CHEMESIS INTERNATIONAL INC.

Condensed Consolidated Interim Financial Statements As at and for the nine months ended March 31, 2022

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 consolidated interim financial statements, they must be accompanied by a notice indicating that the condensed consolidated interim financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed consolidated interim financial statements of Chemesis International Inc. (the "Company") have been prepared by and are the responsibility of management. These condensed consolidated interim financial statements for the nine months ended March 31, 2022 has not been reviewed or audited by the Company's independent auditors. All amounts are stated in Canadian Dollars unless otherwise stated.

Chemesis International Inc.

Condensed Consolidated Interim Statements of Financial Position (Expressed in Canadian dollars)

As at

March 31, 2022

June 30, 2021

ASSETS

Current assets

Cash

$

195,915

$

1,719,845

GST receivable

229,939

201,964

Loan receivable

-

55,631

Assets held for sale (Note 6)

914,245

345,257

1,340,099

2,322,697

Non-current asset

Note receivable (Note 6)

-

1,227,281

TOTAL ASSETS

$

1,340,099

$

3,549,978

LIABILITIES

Current

Accounts payable and accrued liabilities

$

1,834,352

$

2,187,347

Derivative liability (Note 9)

190,838

1,185,923

Convertible debt (Note 8)

132,719

129,382

Liabilities held for sale (Note 6)

1,087,951

150,549

TOTAL LIABILITIES

3,245,860

3,653,111

EQUITY

Share capital (Note 9)

93,166,426

85,371,273

Subscriptions received

-

40,500

Contributed surplus

7,299,073

7,564,425

Accumulated other comprehensive income

(96,736)

(275,748)

Deficit

(102,167,276)

(94,474,422)

Equity attributable to shareholders of Chemesis

(1,798,513)

(1,773,972)

Non-controlling interests (Note 7)

(107,248)

1,670,839

TOTAL EQUITY

(1,905,761)

(103,133)

TOTAL LIABILITIES AND EQUITY

$

1,340,099

$

3,549,978

Subsequent events (Note 17)

Going concern (Note 2)

Contingent liabilities (Note 16)

Approved on behalf of the Board of Directors:

"Josh Rosenberg",Director"Aman Parmar",Director

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

Chemesis International Inc.

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Expressed in Canadian dollars)

For the three months ended March

For the nine months ended

31

March 31

2022

2021

2022

2021

REVENUES

-

-

13,919

-

COST OF GOODS SOLD

-

-

(8,351)

-

GROSS MARGIN

-

-

5,568

-

EXPENSES

Depreciation

-

26,095

-

49,387

Foreign exchange loss

1,070

434,375

1,874

424,596

General and administration (Note 11)

509,468

2,993,389

1,458,250

6,258,152

Share-based payments (Note 9)

-

2,169,379

-

2,169,379

LOSS BEFORE OTHER ITEMS

(510,568)

(5,623,238)

(1,454,556)

(8,901,514)

OTHER INCOME (EXPENSES):

Interest expense

(5,568)

-

(15,581)

(42,692)

Interest income and other (Note 9)

-

-

-

-

Loss on debt settlement

(14,800)

-

(14,800)

-

Change in fair value of derivative liabilities (Note 9.2)

51,418

-

995,084

-

(31,050)

-

964,703

(42,692)

NET LOSS BEFORE DISCONTINUED OPERATIONS

AND INCOME TAXES

(479,518)

(5,623,238)

(500,989)

(8,944,206)

Income tax recovery (expense)

-

-

-

-

NET LOSS FROM CONTINUING OPERATIONS

(479,518)

(5,623,238)

(500,989)

(8,944,206)

Net income (loss) from discontinued operations (Note 6)

(6,285,468)

5,861,680

(7,524,675)

(728,228)

NET LOSS

(6,764,986)

(229,660)

(8,014,528)

(9,672,434)

OTHER COMPREHENSIVE INCOME (LOSS)

Cumulative translation adjustment - discontinued operations

144,199

(2,182,703)

278,313

(1,991,969)

COMPREHENSIVE LOSS

(6,620,787)

(2,412,363)

(7,736,215)

(11,664,403)

NET INCOME (LOSS) ATTRIBUTABLE TO:

Chemesis International Inc.

104,274

1,632,888

114,609

(1,558,155)

Discontinued operations

(6,500,799)

(1,862,548)

(8,129,136)

(8,114,279)

NET LOSS

(6,396,525)

(229,660)

(8,014,528)

(9,672,434)

COMPREHENSIVE INCOME (LOSS)

ATTRIBUTABLE TO:

Chemesis International Inc.

650,813

1,613,078

392,921

(1,558,155)

Discontinued operations

(6,366,685)

(4,025,441)

(8,129,135)

(10,106,248)

COMPREHENSIVE LOSS

$

(5,715,872)

$

(2,412,363)

$

(7,736,215)

$

(11,664,403)

NET INCOME (LOSS) FROM CONTINUING

OPERATIONS ATTRIBUTABLE TO:

Chemesis International Inc.

104,274

1,632,888

114,609

(1,558,155)

NET LOSS FROM CONTINUING OPERATIONS

104,274

1,632,888

114,609

(1,558,155)

COMPREHENSIVE INCOME (LOSS) FROM

CONTINUING OPERATIONS ATTRIBUTABLE TO:

Chemesis International Inc.

650,813

1,613,078

392,921

(1,558,155)

COMPREHENSIVE INCOME FROM CONTINUING

OPERATIONS

$

650,813

$

1,613,078

$

392,921

$

(1,558,155)

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

(CONTINUED ON NEXT PAGE)

Chemesis International Inc.

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Expressed in Canadian dollars)

Incomed (loss) per share, basic and diluted, total operations

$

(0.11)

$

(0.00)

$

(0.14)

$

(0.23)

Continuing operations

(0.00)

0.03

(0.01)

(0.04)

Discontinued operations

(0.11)

(0.04)

(0.13)

(0.19)

Weighted average number of common shares outstanding

60,009,496

49,794,908

58,088,008

42,387,375

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

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Chemesis International Inc. published this content on 30 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2022 23:19:01 UTC.