PONTUS PROTEIN LTD. PONTUS PROTEIN LTD. (FORMERLY AMWOLF CAPITAL CORP.)
Interim Condensed Consolidated Financial Statements
Six-Month Period Ended May 31, 2022 and 2021
(Expressed in Canadian dollars)
(Unaudited)
NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS
In accordance with 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 an auditor has not reviewed the financial statements.
The accompanying unaudited condensed interim financial statements of the Company have been prepared by and are the responsibility of the Company's management and have been approved by the Board of Directors of the Company.
These condensed interim consolidated financial statements have not been reviewed by the Company's auditors.
PONTUS PROTEIN LTD. (FORMERLY AMWOLF CAPITAL CORP.)
Interim Condensed Consolidated Statement of Financial Position
(Expressed in Canadian Dollars)
May 31, | November 30, | ||||||
As at | Note | 2022 | 2021 | ||||
(Unaudited) | (Audited) | ||||||
ASSETS | |||||||
Current | |||||||
Cash and cash equivalents | $ | - | $ | 12,342 | |||
GIC | 30,000 | 30,000 | |||||
Sales tax receivable | 261,567 | 236,582 | |||||
Deposits and prepaid expenses | 5 | 61,289 | 114,350 | ||||
352,856 | 393,274 | ||||||
Non-current | |||||||
Deposit | 5 | - | 33,089 | ||||
Property, plant and equipment | 6 | 5,361,376 | 5,330,835 | ||||
Total Assets | $ | 5,714,232 | $ | 5,757,198 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities | |||||||
Bank overdraft | $ | 40 | $ | - | |||
Accounts payable and accrued liabilities | 9 | 1,441,515 | 1,535,088 | ||||
Due to related parties | 11 | 233,241 | 174,276 | ||||
Lien holdback | 240,897 | 240,897 | |||||
Lease liabilities | 12 | 111,642 | 106,219 | ||||
Loans payable | 13 | 257,783 | 257,783 | ||||
2,285,118 | 2,314,263 | ||||||
Non-current liabilities | |||||||
Lease liabilities | 12 | 1,701,991 | 1,758,920 | ||||
Loans payable | 13 | 28,400 | 27,106 | ||||
4,015,509 | 4,100,289 | ||||||
Shareholders' equity | |||||||
Share capital | 13 | 11,433,855 | 10,900,429 | ||||
Share subscriptions receivable | 13 | (149,148) | (109,015) | ||||
Reserve - warrants | 13 | 731,940 | 695,264 | ||||
Reserve - options | 13 | 396,214 | 221,119 | ||||
Deficit | (10,714,138) | (10,050,888) | |||||
1,698,723 | 1,656,909 | ||||||
Total Liabilities and Shareholders' Equity | $ | 5,714,232 | $ | 5,757,198 | |||
Approved and authorized for issue by the Board of Directors on August 2, 2022. | |||||||
Avtar Dhaliwal | CEO | Jason Ding | CFO |
The accompanying notes are an integral part of these financial statements.
2
PONTUS PROTEIN LTD. (FORMERLY AMWOLF CAPITAL CORP.)
Interim Condensed Consolidated Statement of Loss and Comprehensive Loss (Expressed in Canadian Dollars)
(Unaudited)
For the | Note | Three months ended | Six months ended | ||||||
May 31, | May 31, | May 31, | May 31, | ||||||
2022 | 2021 | 2022 | 2021 | ||||||
EXPENSES | |||||||||
Advertising and promotion | $ | 79,239 | $ | 160,495 | $ | 82,189 | $ | 596,049 | |
Depreciation | 6 | 56,387 | 56,387 | 112,775 | 105,616 | ||||
Insurance | 19,211 | - | 29,686 | 195,926 | |||||
Management fees | 11 | - | 59,300 | 53,775 | 59,300 | ||||
Meals and entertainment | 25,652 | - | 36,340 | - | |||||
Office and miscellaneous | 4,003 | 7,385 | 24,660 | 22,889 | |||||
Professional fees | 11 | 98,136 | 391,451 | 143,459 | 776,169 | ||||
Property taxes | 4,931 | - | 4,931 | - | |||||
Repairs and maintenance | - | - | - | 5,000 | |||||
Research and development | 14,564 | 53,635 | 14,564 | 85,682 | |||||
Share-based compensation | 13 | 48,715 | 48,715 | - | |||||
Stock listing fees | - | - | - | 838,581 | |||||
Subcontracting | - | 4,640 | - | 6,076 | |||||
Travel | 5,199 | 4,248 | 10,688 | 4,248 | |||||
Utilities | 2,463 | - | 3,333 | - | |||||
(358,500) | (737,541) | (565,115) | (2,695,536) | ||||||
Other items | |||||||||
Interest and accretion | 13 | (59,354) | (50,908) | (106,410) | (103,463) | ||||
Gain on debt settlement | 14 | 8,275 | - | 8,275 | - | ||||
(51,079) | (50,908) | (98,135) | (103,463) | ||||||
Loss and comprehensive loss | $ | (409,579) | $ | (788,449) | $ | (663,250) | $ | (2,798,999) | |
Loss per common share - | |||||||||
basic and diluted | $ | (0.01) | $ | (0.01) | $ | (0.01) | $ | (0.05) | |
Weighted average number of | |||||||||
common shares outstanding - | |||||||||
basic and diluted | 77,913,761 | 61,016,855 | 78,543,231 | 56,764,142 | |||||
The accompanying notes are an integral part of these financial statements.
3
PONTUS PROTEIN LTD. (FORMERLY AMWOLF CAPITAL CORP.)
Interim Condensed Consolidated Statement of Changes in Shareholders' Equity
(Expressed in Canadian Dollars)
(Unaudited)
Share Capital | ||||||||
Share | Equity portion of | |||||||
subscriptions | Reserve - | Reserves - | convertible | |||||
Number | Amount | receivable | options | warrants | promissory notes | Deficit | Total | |
$ | $ | $ | $ | $ | $ | |||
Balance, November 30, 2021 | 76,215,813 | 10,900,429 | (109,015) | 695,264 | 221,119 | - | (10,050,888) | 1,656,909 |
Private placement | 3,891,000 | 447,465 | (20,133) | - | 175,095 | - | - | 602,427 |
Common shares issued on exercise of | ||||||||
stock options | 100,000 | 28,039 | - | (12,039) | - | - | - | 16,000 |
Common shares issued for settlement | ||||||||
of debt | 413,731 | 57,922 | - | - | - | - | - | 57,922 |
Share-based compensation | - | - | - | 48,715 | - | - | - | 48,715 |
Reallocation of excess proceeds from | ||||||||
warrants exercise in 2021 to AP | - | - | (20,000) | - | - | - | - | (20,000) |
Loss and comprehensive loss | - | - | - | - | - | - | (663,250) | (663,250) |
Balance, May 31, 2022 | 80,620,544 | 11,433,855 | (149,148) | 731,940 | 396,214 | - | (10,714,138) | 1,698,723 |
Balance, November 30, 2020 | 30,495,087 | 1,579,334 | 15,334 | 55,171 | (1,304,130) | 345,709 | ||
Shares issued for finders' fees | 1,550,000 | - | - | - | - | - | - | - |
Conversion of convertible promissory | ||||||||
notes | 700,000 | 107,650 | - | - | - | (55,171) | - | 52,479 |
Common shares and warrants deemed | ||||||||
issued on reverse takeover | 27,132,666 | 2,947,058 | - | - | 225,364 | - | - | 3,172,422 |
Shares issued on acquisition | 4,000,000 | 3,840,000 | - | - | - | - | - | 3,840,000 |
Loss and comprehensive loss | - | - | - | - | - | (663,250) | (663,250) | |
Balance, May 31, 2021 | 63,877,753 | 8,474,042 | - | - | 240,698 | - | (1,967,380) | 6,747,360 |
The accompanying notes are an integral part of these financial statements.
PONTUS PROTEIN LTD. (FORMERLY AMWOLF CAPITAL CORP.)
Interim Condensed Consolidated Statement of Cash Flows
(Expressed in Canadian Dollars)
(Unaudited)
Six months | Six months | |||
ended | ended | |||
May 31, 2022 | May 31, 2021 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | $ | (663,250) | $ | (2,798,999) |
Changes in non-cash operating items: | ||||
Depreciation | 112,775 | 105,616 | ||
Interest and accretion | 93,496 | 103,463 | ||
Share-based compensation | 48,715 | - | ||
Gain on debt settlement | (8,275) | - | ||
(416,539) | (2,589,920) | |||
Changes in non-cash working capital items: | ||||
GST receivable | (24,985) | (21,999) | ||
Prepaid expenses and deposits | 86,150 | 20,501 | ||
Accounts payable and accrued liabilities | (47,376) | (252,035) | ||
Due to related parties | 58,965 | (48,536) | ||
72,754 | (302,069) | |||
Cash used in operating activities | (343,785) | (2,891,989) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Construction of plant | (143,316) | (899,594) | ||
Cash used in investing activities | (143,316) | (899,594) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from private placements, net of cost | 602,427 | 4,452,766 | ||
Proceeds from exercise of options | 16,000 | (95,143) | ||
Repayment of lease liability | (143,708) | 576 | ||
Cash provided by financing activities | 474,719 | 4,358,199 | ||
Change in cash | (12,382) | 566,616 | ||
Cash, beginning | 12,342 | 111,796 | ||
Cash (bank overdraft), ending | $ | (40) | $ | 678,421 |
The accompanying notes are an integral part of these financial statements.
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Pontus Protein Ltd. published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 22:26:04 UTC.
