IC CAPITALIGHT CORP.
Condensed Interim Consolidated Financial Statements
For the Three Months Ended March 31, 2023, and 2022
Expressed in Canadian Dollars
In accordance with National Instrument 51-102, the
Company discloses that its auditors have not reviewed these unaudited condensed interim consolidated financial statements.
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IC Capitalight Corp.
Condensed Interim Consolidated Statements of Financial Position
Expressed in CAD Dollars
March 31, | December 31, | |
2023 | 2022 | |
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 1,990,301 | $ 2,123,977 |
Accounts receivable (note 6) | 8,570 | 26,648 |
Amounts receivable (note 17) | 64,826 | 58,917 |
Prepaid expenses | 17,820 | 26,361 |
Investments (note 7) | 65,493 | 61,400 |
Total current assets | 2,147,010 | 2,297,303 |
Exploration and evaluation assets (note 5) | 1 | 1 |
Property, plant, and equipment (note 8) | 1,247 | 1,357 |
Intangible asset (note 9) | 32,359 | 34,512 |
Total Assets | $ 2,180,617 | $ 2,333,173 |
Liabilities | ||
Current liabilities: | ||
Accounts payable and accrued liabilities (note 18) | 377,633 | 350,657 |
Short-term debt (note 10) | 40,000 | 40,000 |
Deferred revenue (note 11) | 109,490 | 116,591 |
Deferred debenture obligation (note 12) | 330,000 | 330,000 |
Deferred flow-through obligation (note 13) | 8,547 | 8,547 |
Total current liabilities | 865,670 | 845,795 |
Total Liabilities | 865,670 | 845,795 |
Shareholders' Equity | ||
Share capital (note 14) | 8,640,126 | 8,640,126 |
Contributed surplus (note 16) | 1,045,009 | 1,045,009 |
Accumulated deficit | (8,370,188) | (8,197,757) |
Total Shareholders' Equity | 1,314,947 | 1,487,378 |
Total Liabilities and Shareholders' Equity | $ 2,180,617 | $ 2,333,173 |
Nature of operations (note 1) | ||
Basis of presentation (note 2) | ||
Going concern (note 2) | ||
Subsequent events (note 21) |
The accompanying notes are integral to these condensed interim consolidated financial statements.
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IC Capitalight Corp.
Condensed Interim Consolidated Statements of Operations and Comprehensive (Loss) Income Expressed in CAD Dollars
Three Months | Three Months | |
Ended | Ended | |
March 31, | March 31, | |
2023 | 2022 | |
Revenues | ||
Research revenues | $ 155,304 | $ 143,430 |
Consulting revenues | - | 27,900 |
Total Revenues | $ 155,304 | $ 171,330 |
Expenses | ||
Research business expenses (note 17) | 197,263 | 168,242 |
Exploration and evaluation expenses (notes 5) | 44,634 | 419 |
General and administrative expenses (note 17) | 106,622 | 155,939 |
Depreciation (note 8) | 110 | 73 |
Amortization of brand value (note 9) | 2,153 | 1,568 |
Interest expense | 605 | 165,217 |
Accretion (note 10) | - | 73,817 |
Loss on remeasurement of credit facility (note 10) | - | 55,499 |
Foreign exchange loss | 137 | 632 |
Total expenses | 351,524 | 621,406 |
Net loss before other income | (196,220) | (450,076) |
Investments income (note 7) | 19,696 | 56,071 |
Unrealized (loss) gain on investments (note 7) | 4,093 | 397,423 |
Net (loss) income and comprehensive (loss) income | $ (172,431) | $ 3,418 |
Weighted-average common shares (basic) | 93,085,715 | 90,419,146 |
Net income (loss) per common shares (basic) | $ (0.00) | $ 0.00 |
Weighted-average common shares (diluted) | 93,085,715 | 94,807,691 |
Net income (loss) per common shares (basic) | $ (0.00) | $ 0.00 |
The accompanying notes are integral to these condensed interim consolidated financial statements.
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IC Capitalight Corp.
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity
Expressed in CAD Dollars
Shares | Share | Contributed | Accumulated | Total | |
Balance as of December 31, 2021 | Outstanding | Capital | Surplus | Deficit | Equity |
90,419,146 | 8,467,799 | 977,041 | (7,462,457) | 1,982,383 | |
Warrants issued for credit facility (note 10) | - | - | 20,745 | - | 20,745 |
Net loss | - | - | - | 3,418 | 3,418 |
Balance as of March 31, 2022 | 90,419,146 | 8,467,799 | 997,786 | (7,459,039) | 2,006,546 |
Shares issued for settlement of debt (note 14) | 2,566,569 | 166,827 | - | - | 166,827 |
Stock options granted under long-term incentive plan (note 15) | - | - | 113,108 | - | 113,108 |
Shares issued for conversion of restricted share units (note 16) | 100,000 | 5,500 | (5,500) | - | - |
Cash settlement for conversion of restricted share units (note 16) | - | - | (60,385) | - | (60,385) |
Net Loss | - | - | - | (738,718) | (738,718) |
Balance as of December 31, 2022 | 93,085,715 | 8,640,126 | 1,045,009 | (8,197,757) | 1,487,378 |
Net Loss | - | - | - | (172,431) | (172,431) |
Balance as of March 31, 2023 | 93,085,715 | 8,640,126 | 1,045,009 | (8,370,188) | 1,314,947 |
The accompanying notes are integral to these condensed interim consolidated financial statements.
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IC Capitalight Corp.
Condensed Interim Consolidated Statements of Cash Flows
Expressed in CAD Dollars
Three Months Ended | Three Months Ended | |
March 31, | March 31, | |
2023 | 2022 | |
Operating activities | ||
Net (loss) income | $ (172,431) | $ 3,418 |
Add (deduct) items not affecting cash: | ||
Accretion | - | 73,817 |
Loss on remeasurement of credit facility | - | 55,499 |
Depreciation | 110 | 73 |
Amortization of brand value | 2,153 | 1,568 |
Unrealized gain on investments | (4,093) | (397,423) |
Subtotal | (174,261) | (263,048) |
Change in non-cash working capital balances: | ||
Increase (decrease) in accounts receivable and debenture income receivable | 12,169 | (68,177) |
(Increase) decrease in prepaid expenses | 8,541 | 1,556 |
(Decrease) increase in accounts payable and accrued liabilities | 26,976 | 33,468 |
(Decrease) increase in deferred revenue | (7,101) | 35,803 |
Net cash (used in) from operating activities | $ (133,676) | $ (260,398) |
Investing activities | ||
Purchase of equipment | - | (1,760) |
Business acquisition | - | (270,000) |
Net cash (used in) investing activities | $ - | $ (271,760) |
Financing activities | ||
Proceeds from short-term debt | - | 278,640 |
Net cash (used in) from financing activities | $ - | $ 278,640 |
Net increase in cash and cash equivalents | (133,676) | (253,518) |
Cash and cash equivalents, beginning | 2,123,977 | 422,719 |
Cash and cash equivalents, ending | $ 1,990,301 | $ 169,201 |
The accompanying notes are integral to these condensed interim consolidated financial statements.
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IC Capitalight Corp. published this content on 26 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2023 13:23:14 UTC.