KOMO PLANT BASED FOODS INC.
Condensed Interim Consolidated Financial Statements
For the Three and Six Months Ended January 31, 2022 and 2021
(Expressed in Canadian Dollars)
(Unaudited)
NOTICE TO READER
The accompanying condensed interim consolidated financial statements of Komo Plant Based Foods Inc. ("the Company") have been prepared by management in accordance with International Financial Reporting Standards ("IFRS"). Management acknowledges responsibility for the preparation and presentation of the condensed interim consolidated financial statements, including responsibility for significant accounting estimates and the choice of accounting principles and methods that are appropriate to the Company's circumstances. These condensed interim consolidated financial statements have not been reviewed by the
Company's independent auditor.
Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)
January 31 | July 31 | |
2022 | 2021 | |
(unaudited) | ||
$ | $ | |
ASSETS | ||
Current assets | ||
Cash | 205,660 | 342,996 |
Amounts receivable (Note 4) | 211,904 | 173,592 |
Inventory (Note 5) | 45,589 | 18,373 |
Prepaid expenses and deposits (Note 6) | 315,034 | 150,766 |
Total current assets | 778,187 | 685,727 |
Non-current assets | ||
Property and equipment (Note 7) | 33,415 | 19,222 |
Intangible assets (Note 8) | 33,650 | 33,650 |
Total non-current assets | 67,065 | 52,872 |
Total assets | 845,252 | 738,599 |
LIABILITIES | ||
Current liabilities | ||
Accounts payable and accrued liabilities (Note 9) | 550,167 | 252,844 |
Due to related parties | - | 3,320 |
Convertible debenture (Note 10) | - | 130,041 |
Derivative liability (Note 10) | - | 14,582 |
Total current liabilities | 550,167 | 400,787 |
Non-current liabilities | ||
Convertible debentures (Note 10) | 735,817 | - |
Loans payable (Note 11) | 104,715 | 97,246 |
Total non-current liabilities | 840,532 | 97,246 |
Total liabilities | 1,390,699 | 498,033 |
SHAREHOLDERS' EQUITY | ||
Share Capital (Note 12) | 10,860,971 | 10,111,033 |
Subscriptions received | 471,200 | - |
Share-based payment reserve | 2,566,857 | 1,717,966 |
Convertible debenture reserve (Note 10) | 44,201 | - |
Deficit | (14,488,676) | (11,588,433) |
Total shareholders' equity | (545,447) | 240,566 |
Total liabilities and shareholders' equity | 845,252 | 738,599 |
Nature of operations and continuance of business (Note 1) | ||
Subsequent events (Note 22) |
Approved and authorized for issuance on behalf of the Board of Directors on April 1, 2022:
/s/ "Daniel Kang" Daniel Kang, Director
/s/ "Spiros Margaris" Spiros Margaris, Director
(The accompanying notes are an integral part of these condensed interim consolidated financial statements)
2
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Expressed in Canadian Dollars)
(Unaudited)
Three months ended
January 31,
Six months ended
January 31,
2022 | ||
$ | ||
REVENUE | 166,052 | - |
Cost of revenue | 102,479 | - |
Gross profit | 63,573 | - |
EXPENSES | ||
Advertising and promotion | 131,220 | 16,306 |
Consulting fees | 83,427 | 192,729 |
Depreciation | 4,709 | 3,234 |
Fulfilment | 36,738 | - |
General and administrative (Note 15) | 37,911 | 40,374 |
Investor relations | 256,499 | - |
Professional fees | 91,513 | 41,175 |
Research and development | 11,029 | 6,389 |
Selling costs | 15,432 | - |
Share-based compensation (Note 14) | 239,770 | 29,693 |
Travel | 4,258 | 2,998 |
Wages | 158,327 | 17,089 |
Total expenses | 1,070,833 | 349,987 |
LOSS BEFORE OTHER ITEMS | (1,007,260) | (349,987) |
Other expense (Note 16) | (114,612) | (15,394) |
NET LOSS | ||
FROM CONTINUING OPERATIONS | (1,121,872) | (365,381) |
Loss from discontinued operations (Note 20) | - | - |
NET LOSS | (1,121,872) | (365,381) |
Unrealized foreign exchange loss | - | - |
COMPREHENSIVE LOSS | (1,121,872) | (365,381) |
Loss per share, basic & diluted | ||
- continuing operations | (0.01) | (0.01) |
- discontinued operations | - | - |
Weighted average shares outstanding, | ||
- basic & diluted | 89,030,857 | 33,469,323 |
2021 | 2022 |
$ | $ |
260,308 | - |
163,557 | - |
96,751 | - |
748,726 | 18,428 |
217,206 | 268,404 |
9,210 | 6,413 |
44,983 | - |
162,669 | 47,080 |
418,822 | - |
128,777 | 38,964 |
49,288 | 6,389 |
16,319 | - |
772,419 | 74,943 |
8,092 | 6,988 |
289,382 | 17,089 |
2,865,893 | 484,698 |
(2,769,142) | (484,698) |
(131,101) | (21,519) |
(2,900,243) | (506,217) |
- | (14,866) |
(2,900,243) | (521,083) |
- | (417) |
(2,900,243) | (521,500) |
(0.03) | (0.02) |
- | (0.00) |
87,688,732 | 32,370,497 |
2021 $
(The accompanying notes are an integral part of these condensed interim consolidated financial statements)
3
KOMO PLANT BASED FOODS INC.
Condensed Interim Consolidated Statements of Changes in Equity (Expressed in Canadian Dollars)
(Unaudited)
Share capital
Number of | Amount | ||
shares | |||
$ | |||
BALANCE, JULY 31, 2020 | 25,598,127 | 4,900,764 | |
Issuance of units for cash | 11,472,292 | 1,401,500 | - |
Share issuance costs | - | (173,730) | - |
Issuance of units for debt | 445,713 | 54,450 | - |
Issuance of common shares for intangible assets | 409,286 | 33,650 | - |
Share-based compensation | - | - | - |
Unrealized foreign exchange loss | - | - | - |
Realized foreign exchange loss on disposal of subsidiary | - | - | - |
Dividend in kind (Note 20) | - | - | - |
Net loss for the period | - | - | - |
BALANCE, JANUARY 31, 2021 | 37,925,418 | 6,216,634 | - |
BALANCE, JULY 31, 2021 | 85,438,661 | 10,111,033 | - |
Units issued for cash | 800,000 | 160,000 | - |
Subscriptions received | - | - | 471,200 |
Convertible debentures issued | - | - | - |
Shares issued on exercise of stock options | 290,000 | 75,995 | - |
Shares issued on exercise of warrants | 2,402,375 | 455,219 | - |
Shares/units issued on conversion of debentures | 423,820 | 58,724 | - |
Share-based compensation | - | - | - |
Net loss for the period | - | - | - |
BALANCE, JANUARY 31, 2022 | 89,354,856 | 10,860,971 | 471,200 |
Subscription | Convertible | Equity | Deficit | Total |
received | debenture | reserves | ||
reserve | ||||
$ | $ | $ | $ | $ |
194,754 | (4,592) | (5,086,143) | 4,783 | |
- | - | - | 1,401,500 | |
72,230 | - | - | (101,500) | |
- | - | - | 54,450 | |
- | - | - | 33,650 | |
74,943 | - | - | 74,943 | |
- | (417) | - | (417) | |
- | 5,009 | - | 5,009 | |
- | - | (30,124) | (30,124) | |
- | - | (521,083) | (521,083) | |
341,927 | - | (5,637,350) | 921,211 | |
- | 1,717,966 | (11,588,433) | 240,566 | |
- | - | - | 160,000 | |
- | - | - | 471,200 | |
46,028 | 183,512 | - | 229,540 | |
- | (44,895) | - | 31,100 | |
- | (62,145) | - | 393,074 | |
(1,827) | - | - | 56,896 | |
- | 772,419 | - | 772,419 | |
- | - | (2,900,243) | (2,900,243) | |
44,201 | 2,566,857 | (14,488,676) | (545,447) |
-
(The accompanying notes are an integral part of these condensed interim consolidated financial statements)
4
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Komo Plant Based Foods Inc. published this content on 01 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2022 22:53:03 UTC.