WESTBRIDGE ENERGY CORPORATION
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
FOR THE NINE MONTHS ENDED AUGUST 31, 2021
WESTBRIDGE ENERGY CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited, prepared by management and expressed in Canadian Dollars)
Note | August | November | ||
31, 2021 | 30, 2020 | |||
ASSETS | ||||
Current | ||||
$ | $ | |||
Cash | 4,477,441 | - | ||
Accounts receivable | - | 1,000 | ||
Prepaid Expenses | 12,045 | - | ||
GST receivable | 2,400 | 825 | ||
4,491,886 | 1,825 | |||
Non-current | ||||
Intangible assets | 9 | 182,329 | - | |
Right of use assets | 10 | 26,539 | 32,994 | |
TOTAL ASSETS | $ | 4,700,754 | $ | 34,819 |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY) | ||||
Liabilities | ||||
Current | ||||
$ | $ | |||
Accounts payable and accrued liabilities | 8 | 226,978 | 21,143 | |
Related party loan | 5 | - | 17,750 | |
Lease liabilities | 11 | 11,007 | 9,974 | |
237,985 | 48,867 | |||
Non-current | ||||
Lease liabilities | 11 | 6,934 | 6,934 | |
Total liabilities | 244,919 | 55,801 | ||
Shareholders' equity (deficiency) | ||||
Share capital | 6 | 7,143,820 | 1,000 | |
Contributed surplus | 6 | 184,910 | - | |
Deficit | (2,872,895) | (21,982) | ||
Total shareholders' equity (deficiency) | 4,455,835 | (20,982) | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY) | $ | 4,700,754 | $ | 34,819 |
Basis of operations and going concern (Note 2)
Subsequent events (Note 13, 14)
Approved on behalf of the Board:
"Stefano Romanin" | Director |
"Margaret McKenna" | Director |
See accompanying notes to the consolidated financial statements.
5
WESTBRIDGE ENERGY CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited, prepared by management and expressed in Canadian Dollars)
For the three | For the nine | ||||
Note | months ended, | months ended, | |||
August 31, | August 31, | ||||
2021 | 2021 | ||||
Operating expenses | |||||
Depreciation of right of use assets | 10 | $ | (2,152) | $ | (6,455) |
Consultancy | 10,789 | (67,774) | |||
Office and miscellaneous | (106,903) | (109,086) | |||
Professional fees | (46,536) | (110,270) | |||
Operating losses | (144,802) | (293,585) | |||
Listing Expense on RTO | 12 | (2,549,665) | (2,549,665) | ||
Foreign exchange gain | 7,730 | 7,370 | |||
Interest expense | 5, 11 | (8,667) | (15,033) | ||
Loss and comprehensive loss | $ | (2,695,404) | $ | (2,850,913) | |
Loss per share - basic and diluted | (0.04) | (0.14) | |||
Weighted average number of common shares outstanding | 62,459,577 | 20,826,526 |
See accompanying notes to the consolidated financial statements.
6
WESTBRIDGE ENERGY CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (Unaudited, prepared by management and expressed in Canadian Dollars)
For the nine | For the period | |||
months ended | ended | |||
August 31, | November 30, | |||
2021 | 2020 | |||
Operating activities | $ | $ | ||
Loss for the period | (2,850,913) | (21,982) | ||
Items not affecting cash | ||||
Depreciation | 6,455 | 1,435 | ||
Interest expense | 15,033 | 229 | ||
RTO listing expense | 2,549,665 | - | ||
Changes in non-cash working capital items: | ||||
GST receivable | (783) | (825) | ||
Prepaid expenses | 10,729 | - | ||
Accounts payable and accrued liabilities | 38,138 | 21,143 | ||
Cash flows provided by operating activities | (231,676) | - | ||
Taxes paid | - | - | ||
Net cash flows provided by operating activities | (231,676) | - | ||
Financing activities | ||||
Proceeds from convertible loan | 350,000 | - | ||
Interest paid | (14,000) | - | ||
Proceeds from exercise of share options and warrants | 156,000 | - | ||
Cash flows provided by financing activities | 492,000 | - | ||
Investing Activities | ||||
Intangible assets | (43,592) | - | ||
Cash acquired on RTO | 4,260,709 | - | ||
Cash flows provided by investing activities | 4,217,117 | - | ||
Increase in cash | 4,477,441 | - | ||
Cash, beginning | - | - | ||
Cash, ending | $ | 4,477,441 | $ | - |
Supplemental disclosures with respect to cash flows: | ||||
Lease payments made by related parties | $ | - | $ | (17,750) |
Intangible assets accrued through accounts payable and accrued | (138,737) | - | ||
liabilities | ||||
Conversion of convertible debentures for common shares | (350,000) | - | ||
Prepaid expenses allocated to share issuance costs on RTO | 47,289 | - | ||
Subscription receipts converted to common shares | (4,007,500) | - |
See accompanying notes to the consolidated financial statements.
7
WESTBRIDGE ENERGY CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (DEFICIENCY) (Unaudited, prepared by management and expressed in Canadian Dollars)
Balance at October 7, 2020
Share Issuance Net loss for the period Balance at November 30, 2020
Westbridge common shares issued and outstanding at RTO Consideration shares issued to Georgetown Shareholders Adjustment for transaction (elimination of historical Westbridge balances) Conversion of the Convertible Debentures Adjustment for transaction (consideration transferred for Georgetown Shares) Private placement concurrent with RTO Finders Shares issuable on completion of the transaction Share issuance costs Replacement of existing Westbridge share options Replacement of existing Westbridge share warrants Options exercised Warrants exercised Loss for the period Balance at August 31, 2021
Number of Shares | Share Capital | Contributed Suplus | Deficit | Total | |||||
- | $ | - | $ | - | $ | - | $ | - | |
10,000 | 1,000 | - | - | 1,000 | |||||
- | - | - | (21,982) | (21,982) | |||||
10,000 | 1,000 | (21,982) | (20,982) | ||||||
18,932,154 | 27,036,348 | - | - | 27,036,348 | |||||
20,000,000 | 1,000 | - | - | 1,000 | |||||
- | (27,037,348) | - | - | (27,037,348) | |||||
2,800,000 | 350,000 | - | - | 350,000 | |||||
(10,000) | 2,366,519 | - | - | 2,366,519 | |||||
32,060,000 | 4,007,500 | - | - | 4,007,500 | |||||
1,200,000 | 150,000 | - | - | 150,000 | |||||
- | (47,289) | - | - | (47,289) | |||||
- | - | 142,000 | - | 142,000 | |||||
- | - | 203,000 | - | 203,000 | |||||
800,000 | 170,880 | (90,880) | - | 80,000 | |||||
950,000 | 145,210 | (69,210) | - | 76,000 | |||||
- | - | - | (2,850,913) | (2,850,913) | |||||
76,742,154 | 7,143,820 | $ | 184,910 | $ | (2,872,895) | 4,455,835 |
See accompanying notes to the consolidated financial statements.
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Westbridge Energy Corporation published this content on 23 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 January 2022 22:33:06 UTC.