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
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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
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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
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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.