Maple Leaf Green World : Quarterly Report

MAPLE LEAF GREEN WORLD INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS

AS AT AND FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022

(Expressed in Canadian Dollars, unless otherwise stated)

MAPLE LEAF GREEN WORLD INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Canadian dollars)	notes	June 30, 2022	December 31, 2021
ASSETS
Current
Cash and cash equivalents		112,141	75
Accounts receivable		27,262	16,965
		139,403	17,040
Non-Current
Property, plant and equipment	7	368,932	382,980
Total Assets		508,335	400,020
LIABILITIES
Current
Accounts payable and accrued liabilities		6,732,176	6,784,466
Notes payable	9	1,923,425	1,874,506
Related party payables	12	5,787	189,132
Non-Current		8,661,388	8,848,104
10	60,000
Canada Emergency Business Account (CEBA)	60,000
Convertible debenture	8	431,668	-
Total liabilities		9,153,056	8,908,104
SHAREHOLDERS' DEFICIT
Share capital	11	24,043,113	23,589,263
Convertible debenture	8	88,054	-
Contributed surplus	11	12,725,332	12,725,332
Accumulated other comprehensive income		94,736	113,471
Accumulated deficit		(45,595,956)	(44,936,150)
Total shareholders' deficit		(8,644,721)	(8,508,084)
Total liabilities and shareholders' deficit		508,335	400,020

Going Concern (note 2)

Commitments and contingencies (note 15)

See accompanying notes to the Consolidated Financial Statements

APPROVED ON BEHALF OF THE BOARD
(Signed) Raymond Lai		(Signed) Terence Lam
Director		Director

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MAPLE LEAF GREEN WORLD INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

		Three months ended June 30,	Six months ended June 30,
(Canadian dollars)	Notes	2021	2020	2021	2020
Revenue
Unrealized loss on changes in fair		-		-
value of biological assets	5	12,098	(180,855)
Expenses
Operating expenses		39,356	146,840	76,505	303,772
Personnel costs		105,000	28,154	120,413	85,453
Professional fees		34,634	10,653	72,841	79,043
Consulting fees		71,525	18,735	82,651	56,935
Depreciation and amortization	6,7	7,024	16,356	14,048	35,551
Office		27,560	17,160	36,611	55,284
Regulatory and transfer agent		978	2,350	13,040	16,638
Advertising and promotion		1,701	2,624	12,929	14,096
Travel		1,164	2,023	2,090	16,169
Foreign exchange expense		24,522	3,413	28,411	(5,113)
		313,464	248,308	459,539	657,828
Income/(Loss) before other items		(313,464)	(236,210)	(459,539)	(838,683)
Finance expense	6,8,9	(80,530)	(67,338)	(200,267)	(123,816)
Net loss for the period		(393,994)	(275,200)	(659,806)	(934,151)
Other Comprehensive Income/(Loss)
Exchange differences on translation of		(40,218)		(18,735)
foreign operations		662	(35,644)
Total comprehensive loss		(434,212)	(274,538)	(678,541)	(969,795)
Per Share Information
Net loss per share - basic and diluted		(0.01)	(0.01)	(0.02)	(0.03)
Weighted average number of common		33,142,394		31,890,460
shares outstanding		26,892,566	26,892,566

On October 7,2021 the Company completed a 6:1 share consolidation. All share numbers have been restated to reflect the consolidation.

See accompanying notes to the Consolidated Financial Statements

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MAPLE LEAF GREEN WORLD INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

				Share-		Accumulate
				based		d other
		Share	Convertible	payments	Warrant	comprehens		Total equity
(Canadian dollars)	Note	capital	Debenture	reserve	reserve	ive income	Deficit	(deficit)
December 31, 2020		23,471,632	-	12,050,864	621,833	222,452	(42,396,799)	(6,030,018)
Other comprehensive
income		-	-	-	-	(108,981)	-	(108,981)
Loss for the period		-	-	-	-	-	(2,539,351)	(2,539,351)
Shares issued to
settle accounts
payable	11	117,448	-	-	44,044	-	-	161,492
Shares issuance
expense	11	(22,726)	-	-	-	-	-	(22,726)
Private placement	11	22,909	-	-	8,591	-	-	31,500
December 31, 2021		23,589,263	-	12,050,864	674,468	113,471	(44,936,150)	(8,508,084)
Private placement	8	-	88,054	-	-	-	-	88,054
Other
comprehensive
income		-	-	-	-	(18,735)	-	(18,735)
Loss for the period		-	-	-	-	-	(659,806)	(659,806)
Shares issuance
expense		(56,000)	-	-	-	-	-	(56,000)
Shares issued to
settle accounts
payable	11	509,850	-	-	-	-	-	509,850
At June 30, 2022		24,043,113	88,054	12,050,864	674,468	94,736	(45,595,956)	(8,644,721)

On October 7,2021 the Company completed a 6:1 share consolidation. All share numbers have been restated to reflect the consolidation.

See accompanying notes to the Consolidated Financial Statements

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MAPLE LEAF GREEN WORLD INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

		Three months ended June 30,	Six months ended June 30
(Canadian dollars)	Notes	2021	2020	2021	2020
Operating Activities		(393,994)		(659,806)
Income/(loss) for the period		(275,200)	(934,151)
Items not affecting cash:		7,024		14,048
Depreciation and amortization	6,7	16,356	35,551
Financing costs	8,9	71,727	55,670	6,198	104,263
Unrealized gain on changes in fair		-		-
value of biological assets	5	(12,098)	180,855
Changes in non-cash working		(315,243)	(243,620)	(639,560)	(641,830)
capital		(8,750)		(10,297)
Accounts receivables		3,676	(1,120)
Related party payables		(72,495)	5,879	(183,345)	(1,215)
Accounts payable and accrued		93,624		530,267
liabilities		44,336	24,377
Net change in non-cash working		12,379		336,625
capital related to operations		65,989	34,140
Cash flows (used in)/from
operating activities		(302,864)	(177,631)	(302,935)	(607,690)
Financing Activities		-		-
Repayment of long-term debt	9	-	(134,589)
Proceeds from notes payable	9	-	-	-	781,898
Deferred financing costs	9	-	-	-	(35,442)
Repayment of lease liability		-	(35,832)	-	(50,899)
Convertible debenture	8	415,000	-	415,000	-
Cash flows from/(used in)
financing activities		415,000	(35,832)	415,000	560,968
Increase in cash and cash
equivalents		112,136	(213,463)	112,065	(46,722)
Impact of foreign exchange on cash		3		1
balances		(1,125)	1,193
Cash and cash equivalents,		2		75
beginning of period		216,897	47,838
Cash and cash equivalents, end of
period		112,141	2,309	112,141	2,309

See accompanying notes to the Consolidated Financial Statements

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