AI ARTIFICIAL INTELLIGENCE VENTURES INC. ESG GLOBAL IMPACT CAPITAL INC.
Condensed Interim Consolidated Financial Statements
Nine Months Ended May 31, 2022
(Unaudited - Expressed in Canadian dollars)
NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the condensed interim financial statements they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. The accompanying condensed interim financial statements of the Company have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of condensed interim financial statements by an entity's auditor.
ESG GLOBAL IMPACT CAPITAL INC.
Condensed Interim Consolidated Statements of Financial Position (Unaudited - Expressed in Canadian dollars)
May 31, | August 31, | |
2022 | 2021 | |
$ | $ | |
Assets | ||
Current assets | ||
Cash | 81,491 | 55,657 |
Investments (Note 3) | 4,017,490 | 9,422,352 |
Taxes receivable | 57,340 | 57,054 |
Loans and other receivable (Note 5) | 288,022 | 275,387 |
Advances for investment (Note 6) | 950,000 | 695,000 |
Prepaid expenses | 46,590 | 46,590 |
5,440,933 | 10,552,040 | |
Investment in mineral properties (Note 4) | 1 | 1 |
Total assets | 5,440,934 | 10,552,041 |
Liabilities | ||
Current liabilities | ||
Bank indebtedness | - | 72,488 |
Accounts payable and accrued liabilities | 370,584 | 470,438 |
Notes payable (Note 7) | 276,358 | 270,733 |
Due to related parties (Note 8) | 138,780 | 48,780 |
785,722 | 862,439 | |
Non-current portion of notes payable (Note 7) | 100,000 | 100,000 |
Total liabilities | 885,722 | 962,439 |
Shareholders' equity | ||
Share capital (Note 9) | 18,374,092 | 18,374,092 |
Share-based payment reserve | 1,729,772 | 1,729,772 |
Preferred shares (Note 9) | 6,388,000 | 6,388,000 |
Deficit | (21,936,652) | (16,902,262) |
Shareholders' equity | 4,555,212 | 9,589,602 |
Total liabilities and shareholders' equity | 5,440,934 | 10,552,041 |
Nature of operations and continuance of business (Note 1)
Subsequent event (Note 16)
Approved for issuance on behalf of the Board of Directors on August 2, 2022:
/s/ 'David Berg' | /s/ 'Christopher Cherry' | |
David Berg, Director | Christopher Cherry, Director |
(The accompanying notes are an integral part of these consolidated financial statements)
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ESG GLOBAL IMPACT CAPITAL INC.
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited - Expressed in Canadian dollars)
Three months ended | Nine months ended | |||
May 31, | May 31, | May 31, | May 31, | |
2022 | 2021 | 2022 | 2021 | |
$ | $ | $ | $ | |
Gain (Loss) on sale of investments | (48,384) | 355,321 | 246,536 | 2,355,667 |
Gain on debt assignment (Note 7c) | - | - | - | - |
Gain on debt settlement (Note 5a) | - | - | - | 449,983 |
Interest revenue | 4,212 | 4,211 | 12,635 | 23,528 |
Unrealized gain (loss) on investments | (2,297,704) | (405,007) | (5,170,309) | 1,011,416 |
Total Gain (loss) * | (2,341,876) | (45,475) | (4,911,138) | 3,840,594 |
Expenses | ||||
Consulting fees (Note 8) | 35,000 | 242,227 | 92,500 | 468,315 |
Filing fees | 3,328 | 3,516 | 9,787 | 9,837 |
General and administrative | 19 | 3,813 | 340 | 4,751 |
Professional fees (Note 8) | 5,000 | 5,000 | 15,000 | 35,000 |
Total expenses | 43,347 | 254,556 | 117,627 | 517,903 |
Gain before other income (expense) | (2,385,223) | (300,031) | (5,028,765) | 3,322,691 |
Other income (expense) | ||||
Impairment of investments (Note 4) | - | |||
Interest expense | (1,875) | (6,528) | (5,625) | (14,770) |
Write-down of accounts payable | - | - | - | - |
Recapture (write-down) of loans | - | - | - | 350,000 |
(Note 5c,d) | ||||
Total other income (expense) | (1,875) | (6,258) | (5,625) | 335,230 |
Net income (loss) and comprehensive | ||||
income (loss) for the period | (2,387,098) | (306,559) | (5,034,390) | 3,657,921 |
Earnings (loss) per share | (0.08) | (0.01) | (0.17) | 0.12 |
Basic (Note 9e) | ||||
Weighted average number of shares | 29,467,761 | 29,467,761 | 29,467,761 | 29,467,761 |
outstanding (Note 9e) |
- Effective Q4 2021, the Company completed a review of the presentation of its statements of income (loss) and comprehensive income (loss) and it was determined that certain other income were more appropriately reflected as revenue to conform with the Company's stated business goal. Accordingly, comparative figure has been reclassified to conform with current year presentation.
(The accompanying notes are an integral part of these consolidated financial statements)
4
ESG GLOBAL IMPACT CAPITAL INC.
Condensed Interim Consolidated Statements of Changes in Equity (Unaudited - Expressed in Canadian dollars)
Share capital | Share- | ||||||
based | Share | Total | |||||
payment | subscriptions | Preferred | shareholders' | ||||
Number of | Amount | reserve | receivable | shares | Deficit | equity | |
shares | $ | $ | $ | $ | $ | $ | |
Balance, August 31, 2020 | 29,467,761 | 18,366,592 | 1,729,772 | - | 6,388,000 | (15,603,376) | 10,880,988 |
Net income for the period | - | - | - | - | - | 3,657,921 | 3,657,921 |
Balance, May 31, 2021 | 29,467,761 | 18,366,592 | 1,729,772 | - | 6,388,000 | (11,945,455) | 14,538,909 |
Balance, August 31, 2021 | 29,517,761 | 18,374,092 | 1,729,772 | - | 6,388,000 | (16,902,262) | 9,589,602 |
Net income for the period | - | - | - | - | - | (5,034,390) | (5,034,390) |
Balance, May 31, 2022 | 29,467,761 | 18,366,592 | 1,729,772 | - | 6,388,000 | (21,936,652) | 4,555,212 |
(The accompanying notes are an integral part of these consolidated financial statements)
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ESG Global Impact Capital Inc. 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 22:06:05 UTC.
