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.

1

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.

2

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.

3

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.

4

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

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

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.