Unaudited Condensed Interim Consolidated Financial Statements for the Third Quarter Ended September 30, 2021 and 2020
Ceapro Inc.
Notice of No Auditor Review of Condensed Interim Consolidated 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 condensed interim consolidated financial statements of Ceapro Inc. (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 condensed interim consolidated 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.
CEAPRO INC.
Condensed Interim Consolidated Balance Sheets
Unaudited
September 30, | December 31, | |
2021 | 2020 | |
$ | $ | |
ASSETS | ||
Current Assets | ||
Cash and cash equivalents | 7,410,214 | 5,369,029 |
Trade receivables | 2,716,058 | 2,019,723 |
Other receivables | 39,522 | 102,224 |
Inventories (note 3) | 1,532,271 | 1,210,079 |
Prepaid expenses and deposits | 133,760 | 348,845 |
Total Current Assets | 11,831,825 | 9,049,900 |
Non-Current Assets | ||
Investment tax credits receivable | 607,700 | 607,700 |
Deposits | 82,124 | 82,124 |
Licences (note 4) | 16,292 | 18,514 |
Property and equipment (note 5) | 17,776,791 | 18,591,189 |
Deferred tax assets | 874,304 | 874,304 |
Total Non-Current Assets | 19,357,211 | 20,173,831 |
TOTAL ASSETS | 31,189,036 | 29,223,731 |
LIABILITIES AND EQUITY | ||
Current Liabilities | ||
Accounts payable and accrued liabilities | 1,097,645 | 1,067,622 |
Current portion of lease liabilities (note 6) | 286,608 | 250,658 |
Current portion of CAAP loan (note 8) | 80,811 | 72,263 |
Total Current Liabilities | 1,465,064 | 1,390,543 |
Non-Current Liabilities | ||
Long-term lease liabilities (note 6) | 2,432,682 | 2,648,917 |
Deferred tax liabilities | 874,304 | 874,304 |
Total Non-Current Liabilities | 3,306,986 | 3,523,221 |
TOTAL LIABILITIES | 4,772,050 | 4,913,764 |
Equity | ||
Share capital (note 7 (b)) | 16,557,401 | 16,511,067 |
Contributed surplus (note 7 (e)) | 4,676,456 | 4,682,393 |
Retained earnings | 5,183,129 | 3,116,507 |
Total Equity | 26,416,986 | 24,309,967 |
TOTAL LIABILITIES AND EQUITY | 31,189,036 | 29,223,731 |
See accompanying notes | ||
Approved on Behalf of the Board | ||
SIGNED: "John Zupancic" | ||
SIGNED: "Dr. Ulrich Kosciessa" | ||
Director | Director | |
CEAPRO INC.
Condensed Interim Consolidated Statements of Net Income and Comprehensive Income
Unaudited
Quarters | Nine Months | ||
Ended September 30, | Ended September 30, | ||
2021 | 2020 | 2021 | 2020 |
$ | $ | $ | $ | |
Revenue (note 14) | 4,522,980 | 3,475,625 | 13,633,354 | 12,414,970 |
Cost of goods sold | 1,573,655 | 1,814,080 | 5,787,608 | 5,794,573 |
Gross margin | 2,949,325 | 1,661,545 | 7,845,746 | 6,620,397 |
Research and product development | 1,403,186 | 478,993 | 3,050,544 | 1,381,332 |
General and administration | 766,605 | 791,217 | 2,431,659 | 2,494,514 |
Sales and marketing | 4,957 | 12,395 | 34,557 | 89,830 |
Finance costs (note 11) | 37,684 | 43,066 | 169,938 | 189,258 |
Income from operations | 736,893 | 335,874 | 2,159,048 | 2,465,463 |
Other (expenses) income (note 10) | 138,381 | (144,251) | (92,426) | (70,746) |
Income before tax | 875,274 | 191,623 | 2,066,622 | 2,394,717 |
Income taxes | - | - | - | - |
Total comprehensive income for the period | 875,274 | 191,623 | 2,066,622 | 2,394,717 |
Net income per common share (note 17): | ||||
Basic | 0.01 | 0.00 | 0.03 | 0.03 |
Diluted | 0.01 | 0.00 | 0.03 | 0.03 |
Weighted average number of common shares outstanding | ||||
(note 17): | ||||
Basic | 77,684,017 | 77,610,113 | 77,669,747 | 77,585,679 |
Diluted | 78,740,532 | 78,700,415 | 78,694,469 | 78,039,105 |
See accompanying notes
CEAPRO INC.
Condensed Interim Consolidated Statements of Changes in Equity
Unaudited
Contributed | Retained | ||
Share capital | surplus | earnings | Total equity |
$ | $ | $ | $ |
Balance December 31, 2020
Share-based payments (note 7 (c) & (d)) Share options exercised
Net income for the period
16,511,067 | 4,682,393 | 3,116,507 | 24,309,967 |
- | 13,672 | - | 13,672 |
46,334 | (19,609) | - | 26,725 |
- | - | 2,066,622 | 2,066,622 |
Balance September 30, 2021 | 16,557,401 | 4,676,456 | 5,183,129 | 26,416,986 |
Balance December 31, 2019
Share-based payments (note 7 (c) & (d)) Share options exercised
Restricted share units vested (note 7 (d)) Net income for the period
16,401,677 | 4,650,090 | 1,260,407 | 22,312,174 |
- | 122,902 | - | 122,902 |
4,909 | (1,896) | - | 3,013 |
101,412 | (101,412) | - | - |
- | - | 2,394,717 | 2,394,717 |
Balance September 30, 2020 | 16,507,998 | 4,669,684 | 3,655,124 | 24,832,806 |
See accompanying notes
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Ceapro Inc. published this content on 17 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2021 17:59:22 UTC.