YOOMA WELLNESS INC. Condensed Interim Consolidated Financial Statements (Expressed in U.S. dollars)
YOOMA WELLNESS INC.
(FORMERLY YOOMA CORP.)
For the six month period ended June 30, 2022, and
June 30, 2021
The accompanying unaudited Condensed Interim Consolidated Financial statements
for the interim period ended June 30, 2022 have not been reviewed by the Company's auditors. These financial statements are the responsibility of the management and
have been reviewed and approved by the Company's Audit Committee.
YOOMA WELLNESS INC.
Condensed Interim Consolidated Statements of Financial Position (Expressed in U.S. dollars)
June 30, | December 31, | |||
2022 | 2021 | |||
Assets | ||||
Current | $ | 1,790,394 | ||
Cash | $ | 1,232,538 | ||
Amounts receivable | 1,131,645 | 3,059,441 | ||
Prepaid and other current assets (Note 7) | 1,735,959 | 1,490,958 | ||
Note receivable (Note 6) | - | 100,000 | ||
Inventory (Note 5) | 1,649,113 | 2,458,291 | ||
6,307,111 | 8,341,228 | |||
Non-current | 259,383 | |||
Note receivable (Note 6) | 175,109 | |||
Property, plant and equipment (Note 8) | 698,065 | 3,043,392 | ||
Intangible assets (Note 9) | 8,160,209 | 8,989,784 | ||
Goodwill (Note 4 (a-f)) | 15,225,981 | 16,039,291 | ||
$ | 30,650,749 | $ | 36,588,804 | |
Liabilities and Shareholders' Equity | ||||
Current | $ | |||
Accounts payable and accrued liabilities (Note 11) | 2,734,982 | $ | 4,471,263 | |
Due to related parties | 588,713 | 377,051 | ||
Current portion of lease liability (Note 21) | 299,980 | 510,094 | ||
Contingent consideration (Note 13) | 2,013,650 | 1,738,131 | ||
5,637,325 | 7,096,539 | |||
Non-current | $ | 13,429 | ||
Warrants reserve (Note 12) | $ | 156,211 | ||
Lease liability (Note 21) | 1,107,462 | 1,107,462 | ||
Deferred tax liability | 1,637,624 | 2,045,427 | ||
Loan payable and other liabilities (Note 14) | 10,885,985 | 10,886,472 | ||
13,644,500 | 14,195,572 | |||
Shareholders' Equity | 50,180,065 | |||
Capital stock (Note 17 (a)) | 50,180,065 | |||
Accumulated other comprehensive income | (700,245) | (235,545) | ||
Warrants (Note 17 (d)) | 122,501 | 122,501 | ||
Contributed surplus | 1,032,624 | 670,209 | ||
Deficit | (39,266,022) | (35,440,537) | ||
11,368,923 | 15,296,693 | |||
$ | 30,650,749 | $ | 36,588,804 |
Subsequent events (Note 22) | |||
Approved by the Board | "Lorne Abony" | "Jordan Greenberg" | |
Director (Signed) | Director (Signed) |
See accompanying notes to the condensed interim consolidated financial statements.
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YOOMA WELLNESS INC.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in U.S. dollars, except per share and weighted average share figures)
For the three | For the three | For the six month | For the six month | |||||||
month period | month period | |||||||||
period ended | period ended | |||||||||
ended | ended | |||||||||
June 30, | June 30, | June 30, | June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||||
Revenue | $ | 3,286,281 | $ | 2,177,337 | $ | 6,488,745 | $ | 2,781,017 | ||
Cost of sales | (2,319,453) | (1,934,628) | (4,738,472) | (2,208,155) | ||||||
Gross profit | $ | 966,827 | $ | 242,709 | $ | 1,750,274 | $ | 572,862 | ||
Expenses | ||||||||||
Depreciation and amortization | $ | 71,436 | $ | 212,669 | $ | 445,702 | $ | 231,523 | ||
Consulting fees | 142,428 | 227,566 | 299,195 | 390,689 | ||||||
Professional fees | 135,640 | 511,931 | 332,903 | 901,727 | ||||||
Listing expense | - | - | - | 960,725 | ||||||
Stock-Based compensation | 201,643 | 52,304 | 362,415 | 99,601 | ||||||
Loss on disposition of capital assets | 981,904 | - | 981,904 | - | ||||||
Assets write-off | - | 134,810 | - | 134,810 | ||||||
Debt forgiveness | (437,556) | - | (437,556) | - | ||||||
Fair value adjustment on discounted | 111,834 | - | 328,412 | - | ||||||
purchase price | ||||||||||
Office and administrative | 1,219,716 | 2,307,476 | 3,884,331 | 3,485,700 | ||||||
Liability warrants fair value adjustment | (98,395) | - | (142,782) | - | ||||||
Other income | (37,605) | (10,374) | (86,743) | (62,848) | ||||||
2,291,047 | 3,436,382 | 5,967,782 | 6,141,927 | |||||||
Deferred Income tax recovery | 196,011 | - | 392,023 | - | ||||||
Net loss | $ | (1,128,208) | $ | (3,193,674) | $ | (3,825,485) | $ | (5,569,066) | ||
Other comprehensive loss | ||||||||||
Foreign currency translation | (67,753) | - | (464,700) | - | ||||||
- | - | |||||||||
Comprehensive loss | $ | (1,195,961) | $ | (3,193,674) | $ | (4,290,185) | $ | (5,569,066) | ||
Loss per share - basic and diluted: | $ | (0.01) | $ | (0.04) | $ | (0.04) | $ | (0.12) | ||
Weighted average number of | ||||||||||
common shares outstanding - | 100,859,744 | 75,540,765 | 100,859,744 | 46,977,197 | ||||||
basic and diluted: |
See accompanying notes to the condensed interim consolidated financial statements.
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YOOMA WELLNESS INC.
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency) (Expressed in U.S. dollars, except number of shares)
For the six month | For the six month | |||
period ended June | period ended June | |||
30, 2022 | 30, 2021 | |||
Share Capital | ||||
Balance at beginning of period | $ | 50,180,065 | $ | 5,517,350 |
Issuance of capital stock | - | 38,137,518 | ||
Balance at end of period | $ | 50,180,065 | $ | 43,654,868 |
Contributed Surplus | ||||
Balance at beginning of period | $ | 670,209 | $ | - |
Stock-based compensation | 362,415 | 309,602 | ||
Balance at end of period | $ | 1,032,624 | $ | 309,602 |
Warrants | ||||
Balance at beginning of period | $ | 122,501 | $ | - |
Balance at end of period | $ | 122,501 | $ | - |
Accumulated other comprehensive | ||||
income | ||||
Balance at beginning of period | $ | (235,545) | $ | - |
Foreign currency adjustments | (464,700) | - | ||
Balance at end of period | $ | (700,245) | $ | - |
Accumulated Deficit | ||||
Balance at beginning of period | $ | (35,440,537) | $ | (2,323,392) |
Net loss for the period | (3,825,485) | (5,569,066) | ||
Balance at end of period | $ | (39,266,022) | $ | (7,892,458) |
Total changes in the Shareholders' | ||||
Equity | ||||
Balance at beginning of period | $ | 15,296,693 | $ | 3,193,958 |
Issuance of capital stock | - | 38,137,518 | ||
Contributed Surplus | 362,415 | 309,602 | ||
Accumulated other comprehensive | ||||
income | (464,700) | - | ||
Net loss for the period | (3,825,485) | (5,569,066) | ||
Balance at end of period | $ | 11,368,923 | $ | 36,072,012 |
See accompanying notes to the condensed interim consolidated financial statements.
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YOOMA WELLNESS INC.
Condensed Interim Consolidated Statements of Cash Flows (Expressed in U.S. dollars)
For the six months ended | For the six months ended, | |||
June 30, 2022 | June 30, 2021 | |||
Cash provided by (used in) | ||||
Operating activities: | ||||
Net loss for the period | $ | (3,825,485) | $ | (5,569,066) |
Item not affecting cash: | ||||
Depreciation and Amortization | 445,702 | 231,523 | ||
Assets write-off | - | 134,810 | ||
Stock-based compensation | 362,415 | 99,602 | ||
Listing expense | - | 960,725 | ||
Accrued interest on note receivable | - | (13,148) | ||
Debt forgiveness | (437,556) | - | ||
Accretion | 275,519 | - | ||
Fair value adjustment on discounted | 328,412 | - | ||
purchase price | ||||
Fair value adjustment on liability warrants | (142,782) | - | ||
Deferred Income tax recovery | (392,023) | - | ||
Loss on disposition of assets | 981,904 | - | ||
Net changes in non-cash working capital: | ||||
Amounts receivable | 1,927,796 | (1,251,989) | ||
Prepaid and other current assets | (245,001) | (533,649) | ||
Inventory | 809,178 | 197,175 | ||
Due to related parties | 211,662 | 336,546 | ||
Accounts payable and accrued liabilities | (1,798,962) | 964,745 | ||
$ | (1,499,220) | $ | (4,442,726) | |
Investing activities: | ||||
Net cash received on disposal of capital assets | $ | 2,485,149 | $ | - |
Net cash received on Socati business acquisition | - | 2,339,085 | ||
Net cash received on EMMAC business acquisition | - | 14,486 | ||
Note receivables | - | (1,500,000) | ||
Cash received on going public transaction | - | 3,839,275 | ||
$ | 2,485,149 | $ | 4,692,846 | |
Financing activities: | ||||
Note payable | 100,000 | (119,400) | ||
Payment of lease obligations | (210,115) | - | ||
Loan repayment | (331,139) | - | ||
Net proceeds from issuance of common shares | - | 1,172,200 | ||
$ | (441,254) | $ | 1,052,800 | |
Net effect on foreign currency conversion | 13,181 | - | ||
Net change in cash during the period | 544,675 | 1,302,920 | ||
Cash, beginning of period | $ | 1,232,538 | $ | 2,481,924 |
Cash, end of period | $ | 1,790,394 | $ | 3,784,844 |
See accompanying notes to the condensed interim consolidated financial statements.
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Yooma Wellness Inc. published this content on 29 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2022 19:50:01 UTC.
