YANGAROO INC. YANGAROO Inc.
Condensed Interim Financial Statements
For the Three and Nine Months Ended September 30, 2022 and 2021
(Expressed in US Dollars)
(Unaudited)
YANGAROO Inc.
Condensed Interim Statements of Financial Position (Unaudited) (Expressed in US dollars)
As at | |||||
September 30 | December 31 | ||||
2022 | 2021 | ||||
(see Note 3) | |||||
Assets | |||||
Current | $ | 346,744 | |||
Cash | $ | 768,251 | |||
Accounts receivable | 1,440,990 | 1,737,028 | |||
Prepaid and sundry assets | 411,872 | 427,720 | |||
Contract assets | 106,380 | 90,730 | |||
Non-current | 2,305,986 | 3,023,729 | |||
466,771 | |||||
Property and equipment (note 6) | 682,066 | ||||
Intangible assets (note 7) | 1,588,799 | 1,403,582 | |||
Goodwill (note 8) | 3,845,576 | 3,845,576 | |||
$ | 8,207,132 | $ | 8,954,953 | ||
Liabilities | |||||
Current | $ | 880,750 | |||
Trade and other payables (note 9) | $ | 851,026 | |||
Contract liabilities | 41,941 | 68,000 | |||
Line of Credit (note 11) | 926,166 | - | |||
Current portion of lease obligations (note 10) | 224,541 | 275,522 | |||
Current portion of term loan facility (note 11) | 1,933,810 | 420,215 | |||
Current portion of contingent consideration (note 5) | - | 497,108 | |||
4,007,208 | 2,111,871 | ||||
Non-current | 93,668 | ||||
Lease obligations (note 10) | 255,063 | ||||
Term loan facility (note 11) | - | 2,004,037 | |||
Contingent consideration (note 5) | - | 1,616,780 | |||
4,100,876 | 5,987,751 | ||||
Equity | 27,811,885 | ||||
Share capital (note 12) | 27,554,260 | ||||
Share based payment reserve | 5,983,256 | 6,149,388 | |||
Currency translation reserve | 1,157,622 | 1,157,622 | |||
Deficit | (30,846,507) | (31,894,068) | |||
4,106,256 | 2,967,202 | ||||
$ | 8,207,132 | $ | 8,954,953 | ||
Commitments and contingencies (note 18) | |||||
Subsequent event (note 19) | |||||
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 and Nine Months Ended September 30, 2022 and 2021
(Expressed in US dollars)
Three Months Ended | Nine Months Ended | ||||||||
September 30 | September 30 | ||||||||
2022 | 2021 (see | 2022 | 2021 (see | ||||||
Note 3) | Note 3) | ||||||||
Revenue (note 15) | $ | 1,733,140 | $ | 2,429,867 | $ | 5,637,490 | $ | 5,421,874 | |
Expenses | 1,333,498 | 4,637,859 | |||||||
Salaries and consulting (notes 13, 16 & 17) | 1,737,414 | 3,491,804 | |||||||
Marketing and promotion | 57,435 | 4,891 | 192,307 | 35,850 | |||||
General and administrative | 205,304 | 178,809 | 633,266 | 371,448 | |||||
Technology development | 135,624 | 236,956 | 517,725 | 376,033 | |||||
Depreciation and amortization of long-term | 183,929 | 592,154 | |||||||
assets (note 6 & 7) | 206,394 | 372,789 | |||||||
Acquisition fees (note 5) | - | 40,714 | - | 350,076 | |||||
Restructuring expense | 71,801 | - | 165,366 | - | |||||
1,987,591 | 2,405,178 | 6,738,677 | 4,998,000 | ||||||
(Loss) income from operations | (254,451) | 24,689 | (1,101,187) | 423,874 | |||||
Other (expenses) income | 115 | 156 | |||||||
Interest income | (139) | 478 | |||||||
Interest expense | (71,389) | (64,813) | (178,161) | (92,908) | |||||
Foreign exchange gain (loss) | 181,269 | 98,749 | 212,866 | (54,645) | |||||
Fair value gain on contingent consideration | - | 2,113,887 | |||||||
(note 5) | - | - | |||||||
109,995 | 33,797 | 2,148,748 | (147,075) | ||||||
Total net and comprehensive (loss) | |||||||||
income | $ | (144,456) | $ | 58,486 | $ 1,047,561 | $ | 276,799 | ||
Basic income per share (note 14) | $ | (0.00) | $ | 0.00 | $ | 0.02 | $ | 0.00 | |
Diluted income per share (note 14) | $ | (0.00) | $ | 0.00 | $ | 0.02 | $ | 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) Nine months ended September 30, 2022 and 2021 (Expressed in US dollars)
Share-based | Foreign | ||||||
Number of | Share | Currency | Deficit | Total | |||
payments | |||||||
Shares | Capital | Translation | |||||
reserve | |||||||
Reserve | |||||||
Balance at December 31, | 60,472,140 | $27,520,839 | $5,982,586 | $ | - | $(31,840,138) | $1,663,287 |
2020 (see Note 3) | |||||||
Share based payments (note | - | - | 78,004 | - | - | 78,004 | |
13) | |||||||
- | |||||||
Exercise of options (note 12) | 87,000 | 10,951 | (4,934) | - | 6,017 | ||
Net income for the period | - | - | - | - | 276,799 | 276,799 | |
Balance at September 30, | 60,559,140 | $27,531,790 | $6,055,657 | $ | - | $(31,563,339) | $2,024,108 |
2021 | |||||||
Balance at December 31, 2021
Share-based payments (note 13)
Exercise of options (note 12) Exercise of RSUs (note 12)
Net income for the period
60,697,140 | $27,554,260 | $6,149,388 | $ 1,157,622 | $(31,894,068) | $2,967,202 |
- | - | 45,904 | - | - | 45,904 |
580,000 | 74,423 | (28,834) | - | - | 45,589 |
1,010,000 | 183,202 | (183,202) | - | - | - |
- | - | - | - | 1,047,561 | 1,047,591 |
Balance at September 30, | 62,287,140 | $27,811,885 | $5,983,256 | $ 1,157,622 | $(30,846,507) | $4,106,256 |
2022 | ||||||
See accompanying notes, which are an integral part of these condensed interim financial statements
3
YANGAROO Inc.
Condensed Interim Statements of Cash Flows (Unaudited) Nine months ended September 30, 2022 and 2021 (Expressed in US dollars)
Nine Months Ended September 30 | |||||
2022 | 2021 | ||||
(see Note 3) | |||||
Cash flow from (used in) operating activities | $ | 1,047,561 | |||
Net income for the period | $ | 276,799 | |||
Items not affecting cash: | |||||
Depreciation of property and equipment and amortization of | 592,154 | ||||
d intangible assets (note 6 and 7) | 372,789 | ||||
Amortization of deferred financing costs | 46,767 | 19,367 | |||
Expected credit loss (recovery) expense and write-off of account | 17,599 | (22,782) | |||
xxreceivables | |||||
Accrued severance payable | - | (206,173) | |||
Share-based payments (note 13) | 45,904 | 78,004 | |||
Fair value gain on contingent consideration (note 5) | (2,113,887) | - | |||
Changes in non-cash operating working capital: | 278,439 | ||||
Accounts receivable | 596,658 | ||||
Prepaid and sundry assets | 15,848 | (80,466) | |||
Contract assets | (15,650) | 13,246 | |||
Trade and other payables | 29,723 | (11,200) | |||
Contract liabilities | (26,058) | 51,236 | |||
Net cash from (used in) operating activities | (81,600) | 1,087,478 | |||
Cash flow used in investing activities | (91,766) | ||||
Acquisition of property and equipment (note 6) | (116,651) | ||||
Additions to product development assets (note 7) | (470,245) | (426,895) | |||
Acquisition of Digital Media Services (note 5) | - | (3,160,776) | |||
Net cash used in investing activities | (562,011) | (3,704,322) | |||
Cash flow from financing activities | (222,548) | ||||
Payment of lease obligations (note 10) | (159,756) | ||||
Proceeds from (repayment of) term loan | (346,469) | 2,420,134 | |||
Exercise of options (note 12) | 45,587 | 6,017 | |||
Proceeds from line of credit (note 11) | 926,166 | - | |||
Net cash from financing activities | 402,736 | 2,266,395 | |||
Net (decrease) in cash | (240,875) | (350,449) | |||
Effect of foreign exchange on cash | (180,632) | 160,477 | |||
Cash and cash equivalents, beginning of period | 768,251 | 1,461,870 | |||
Cash and cash equivalents, end of period | $ | 346,744 | $ | 1,271,898 | |
Cash interest paid | $ | 178,149 | $ | 74,249 |
See accompanying notes, which are an integral part of these condensed interim financial statements
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Yangaroo Inc. published this content on 28 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2022 11:20:07 UTC.
