HELIOSX LITHIUM & TECHNOLOGIES CORP.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS ENDED MAY 31, 2022
(Stated in Canadian Dollars)
(Unaudited - Prepared by Management)
UNAUDITED FINANCIAL STATEMENTS: In accordance with National Instrument 51-102 of the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed the unaudited financial statements for the six months ended May 31, 2022 and May 31, 2021.
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HELIOSX LITHIUM & TECHNOLOGIES CORP.
CONDENSED INTERIUM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS AT MAY 31, 2022 AND NOVEMBER 30, 2021
(Stated in Canadian dollars)
(Unaudited - Prepared by Management)
May 31, | November 30, | ||||
2022 | 2021 | ||||
Note | $ | $ | |||
CURRENT ASSETS | |||||
Cash and cash equivalents | 1,429,083 | 1,759 | |||
Receivables | 28,838 | 5,653 | |||
Loan receivable | - | 10,000 | |||
Due from Associated Companies | 5 | 113,191 | - | ||
Prepaid expenses | - | 7,248 | |||
1,571,112 | 24,660 | ||||
Resource property costs | 6 | 3,508,063 | 3,508,063 | ||
Reclamation bonds | 267,133 | 269,110 | |||
Investment in Dajin Resources S.A. | 5 | 379,348 | 272,663 | ||
TOTAL ASSETS | 5,725,656 | 4,074,496 | |||
CURRENT LIABILITIES | |||||
Accounts payable and accrued liabilities | 8 | 276,064 | 310,855 | ||
Loans payable | 9 | 114,397 | 470,653 | ||
390,461 | 781,508 | ||||
CEBA loan payable | 10 | 40,000 | 40,000 | ||
TOTAL LIABILITIES | 430,461 | 821,508 | |||
SHAREHOLDERS' EQUITY | |||||
Share capital | 7 | 31,192,769 | 28,722,801 | ||
Contributed surplus | 7 | 4,690,040 | 3,392,962 | ||
Accumulated deficit | (30,587,614) | (28,862,775) | |||
TOTAL SHAREHOLDERS' EQUITY | 5,295,195 | 3,252,988 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 5,725,656 | 4,074,496 |
Approved on behalf of the Board of Directors:
"Christopher Brown" | "Sameer Uplenchwar" |
Director & CEO | Director & CFO |
The accompanying notes are an integral part of these consolidated financial statements.
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HELIOSX LITHIUM & TECHNOLOGIES CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
FOR THE SIX MONTHS ENDED MAY 31, 2022 AND 2021
(Stated in Canadian Dollars)
(Unaudited - Prepared by Management)
For the Three Months Ended | For the Six Months Ended | ||||||||||
May 31 | 2021 | May 31 | 2021 | ||||||||
2022 | 2022 | ||||||||||
Note | $ | $ | $ | $ | |||||||
EXPENSES | |||||||||||
Accounting and audit fees | 7,804 | 5,400 | 15,220 | 10,400 | |||||||
Bank charges and interest | 587 | 116 | 762 | 306 | |||||||
Consulting fees | 69,600 | - | 123,211 | - | |||||||
Foreign exchange (gain) loss | (2,674) | 10,030 | (4,195) | 15,638 | |||||||
Legal and professional fees | 17,372 | 7,461 | 58,334 | 8,117 | |||||||
Listing, filing and transfer agent fees | 37,060 | 10,547 | 52,068 | 17,402 | |||||||
Marketing and advertising | 16,052 | 239 | 16,052 | 830 | |||||||
Office administration and general | 36,403 | 4,310 | 45,366 | 16,087 | |||||||
Office equipment | 47,129 | - | 47,129 | - | |||||||
Rent | 30,545 | 3,000 | 30,545 | 6,000 | |||||||
Share-based compensation | 7 | 1,298,100 | - | 1,298,100 | - | ||||||
Travel, conferences, and promotion | 13,078 | 1,515 | 16,137 | 2,718 | |||||||
Wages and benefits | 16,700 | 16,612 | 33,615 | 24,456 | |||||||
TOTAL EXPENSES | 1,587,757 | 59,230 | 1,732,344 | 101,954 | |||||||
OTHER INCOME (LOSS): | |||||||||||
Write-off of accounts payable | 9 | - | - | (7,505) | - | ||||||
Realized gain (loss) on marketable | |||||||||||
securities | - | - | - | 10,988 | |||||||
NET LOSS AND COMPREHENSIVE | |||||||||||
LOSS FOR THE PERIOD | 1,587,757 | 59,230 | 1,724,839 | 90,966 | |||||||
BASIC AND DILUTED LOSS PER | |||||||||||
SHARE | (0.04) | (0.00) | (0.05) | (0.00) | |||||||
WEIGHTED AVERAGE NUMBER | |||||||||||
OF SHARES OUTSTANDING | 36,211,152 | 16,427,551 | 31,447,446 | 16,307,458 |
The accompanying notes are an integral part of these consolidated financial statements.
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HELIOSX LITHIUM & TECHNOLOGIES CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED MAY 31, 2022 AND 2021
(Stated in Canadian Dollars)
(Unaudited - Prepared by Management)
Common Stock | Contributed | Accumulated | ||||
Issued | Amount | Surplus | Deficit | Total | ||
Shares | $ | $ | $ | $ | ||
(Note 7) | (Note 7) | |||||
Balance, November 30, 2020 | 16,137,546 | 28,480,581 | 3,452,682 | (28,538,363) | 3,394,900 | |
On exercise of share purchase options - $0.50 | 215,000 | 107,500 | - | - | 107,500 | |
On exercise of share purchase options - $1.00 | 75,000 | 75,000 | - | - | 75,000 | |
Allocation of options exercised * | - | 59,720 | (59,720) | - | - | |
Net loss for the period | - | - | - | (90,966) | (90,966) | |
Balance, May 31, 2021 | 16,427,546 | 28,722,801 | 3,392,962 | (28,629,329) | 3,486,434 | |
Net loss for the period | - | - | - | (233,446) | (233,446) | |
Balance, November 30, 2021 | 16,427,546 | 28,722,801 | 3,392,962 | (28,862,775) | 3,252,988 | |
Shares issued for cash: | ||||||
On exercise of share purchase options - $0.50 | 62,000 | 31,000 | - | - | 31,000 | |
Shares issued: HeliosX acquisition & private | 19,742,258 | 2,488,102 | - | - | 2,488,102 | |
placement | ||||||
Share issue costs | (50,156) | (50,156) | ||||
Allocation of options exercised * | - | 1,022 | (1,022) | - | - | |
Share based compensation | - | - | 1,298,100 | - | 1,298,100 | |
Net loss for the period | - | - | - | (1,724,839) | (1,724,839) | |
Balance, May 31, 2022 | 36,231,804 | 31,192,769 | 4,690,040 | (30,587,614) | 5,295,195 |
On August 27, 2021, the Company consolidated its share capital on a 10:1 basis. All references to number of shares and per share amounts have been retroactively restated to reflect the consolidation.
* Representative of the fair value of share-based payment amounts originally recorded in contributed surplus.
The accompanying notes are an integral part of these consolidated financial statements.
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HELIOSX LITHIUM & TECHNOLOGIES CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED MAY 31, 2022 AND 2021
(Stated in Canadian Dollars)
(Unaudited - Prepared by Management)
For the Six Months Ended | ||||
May 31, | 2021 | |||
2022 | ||||
$ | $ | |||
OPERATING ACTIVITIES | ||||
Net and comprehensive loss for the year | (1,724,839) | (90,966) | ||
Add items not affecting cash: | ||||
Unrealized foreign exchange loss | 4,080 | 16,175 | ||
Write-off of accounts payable | (7,505) | - | ||
Realized (gain) on marketable securities | - | (10,988) | ||
Share-based compensation | ||||
Net change in non-cash working capital: | 1,298,100 | - | ||
Receivables | 5,465 | (424) | ||
Loan receivable | 10,000 | (10,020) | ||
Prepaid expenses | 7,248 | (15,945) | ||
Accounts payable and accrued liabilities | (41,777) | (23,907) | ||
Net cash used in operating activities | (449,228) | (136,075) | ||
FINANCING ACTIVITIES | ||||
Proceeds from issuance of common shares - net of share issue costs | 1,888,963 | 182,500 | ||
Proceeds from issuance of loans payable | - | 2,900 | ||
Repayment of loans payable | - | (32,000) | ||
Net cash provided by financing activities | 1,888,963 | 153,400 | ||
INVESTING ACTIVITIES | ||||
Cash acquired on acquisition of HeliosX | 202,500 | - | ||
Resource property additions, net | - | (21,067) | ||
Contribution to Dajin S.A. | (106,685) | - | ||
Proceeds from sale of marketable securities | - | 13,804 | ||
Due from related parties | (108,226) | - | ||
Net cash used in investing activities | (12,411) | (7,263) | ||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ||||
DURING THE PERIOD | 1,427,324 | 10,062 | ||
CASH AND CASH EQUIVLAENTS, BEGINNING OF PERIOD | 1,759 | 645 | ||
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,429,083 | 10,707 | ||
CASH AND CASH EQUIVALENTS CONSIST OF: | ||||
CASH | 1,359,083 | 10,707 | ||
GUARANTEE INVESTMENT CERTIFICATE | 70,000 | - | ||
CASH AND CASH EQUIVALENTS | 1,429,083 | 10,707 |
Non-Cash Transactions - Note 13
The accompanying notes are an integral part of these consolidated financial statements
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HeliosX Lithium & Technologies Corp. published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 19:57:01 UTC.