation

7

-

-

480

-

-

480

Shares issued for cash

7

2,500,000

295,044

-

-

-

295,044

Shares issued for settlement of debt

7 and 8

4,499,990

2,071,030

-

-

(246,562)

1,824,468

Net loss for the period

-

-

-

-

(1,570,445)

(1,570,445)

Other comprehensive income

-

-

-

474

-

474

Balance at March 31, 2021

63,471,834

$

9,628,262

$

858,052

$

(54,826)

$

(10,072,142)

$

359,346

Share-based compensation

8

-

-

480

-

-

480

Shares issued for cash

9

10,564,517

8,150,504

-

-

-

8,150,504

Shares issued for settlement of debt

8 and 9

4,751,115

505,292

-

-

-

505,292

Share issuance costs

9

-

(711,927)

-

-

-

(711,927)

Exercise of options

9

720,000

279,175

-

-

-

279,175

Net loss for the year

-

-

-

-

(1,041,869)

(1,041,869)

Other comprehensive income

-

-

-

1,425,073

-

1,425,073

Balance at December 31, 2021

72,507,476

15,485,232

$

858,052

1,369,773

(9,297,004)

8,416,053

Net loss for the year

-

-

-

-

(797,791)

(797,791)

Other comprehensive income

-

-

-

96,252

-

96 252

Balance at March 31, 2022

72 507 476

$

15 485 232

$

858 052

$

1 466 025

$

(10 094 795)

$

7 714 514

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

Page | 4

INTELLABRIDGE TECHNOLOGY CORP.

Condensed Consolidated Interim Statement of Loss and Comprehensive Loss For the three months ended March 31, 2022 and 2021

(Expressed in US Dollars) (Unaudited)

For the three

For the three

months ended

months ended

Note

March 31, 2022

March 31, 2021

Sales

9

$

-

$

-

Cost of services

-

-

GROSS PROFIT

-

-

Operating expenses

-

Advertising and marketing

116,951

456

Amortization

5

108

Bank charges and fees

2,295

1,135

Exchange fees

1,018

-

Brokerage fees

11,847

-

Management fees and salaries

8

150,473

45,499

Office and administration

51,218

8,460

Professional fees

50,376

21,696

Regulatory and transfer agent fees

-

7,580

Rent and utilities

4,550

-

Research and development

233,613

18,993

Share-based compensation

7

-

480

Travel

17,704

-

640,153

104,299

NET LOSS BEFORE OTHER ITEMS

(640,153)

(104,299)

Other items

Loss on settlement of debt

7, 8

-

(1,468,229)

Gain on revaluation of digital currencies

4

(157,638)

2,083

(797,791)

(1,466,146)

NET LOSS FOR THE PERIOD

(797,791)

(1,570,445)

Other comprehensive loss that may be reclassified

to profit and loss:

77,691

Unrealized foreign exchange gain

474

COMPREHENSIVE LOSS FOR THE PERIOD

$

(720,100)

$

(1,569,971)

Loss per common share -basic and diluted

$

(0.01)

$

(0.03)

Weighted average number of shares outstanding -basic

72 507 476

and diluted

59,438,507

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

Page | 5

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Intellabridge Technology Corporation published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 01:16:09 UTC.