INTELLABRIDGE TECHNOLOGY CORP.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021
(Unaudited)
(Expressed in US Dollars)
INTELLABRIDGE TECHNOLOGY CORP.
Index | Page |
Condensed Consolidated Interim Financial Statements | |
Condensed Consolidated Interim Statements of Financial Position | 3 |
Condensed Consolidated Interim Statement of Changes in Equity (Deficit) | 4 |
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss | 5 |
Condensed Consolidated Interim Statements of Cash Flows | 6 |
Notes to Condensed Consolidated Interim Financial Statements | 7-16 |
Page | 2
INTELLABRIDGE TECHNOLOGY CORP.
Condensed Consolidated Interim Statements of Financial Position
(Expressed in US Dollars)
March 31, 2022 | December 31, 2021 | ||||
Notes | (Unaudited) | (Audited) | |||
ASSETS | 4,766,775 | ||||
Cash | $ | $ | 5,080,163 | ||
Receivables | 3 | 19,710 | 19,303 | ||
Prepaids and deposits | 10,424 | 148,129 | |||
Digital currencies | 4 | 2,814,669 | 3,004,248 | ||
Assets held-for-sale | 5 | 305,209 | 305,209 | ||
7,916,787 | 8,557,052 | ||||
Property and equipment | 5 | 6,364 | |||
$ | 7,923,151 | $ | 8,557,052 | ||
LIABILITIES | 143,970 | ||||
Trade payables and accrued liabilities | 6 and 8 | $ | $ | 81,855 | |
Due to related parties | 8 | 64,667 | 59,144 | ||
208,637 | 140,999 | ||||
SHAREHOLDERS' EQUITY (DEFICIT) | |||||
Share capital | 7 | 15,485,232 | 15,485,232 | ||
Reserve | 7 | 858,052 | 858,052 | ||
Accumulated other comprehensive loss | 1,466,025 | (55,300) | |||
Deficit | (10,094,795) | (9,297,004) | |||
7,714,514 | 8,416,053 | ||||
$ | 7,923,151 | $ | 8,557,052 |
Nature of operations (Note 1)
Subsequent event (Note 12)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Page | 3
INTELLABRIDGE TECHNOLOGY CORP.
Condensed Consolidated Interim Statement of Changes in Equity (Deficit) For the three months ended March,31, 2022 and 2021
(Expressed in US Dollars) (Unaudited)
Share Capital | ||||||||||||
Total | ||||||||||||
shareholders' | ||||||||||||
Number of | Accumulated other | equity | ||||||||||
Note | shares | Amount | Reserve | comprehensive loss | Deficit | (deficiency) | ||||||
Balance at December 31, 2019 | 56,471,844 | $ | 7,262,188 | $ | 848,907 | $ | (56,445) | $ | (7,899,197) | $ | 155,453 | |
Share-based compensation | 7 | - | - | 1,535 | - | - | 1,535 | |||||
Net loss for the period | - | - | - | - | (73,098) | (73,098) | ||||||
Other comprehensive income | - | - | - | 8,545 | - | 8,545 | ||||||
Balance at March 31, 2020 | 56,471,844 | 7,262,188 | 850,442 | (47,900) | (7,972,295) | 92,435 | ||||||
Share-based compensation | - | - | 2,935 | - | - | 2,935 | ||||||
Benefit of below-market interest rate loan | - | - | 4,195 | - | - | 4,195 | ||||||
Net loss for the year | - | - | - | - | (282,840) | (282,840) | ||||||
Other comprehensive loss | - | - | - | (7,400) | - | (7,400) | ||||||
Balance at December 31, 2020 | 56,471,844 | 7,262,188 | 857,572 | (55,300) | (8,255,135) | (190,675) | ||||||
Share-based compensation | 7 | - | - | 480 | - | - | 480 | |||||
Shares issued for cash | 7 | 2,500,000 | 295,044 | - | - | - | 295,044 | |||||
Shares issued for settlement of debt | 7 and 8 | 4,499,990 | 2,071,030 | - | - | (246,562) | 1,824,468 | |||||
Net loss for the period | - | - | - | - | (1,570,445) | (1,570,445) | ||||||
Other comprehensive income | - | - | - | 474 | - | 474 | ||||||
Balance at March 31, 2021 | 63,471,834 | $ | 9,628,262 | $ | 858,052 | $ | (54,826) | $ | (10,072,142) | $ | 359,346 | |
Share-based compensation | 8 | - | - | 480 | - | - | 480 | |||||
Shares issued for cash | 9 | 10,564,517 | 8,150,504 | - | - | - | 8,150,504 | |||||
Shares issued for settlement of debt | 8 and 9 | 4,751,115 | 505,292 | - | - | - | 505,292 | |||||
Share issuance costs | 9 | - | (711,927) | - | - | - | (711,927) | |||||
Exercise of options | 9 | 720,000 | 279,175 | - | - | - | 279,175 | |||||
Net loss for the year | - | - | - | - | (1,041,869) | (1,041,869) | ||||||
Other comprehensive income | - | - | - | 1,425,073 | - | 1,425,073 | ||||||
Balance at December 31, 2021 | 72,507,476 | 15,485,232 | $ | 858,052 | 1,369,773 | (9,297,004) | 8,416,053 | |||||
Net loss for the year | - | - | - | - | (797,791) | (797,791) | ||||||
Other comprehensive income | - | - | - | 96,252 | - | 96 252 | ||||||
Balance at March 31, 2022 | 72 507 476 | $ | 15 485 232 | $ | 858 052 | $ | 1 466 025 | $ | (10 094 795) | $ | 7 714 514 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Page | 4
INTELLABRIDGE TECHNOLOGY CORP.
Condensed Consolidated Interim Statement of Loss and Comprehensive Loss For the three months ended March 31, 2022 and 2021
(Expressed in US Dollars) (Unaudited)
For the three | For the three | |||||
months ended | months ended | |||||
Note | March 31, 2022 | March 31, 2021 | ||||
Sales | 9 | $ | - | $ | - | |
Cost of services | - | - | ||||
GROSS PROFIT | - | - | ||||
Operating expenses | - | |||||
Advertising and marketing | 116,951 | |||||
456 | ||||||
Amortization | 5 | 108 | ||||
Bank charges and fees | 2,295 | 1,135 | ||||
Exchange fees | 1,018 | - | ||||
Brokerage fees | 11,847 | - | ||||
Management fees and salaries | 8 | 150,473 | 45,499 | |||
Office and administration | 51,218 | 8,460 | ||||
Professional fees | 50,376 | 21,696 | ||||
Regulatory and transfer agent fees | - | 7,580 | ||||
Rent and utilities | 4,550 | - | ||||
Research and development | 233,613 | 18,993 | ||||
Share-based compensation | 7 | - | 480 | |||
Travel | 17,704 | - | ||||
640,153 | 104,299 | |||||
NET LOSS BEFORE OTHER ITEMS | (640,153) | (104,299) | ||||
Other items | ||||||
Loss on settlement of debt | 7, 8 | - | (1,468,229) | |||
Gain on revaluation of digital currencies | 4 | (157,638) | 2,083 | |||
(797,791) | (1,466,146) | |||||
NET LOSS FOR THE PERIOD | (797,791) | (1,570,445) | ||||
Other comprehensive loss that may be reclassified | ||||||
to profit and loss: | 77,691 | |||||
Unrealized foreign exchange gain | 474 | |||||
COMPREHENSIVE LOSS FOR THE PERIOD | $ | (720,100) | $ | (1,569,971) | ||
Loss per common share -basic and diluted | $ | (0.01) | $ | (0.03) | ||
Weighted average number of shares outstanding -basic | 72 507 476 | |||||
and diluted | 59,438,507 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Page | 5
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Intellabridge Technology Corporation published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 01:16:09 UTC.