CanaQuest Medical : Interim Consolidated Consolidated Financial Statements (unaudited) - June 30, 2022

CanaQuest Medical Corporation Consolidated Condensed Interim Financial Statements (Unaudited)

for Quarter 1

June 30, 2022

CanaQuest Medical Corporation

Consolidated Condensed Interim Balance Sheets

Stated in Canadian Dollars

(Unaudited)

			June 30, 2022			March 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	3,600	$	20,682
Accounts receivable, net			3,385			2,272
Prepaid manufacturing costs			12,416			26,549
Prepaid expenses			44,961			12,459
Total current assets			64,362				61,962
Equipment and leasehold improvements, net			23,942			25,231
Total assets		$	88,304			$	87,193
Liabilities and Stockholders' Deficiency
Current liabilities:
Accounts payable and accrued liabilities	$	353,893	$	329,628
Advances related parties			43,065			40,474
Term loans			448,770			431,976
Warrant derivative liabilities			127,172			142,888
Total current liabilities			972,900				944,966
Going Concern
Commitments and Contingencies
Stockholders' Deficiency:
Common stock; no par value; unlimited shares authorized; 20,656,377
shares issued and outstanding at June 30, 2022 and (March 31, 2022 -			5,898,908
20,656,377), respectively					5,898,908
Additional paid-in capital			3,481,034			3,460,088
Equity to be issued			341,710			299,933
Accumulated deficiency			(10,606,248)			(10,516,702)
Total stockholders' deficiency			(884,596	)			(857,773	)
Total liabilities and stockholders' deficiency		$	88,304			$	87,193

See accompanying notes

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CanaQuest Medical Corporation

Consolidated Condensed Interim Statements of Operations

Stated in Canadian Dollars

(Unaudited)

			The months ended June 30,
			2022				2021
Revenue	$	-	$	-
Operating costs:
Application and membership fees			2,269			1,131
Business development			1,771			1,619
Depreciation			1,289			1,179
Exchange			2,051			-
Interest			8,473			717
Management fee			16,400			8,783
Occupancy			9,970			2,471
Office			3,217			4,459
Professional fees			10,034			24,474
Research and development			6,943			2,152
Stock-based compensation			20,946			1,478
Telephone and internet			10,821			4,613
Travel			2,560			2,496
Total operating expenses			96,744				55,572
Loss from operations			(96,744)			(55,572)
Other income (expense):
Change in fair value of warrant derivative liability			15,716			(162,036)
Interest expense			(8,518)			(5,482)
Total other income (expense)			7,198				(167,518	)
Net loss for the period	$	(89,546)	$	(223,090)
Net loss per share - basic and diluted	$	(0.00)	$	(0.01)
Weighted average number of common shares outstanding - basic and			20,656,377			20,136,377
diluted

See accompanying notes

2

CanaQuest Medical Corporation

Consolidated Condensed Interim Statement of Stockholders' Deficiency

Stated in Canadian Dollars

(Unaudited)

					Additional		Equity				Total
	Common		Common		Paid-in		to be	Accumulated	Stockholders'
	Shares		Stock		Capital		Issued	Deficit		Deficiency
Balance, March 31, 2022	20,656,377		$5,898,908		$3,460,088		$299,933		$ (10,516,702)		$	(857,773)
Stock-based compensation				20,946							20,946
Equity to be issued						41,777				41,777
Net Loss for the period									(89,546)		(89,546)
Balance, June 30, 2022	20,656,377		$5,898,908		$3,481,034		$341,710		$ (10,606,248	)	$	(884,596	)

See accompanying notes

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CanaQuest Medical Corporation

Consolidated Condensed Interim Statements of Cash Flows

Stated in Canadian Dollars

(Unaudited)

		Three months ended June 30,
	2022					2021
Cash Flows from Operating Activities:
Net loss for the period	$	(89,546)	$	(223,090)
Adjustments to reconcile net loss to net cash used in operating
activities
Non-cash interest			8,518			5,482
Depreciation			1,289			1,179
Stock-based compensation			20,946			1,478
Change in fair value of warrant derivative liability			(15,716)			162,036
Change in operating assets and liabilities:
Prepaid expenses			43			(719)
Prepaid manufacturing costs			(18,412)			-
Accounts receivable			(1,113)			(886)
Accounts payable and accrued expenses			15,747			(4,201)
Net cash used in operating activities			(78,244	)			(58,721	)
Cash Flows from Financing Activities:
Advances from related parties			30,625			38,342
Repayment to related parties			(28,034)			(42,836)
Conversion of Term Loan			(34,510)			-
Shares issued and to be issued			41,777			10,000
Term Loan - Vital Link Financial Services, LLC			51,304			75,115
Net cash provided (used in) by financing activities			61,162				80,621
Net change in cash and cash equivalents			(17,082)			21,900
Cash and cash equivalents, beginning of period			20,682			1,894
Cash and cash equivalents, end of period		$	3,600			$	23,794
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
Cash paid during the period for:
Interest paid	$	8,473	$	717
Income taxes paid	$	-	$	-
NON-CASH FINANCING ACTIVITIES
Common stock to be cancelled	$	-	$	-
Common stock issued to settle equity to be issued					$	-
Common stock issued for settlement of convertible notes and	$	-	$	-
interest

See accompanying notes

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