CO2 GRO Inc.
Unaudited Interim Consolidated Financial Statements
(expressed in Canadian dollars)
As at and for the 3 months ended
March 31, 2021 and 2020
NOTICE TO READER
The accompanying unaudited interim consolidated financial statements of
CO2 GRO Inc. (the "Company") have been prepared by and are the responsibility of management. These unaudited interim consolidated financial statements as at and for the three months ended March 31, 2021 and 2020 have not been reviewed by the Company's auditors.
MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING
The accompanying unaudited interim consolidated financial statements of CO2 GRO Inc. are the responsibility of the management and the Board of Directors (the "Board") of the Company and have been prepared in accordance with the accounting policies disclosed in the notes to the unaudited interim consolidated financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the statement of financial position date. In the opinion of management, the unaudited interim consolidated financial statements have been prepared within acceptable limits of materiality and are in accordance with International Accounting Standard 34 Interim Financial Reporting of International Financial Reporting Standards using accounting policies consistent with International Financial Reporting Standards appropriate in the circumstances.
The Board is responsible for reviewing and approving the unaudited interim consolidated financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. An Audit Committee assists the Board in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the unaudited interim consolidated financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board for its consideration in approving the unaudited interim consolidated financial statements together with other financial information of the Company for issuance to the shareholders.
MANAGEMENT'S ASSESSMENT OF INTERNAL CONTROL OVER FINANCIAL REPORTING
("ICFR")
Management is responsible for establishing and maintaining adequate internal control over the Company's financial reporting.
As the Company is a Venture Issuer (as defined under under National Instrument 52-109Certification of Disclosure in Issuers' Annual and Interim Filings) ("NI 52-109"), the Company and Management are not required to include representations relating to the evaluation, design, establishment and/or maintenance of disclosure controls and procedures ("DC&P") and/or ICFR, as defined in NI 52-109,nor has it completed such an evaluation. Inherent limitations on the ability of the certifying officers to design and implement on a cost-effective bases DC&P and ICFR for the issuer may result in additional risks of quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.
"John Archibald" | "Stephen M. Gledhill" |
John Archibald | Stephen M. Gledhill |
President and Chief Executive Officer | Chief Financial Officer |
May 27, 2021 | May 27, 2021 |
CO2 GRO Inc.
Unaudited Interim Consolidated Statements of Financial Position
(expressed in Canadian dollars)
March 31, | December 31, | ||
As at | 2020 | 2020 | |
Assets | $ | $ | |
Current assets | |||
Cash | 1,357,663 | 945,419 | |
Sales taxes recoverable | 31,394 | 42,472 | |
Accounts receivable (note 6) | 6,266 | - | |
Prepaid expenses (note 7) | 101,251 | 59,533 | |
Inventory (note 8) | 172,566 | 165,566 | |
Total current assets | 1,669,140 | 1,212,990 | |
Non-current assets | |||
Intangibles, net (note 9) | 125,831 | 117,215 | |
125,831 | 117,215 | ||
Total assets | 1,794,971 | 1,330,205 | |
Liabilities | |||
Current liabilities | |||
Trade payables and accrued liabilities (note 10) | 193,267 | 301,868 | |
Deferred revenue (note 11) | 20,126 | 4,345 | |
Due to related parties (note 13) | 57,380 | 2,496 | |
Total current liabilities | 270,773 | 308,709 | |
Total liabilities | 270,773 | 308,709 | |
Shareholders' equity | |||
Common shares (note 12.2) | 17,232,294 | 16,310,249 | |
Reserve for warrants (note 12.3) | 467,993 | 621,993 | |
Contributed surplus (note 12.4) | 4,122,260 | 4,174,669 | |
Accumulated deficit | (20,298,349) | (20,085,415) | |
Total shareholders' equity | 1,524,198 | 1,021,496 | |
Total liabilities and shareholders' equity | 1,794,971 | 1,330,205 | |
Going concern (note 1) | Approved for issuance by the Board on | ||
Significant contracts, commitments and | May 27, 2021 | ||
litigation (note 17) | |||
Subsequent events (note 20) | "Rose Marie Gage", Director |
"Michael Boyd", Director
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
CO2 GRO Inc.
Unaudited Interim Consolidated Statements of Operations and Comprehensive Loss
(expressed in Canadian dollars-except weighted average number of common shares outstanding)
3 months ended | ||
March 31, | March 31, | |
2021 | 2020 | |
$ | $ | |
Revenue (note 14) | 16,597 | 41,295 |
Cost of sales (note 15) | (40,276) | (35,701) |
Gross profit (loss) | (23,679) | 5,594 |
Expenses | ||
Administration | 20,479 | 45,853 |
Amortization & depreciation | 1,698 | 361 |
Compensation | 73,448 | 80,287 |
Consulting fees | 22,500 | 23,688 |
Foreign exchange (gains) losses | 946 | (1,668) |
Investor relations and public reporting costs | 48,416 | 27,424 |
Professional fees | 6,147 | 30,477 |
Research and development (note 16) | 6,320 | 22,899 |
Share-based compensation (note 12.5) | 6,981 | 65,622 |
Total expenses | 186,935 | 294,943 |
Operating loss | (210,614) | (289,349) |
Change in expected credit losses (note 6) | (2,089) | (2,517) |
Interest expense | (231) | - |
Loss and comprehensive loss for the period | (212,934) | (291,866) |
Basic and fully-diluted loss and comprehensive loss per share | (0.00) | (0.00) |
Weighted average number of common shares outstanding | 81,740,709 | 66,892,173 |
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
CO2 GRO Inc.
Unaudited Interim Consolidated Statements of Changes in Equity
(expressed in Canadian dollars)
Capital stock | ||||||
Reserve for | ||||||
Number of | Contributed | Accumulated | ||||
shares | Amount | Warrants | surplus | deficit | Total | |
$ | $ | $ | $ | $ | ||
Balance at December 31, 2019 | 68,117,004 | 15,399,817 | 130,461 | 3,960,737 | (19,090,980) | 400,035 |
Share-based compensation for the period | - | - | - | 65,622 | - | 65,622 |
Loss and comprehensive loss | - | - | - | - | (291,866) | (291,866) |
Balance at March 31, 2020 | 68,117,004 | 15,399,817 | 130,461 | 4,026,358 | (19,382,846) | 173,790 |
Shares issued for cash | 11,498,695 | 1,379,844 | - | - | - | 1,379,844 |
Cost of issuance | - | (5,105) | - | - | - | (5,105) |
Fair value of issued warrants | - | (491,532) | 491,532 | - | - | - |
Adjustment to shares for debt | - | 27,225 | - | - | - | 27,225 |
Share-based compensation | - | - | - | 148,311 | - | 148,311 |
Loss and comprehensive loss for the period | - | - | - | - | (702,569) | (702,569) |
Balance at December 31, 2020 | 79,615,699 | 16,310,249 | 621,993 | 4,174,669 | (20,085,415) | 1,021,496 |
Exercise of warrants | 3,850,000 | 462,000 | - | - | - | 462,000 |
Fair value of exercised warrants | - | 154,000 | (154,000) | - | - | - |
Exercise of options | 1,144,019 | 246,655 | - | - | - | 246,655 |
Fair value of exercised options | - | 59,390 | - | (59,930) | - | - |
Share-based compensation for the period | - | - | - | 6,981 | - | 6,981 |
Loss and comprehensive loss for the period | - | - | - | - | (212,934) | (212,934) |
Balance at March 31, 2021 | 84,609,718 | 17,232,294 | 467,993 | 4,122,260 | (20,298,349) | 1,524,198 |
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
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CO2 GRO Inc. published this content on 27 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2021 09:02:02 UTC.