YANGAROO Inc.

Condensed Interim Financial Statements

For the Three Months Ended March 31, 2022 and 2021

(Expressed in US Dollars)

(Unaudited)

YANGAROO Inc.

Condensed Interim Statements of Financial Position (Unaudited) (Expressed in US dollars)

As at

March 31

December 31

2022

2021

(see Note 3)

Assets

Current

Cash

$

783,159

$

768,251

Accounts receivable

1,539,912

1,737,028

Prepaid and sundry assets

519,214

427,720

Contract assets

24,919

90,730

2,867,204

3,023,729

Non-current

Property and equipment (note 6)

606,210

682,066

Intangible assets (note 7)

1,468,697

1,403,582

Goodwill (note 8)

3,845,576

3,845,576

$

8,787,687

$

8,954,953

Liabilities

Current

Trade and other payables (note 9)

$

946,585

$

851,026

Contract liabilities

124,072

68,000

Line of Credit (note 11)

349,294

-

Current portion of lease obligations (note 10)

247,015

275,522

Current portion of term loan facility (note 11)

2,353,106

420,215

Current portion of contingent consideration (note 5)

497,108

497,108

4,517,180

2,111,871

Non-current

Lease obligations (note 10)

200,013

255,063

Term loan facility (note 11)

-

2,004,037

Contingent consideration (note 5)

1,616,780

1,616,780

6,333,973

5,987,751

Equity

Share capital (note 12)

27,628,683

27,554,260

Contributed surplus

6,159,063

6,149,388

Currency translation reserve

1,157,622

1,157,622

Deficit

(32,491,654)

(31,894,068)

2,453,714

2,967,202

$

8,787,687

$

8,954,953

Commitments and contingencies (note 18)

Approved by the Board of Directors

"Anthony Miller"

"Phil Benson"

Director

Director

See accompanying notes, which are an integral part of these condensed interim financial statements

1

YANGAROO Inc.

Condensed Interim Statements of Net (Loss) Income and Comprehensive (Loss) Income (Unaudited) Three Months Ended March 31, 2022 and 2021

(Expressed in US dollars)

Three Months Ended March 31,

2021

2022

(see Note 3)

Revenue (note 15)

$

1,989,042

$

1,232,315

Expenses

Salaries and consulting (notes 13, 16 & 17)

1,796,538

768,289

Marketing and promotion

77,001

6,218

General and administrative

204,881

47,929

Technology development

208,978

58,833

Depreciation of property and equipment and right of use assets and

amortization of intangible assets (note 6 & 7)

204,824

51,571

2,492,222

932,840

(Loss) income from operations

(503,180)

299,475

Other (expenses) income

Interest income

19

583

Interest expense

(52,598)

(2,158)

Foreign exchange gain (loss)

(41,816)

(31,314)

(94,395)

(32,889)

Net (loss) income before income tax

(597,575)

266,587

Income tax expense

(11)

-

Net (loss) income

$

(597,586)

$

266,587

Total comprehensive (loss) income

$

(597,586)

$

266,587

Basic income per share (note 14)

$

(0.01)

$

0.00

Diluted income per share (note 14)

$

(0.01)

$

0.00

See accompanying notes, which are an integral part of these condensed interim financial statements

2

YANGAROO Inc.

Condensed Interim Statements of Changes in Equity (Unaudited) Three months ended March 31, 2022 and 2021

(Expressed in US dollars)

Share-based

Foreign

Number of

Share

Currency

payments

Deficit

Total

Shares

Capital

Translation

reserve

Reserve

Balance at December 31, 2020 (see Note 3) Share-based payments (note 13)

60,472,140

$27,520,839

$5,982,586

$

-

$(31,840,138)

$1,663,287

-

-

6,780

-

-

6,780

Exercise of options (note 12)

27,000

5,665

(2,600)

-

-

3,065

Net loss for the year

-

-

-

-

266,587

266,587

Other comprehensive income

-

-

-

-

-

-

Total comprehensive income

-

-

-

-

266,587

266,587

for the year

Balance at March 31, 2021

60,499,140

$27,526,504

$5,986,766

$

-

$(31,573,551)

$1,939,719

Balance at December 31,

60,697,140

$27,554,260

$6,149,388

$

1,157,622

$(31,894,068)

$2,967,202

2021

Share-based payments (note

-

-

38,509

-

-

38,509

13)

Exercise of options (note 12)

580,000

74,423

(28,834)

-

-

45,589

Exercise of RSUs (note 12)

1,010,000

-

-

-

-

Net loss for the year

-

-

-

-

(597,586)

(597,586)

Other comprehensive income

-

-

-

-

-

-

Total comprehensive income

-

-

-

-

(597,586)

(597,586)

for the year

Balance at March 31, 2022

62,287,140

$27,628,683

$6,159,063

$

1,157,622

$(32,491,654)

$2,453,714

See accompanying notes, which are an integral part of these condensed interim financial statements

3

YANGAROO Inc.

Condensed Interim Statements of Cash Flows (Unaudited) Three months ended March 31, 2022 and 2021 (Expressed in US dollars)

Three Months Ended March 31

2022

2021

(see Note 3)

Cash flow (used in) from operating activities

Net (loss) income for the period

$

(597,586)

$

266,587

Items not affecting cash:

Depreciation of property and equipment and amortization of

d intangible assets (note 6 and 7)

204,824

51,935

Amortization of deferred financing costs

10,169

-

Expected credit loss (recovery) expense and write-off of account

-

(40,206)

xxreceivables

Accrued severance payable

-

(206,173)

Share-based payments (note 13)

38,509

6,780

Changes in non-cash operating working capital:

Accounts receivable

197,116

358,221

Prepaid and sundry assets

(91,494)

(65,815)

Contract assets

65,811

(2,450)

Trade and other payables

95,585

60,252

Contract liabilities

56,072

142,079

Net cash (used in) from operating activities

(20,994)

571,210

Cash flow used in investing activities

Acquisition of property and equipment (note 6)

(33,724)

(2,956)

Additions to product development assets (note 7)

(160,361)

(171,285)

Net cash used in investing activities

(194,085)

(174,241)

Cash flow from (used in) financing activities

Payment of lease obligations (note 10)

(83,557)

(33,562)

Proceeds from (repayment of) term loan

(116,994)

-

Exercise of options (note 12)

45,587

3,065

Proceeds from line of credit (note 11)

349,294

-

Net cash from (used in) financing activities

194,330

(30,497)

Net (decrease) increase in cash

(20,749)

366,472

Effect of foreign exchange on cash

35,657

31,795

Cash and cash equivalents, beginning of period

768,251

1,461,870

Cash and cash equivalents, end of period

$

783,159

$

1,860,137

Cash interest paid

$

52,609

$

2,732

See accompanying notes, which are an integral part of these condensed interim financial statements

4

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Yangaroo Inc. published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 14:10:03 UTC.