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.