BIOCURE TECHNOLOGY INC. BIOCURE TECHNOLOGY INC.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020
(Expressed in Canadian Dollars)
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the interim 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 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 standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
Biocure Technology Inc.
Consolidated Statements of Financial Position
As at September 30, 2021 and December 31, 2020
(Expressed in Canadian Dollars)
September 30, | December 31, | ||||
Notes | 2021 | 2020 | |||
ASSETS | $ | $ | |||
Current | |||||
Cash | 186,011 | 46,679 | |||
Inventory | 6 | 4,081 | 4,493 | ||
Prepaid expenses | 5 | 80,425 | 13,709 | ||
Receivables | 4 | 12,408 | 70,893 | ||
Non-current | 282,925 | 135,774 | |||
Deposits | 5 | 44,168 | 48,161 | ||
Equipment | 7 | 6,912 | 68,784 | ||
Intangible asset | 1,185 | 1,460 | |||
Investments in KWULP and KWUC | 3 | 1,965,527 | 1,965,527 | ||
Land deposit | 8 | 2,119,040 | 2,310,603 | ||
Right-of-use assets | 9 | 6,348 | 17,304 | ||
Other investment | 2,574 | 2,807 | |||
TOTAL ASSETS | 4,428,679 | 4,550,420 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current | |||||
Accounts payable and accrued liabilities | 10 | 3,899,562 | 2,576,171 | ||
Loans payable | 12 | 1,136,406 | 1,053,077 | ||
Lease liability | 13 | 7,173 | 14,389 | ||
Severance liabilities | 14 | 269,231 | 297,506 | ||
Non-current | 5,312,372 | 3,941,143 | |||
Convertible debenture | 16 | 1,255,080 | 1,332,729 | ||
Lease liability | 13 | - | 3,993 | ||
Loan payable | 15 | 1,385,880 | 1,586,922 | ||
TOTAL LIABILITIES | 7,953,332 | 6,864,787 | |||
Shareholders' equity | |||||
Share capital | 17 | 18,525,162 | 17,452,020 | ||
Accumulated other comprehensive loss | (293,378) | (654,328) | |||
Reserve for stock options and warrants | 17 | 8,193,395 | 6,269,735 | ||
Deficit | (29,400,369) | (25,071,293) | |||
Total parent shareholders' equity | (2,975,190) | (2,003,866) | |||
Non-controlling interests | 18 | (549,463) | (310,501) | ||
Total shareholders' equity | (3,524,653) | (2,314,367) | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
4,428,679 | 4,550,420 | ||||
Nature of operations and going concern (Note 1) | |||||
Commitments (Notes 8 and 14) | |||||
Approved on behalf of the Board on November 29, 2021: | |||||
"Sang Mok Lee" | "Collin Kim" | ||||
Director | Director |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Biocure Technology Inc.
Consolidated Statements of Comprehensive Loss
For the three and nine months ended September 30, 2021 and 2020 (Expressed in Canadian Dollars)
Three months | Three months | Nine months | Nine months | ||
ended | ended | ended | ended | ||
September 30, | September 30, | September 30, | September 30, | ||
Notes | 2021 | 2020 | 2021 | 2020 | |
EXPENSES | $ | $ | $ | $ | |
Accretion | 15 | 1,274 | - | 3,640 | - |
Amortization and depreciation | 7 | 36,734 | 10,994 | 65,299 | 33,160 |
Consulting | 257,643 | 94,500 | 341,643 | 286,000 | |
Director and management fees | 11 | 55,952 | 20,532 | 172,038 | 53,653 |
Filing fees | 14,949 | 4,671 | 48,356 | 25,690 | |
General and administrative | 20,580 | 29,843 | 65,526 | 83,712 | |
Interest | 13,15,16 | 48,492 | 43,951 | 140,660 | 124,392 |
Motor vehicle expenses | 725 | 221 | 2,683 | 1,912 | |
Payroll | 38,714 | 77,642 | 202,395 | 260,815 | |
Professional fees | 56,056 | 19,433 | 85,603 | 115,702 | |
Rent | 21,688 | 19,198 | 50,245 | 58,868 | |
Research and development | 53,645 | 85,987 | 1,403,797 | 302,543 | |
Share-based compensation | 11,17 | 909,572 | - | 1,923,660 | 109,253 |
Supplies | 5,818 | 3,346 | 12,858 | 11,368 | |
Travel and entertainment | 21,737 | 26,229 | 67,640 | 92,260 | |
Utilities | 1,302 | 1,098 | 3,734 | 3,228 | |
1,544,881 | 437,645 | 4,589,777 | 1,562,556 | ||
LOSS BEFORE OTHER ITEMS | |||||
(1,544,881) | (437,645) | (4,589,777) | (1,562,556) | ||
OTHER ITEMS | |||||
Foreign exchange gain (loss) | - | (497) | - | (280) | |
Interest income | - | 563 | 2 | 980 | |
Loss on inventory disposal | - | 18 | - | (6,688) | |
Loss on valuation of marketable securities | - | - | - | (92) | |
- | 84 | 2 | (6,080) | ||
NET LOSS FOR THE PERIOD | |||||
(1,544,881) | (437,561) | (4,589,775) | (1,568,634) | ||
Loss attributable to the shareholders of the | |||||
Company | (1,385,142) | (421,872) | (4,329,076) | (1,518,015) | |
Loss attributable to non-controlling interest | (159,739) | (15,689) | (260,699) | (50,619) | |
OTHER COMPREHENSIVE INCOME | (1,544,881) | (437,561) | (4,589,775) | (1,568,634) | |
Foreign currency translation | 108,399 | (23,310) | 382,687 | (39,257) | |
Attributable to the shareholders of the Company | 102,242 | (21,986) | 360,950 | (37,027) | |
Attributable to non-controlling interest | 18 | 6,157 | (1,324) | 21,737 | (2,230) |
108,399 | (23,310) | 382,687 | (39,257) | ||
COMPREHENSIVE LOSS | |||||
(1,436,482) | (460,871) | (4,207,088) | (1,607,891) | ||
Attributable to the shareholders of the Company | (1,282,900) | (443,858) | (3,968,126) | (1,555,042) | |
Attributable to non-controlling interest | 18 | (153,582) | (17,013) | (238,962) | (52,849) |
BASIC AND DILUTED LOSS PER SHARE | (1,436,482) | (460,871) | (4,207,088) | (1,607,891) | |
(0.01) | (0.01) | (0.04) | (0.02) | ||
WEIGHTED AVERAGE SHARES | |||||
OUTSTANDING - BASIC AND DILUTED | 106,621,158 | 97,937,001 | 106,621,158 | 97,455,249 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Biocure Technology Inc.
Consolidated Statements of Changes in Shareholders' Equity For the nine months ended September 30, 2021 and 2020 (Expressed in Canadian Dollars)
Accumulated | |||||||
Number of | Share | Reserve For | Other | Non- | |||
Common | Stock Options | Comprehensive | controlling | ||||
Shares | Capital | and Warrants | Loss | Deficit | interest | Total | |
$ | $ | $ | $ | $ | $ | ||
December 31, 2019 | 96,937,001 | 16,984,641 | 6,159,079 | (526,630) | (22,907,714) | (126,612) | (417,236) |
Issuance of shares in | |||||||
subsidiary (Note 17) | - | - | - | - | 699,757 | 38,843 | 738,600 |
Issuance of shares for debt | 1,000,000 | 300,000 | - | - | - | - | 300,000 |
Share-based compensation | |||||||
(Note 18) | - | - | 109,253 | - | - | - | 109,253 |
Net loss | - | - | - | - | (1,518,015) | (50,619) | (1,568,634) |
Other comprehensive loss | - | - | - | (37,027) | - | (2,230) | (39,257) |
September 30, 2020 | 97,937,001 | 17,284,641 | 6,268,332 | (563,657) | (23,725,972) | (140,618) | (877,274) |
December 31, 2020 | 99,914,633 | 17,452,020 | 6,269,735 | (654,328) | (25,071,293) | (310,501) | (2,314,367) |
Issuance of shares for cash | 6,706,525 | 1,073,142 | - | - | - | - | 1,073,142 |
Share-based compensation | 1,923,660 | ||||||
(Note 18) | - | - | 1,923,660 | - | - | - | |
Net loss | - | - | - | - | (4,329,076) | (260,699) | (4,589,775) |
Other comprehensive | 382,687 | ||||||
income | - | - | - | 360,950 | - | 21,737 | |
September 30, 2021 | 106,621,158 | 18,525,162 | 8,193,395 | (293,378) | (29,400,369) | (549,463) | (3,524,653) |
The accompanying notes are an integral part of these Consolidated Financial Statements.
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Biocure Technology Inc. published this content on 07 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 December 2021 06:51:05 UTC.
