Lendified Holdings Inc.
Condensed Interim Consolidated Financial Statements
For the three and six months ended June 30, 2021 and 2020
(Unaudited)
Notice of No Auditors' Review of Condensed Interim Consolidated Financial Statements
The accompanying unaudited condensed interim consolidated financial statements of Lendified Holdings Inc. (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 condensed interim consolidated financial statements in accordance with standards established by Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
Lendified Holdings Inc. (formerly, Hampton Bay Capital Inc.)
Condensed Interim Consolidated Statements of Financial Position (Unaudited) (All amounts stated in Canadian dollars)
As at | June 30, | December 31, | |
Note | 2021 | 2020 | |
(audited) | |||
Assets | |||
Current | |||
Cash | $610,611 | $547,555 | |
Cash in-trust | 1,447,572 | 656,700 | |
Current portion of restricted cash | 6(iii)(iv) | 494,285 | 1,035,858 |
Current portion of loans receivable | 4 | 2,277,497 | 4,489,760 |
Accounts receivable | 26,105 | 263,454 | |
Prepaid expenses and deposits | 120,916 | 123,774 | |
Total current assets | 4,976,986 | 7,117,101 | |
Loans receivable | 4 | 525,921 | 271,556 |
Restricted cash | 6(iii)(iv) | - | 26,898 |
Property and equipment | 719 | 4,462 | |
Intangible assets | - | 4,545 | |
Long term investment | 200,839 | 200,837 | |
Total assets | $5,704,465 | $7,625,399 | |
Liabilities | |||
Current | |||
Accounts payable and accrued liabilities | 12 | $5,385,187 | $5,144,325 |
Current portion of loans payable | 6, 16 | 11,782,159 | 15,612,971 |
Lease liabilities | 5 | 129,696 | 129,696 |
Other payable | 8(x) | 1,317,500 | - |
Convertible shareholder debt | 7 | 3,612,910 | 3,394,634 |
Deferred revenue | 3,783 | 3,783 | |
Total current liabilities | 22,231,235 | 24,285,409 | |
Loans payable | 6, 16 | 405,290 | 365,142 |
Derivative liability | 6, 14 | 217,389 | 169,673 |
Total liabilities | 22,853,914 | 24,820,224 | |
Shareholders' deficiency | |||
Share capital | 8, 16 | 29,048,634 | 29,048,634 |
Contributed surplus | 6,778,182 | 6,603,032 | |
Deficit | (52,976,265) | (52,846,491) | |
Total shareholders' deficiency | (17,149,449) | (17,194,825) | |
Total liabilities and shareholders' deficiency | $5,704,465 | $7,625,399 | |
Going concern (Note 1) | |||
Subsequent events (Note 16) | |||
On behalf of the Board: | |||
"Peter Ostapchuk" (signed) | "John Gillberry" (signed) | ||
Director, Chair of Audit Committee | Director | ||
2 |
Lendified Holdings Inc. (formerly, Hampton Bay Capital Inc.)
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited) (All amounts stated in Canadian dollars)
Three Months | Three Months | Six Months | Six Months | |
Ended | Ended | Ended | Ended | |
June 30, | June 30, | June 30, | June 30, | |
Note | 2021 | 2020 | 2021 | 2020 |
Finance income
Interest income | $ |
Financing related expenses | |
Interest and financing costs | 10 |
Provision for credit losses | 4 |
Total financing related expenses | |
Financing margin | |
Other income | |
Operating expenses | |
Advertising and promotion | |
Office and general | |
Professional fees | 12 |
Interest and financing costs for corporate operations | 10 |
Salaries and benefits | 9,12 |
Technology and development | |
Fair value adjustment on financial instruments | 14 |
Listing expenses | |
Non-cash loss on completion of reverse takeover | |
Loss on extinguishment of bridge loan warrants | |
Amortization and depreciation | |
Total operating expenses | |
Income/(Loss) from continued operations | |
Net loss from discontinued operations | |
Net income/(loss) and comprehensive income/(loss) | $ |
for the period | |
Weighted average number of | |
shares outstanding | |
Basic | |
Diluted | |
Basic and diluted income/(loss) per share | |
Continuing operations | $ |
Discontinued operations |
480,284 | $ | 1,595,488 | $ |
189,946 | 467,094 | ||
(473,314) | 1,957,620 | ||
(283,368) | 2,424,714 | ||
763,652 | (829,226) | ||
- | 20,187 | ||
7,269 | 47,814 | ||
14,721 | 121,503 | ||
65,680 | 761,295 | ||
371,037 | 812,775 | ||
82,227 | 433,652 | ||
28,901 | 104,571 | ||
(218,988) | (1,354,213) | ||
- | 565,131 | ||
- | 964,255 | ||
- | 677,213 | ||
3,733 | 10,429 | ||
354,580 | 3,144,426 | ||
409,072 | (3,953,464) | ||
- | |||
- | (108,236) | ||
409,072 | $ | (4,061,700) | $ |
190,292,639 | 87,669,300 | ||
190,292,639 | 87,669,300 | ||
0.00 | $ | (0.05) | $ |
n/a | $ | (0.00) |
1,073,330 | $ | 3,254,071 |
398,470 | 1,237,316 | |
(810,883) | 3,076,611 | |
(412,413) | 4,313,927 | |
1,485,743 | (1,059,856) | |
- | 20,222 | |
61,204 | 110,476 | |
29,514 | 183,815 | |
126,142 | 791,971 | |
821,122 | 1,962,063 | |
434,302 | 1,023,711 | |
87,231 | 241,117 | |
47,716 | (1,279,361) |
- 565,131
- 964,255
-
677,213
8,28756,538
1,615,518 | 5,296,929 | |
(129,775) | (6,336,563) | |
- | ||
- | (900,713) | |
(129,775) | $ | (7,237,276) |
190,292,639 | 60,133,421 | |
190,292,639 | 60,133,421 | |
(0.00) | $ | (0.11) |
n/a | $ | (0.01) |
3
Lendified Holdings Inc. (formerly, Hampton Bay Capital Inc.)
Condensed Interim Consolidated Statements of Changes in Shareholders' Deficiency
(Unaudited) (All amounts stated in Canadian dollars)
Common | Class A Shares Class B Shares Class C Shares | Contributed | Shares to be | Deficit | Total | ||||||||||
Shares | Surplus | issued | |||||||||||||
December 31, 2019 | $ | - | $ | - | $ | 4,409,875 | $ | 5,040,045 | $ | 4,518,555 | - | $ | (40,754,607) | $ (26,786,132) | |
Exchange of shares | - | 10,462,520 | (4,409,875) | (5,040,045) | - | - | - | 1,012,600 | |||||||
Conversion of convertible debenture | - | 12,184,997 | - | - | (204,674) | - | - | 11,980,323 | |||||||
Shares exchanged under Qualifying Transaction | 22,597,517 | (22,597,517) | - | - | - | - | - | ||||||||
Shares and warrants deemed issued related to | 1,767,072 | - | - | - | 123,598 | - | - | 1,890,670 | |||||||
reverse takeover transaction | |||||||||||||||
Private placement | 2,508,000 | - | - | - | 492,000 | - | - | 3,000,000 | |||||||
Broker shares issued | 768,413 | - | - | - | - | - | 768,413 | ||||||||
Share issuance cost | (1,841,782) | (50,000) | - | - | 89,934 | - | - | (1,801,848) | |||||||
Share-basedpayments-options | - | - | - | - | (746) | - | - | (746) | |||||||
Equity component of warrants | - | - | - | - | 1,218,200 | - | - | 1,218,200 | |||||||
Shares to be issued | - | - | - | - | - | 75,000 | 75,000 | ||||||||
Net loss and comprehensive loss for the period | - | - | - | - | - | - | (7,237,276) | (7,237,276) | |||||||
June 30, 2020 | $25,799,220 | $ | - | $ | - | $ | - | $ | 6,236,867 | $ | 75,000 | $ | (47,991,883) | $ (15,880,796) | |
December 31, 2020 (audited) | $29,048,634 | $ | - | $ | - | $ | - | $ | 6,603,032 | $ | - | $ | (52,846,491) | $ (17,194,825) | |
Share-basedpayments-options (Note 9) | - | - | - | - | 175,150 | - | - | 175,150 | |||||||
Net loss and comprehensive loss for the period | - | - | - | - | - | - | (129,775) | (129,775) | |||||||
June 30, 2021 | $29,048,634 | $ | - | $ | - | $ | - | $ | 6,778,182 | $ | - | $ | (52,976,265) | $ (17,149,449) | |
Subsequent events (Note 16) |
4
4
Lendified Holdings Inc. (formerly, Hampton Bay Capital Inc.)
Condensed Interim Consolidated Statements of Cash Flows
(Unaudited) (All amounts stated in Canadian dollars)
Cash flows from operating activities
Net loss and comprehensive loss for the period from continuing operations
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization and depreciation Share-based payments Provision for credit losses
Fair value adjustment on derivative liabilities Financing fees paid
Amortization of financing fees
Non-cash loss on completion of reverse takeover Accretion on convertible shareholder debt Changes in non-cash working capital balances:
Restricted cash Cash in-trust Loans receivable Accounts receivable
Prepaid expenses and deposits Accounts payables and accrued liabilities Loans payable
Deferred revenue
Cashflows from operating activities - continuing operations Cashflows from discontinued operations
Net cash (used) in operating activities
Cash flows from investing activities
Additions to intangible assets
Repayment from (advances to) shareholder
Cashflows from investing activities - continuing operations Cashflows from discontinued operations
Net cash (used) in investing activities
Cash flows from financing activities
Total proceeds from issuance of share capital
Proceeds from issuance of convertible shareholder debt
Proceeds from subscription receipts
Cash obtained from reverse takeover transaction
Issuance of debt
Repayment of debt
Principal repaid on lease liabilities
Issuance of derivative liabilities
Cashflows from financing activities - continuing operations Cashflows from discontinued operations
Net cash (used) in financing activities
Increase (decrease) in cash during the period
Cash, beginning of year
Cash, end of the period - assets held for sale
Cash, end of period
Supplementary cash flow information (Note 14)
5
5
June 30, | June 30, | |
2021 | 2020 | |
$ | (129,775) | $ (6,336,563) |
8,287 | 56,538 | |
175,150 | (746) | |
(810,883) | 3,076,611 | |
47,716 | (1,279,361) | |
- | (102,026) | |
13,034 | 161,222 |
- 964,255
258,422 544,706
568,471 985,894
(790,872) (93,001)
2,768,781 2,423,966
237,349 (34,257)
2,858 (138,506)
240,861 2,337,978
(3,640,189) (6,892,704)
- 3,782
(1,050,790) (4,322,212)
- (1,205,920)
(1,050,790) (5,528,132)
- (5,520)
- (1,975)
- (7,495)
- (1,480)
- (8,975)
-
2,091,565
218,276-
1,317,500
-
926,415
200,000-
(621,932) (80,943)
- (43,970)
- 999,638
1,113,844 3,892,705
-
(115,890)
1,113,844 3,776,815
63,056 | (1,760,292) | |
547,555 | 2,956,595 | |
- | 2,571 | |
$ | 610,611 | $ 1,193,732 |
5
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Lendified Holdings Inc. published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 11:25:03 UTC.