Komo Plant Based Foods : Second Quarter ended January 31, 2022

KOMO PLANT BASED FOODS INC.

Condensed Interim Consolidated Financial Statements

For the Three and Six Months Ended January 31, 2022 and 2021

(Expressed in Canadian Dollars)

(Unaudited)

NOTICE TO READER

The accompanying condensed interim consolidated financial statements of Komo Plant Based Foods Inc. ("the Company") have been prepared by management in accordance with International Financial Reporting Standards ("IFRS"). Management acknowledges responsibility for the preparation and presentation of the condensed interim consolidated financial statements, including responsibility for significant accounting estimates and the choice of accounting principles and methods that are appropriate to the Company's circumstances. These condensed interim consolidated financial statements have not been reviewed by the

Company's independent auditor.

Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)

January 31	July 31
2022	2021
(unaudited)
$	$
ASSETS
Current assets
Cash	205,660	342,996
Amounts receivable (Note 4)	211,904	173,592
Inventory (Note 5)	45,589	18,373
Prepaid expenses and deposits (Note 6)	315,034	150,766
Total current assets	778,187	685,727
Non-current assets
Property and equipment (Note 7)	33,415	19,222
Intangible assets (Note 8)	33,650	33,650
Total non-current assets	67,065	52,872
Total assets	845,252	738,599
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities (Note 9)	550,167	252,844
Due to related parties	-	3,320
Convertible debenture (Note 10)	-	130,041
Derivative liability (Note 10)	-	14,582
Total current liabilities	550,167	400,787
Non-current liabilities
Convertible debentures (Note 10)	735,817	-
Loans payable (Note 11)	104,715	97,246
Total non-current liabilities	840,532	97,246
Total liabilities	1,390,699	498,033
SHAREHOLDERS' EQUITY
Share Capital (Note 12)	10,860,971	10,111,033
Subscriptions received	471,200	-
Share-based payment reserve	2,566,857	1,717,966
Convertible debenture reserve (Note 10)	44,201	-
Deficit	(14,488,676)	(11,588,433)
Total shareholders' equity	(545,447)	240,566
Total liabilities and shareholders' equity	845,252	738,599
Nature of operations and continuance of business (Note 1)
Subsequent events (Note 22)

Approved and authorized for issuance on behalf of the Board of Directors on April 1, 2022:

/s/ "Daniel Kang" Daniel Kang, Director

/s/ "Spiros Margaris" Spiros Margaris, Director

(The accompanying notes are an integral part of these condensed interim consolidated financial statements)

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Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Expressed in Canadian Dollars)

(Unaudited)

Three months ended

January 31,

Six months ended

January 31,

2022
$
REVENUE	166,052	-
Cost of revenue	102,479	-
Gross profit	63,573	-
EXPENSES
Advertising and promotion	131,220	16,306
Consulting fees	83,427	192,729
Depreciation	4,709	3,234
Fulfilment	36,738	-
General and administrative (Note 15)	37,911	40,374
Investor relations	256,499	-
Professional fees	91,513	41,175
Research and development	11,029	6,389
Selling costs	15,432	-
Share-based compensation (Note 14)	239,770	29,693
Travel	4,258	2,998
Wages	158,327	17,089
Total expenses	1,070,833	349,987
LOSS BEFORE OTHER ITEMS	(1,007,260)	(349,987)
Other expense (Note 16)	(114,612)	(15,394)
NET LOSS
FROM CONTINUING OPERATIONS	(1,121,872)	(365,381)
Loss from discontinued operations (Note 20)	-	-
NET LOSS	(1,121,872)	(365,381)
Unrealized foreign exchange loss	-	-
COMPREHENSIVE LOSS	(1,121,872)	(365,381)
Loss per share, basic & diluted
- continuing operations	(0.01)	(0.01)
- discontinued operations	-	-
Weighted average shares outstanding,
- basic & diluted	89,030,857	33,469,323

2021	2022
$	$
260,308	-
163,557	-
96,751	-
748,726	18,428
217,206	268,404
9,210	6,413
44,983	-
162,669	47,080
418,822	-
128,777	38,964
49,288	6,389
16,319	-
772,419	74,943
8,092	6,988
289,382	17,089
2,865,893	484,698
(2,769,142)	(484,698)
(131,101)	(21,519)
(2,900,243)	(506,217)
-	(14,866)
(2,900,243)	(521,083)
-	(417)
(2,900,243)	(521,500)
(0.03)	(0.02)
-	(0.00)
87,688,732	32,370,497

2021 $

(The accompanying notes are an integral part of these condensed interim consolidated financial statements)

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KOMO PLANT BASED FOODS INC.

Condensed Interim Consolidated Statements of Changes in Equity (Expressed in Canadian Dollars)

(Unaudited)

Share capital

Number of	Amount
shares
$
BALANCE, JULY 31, 2020	25,598,127	4,900,764
Issuance of units for cash	11,472,292	1,401,500	-
Share issuance costs	-	(173,730)	-
Issuance of units for debt	445,713	54,450	-
Issuance of common shares for intangible assets	409,286	33,650	-
Share-based compensation	-	-	-
Unrealized foreign exchange loss	-	-	-
Realized foreign exchange loss on disposal of subsidiary	-	-	-
Dividend in kind (Note 20)	-	-	-
Net loss for the period	-	-	-
BALANCE, JANUARY 31, 2021	37,925,418	6,216,634	-
BALANCE, JULY 31, 2021	85,438,661	10,111,033	-
Units issued for cash	800,000	160,000	-
Subscriptions received	-	-	471,200
Convertible debentures issued	-	-	-
Shares issued on exercise of stock options	290,000	75,995	-
Shares issued on exercise of warrants	2,402,375	455,219	-
Shares/units issued on conversion of debentures	423,820	58,724	-
Share-based compensation	-	-	-
Net loss for the period	-	-	-
BALANCE, JANUARY 31, 2022	89,354,856	10,860,971	471,200

Subscription	Convertible	Equity	Deficit	Total
received	debenture	reserves
reserve
$	$	$	$	$
194,754	(4,592)	(5,086,143)	4,783
-	-	-	1,401,500
72,230	-	-	(101,500)
-	-	-	54,450
-	-	-	33,650
74,943	-	-	74,943
-	(417)	-	(417)
-	5,009	-	5,009
-	-	(30,124)	(30,124)
-	-	(521,083)	(521,083)
341,927	-	(5,637,350)	921,211
-	1,717,966	(11,588,433)	240,566
-	-	-	160,000
-	-	-	471,200
46,028	183,512	-	229,540
-	(44,895)	-	31,100
-	(62,145)	-	393,074
(1,827)	-	-	56,896
-	772,419	-	772,419
-	-	(2,900,243)	(2,900,243)
44,201	2,566,857	(14,488,676)	(545,447)

-

(The accompanying notes are an integral part of these condensed interim consolidated financial statements)

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