Radient Technologies Inc.
Interim Condensed Consolidated Financial Statements
Three and six months ended September 30, 2022 and 2021 (Unaudited)
Contents
Page | |
Interim condensed consolidated statements of financial position | 4 |
Interim condensed consolidated statements of operations and comprehensive loss | 5 |
Interim condensed consolidated statements of cash flows | 6 |
Interim condensed consolidated statements of changes in equity | 7 |
Notes to the interim condensed consolidated financial statements | 8 - 18 |
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
In accordance with National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed consolidated interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.
The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of condensed interim financial statements by an entity's auditor.
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Radient Technologies Inc.
Interim condensed consolidated statements of financial position
As at | September 30, | March 31, | ||
2022 | 2022 | |||
Assets | ||||
Current assets | $ | 209,547 | ||
Cash | $ | 31,878 | ||
Lease receivable | - | 21,008 | ||
Accounts receivable | 996,580 | 117,376 | ||
Prepaids and deposits | 529,704 | 306,817 | ||
Inventories | 2,191,957 | 2,121,536 | ||
3,927,788 | 2,598,615 | |||
Non-current assets | 147,651 | |||
Long-term prepaid and deposits | 147,651 | |||
Lease assets | 241,136 | 380,434 | ||
Plant and equipment | 21,510,685 | 22,251,567 | ||
Intangible assets | 2,268,144 | 2,356,274 | ||
24,167,616 | 25,135,926 | |||
Total assets | $ | 28,095,404 | $ 27,734,541 | |
Liabilities | ||||
Current liabilities | $ | 22,007,062 | ||
Accounts payable and accrued liabilities | $ 18,192,063 | |||
Short-term borrowings (Note 5) | 1,280,000 | 1,245,000 | ||
Facility construction liabilities | 6,139,757 | 6,015,277 | ||
Current portion of long-term debt (Note 6) | 10,759,774 | 10,809,814 | ||
Lease liabilities | 883,915 | 1,437,349 | ||
41,070,508 | 37,699,503 | |||
Non-current liabilities | 686,940 | |||
Lease liabilities | 160,817 | |||
686,940 | 160,817 | |||
41,757,448 | 37,860,320 | |||
Shareholders' deficit | 132,141,208 | |||
Common shares (Note 7) | 131,900,808 | |||
Contributed surplus | 10,220,842 | 12,073,403 | ||
Deficit | (156,024,094) | (154,099,990) | ||
(13,662,044) | (10,125,779) | |||
Total liabilities and shareholders' deficit | $ | 28,095,404 | $ 27,734,541 |
See accompanying notes to the interim condensed consolidated financial statements
Approved by the Board of Directors:
Director (signed by) | "Steven Splinter" | Director (signed by) | "Jocelyne Lafreniere" |
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Radient Technologies Inc.
Interim condensed consolidated statements of operations and comprehensive loss
Three months ended September 30, | Six months ended September 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Revenues | $ | 1,351,082 | $ | 1,920,496 | ||||
Manufactured products | $ | 1,097,147 | $ | 1,829,547 | ||||
Manufacturing services | - | - | - | 16,822 | ||||
1,351,082 | 1,097,147 | 1,920,496 | 1,846,369 | |||||
Cost of sales | 1,418,055 | 1,981,312 | ||||||
Manufactured products | 874,118 | 1,557,285 | ||||||
1,418,055 | 874,118 | 1,981,312 | 1,557,285 | |||||
(66,973) | 223,029 | (60,816) | 289,084 | |||||
Expenses | 931,328 | 1,329,529 | ||||||
General and administrative | 582,877 | 1,125,392 | ||||||
Financing fees | 554,589 | 342,921 | 1,106,772 | 766,422 | ||||
Depreciation and amortization | 453,693 | 310,474 | 907,304 | 762,248 | ||||
Production plant | 180,079 | 216,246 | 366,692 | 623,949 | ||||
Engineering | - | 2,930 | 1,097 | 16,545 | ||||
Process development | 1,434 | 145,106 | 3,741 | 207,242 | ||||
Research and development | 3,932 | 54,715 | 37,480 | 114,494 | ||||
Quality control and assurance | 52,850 | 6,658 | 83,976 | 57,429 | ||||
Business development | 73,073 | 53,521 | 150,655 | 106,218 | ||||
Corporate development | - | - | - | 5,591 | ||||
2,250,978 | 1,715,448 | 3,987,246 | 3,785,530 | |||||
Loss before other expenses | (2,317,951) | (1,492,419) | (4,048,062) | (3,496,446) | ||||
Other income (expenses) | (2,473) | (7,040) | ||||||
Share-based payments (Note 7) | (17,013) | (18,424) | ||||||
Gain on equity settled payables | - | 36,139 | - | 36,139 | ||||
(Loss) gain on modification of long-term debt (Note 6) | - | (129,935) | 248,412 | (129,935) | ||||
Gain (loss) on disposal of property and equipment | - | 67,678 | - | (17,594) | ||||
Foreign exchange gain (loss) | 1,756 | (83,569) | (14,804) | 22,429 | ||||
Interest and other income | (15,129) | (19,099) | (25,011) | (28,383) | ||||
(15,846) | (145,799) | 201,557 | (135,768) | |||||
Net loss and comprehensive loss | $ | (2,333,797) | $ | (1,638,218) | $ | (3,846,505) | $ | (3,632,214) |
Basic and diluted loss per common share | $ | - | $ | - | $ | (0.01) | $ | (0.01) |
Weighted average number of common shares outstanding | 539,378,891 | 532,296,853 | ||||||
Basic and diluted | 432,637,825 | 432,592,263 |
See accompanying notes to the interim condensed consolidated financial statements
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Radient Technologies Inc. published this content on 29 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2022 00:53:04 UTC.