ADURO CLEAN TECHNOLOGIES INC. Aduro Clean Technologies Inc. (formerly Dimension Five Technologies Inc.)
Interim Condensed Consolidated Financial Statements
For the three and six months ended November 30, 2021
(Unaudited)
(Expressed in Canadian Dollars)
Aduro Clean Technologies Inc. (formerly Dimension Five Technologies Inc.)
Consolidated Statements of Financial Position
Expressed in Canadian Dollars
November 30, 2021 | May 31, 2021 | |||
ASSETS | ||||
Current | ||||
Cash and cash equivalents | $ | 1,964,504 | $ | 2,860,016 |
Prepaid expenses | 143,587 | - | ||
Trade and other receivables | 128,789 | 76,880 | ||
2,236,880 | 2,936,896 | |||
Non-current |
Property and equipment
Right of use assets
Intangible assets (Note 5)
Total Assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Trade payables and other current liabilities Project contributions payable
Lease liability - current portion Debt - current portion (Note 6)
Non-current
195,325 | 55,825 | ||
7,027 | 15,014 | ||
11,906 | 21,232 | ||
214,258 | 92,071 | ||
$ | 2,451,138 | $ | 3,028,967 |
$ | 579,082 | $ | 529,135 |
- | 12,138 | ||
5,715 | 12,610 | ||
586,163 | 30,496 | ||
1,170,960 | 584,379 |
Debt - non-current portion (Note 6) | 42,813 | 625,816 | |||
Shareholders' equity (Note 7) | |||||
Share capital | 4,502,355 | 3,483,304 | |||
Warrant reserve | 1,606,801 | 1,775,651 | |||
Contributed surplus | 2,151,235 | 1,075,164 | |||
Accumulated deficit | (7,023,026) | (4,515,347) | |||
1,237,365 | 1,818,772 | ||||
Total Liabilities and Shareholders' Equity | $ | 2,451,138 | $ | 3,028,967 |
Nature and continuance of operations (Note 1)
Subsequent events (Note 17)
Approved on behalf of the Board of Directors on January 28, 2022:
"Ofer Vicus" | , Director |
"Peter Kampian" | , Director |
The accompanying notes are an integral part of these financial statements.
Aduro Clean Technologies Inc. (formerly Dimension Five Technologies Inc.)
Consolidated Statements of Loss and Comprehensive Loss
Expressed in Canadian Dollars
Three months | Three months | Six months | Six months | ||||||
ended | ended | ended | ended | ||||||
November 30, | November 30, | November 30, | November 30, | ||||||
2021 | 2020 | 2021 | 2020 | ||||||
Revenue | $ | - | $ | - | $ | - | $ | - | |
Expenses | |||||||||
Depreciation and amortization | 15,750 | 14,304 | 28,203 | 28,607 | |||||
Finance costs (Note 10) | 12,512 | 19,496 | 28,965 | 30,078 | |||||
Foreign exchange | 4,271 | (4,022) | 15,996 | (6,050) | |||||
General and administrative (Note 11) | 600,544 | 145,314 | 937,781 | 211,265 | |||||
Share-based payment expense (Note 13) | 378,465 | - | 1,074,686 | - | |||||
Expense incurred in obtaining listing on | |||||||||
other exchanges | - | - | 24,323 | - | |||||
Research and development (Note 12) | 254,165 | 59,448 | 409,136 | 100,378 | |||||
1,265,707 | 234,540 | 2,519,090 | 364,278 | ||||||
Loss before other items | (1,265,707) | (234,540) | (2,519,090) | (364,278) | |||||
Other items | |||||||||
Gain on settlement of debt (Note 6) | 11,411 | 7,500 | 11,411 | 7,500 | |||||
COVID 19 wage subsidy | - | 14,431 | - | 24,590 | |||||
Loss and comprehensive loss for the | |||||||||
period | $ | (1,254,296) | $ | (212,609) | $ | (2,507,679) | $ | (332,188) | |
Basic and diluted loss per share | $ | (0.07) | $ | (0.02) | $ | (0.14) | $ | (0.02) | |
Weighted average number of common | |||||||||
shares outstanding | 18,412,298 | 13,333,328 | 17,843,679 | 13,333,328 |
The accompanying notes are an integral part of these financial statements.
Aduro Clean Technologies Inc. (formerly Dimension Five Technologies Inc.)
Consolidated Statements of Changes in Equity (Deficiency)
Expressed in Canadian Dollars
Share Capital | ||||||||||
Number of | Warrant | Contributed | ||||||||
Shares | Amount | Reserve | Surplus | Deficit | Total | |||||
Balance, May 31, 2020 | 7,692,667 | $ 91,200 | $ | - | $ | - | $ | (1,306,611) | $ | (1,215,411) |
Shares issued | 27,100 | 163,743 | - | - | - | 163,743 | ||||
Share-based payment expense | ||||||||||
(Note 13) | - | - | - | 6,921 | - | 6,921 | ||||
Net loss for the period | - | - | - | - | (332,188) | (332,188) | ||||
Balance, November 30, 2020 | 7,719,767 | 254,943 | - | 6,921 | (1,638,799) | (1,376,935) | ||||
Balance, May 31, 2021 | 33,908,358 | 3,483,304 | 1,775,651 | 1,075,164 | (4,515,347) | 1,818,772 | ||||
Shares issued on exercise of | ||||||||||
warrants (Note 7) | 1,700,401 | 1,019,051 | (168,850) | - | - | 850,201 | ||||
Share-based payment expense | ||||||||||
(Note 13) | - | - | - | 1,076,071 | - | 1,076,071 | ||||
Net loss for the period | - | - | - | - | (2,507,679) | (2,507,679) | ||||
Balance, November 30, 2021 | 35,608,759 | $ 4,502,355 | $ 1,606,801 | $ 2,151,235 | $ | (7,023,026) | $ | 1,237,365 |
The accompanying notes are an integral part of these financial statements.
Aduro Clean Technologies Inc. (formerly Dimension Five Technologies Inc.)
Consolidated Statements of Cash Flows
Expressed in Canadian Dollars
Six months ended | Six months ended | |||
November 30, | November 30, | |||
2021 | 2020 | |||
Operating Activities | ||||
Net loss for the period | $ | (2,507,679) | $ | (332,188) |
Items not affecting cash: | ||||
Depreciation and amortization | 28,203 | 28,607 | ||
Share-based payment expense (Note 13) | 1,076,071 | 6,921 | ||
Interest expense | 20,080 | 24,054 | ||
Gain on settlement of date (Note 6) | (11,411) | (7,500) | ||
Unrealized foreign exchange | 7,278 | (2,018) | ||
Changes in non-cash working capital (Note 16) | (156,490) | 102,224 | ||
Cash used in operating activities | (1,543,948) | (179,900) | ||
Financing Activities | ||||
Issue of common shares, net of issuing costs | 850,201 | - | ||
Loan advance made to legal subsidiary prior to RTO | - | 141,300 | ||
Finance lease repayments | (11,056) | (10,874) | ||
Term and working capital loan repayments (Note 6) | (44,986) | - | ||
Cash provided by financing activities | 794,159 | 130,426 | ||
Investing activities | ||||
Property and equipment acquired | (145,723) | (8,263) | ||
Cash used by investing activities | (145,723) | (8,263) | ||
Change in cash during the period | (895,512) | (57,737) | ||
Cash and cash equivalents, start of period | 2,860,016 | 45,420 | ||
Cash and cash equivalents, end of period | $ | 1,964,504 | $ | (12,317) |
Supplementary disclosure of non-cash activities | ||||
Common shares issued to settle outstanding balance in | ||||
accounts payable | $ | - | $ | 163,743 |
Right of use assets acquired | (4,455) | - | ||
Increase in lease liability from amendment in lease | 4,455 | - |
The accompanying notes are an integral part of these financial statements.
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Aduro Clean Technologies Inc. published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 19:51:06 UTC.
