THC BIOMED INTL LTD.
Condensed Interim Consolidated Financial Statements
For the Six Months Ended January 31, 2022 and 2021
(Expressed in Canadian Dollars)
THC BIOMED INTL LTD. | |
Condensed Interim Consolidated Financial Statements | |
For the Six Months Ended January 31, 2022 and 2021 | Page |
Notice to Readers | 3 |
Condensed Interim Consolidated Statements of Comprehensive Loss | 4 |
Condensed Interim Consolidated Statements of Financial Position | 5 |
Condensed Interim Consolidated Statements of Changes in Equity | 6 |
Condensed Interim Consolidated Statements of Cash Flows | 7 |
Notes to the Condensed Interim Consolidated Financial Statements | 8 - 30 |
Notice to Readers
Under National Instrument 51-102, Part 4.3(3)(a), if an auditor has not performed a review of the condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated financial statements of THC BioMed Intl Ltd. for the six months ended January 31, 2022 and 2021 have been prepared in accordance with International Accounting Standard 34 for Interim Financial Reporting under International Financial Reporting Standards. These condensed interim consolidated financial statements are the responsibility of the Company's management and have been approved by the Board of Directors. The Company's independent auditors have not performed an audit or a review of these condensed interim consolidated financial statements.
These condensed interim consolidated financial statements were authorized for issue by the Board of Directors on April 1, 2022. They are signed on the Company's behalf by:
"John Miller" | "Hee Jung Chun" |
_________________________________ | _______________________________ |
Director | Director |
Condensed Interim Consolidated Statements of Comprehensive Loss (Expressed in Canadian Dollars)
For the three months ended For the six months ended (Unaudited) (Unaudited) (Unaudited) (Unaudited) January 31 January 31 January 31 January 31 2022 2021 2022 2021
Revenue (note 15)
Cost of sales (notes 5 and 6)
$
606,826
$ 1,021,989
(436,672)
(1,226,557)
$ 1,743,622 (1,505,783)
$ 1,644,014 (1,955,936)
Gross profit (loss) before fair value adjustments
170,154
(204,568)
237,839
(311,922)
Realized fair value changes in biological assets included in inventory sold Unrealized gain (loss) on changes in fair value of biological assets
(69,762)
(577,346)
(300,108) (1,155,671)
(1,042,459)
(1,485,291)
(168,037) (886,613)
Net change in fair value (note 5)
(1,112,221)
(2,062,637)
(468,145) (2,042,284)
Gross margin profit (loss)
(942,067)
(2,267,205)
(230,306) (2,354,206)
Expenses
Depreciation and amortization (note 7) General and administration (notes 16 and 19) Sales and marketing
Share-based compensation (notes 14 and 19)
234,983 348,730 14,909
245,767 328,842 10,374 66,199
454,835 487,649
704,923 648,838
22,652 20,346
-
94,204 100,819
598,622
651,182
1,276,614
1,257,652
Other income (expense) items
Accretion expense on convertible debentures (note 12) Foreign exchange gain (loss)
Interest income
(7,719) 1,060 7 325
(3,559)
-
(16,414)
643
- (2,465)
70
12 102
Other
366
669 534
(6,327)
(3,123)
(15,090)
(1,829)
Net and comprehensive loss for the period
$ (1,547,016) $ (2,921,510) $ (1,522,010) $ (3,613,687)
Basic and diluted loss per share
$
(0.01) $
(0.02) $
(0.01) $
(0.02)
Weighted average number of shares outstanding
163,895,078
162,951,748
163,866,817
160,763,013
Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)
As at
Assets Current
Cash
Amounts receivable (note 4)
Due from related party (note 19)
Biological assets (note 5)
Inventory (note 6)
Prepaid expenses and deposits
Non-current
Property and equipment (note 7)
July 31 | ||
2021 | ||
$ | 125,028 | 111,162 |
358,554 | 553,305 | |
118,968 | 110,757 | |
887,947 | 1,259,124 | |
2,385,921 | 1,961,284 | |
501,720 | 275,803 | |
4,378,138 | 4,271,435 | |
13,033,255 | 13,125,006 |
January 31 2022
$
$17,411,393
$ 17,396,441
Liabilities Current
Accounts payable and accrued liabilities (notes 8 and 10)
Commercial operating loan (note 9)
Current portion of mortgages payable (note 10)
Curent portion of other liabilities (note 11)
Convertible debentures payable (note 12)
$ 3,021,493 483,301 1,612,659
$ 3,041,464 486,004 1,482,368
213,125 167,104
903,573 791,552
6,234,151
5,968,492
Non-current
Mortgages payable (note 10)
Other liabilities (note 11)
Convertible debentures payable (note 12)
2,115,750 136,496 491,263 2,743,509
1,605,878 38,662 -
8,977,660
1,644,540 7,613,032
Shareholders' Equity
Share capital (note 13) Reserves Accumulated deficit
31,664,098 31,641,256
8,652,612 8,693,174
(31,882,977)
(30,551,021)
8,433,733 $17,411,393
9,783,409 $ 17,396,441
Nature of operations (note 1)
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THC Biomed Intl Ltd. 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 22:23:02 UTC.