CHEMESIS INTERNATIONAL INC.
Condensed Consolidated Interim Financial Statements As at and for the nine months ended March 31, 2022
NOTICE TO READER
Under 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 the condensed consolidated interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed consolidated interim financial statements of Chemesis International Inc. (the "Company") have been prepared by and are the responsibility of management. These condensed consolidated interim financial statements for the nine months ended March 31, 2022 has not been reviewed or audited by the Company's independent auditors. All amounts are stated in Canadian Dollars unless otherwise stated.
Chemesis International Inc.
Condensed Consolidated Interim Statements of Financial Position (Expressed in Canadian dollars)
As at | March 31, 2022 | June 30, 2021 | |||
ASSETS | |||||
Current assets | |||||
Cash | $ | 195,915 | $ | 1,719,845 | |
GST receivable | 229,939 | 201,964 | |||
Loan receivable | - | 55,631 | |||
Assets held for sale (Note 6) | 914,245 | 345,257 | |||
1,340,099 | 2,322,697 | ||||
Non-current asset | |||||
Note receivable (Note 6) | - | 1,227,281 | |||
TOTAL ASSETS | $ | 1,340,099 | $ | 3,549,978 | |
LIABILITIES | |||||
Current | |||||
Accounts payable and accrued liabilities | $ | 1,834,352 | $ | 2,187,347 | |
Derivative liability (Note 9) | 190,838 | 1,185,923 | |||
Convertible debt (Note 8) | 132,719 | 129,382 | |||
Liabilities held for sale (Note 6) | 1,087,951 | 150,549 | |||
TOTAL LIABILITIES | 3,245,860 | 3,653,111 | |||
EQUITY | |||||
Share capital (Note 9) | 93,166,426 | 85,371,273 | |||
Subscriptions received | - | 40,500 | |||
Contributed surplus | 7,299,073 | 7,564,425 | |||
Accumulated other comprehensive income | (96,736) | (275,748) | |||
Deficit | (102,167,276) | (94,474,422) | |||
Equity attributable to shareholders of Chemesis | (1,798,513) | (1,773,972) | |||
Non-controlling interests (Note 7) | (107,248) | 1,670,839 | |||
TOTAL EQUITY | (1,905,761) | (103,133) | |||
TOTAL LIABILITIES AND EQUITY | $ | 1,340,099 | $ | 3,549,978 | |
Subsequent events (Note 17) | Going concern (Note 2) | Contingent liabilities (Note 16) |
Approved on behalf of the Board of Directors:
"Josh Rosenberg",Director"Aman Parmar",Director
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Chemesis International Inc.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Expressed in Canadian dollars)
For the three months ended March | For the nine months ended | |||||||
31 | March 31 | |||||||
2022 | 2021 | 2022 | 2021 | |||||
REVENUES | - | - | 13,919 | - | ||||
COST OF GOODS SOLD | - | - | (8,351) | - | ||||
GROSS MARGIN | - | - | 5,568 | - | ||||
EXPENSES | ||||||||
Depreciation | - | 26,095 | - | 49,387 | ||||
Foreign exchange loss | 1,070 | 434,375 | 1,874 | 424,596 | ||||
General and administration (Note 11) | 509,468 | 2,993,389 | 1,458,250 | 6,258,152 | ||||
Share-based payments (Note 9) | - | 2,169,379 | - | 2,169,379 | ||||
LOSS BEFORE OTHER ITEMS | (510,568) | (5,623,238) | (1,454,556) | (8,901,514) | ||||
OTHER INCOME (EXPENSES): | ||||||||
Interest expense | (5,568) | - | (15,581) | (42,692) | ||||
Interest income and other (Note 9) | - | - | - | - | ||||
Loss on debt settlement | (14,800) | - | (14,800) | - | ||||
Change in fair value of derivative liabilities (Note 9.2) | 51,418 | - | 995,084 | - | ||||
(31,050) | - | 964,703 | (42,692) | |||||
NET LOSS BEFORE DISCONTINUED OPERATIONS | ||||||||
AND INCOME TAXES | (479,518) | (5,623,238) | (500,989) | (8,944,206) | ||||
Income tax recovery (expense) | - | - | - | - | ||||
NET LOSS FROM CONTINUING OPERATIONS | (479,518) | (5,623,238) | (500,989) | (8,944,206) | ||||
Net income (loss) from discontinued operations (Note 6) | (6,285,468) | 5,861,680 | (7,524,675) | (728,228) | ||||
NET LOSS | (6,764,986) | (229,660) | (8,014,528) | (9,672,434) | ||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
Cumulative translation adjustment - discontinued operations | 144,199 | (2,182,703) | 278,313 | (1,991,969) | ||||
COMPREHENSIVE LOSS | (6,620,787) | (2,412,363) | (7,736,215) | (11,664,403) | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO: | ||||||||
Chemesis International Inc. | 104,274 | 1,632,888 | 114,609 | (1,558,155) | ||||
Discontinued operations | (6,500,799) | (1,862,548) | (8,129,136) | (8,114,279) | ||||
NET LOSS | (6,396,525) | (229,660) | (8,014,528) | (9,672,434) | ||||
COMPREHENSIVE INCOME (LOSS) | ||||||||
ATTRIBUTABLE TO: | ||||||||
Chemesis International Inc. | 650,813 | 1,613,078 | 392,921 | (1,558,155) | ||||
Discontinued operations | (6,366,685) | (4,025,441) | (8,129,135) | (10,106,248) | ||||
COMPREHENSIVE LOSS | $ | (5,715,872) | $ | (2,412,363) | $ | (7,736,215) | $ | (11,664,403) |
NET INCOME (LOSS) FROM CONTINUING | ||||||||
OPERATIONS ATTRIBUTABLE TO: | ||||||||
Chemesis International Inc. | 104,274 | 1,632,888 | 114,609 | (1,558,155) | ||||
NET LOSS FROM CONTINUING OPERATIONS | 104,274 | 1,632,888 | 114,609 | (1,558,155) | ||||
COMPREHENSIVE INCOME (LOSS) FROM | ||||||||
CONTINUING OPERATIONS ATTRIBUTABLE TO: | ||||||||
Chemesis International Inc. | 650,813 | 1,613,078 | 392,921 | (1,558,155) | ||||
COMPREHENSIVE INCOME FROM CONTINUING | ||||||||
OPERATIONS | $ | 650,813 | $ | 1,613,078 | $ | 392,921 | $ | (1,558,155) |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Chemesis International Inc.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Expressed in Canadian dollars)
Incomed (loss) per share, basic and diluted, total operations | $ | (0.11) | $ | (0.00) | $ | (0.14) | $ | (0.23) |
Continuing operations | (0.00) | 0.03 | (0.01) | (0.04) | ||||
Discontinued operations | (0.11) | (0.04) | (0.13) | (0.19) | ||||
Weighted average number of common shares outstanding | 60,009,496 | 49,794,908 | 58,088,008 | 42,387,375 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
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Chemesis International Inc. published this content on 30 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2022 23:19:01 UTC.