NERDS ON SITE INC. Nerds On Site Inc.
Condensed interim consolidated financial statements
For the three and six months ended November 30, 2021 and 2020 (Unaudited - expressed in Canadian Dollars)
NERDS ON SITE INC.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND SIX MONTHS ENDED NOVEMBER 30, 2021 AND 2020 (Unaudited - Amounts expressed in Canadian Dollars)
TABLE OF CONTENTS
Page No | |
Condensed Interim Consolidated Statements of Financial Position as at November 30, 2021 | 1 |
(unaudited) and year ended May 31, 2021 (audited) | |
Condensed Interim Consolidated Statements of loss and Comprehensive loss for the three and | 2 |
six months ended November 30, 2021 and November 30, 2020 (unaudited) | |
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity for the six | 3 |
months ended November 30, 2021 and November 30, 2020 (unaudited) | |
Condensed Interim Consolidated Statements of Cash Flows for the six months ended | 4 |
November 30, 2021 and November 30, 2020 (unaudited) | |
Notes to the condensed interim consolidated financial statements | 5-16 |
NOTICE TO READER
The accompanying condensed interim consolidated financial statements of the Company have been prepared by management and approved by the Board of Directors of the Company. These condensed interim consolidated financial statements have not been reviewed by the Company's external auditors.
Nerds on Site Inc.
Condensed Interim Consolidated Statements of financial position as at November 30, 2021 and May 31, 2021
(Unaudited - expressed in Canadian dollars)
November 30, | May 31, | |||
2021 (unaudited) | 2021(audited) | |||
ASSETS | ||||
CURRENT | ||||
Cash | $ | 346,692 | $ | 390,655 |
Accounts receivable (net of expected credit losses) (Note 4) | 177,458 | 132,454 | ||
Inventory (Note 15) | 48,283 | 69,820 | ||
Prepaid expenses and other current assets | 153,162 | 129,513 | ||
Current portion of due from related party (Note 9) | 357,131 | 357,131 | ||
1,082,726 | 1,079,573 | |||
NON-CURRENT | ||||
Due from related parties (Note 9) | 559,196 | 904,290 | ||
Right-of-use assets (Note 12) | 163,399 | 176,679 | ||
Property and equipment (Note 5) | 149,570 | 175,950 | ||
872,165 | 1,256,919 | |||
TOTAL ASSETS | $ | 1,954,891 | $ | 2,336,492 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
LIABILITIES | ||||
CURRENT | ||||
Accounts payable and accrued liabilities (Note 11) | $ | 945,255 | $ | 749,112 |
Contract liabilities | 299,137 | 369,763 | ||
Bank debt (Note 6) | 185,296 | 127,489 | ||
Preferred shares (Note 8) | 100 | 100 | ||
Dividend payable (Note 8) | 69,479 | 69,479 | ||
Current portion of lease liabilities (Note 13) | 19,160 | 18,650 | ||
Current portion of loans payable (Note 7) | 25,210 | 25,883 | ||
1,543,637 | 1,360,476 | |||
NON-CURRENT | ||||
Non-current portion of loans payable (Note 7) | 16,858 | 29,687 | ||
CEBA loans (Note 7) | 36,071 | 34,388 | ||
Non-current portion of lease liabilities (Note 13) | 157,441 | 167,866 | ||
210,370 | 231,941 | |||
TOTAL LIABILITIES | 1,754,007 | 1,592,417 | ||
SHAREHOLDERS' EQUITY | ||||
Common stock (Note 8) | 6,293,608 | 6,293,608 | ||
Reserve for warrants | 195,808 | 195,808 | ||
Reserve for options (Note 18) | 422,008 | 422,008 | ||
Contributed surplus | 2,380,081 | 2,380,081 | ||
Accumulated deficit | (9,090,621) | (8,547,430) | ||
TOTAL SHAREHOLDERS' EQUITY | 200,884 | 744,075 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,954,891 | $ | 2,336,492 |
Basis of presentation and going concern (Note 2) | ||
Approved on behalf of the Board | ||
Signed: Director | Signed: Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
1
Nerds on Site Inc.
Condensed Interim Consolidated Statements of loss and comprehensive loss For the three and six months ended November 30, 2021 and 2020 (Unaudited - expressed in Canadian dollars)
For the | For the | For the | For the | |||||
three | three | six | six | |||||
months | months | months | months | |||||
ended | ended | ended | ended | |||||
November 30, November 30, | November 30, | November 30, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
$ | $ | $ | $ | |||||
Revenue | 2,247,810 | 2,452,312 | 4,816,322 | 4,748,222 | ||||
Cost of revenue | (1,687,603) | (1,758,530) | (3,590,796) | (3,377,223) | ||||
Gross profit | 560,207 | 693,782 | 1,225,526 | 1,370,999 | ||||
Expenses: | ||||||||
Selling, general and administrative (Note 10) | (869,735) | (791,257) | (1,767,695) | (1,605,743) | ||||
Depreciation of property and equipment (Note 5) | (42,289) | (11,558) | (44,791) | (23,117) | ||||
Amortization of right-of-use asset (Note 12) | (5,932) | (7,350) | (13,280) | (14,695) | ||||
Amortization of intangible asset | - | (16,306) | - | (32,612) | ||||
Total operating expenses | (917,956) | (826,471) | (1,825,766) | (1,676,167) | ||||
Operating loss | (357,749) | (132,689) | (600,240) | (305,168) | ||||
Interest expense | (5,745) | (6,125) | (10,507) | (10,362) | ||||
Interest income | 40,291 | 36,337 | 76,689 | 73,185 | ||||
Accretion on lease liabilities (Note 15) | (4,505) | (4,696) | (9,133) | (9,822) | ||||
Loss before income taxes | (327,708) | (107,173) | (543,191) | (252,167) | ||||
Provision for income taxes | - | - | - | - | ||||
Net loss and comprehensive loss | (327,708) | (107,173) | (543,191) | (252,167) | ||||
Loss per share - basic and diluted | (0.0037) | (0.0012) | (0.0061) | (0.0029) | ||||
Weighted average number of common shares | ||||||||
outstanding-Basic and Diluted | 89,411,115 | 86,213,056 | 89,411,115 | 86,213,056 |
The accompanying notes are an integral part of these condensed interim consolidated financial
statements.
2
Nerds on Site Inc.
Condensed Interim Consolidated Statements of changes in shareholders' equity For the six months ended November 30, 2021 and 2020
(in Canadian dollars)
Common stock | ||||||||
Shares | Amount | Warrants | Option | Contributed | Accumulated | Total | ||
# | $ | reserve | reserve | surplus | deficit | $ | ||
$ | $ | $ | $ | |||||
Balance as at May 31, 2020 | 86,213,056 | 5,802,564 | 1,965,400 | 231,434 | 406,351 | (7,159,662) | 1,246,087 | |
Reclassification on expiry of warrants | - | (530,273) | - | 530,273 | - | - | ||
issued as part of IPO (Note 8) | ||||||||
Reclassification on expiry of warrants | - | (1,090,162) | - | 1,090,162 | - | - | ||
issued as part of convertible debentures | ||||||||
(Note 10) | ||||||||
Reclassification on expiry of broker | (121,861) | - | 121,861 | - | ||||
warrants (Note 8) | ||||||||
Net loss for the period | - | - | - | - | - | (252,167) | (252,167) | |
Balance as at November 30, 2020 | 86,213,056 | 5,802,564 | 223,104 | 231,434 | 2,026,786 | (7,289,968) | 993,920 | |
Balance as at May 31, 2021 | 89,411,115 | 6,293,608 | 195,808 | 422,008 | 2,380,081 | (8,547,430) | 744,075 | |
Net loss for the period | - | - | - | - | - | (543,191) | (543,191) | |
Balance as at November 30, 2021 | 89,411,115 | 6,293,608 | 195,808 | 422,008 | 2,380,081 | (9,090,621) | 200,884 | |
The accompanying notes are an integral part of these condensed interim consolidated financial statements
3
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Nerds On Site Inc. published this content on 03 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2022 23:05:06 UTC.
