Radient Technologies : 2023 Q2 Financial Statements

Radient Technologies Inc.

Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2022 and 2021 (Unaudited)

Contents

	Page
Interim condensed consolidated statements of financial position	4
Interim condensed consolidated statements of operations and comprehensive loss	5
Interim condensed consolidated statements of cash flows	6
Interim condensed consolidated statements of changes in equity	7
Notes to the interim condensed consolidated financial statements	8 - 18

NOTICE OF NO AUDITOR REVIEW OF

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

In accordance with National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed consolidated interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.

The accompanying unaudited condensed consolidated interim financial statements of 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 financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of condensed interim financial statements by an entity's auditor.

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Radient Technologies Inc.

Interim condensed consolidated statements of financial position

As at	September 30,		March 31,
	2022		2022
Assets
Current assets	$	209,547
Cash	$	31,878
Lease receivable		-		21,008
Accounts receivable		996,580		117,376
Prepaids and deposits		529,704		306,817
Inventories		2,191,957		2,121,536
		3,927,788		2,598,615
Non-current assets		147,651
Long-term prepaid and deposits			147,651
Lease assets		241,136		380,434
Plant and equipment		21,510,685		22,251,567
Intangible assets		2,268,144		2,356,274
		24,167,616		25,135,926
Total assets	$	28,095,404	$ 27,734,541
Liabilities
Current liabilities	$	22,007,062
Accounts payable and accrued liabilities	$ 18,192,063
Short-term borrowings (Note 5)		1,280,000		1,245,000
Facility construction liabilities		6,139,757		6,015,277
Current portion of long-term debt (Note 6)		10,759,774		10,809,814
Lease liabilities		883,915		1,437,349
		41,070,508		37,699,503
Non-current liabilities		686,940
Lease liabilities			160,817
		686,940		160,817
		41,757,448		37,860,320
Shareholders' deficit	132,141,208
Common shares (Note 7)	131,900,808
Contributed surplus		10,220,842		12,073,403
Deficit	(156,024,094)	(154,099,990)
		(13,662,044)	(10,125,779)
Total liabilities and shareholders' deficit	$	28,095,404	$ 27,734,541

See accompanying notes to the interim condensed consolidated financial statements

Approved by the Board of Directors:

Director (signed by)

"Steven Splinter"

Director (signed by)

"Jocelyne Lafreniere"

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Radient Technologies Inc.

Interim condensed consolidated statements of operations and comprehensive loss

		Three months ended September 30,		Six months ended September 30,
		2022		2021		2022		2021
Revenues	$	1,351,082			$	1,920,496
Manufactured products	$	1,097,147	$	1,829,547
Manufacturing services		-		-		-		16,822
		1,351,082		1,097,147		1,920,496		1,846,369
Cost of sales		1,418,055				1,981,312
Manufactured products			874,118			1,557,285
		1,418,055		874,118		1,981,312		1,557,285
		(66,973)		223,029		(60,816)		289,084
Expenses		931,328				1,329,529
General and administrative			582,877			1,125,392
Financing fees		554,589		342,921		1,106,772		766,422
Depreciation and amortization		453,693		310,474		907,304		762,248
Production plant		180,079		216,246		366,692		623,949
Engineering		-		2,930		1,097		16,545
Process development		1,434		145,106		3,741		207,242
Research and development		3,932		54,715		37,480		114,494
Quality control and assurance		52,850		6,658		83,976		57,429
Business development		73,073		53,521		150,655		106,218
Corporate development		-		-		-		5,591
		2,250,978		1,715,448		3,987,246		3,785,530
Loss before other expenses		(2,317,951)		(1,492,419)		(4,048,062)		(3,496,446)
Other income (expenses)		(2,473)				(7,040)
Share-based payments (Note 7)			(17,013)			(18,424)
Gain on equity settled payables		-		36,139		-		36,139
(Loss) gain on modification of long-term debt (Note 6)		-		(129,935)		248,412		(129,935)
Gain (loss) on disposal of property and equipment		-		67,678		-		(17,594)
Foreign exchange gain (loss)		1,756		(83,569)		(14,804)		22,429
Interest and other income		(15,129)		(19,099)		(25,011)		(28,383)
		(15,846)		(145,799)		201,557		(135,768)
Net loss and comprehensive loss	$	(2,333,797)	$	(1,638,218)	$	(3,846,505)	$	(3,632,214)
Basic and diluted loss per common share	$	-	$	-	$	(0.01)	$	(0.01)
Weighted average number of common shares outstanding		539,378,891			532,296,853
Basic and diluted			432,637,825		432,592,263

See accompanying notes to the interim condensed consolidated financial statements

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