IDLE LIFESTYLE, INC.
(FORMERLY PODA HOLDINGS, INC.)
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MAY 31, 2022 AND 2021
(Expressed in Canadian Dollars)
(Unaudited)
IDLE LIFESTYLE, INC.
(FORMERLY PODA HOLDINGS, INC.)
CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian Dollars)
May 31, | February 28, | |
2022 | 2022 | |
ASSETS | $ | $ |
Current | ||
Cash | 10,445,696 | 13,235,203 |
GST and taxes recoverable | 205,070 | 377,586 |
Prepaid expenses and deposits | 29,296 | 73,861 |
Advances receivable (Note 7) | - | 225,000 |
10,680,062 | 13,911,650 | |
Intangible assets (Note 5) | 1 | 1 |
Intellectual Property (Note 14) | 3,466,317 | - |
14,146,380 | 13,911,651 | |
LIABILITIES | ||
Current | ||
Accounts payable | 765,612 | 625,184 |
RSU liability (Note 9) | 289,800 | 289,800 |
Non-current | 1,055,412 | 914,984 |
Convertible Notes (Note 11) | - | 604,507 |
1,055,412 | 1,519,491 | |
EQUITY (DEFICIENCY) | ||
Share capital (Note 9) | 27,592,655 | 24,564,398 |
Contributed surplus | 4,211,685 | 4,167,053 |
Deficit | (18,713,372) | (16,339,291) |
13,090,968 | 12,392,160 | |
14,146,380 | 13,911,651 |
NATURE OF OPERATIONS (Note 1)
SUBSEQUENT EVENTS (Note 15)
Approved and authorized for issuance on behalf of the Board on August 1, 2022:
/s/ Ryan Selby,Director | /s/ Aaron Bowden,Director |
The accompanying notes are an integral part of these consolidated interim financial statements.
IDLE LIFESTYLE, INC
(FORMERLY PODA HOLDINGS, INC.)
CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (Expressed in Canadian Dollars)
Three months ended Three months ended | ||
May 31, | May 31, | |
2022 | 2021 | |
$ | $ | |
EXPENSES | 12,991 | |
Accretion and interest expense | 26,262 | |
Advertising and promotion | 74,935 | 384,234 |
Bank services charges | 1,730 | - |
Legal fees | 570,283 | - |
Management fees (Note 7) | - | 236,345 |
Office and miscellaneous | 16,772 | 26,326 |
Professional fees | 570,269 | 118,117 |
Research and development | 90,657 | 211,166 |
Rent | 12,800 | - |
Share-based compensation (Note 9) | 44,632 | 18,573 |
Transfer agent | 1,560 | - |
Wages | 751,810 | - |
(2,148,439) | (1,021,023) | |
Other expenses | (30,254) | - |
Foreign exchange loss | (215,388) | - |
Forgiveness of government loan (Note 12) | 20,000 | - |
Net and comprehensive loss for the period | (2,374,081) | (1,021,023) |
Loss per share (basic and diluted) | (0.04) | (0.07) |
Weighted average number of common shares outstanding | 55,583,184 | 13,757,419 |
The accompanying notes are an integral part of these consolidated interim financial statements.
IDLE LIFESTYLE, INC
(FORMERLY PODA HOLDINGS, INC.)
CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY (DEFICIENCY) (Expressed in Canadian Dollars)
Number of shares | Equity | ||||||
Contributed | Portion of | ||||||
Convertible | |||||||
Common | Preferred | Amount | Surplus | Notes | Deficit | Total | |
$ | $ | $ | $ | $ | |||
Balance as at January 31, 2021 | 42,783,920 | - | 630,160 | 1,207,010 | 48,049 | (5,292,081) | (3,406,862) |
Private placements | 2,500,000 | - | 1,000,000 | - | - | - | 1,000,000 |
Preferred shares issued in exchange for common shares of | |||||||
Poda Technologies Ltd. | (42,783,920) | 42,784 | - | - | - | - | - |
Deemed fair value of common shares and warrants held by | |||||||
existing shareholders upon completion of RTO | 30,025,001 | 3,002,500 | 1,611,228 | - | - | 4,613,728 | |
Common shares issued for debt settlement | 3,595,285 | - | 359,528 | - | - | - | 359,528 |
Share-based compensation | - | - | - | 18,573 | - | - | 18,573 |
Convertible note | - | - | - | - | (48,049) | - | (48,049) |
Comprehensive loss | - | - | - | - | - | (1,021,023) | (1,021,023) |
Balance as at May 31, 2021 | 36,120,286 | - | 4,992,188 | 2,836,811 | - | (6,313,104) | (1,515,895) |
Balance as at February 28, 2022 | 56,007,229 | 63,646 | 24,564,398 | 4,167,053 | - | (16,339,291) | 12,392,160 |
Conversion of preferred shares to common | 10,974,885 | (10,975) | - | - | - | - | - |
Shares issued upon conversion of debentures | 15,590,140 | - | 604,507 | - | - | - | 604,507 |
Exercise of warrants | 18,050,000 | - | 1,801,243 | - | - | - | 1,801,243 |
Exercise of stock options | 4,050,044 | 622,507 | - | - | - | 622,507 | |
Share-based compensation | - | - | - | 44,632 | - | - | 44,632 |
Comprehensive loss | - | - | - | - | - | (2,374,081) | (2,374,081) |
Balance as at May 31, 2022 | 104,672,298 | 52,671 | 27,592,655 | 4,211,685 | - | (18,713,372) | 13,090,968 |
The accompanying notes are an integral part of these consolidated interim financial statements.
IDLE LIFESTYLE, INC
(FORMERLY PODA HOLDINGS, INC.)
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS FOR THE MONTHS ENDED MAY 31, 2022 AND 2021 (Expressed in Canadian Dollars)
2022 | 2021 | ||
CASH PROVIDED BY (USED IN): | $ | $ | |
OPERATING ACTIVITIES | (2,374,081) | ||
Net loss for the period | (1,021,023) | ||
Items not affecting cash | - | ||
Interest and accretion | (49,010) | ||
Share-based compensation | 44,632 | 18,573 | |
Changes in non-cash working capital balances: | 172,516 | ||
GST and taxes recoverable | 73,737 | ||
Prepaid expenses and deposits | 44,565 | (340,064) | |
Accounts receivable | 225,000 | - | |
Accounts payable | 140,428 | (337,416) | |
Cash used by operating activities | (1,746,940) | (1,655,203) | |
INVESTING ACTIVITIES | |||
Cash used in investing activities (Note 14) | (3,466,317) | - | |
FINANCING ACTIVITIES | (604,507) | ||
Convertible note converted to common stock | 187,500 | ||
Proceeds from exercise of warrants | 1,801,243 | - | |
Proceeds from exercise of options | 622,507 | - | |
Proceeds from issuance of common stock | - | 604,507 | 2,492,752 |
Cash provided (used) by financing activities | 2,423,750 | 2,680,253 | |
CHANGE IN CASH DURING THE PERIOD | (2,789,507) | 1,025,049 | |
CASH, BEGINNING OF PERIOD | 13,235,203 | 7,769 | |
CASH, END OF PERIOD | 10,445,696 | 1,032,818 |
Supplementary Cash Flow Information (Notes 8 and 9)
The accompanying notes are an integral part of these consolidated interim financial statements.
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Idle Lifestyle Inc. published this content on 01 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2022 20:17:14 UTC.