MPX International Corporation

Interim Condensed Consolidated Financial Statements

For the Three Months ended December 31, 2021

(Expressed in Canadian Dollars)

(Unaudited)

Notice of No Auditor Review of Interim Condensed Consolidated Financial Statements

In accordance with National Instrument 51-102, the Corporation discloses that its external auditors have not reviewed the accompanying interim condensed consolidated financial statements of MPX International Corporation.

Contents

Page

Interim condensed consolidated statements of financial position (unaudited)

3

Interim condensed consolidated statements of changes in equity (unaudited)

4

Interim condensed consolidated statements of net loss and comprehensive loss (unaudited)

5

Interim condensed consolidated statements of cash flows (unaudited)

6

Notes to the interim condensed consolidated financial statements (unaudited)

7 - 44

MPX International Corporation

Interim condensed consolidated statements of financial position (unaudited)

(in Canadian dollars)

December 31,

September 30,

As at

2021

2021

Assets

Current

$

3,613,173

Cash

$

6,197,184

Accounts receivable (Note 6)

1,692,456

1,902,913

Inventory (Note 7)

3,494,202

3,012,026

Biological assets (Note 8)

329,463

288,870

Prepaid expenses

207,920

137,931

Deposits (Note 9)

994,244

1,306,281

Total current assets

10,331,458

12,845,205

Non-current

71,955

Restricted cash

73,380

Property, plant, and equipment (Note 10)

14,951,514

12,972,064

Right-of-use assets (Note 11)

3,484,840

3,752,928

Intangible assets (Note 12)

19,557,855

20,647,239

Goodwill (Note 13)

-

-

Deposits (Note 9)

434,211

378,983

Total non-current assets

$

38,500,375

37,824,594

Total assets

48,831,833

$

50,669,799

Liabilities

Current

$

7,767,600

Accounts payable and accrued liabilities (Note 14)

$

7,296,510

Short-term loans

149,451

320,254

Lease liabilities (Note 11)

1,304,796

1,348,624

Due to related party

-

16,464

Income taxes payable

294,910

234,910

Promissory note (Note 15)

640,990

640,990

Convertible debentures (Note 17)

5,079,458

4,900,590

Total current liabilities

15,237,205

14,758,342

Non-current

180,000

Term loans - CEBA (Note 16)

180,000

Lease liabilities (Note 11)

3,853,376

4,061,197

Convertible debentures (Note 17)

9,177,523

7,294,031

Option component of convertible debentures (Note 17)

359,365

779,561

Other derivative liability - SIM options (Note 17)

909,162

590,472

Defined benefit obligation (Note 18)

163,275

161,068

Total non-current liabilities

14,642,701

13,066,329

Total liabilities

29,879,906

27,824,671

Equity

66,403,003

Share capital (Note 19)

66,403,003

Other equity (Note 20)

809,010

809,010

Warrants (Note 22)

13,305,014

13,293,676

Contributed surplus

8,695,918

8,694,282

Accumulated other comprehensive income

1,752,866

1,410,095

Deficit

(76,776,421)

(73,133,272)

Equity attributable to shareholders of the Corporation

14,189,390

17,476,794

Non-controlling interests (Note 23)

4,762,537

5,368,334

Total equity

$

18,951,927

22,845,128

Total liabilities and equity

48,831,833

$

50,669,799

Nature of operations and going concern (Note 1)

Subsequent events (Notes 27 and 30)

On Behalf of the Board:

Signed

"W. Scott Boyes"

Director

Signed

"Robert Petch"

Director

See accompanying notes to the unaudited interim condensed consolidated financial statements.

3

MPX International Corporation

Interim condensed consolidated statements of changes in equity (unaudited)

(in Canadian dollars)

Three months ended December 31, 2021

Accumulated

other

Non

Share

Contributed

comprehensive

controlling

capital

Other equity

Warrants

surplus

income

interest

Deficit

Total

Balance, October 1, 2020

$

66,136,348

$

512,705

$

12,541,696

$

1,458,399

$

837,332

$

62,928

$

(47,529,291)

$

34,020,117

Acquisitions

-

106,501

-

-

-

-

-

106,501

Private placement

-

-

303,584

-

-

-

-

303,584

Cost of issuance

-

-

(3,163)

-

-

-

-

(3,163)

Consulting fees

-

118,032

-

-

-

-

-

118,032

Share-based compensation

-

-

-

3,257

-

-

-

3,257

Settlement of contingent consideration

46,143

-

1,356

-

-

-

-

47,499

Net loss and comprehensive loss for the period

-

-

-

-

168,210

(49,371)

(2,213,563)

(2,094,724)

Balance, December 31, 2020

$

66,182,491

$

737,238

$

12,843,473

$

1,461,656

$

1,005,542

$

13,557

$

(49,742,854)

$

32,501,103

Balance, October 1, 2021

$

66,403,003

$

809,010

$

13,293,676

$

8,694,282

$

1,410,095

$

5,368,334

$

(73,133,272)

$

22,845,128

Private placements (Note 17)

-

-

11,338

-

-

-

-

11,338

Share-based compensation

-

-

-

1,636

-

-

-

1,636

Net loss and comprehensive loss for the period

-

-

-

-

342,771

(605,797)

(3,643,149)

(3,906,175)

Balance, December 31, 2021

$

66,403,003

$

809,010

$

13,305,014

$

8,695,918

$

1,752,866

$

4,762,537

$

(76,776,421)

$

18,951,927

See accompanying notes to the unaudited interim condensed consolidated financial statements.

4

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MPX International Corporation published this content on 02 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 March 2022 01:29:02 UTC.