Psyched Wellness Ltd.
Unaudited Condensed Interim Consolidated Financial Statements
For the Six Months Ended May 31, 2022 and 2021
(Expressed in Canadian Dollars)
Notice to Reader
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the condensed interim consolidated financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated financial statements have been prepared by and are the responsibility of the management of Psyched Wellness Ltd.
The Company's independent auditor has not performed a review of these unaudited condensed interim consolidated financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
Psyched Wellness Ltd.
Unaudited Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)
As at | As at | ||
May 31, | November 30, | ||
2022 | 2021 | ||
Assets | Notes | $ | $ |
Current Assets | |||
Cash | 4,162,784 | 5,530,353 | |
Accounts receivable | 4 | 10,499 | 55,524 |
Inventories | 45,617 | - | |
Prepaid expenses and deposits | 5 | 72,543 | 319,575 |
Total Current Assets | 4,291,443 | 5,905,452 | |
Property and equipment | 6 | 25,714 | - |
Intangible assets | 7 | 30,333 | 28,583 |
Goodwill | 8 | 448,611 | 448,611 |
Total Assets | 4,796,101 | 6,382,646 | |
Liabilities | |||
Accounts payable and accrued liabilities | 9,14 | 118,210 | 178,149 |
Total Liabilities | 118,210 | 178,149 | |
Shareholders' Equity | |||
Share capital | 10 | 20,938,245 | 20,451,245 |
Reserve for restricted share units | 11 | 359,471 | - |
Contributed surplus | 12 | 2,029,168 | 1,882,310 |
Reserve for warrants | 13 | 3,299,362 | 3,302,535 |
Accumulated deficit | (21,948,355) | (19,431,593) | |
Total Shareholders' Equity | 4,677,891 | 6,204,497 | |
Total Liabilities and Shareholders' Equity | 4,796,101 | 6,382,646 | |
Nature of operations and going concern | 1 | ||
Contingencies | 18 | ||
Subsequent events | 20 |
Approved on behalf of the Board of Directors: | |||
"Jeffrey Stevens" | "Janeen Stodulski" | ||
Jeffrey Stevens, Director | Janeen Stodulski, Director |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements
3
Psyched Wellness Ltd.
Unaudited Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
For the Three and Six Months Ended May 31, 2022 and 2021
(Expressed in Canadian Dollars)
Three months | Three months | Six months | Six months | ||
ended | ended | ended | ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2022 | May 31, 2021 | ||
Expenses | Notes | $ | $ | $ | $ |
Stock-based compensation | 11,12,14 | 290,183 | 486,504 | 993,329 | 692,899 |
Research costs | 541,189 | 138,203 | 689,007 | 230,328 | |
Management salaries and consulting fees | 14 | 194,211 | 197,795 | 398,221 | 530,918 |
Professional fees | 14 | 119,297 | 117,274 | 243,309 | 271,850 |
Advertising and promotion | 96,946 | 480,750 | 186,032 | 913,689 | |
Office and general | 74,246 | 34,231 | 148,833 | 94,632 | |
Regulatory compliance | 41,505 | 9,546 | 49,166 | 32,815 | |
Total Expenses | (1,357,577) | (1,464,303) | (2,707,897) | (2,767,131) | |
Other Income | |||||
Gain on disposals of properties | 17 | 193,289 | - | 193,289 | - |
Property taxes | (413) | (412) | (6,039) | (3,701) | |
Foreign exchange gain (loss) | 1,199 | (7,280) | 712 | (12,438) | |
Total Other Income (Losses) | 194,075 | (7,692) | 187,962 | (16,139) | |
Net Loss and Comprehensive Loss | (1,163,502) | (1,471,995) | (2,519,935) | (2,783,270) | |
Weighted Average Number of Outstanding Shares | |||||
- Basic and diluted | 135,239,695 | 103,156,539 | 133,830,354 | 118,988,302 | |
Loss per Share | |||||
- Basic and diluted | 10 | (0.019) | (0.014) | (0.019) | (0.023) |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements
4
Psyched Wellness Ltd.
Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity
For the Six Months Ended May 31, 2022 and 2021
(Expressed in Canadian Dollars)
R e se rve for | ||||||||
Numbe r of | R e st rict e d | Cont ribut e d | R e se rve for | Accumulat e d | ||||
Share s | Share Capit al | Share Unit s | Surplus | W arrant s | De ficit | T ot al | ||
Not e s | # | $ | $ | $ | $ | $ | $ | |
B alance , Nove mbe r 30, 2020 | 104, 512, 930 | 16, 902, 091 | - | 1, 090, 334 | 117, 383 | (14, 933, 777) | 3, 176, 031 | |
Issuance of shares from private placement | 10,13 | 21,300,000 | 3,930,231 | - | - | 2,672,769 | - | 6,603,000 |
Issuance of agent units from private placement | 10,13 | 1,095,365 | 202,114 | - | - | 137,449 | - | 339,563 |
Issuance of broker warrants from private placement | 10,13 | - | - | - | - | 1,287,542 | - | 1,287,542 |
Share issuance costs | 10,13 | - | (1,239,959) | - | - | (843,239) | - | (2,083,198) |
Stock-based compensation | 12 | - | - | - | 692,899 | - | - | 692,899 |
Exercise of stock options | 10,13 | 1,787,000 | 347,904 | - | (146,704) | - | - | 201,200 |
Exercise of broker warrants | 10,13 | 1,329,200 | 202,289 | - | - | (69,369) | - | 132,920 |
Net loss for the period | - | - | - | - | - | (2,783,270) | (2,783,270) | |
B alance , May 31, 2021 | 130, 024, 495 | 20, 344, 670 | - | 1, 636, 529 | 3, 302, 535 | (17, 717, 047) | 7, 566, 687 | |
B alance , Nove mbe r 30, 2021 | 130, 589, 695 | 20, 451, 245 | - | 1, 882, 310 | 3, 302, 535 | (19, 431, 593) | 6, 204, 497 | |
Stock-based compensation - RSUs | 11 | - | - | 846,471 | - | - | - | 846,471 |
Issuance of shares on vesting of RSUs | 10,11 | 4,650,000 | 487,000 | (487,000) | - | - | - | - |
Stock-based compensation | 12 | - | - | - | 146,858 | - | - | 146,858 |
Expiry of warrants | 13 | - | - | - | - | (3,173) | 3,173 | - |
Net loss for the period | - | - | - | - | - | (2,519,935) | (2,519,935) | |
B alance , May 31, 2022 | 135, 239, 695 | 20, 938, 245 | 359, 471 | 2, 029, 168 | 3, 299, 362 | (21, 948, 355) | 4, 677, 891 | |
The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Psyched Wellness Ltd. published this content on 25 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2022 20:37:09 UTC.