EAT & BEYOND GLOBAL HOLDINGS INC. EAT & BEYOND GLOBAL HOLDINGS INC.
CONDENSED INTERIM FINANCIAL STATEMENTS
For the three months ended March 31, 2022
(Expressed in Canadian Dollars)
(Unaudited - Prepared by Management)
EAT & BEYOND GLOBAL HOLDINGS INC. Condensed Interim Statements of Financial Position As at March 31, 2022 and December 31, 2021 (Expressed in Canadian Dollars)
March 31, | December 31, | |||
2022 | 2021 | |||
(Unaudited) | (Audited) | |||
ASSETS | ||||
Current | ||||
Cash and cash equivalents | $ | 702,388 | $ | 933,614 |
Accounts receivable | 6,836 | - | ||
Prepaid expenses | 46,767 | 59,324 | ||
Note receivable (Note 3) | 168,696 | 44,373 | ||
Investments (Note 3) | 2,648,911 | 3,083,067 | ||
$ | 3,573,598 | $ | 4,120,378 | |
LIABILITIES | ||||
Current | ||||
Accounts payable and accrued liabilities (Notes 4 and 5) | $ | 518,645 | $ | 432,866 |
SHAREHOLDERS' EQUITY | ||||
Share capital (Note 6) | 7,150,859 | 7,150,859 | ||
Reserves | 2,301,906 | 1,270,805 | ||
Deficit | (6,397,812) | (4,734,152) | ||
3,054,953 | 3,687,512 | |||
$ | 3,573,598 | $ | 4,120,378 |
Nature of operations and going concern (Note 1)
Subsequent events (Note 9)
These financial statements were approved by the Board of Directors on May 30, 2022.
"Alexander Somjen" | "Ravinder Kang" | |
Alexander Somjen, Director | Ravinder Kang, Director |
2
See accompanying notes to the condensed interim financial statements
EAT & BEYOND GLOBAL HOLDINGS INC.
Condensed Interim Statements of Loss and Comprehensive Loss For the three months ended March 31, 2022 and 2021 (Expressed in Canadian Dollars)
(Unaudited - Prepared by Management)
2022 | 2021 | |||
Investment income | ||||
Interest earned | $ | 11 | $ | 7,976 |
Realized gain on disposition of investments (Note 3) | 152,161 | 160,825 | ||
Gain (loss) on fair value of investments | (433,429) | 125,104 | ||
Total investment income (loss) | (281,257) | 293,905 | ||
Operating expenses | ||||
Consulting fees (Note 5) | 98,214 | 497,260 | ||
Foreign exchange (loss) | 2,066 | 26 | ||
Listing and transfer agent fees | 10,003 | 9,738 | ||
Marketing and promotion | 37,307 | 456,300 | ||
Office and administration | 9,737 | 14,851 | ||
Professional fees | 90,258 | 27,398 | ||
Share-based payments (Notes 5 and 6) | 1,031,101 | 253,820 | ||
Travel and entertainment | 17,210 | - | ||
Wages and benefits (Note 5) | 86,507 | - | ||
1,382,403 | 1,259,393 | |||
Net loss and comprehensive loss for the period | (1,663,660) | (965,488) | ||
Basic and diluted loss per share | (0.05) | (0.04) | ||
Weighted average number of common shares outstanding | 34,019,086 | 26,127,051 |
3
See accompanying notes to the condensed interim financial statements
EAT & BEYOND GLOBAL HOLDINGS INC.
Condensed Interim Statements of Changes in Shareholders' Equity For the three months ended March 31, 2022 and 2021 (Expressed in Canadian Dollars)
(Unaudited - Prepared by Management)
Total | |||||||||
Number of | Capital | Shareholders' | |||||||
Shares | Stock | Reserve | Deficit | Equity | |||||
Balance, December 31, 2020 | 19,779,917 | $ | 3,296,142 | $ | 1,823,419 | $ | (2,004,102) | $ | 3,115,459 |
Exercise of share purchase warrants | 10,875,290 | 588,558 | - | - | 588,558 | ||||
Exercise of stock options | 1,383,000 | 691,500 | - | - | 691,500 | ||||
Transfer of fair value on agent's warrants exercised | |||||||||
- | 25,980 | (25,980) | - | - | |||||
Transfer of fair value on stock options exercised | |||||||||
- | 857,460 | (857,460) | - | - | |||||
Share based payments | - | - | 253,820 | - | 253,820 | ||||
Net loss for the period | - | - | - | (965,488) | (965,488) | ||||
Balance, March 31, 2021 | 32,038,207 | $ | 5,459,640 | $ | 1,193,799 | $ | (2,969,590) | $ | 3,683,849 |
Balance, December 31, 2021 | 34,019,806 | $ | 7,150,859 | $ | 1,270,805 | $ | (4,734,152) | $ | 3,687,512 |
Share-based payments | - | - | 1,031,101 | - | 1,031,101 | ||||
Net loss for the period | - | - | - | (1,663,660) | (1,663,660) | ||||
Balance, March 31, 2022 | 34,019,806 | $ | 7,150,859 | $ | 2,301,906 | $ | (6,397,812) | $ | 3,054,953 |
4
See accompanying notes to the condensed interim financial statements
EAT & BEYOND GLOBAL HOLDINGS INC. Condensed Interim Statements of Cash Flows
For the three months ended March 31, 2022 and 2021 (Expressed in Canadian Dollars)
(Unaudited - Prepared by Management)
2022 | 2021 | |||
Operating Activities | ||||
Net loss for the period | $ | (1,663,660) | $ | (965,488) |
Items not affecting cash: | ||||
Foreign exchange | 2,067 | - | ||
Interest receivable | - | (7,903) | ||
Share-based payments | 1,031,101 | 253,820 | ||
Gain (loss) on fair value of investments | 433,429 | (125,104) | ||
Realized gain on disposal of marketable securities | (152,161) | (160,825) | ||
Changes in non-cash working capital items related to operations: | ||||
Accounts receivable | (6,836) | - | ||
Prepaid expenses | 12,557 | (333,670) | ||
Note receivable | (126,389) | - | ||
Proceeds on sale of marketable securities | 227,887 | 420,899 | ||
Investments | (75,000) | (517,257) | ||
Accounts payable and accrued liabilities | 85,779 | 280,695 | ||
Cash used in operating activities | (231,226) | (1,154,833) | ||
Financing Activity | ||||
Shares issued for cash | - | 1,184,718 | ||
Cash provided by financing activity | - | 1,184,718 | ||
Change in cash and cash equivalents during the period | (231,226) | 29,885 | ||
Cash and cash equivalents, beginning of period | 933,614 | 1,092,156 | ||
Cash and cash equivalents, end of the period | $ | 702,388 | $ | 1,122,041 |
Supplemental Disclosure of Cash Flow Information: | ||||
Cash paid during the period: | ||||
Interest | $ | - | $ | - |
Income taxes | $ | - | $ | - |
Cash and cash equivalents consist of: | ||||
Cash | $ | 315,709 | $ | 939,049 |
Funds in brokerage account | 385,899 | 175,890 | ||
Funds held in a trust | 780 | 7,102 | ||
Cash and cash equivalents | $ | 702,388 | $ | 1,122,041 |
5
See accompanying notes to the condensed interim financial statements
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Eat Beyond Global Holdings Inc. published this content on 01 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2022 18:01:10 UTC.
