EnviroMetal Technologies : Condensed Consolidated Financial Statements

June 30,

December 31,

2022

2021

Assets

Current assets

Cash

$

1,451,512

$

784,790

Trade and other receivables (Note 4)

183,585

434,921

Inventories (Note 5)

469,952

4,058,440

Assets held for sale (Note 6)

382,694

326,947

Prepaid expenses and deposits

164,139

155,546

2,651,882

5,760,644

Non-current assets

Investment in Group 11 (Note 7)

111,987

301,665

Plant and equipment (Note 8)

2,283,861

2,169,295

2,395,848

2,470,960

Total assets

$

5,047,730

$

8,231,604

Liabilities and equity

Current liabilities

Accounts payable and accrued liabilities (Note 10)

$

356,340

$

4,405,623

Due to (from) related parties (Note 12)

65,351

62,264

Deferred revenues

22,419

38,125

Loan payable (Note 14)

40,000

40,000

Lease liabilities (Note 9)

306,457

322,025

Contingent liability (Note 20)

1,099,795

1,109,026

$

1,890,362

$

5,977,063

Non-current liabilities

Lease liabilities (Note 9)

316,785

129,470

316,785

129,470

Total liabilities

2,207,147

6,106,533

Equity

Share capital (Note 13)

32,195,808

29,726,904

Reserves (Note 13)

8,419,402

7,765,126

Contributed surplus (Note 15)

1,498,964

750,000

Accumulated deficit

(39,273,591)

(36,116,959)

Equity attributable to shareholders

2,840,583

2,125,071

Non-controlling interest

-

-

Total equity

2,840,583

2,125,071

Total liabilities and shareholders' equity

$

5,047,730

$

8,231,604

Three months ended June 30,

Six months ended June 30,

2022

2021

2022

2021

Revenues

Consulting revenue

33,198

(1,154)

81,648

3,977

Sale of precious and other metals

(35,496)

563,121

3,672,020

601,191

(2,298)

561,967

3,753,668

605,168

Expenses

Operating costs

28,786

(501,155)

(3,582,735)

(578,354)

Management and Employee costs

(509,548)

(338,387)

(1,034,925)

(703,073)

General and administration (Note 15)

(415,488)

(547,530)

(963,604)

(841,657)

Share-based payments (Note 13)

(428,160)

-

(428,160)

-

(1,324,410)

(1,387,072)

(6,009,424)

(2,123,084)

Loss before other items

(1,326,708)

(825,105)

(2,255,756)

(1,517,916)

Other items

Interest income

1,339

1,353

1,988

2,246

Interest and financing costs

(11,741)

(9,580)

(21,814)

(411,516)

Amortization (Note 8)

(455,681)

(471,618)

(643,315)

(942,496)

Loss on disposal of assets

-

(47,838)

(20,523)

(47,838)

Unrealised loss on investment in associate (Note 7)

(109,096)

(49,274)

(189,678)

(60,660)

Gain on settlement of advance royalty payable (Note 11)

-

-

-

629,850

Expected credit loss (Note 20)

-

-

-

(117,104)

Foreign exchange

(23,281)

(81,620)

(27,528)

(19,605)

(598,460)

(658,577)

(900,870)

(967,123)

Loss and comprehensive loss

(1,925,168)

(1,483,682)

(3,156,626)

(2,485,039)

Loss and comprehensive loss attributable to:

Shareholders

(1,925,165)

(1,483,680)

(3,156,626)

(2,376,130)

Non-controlling interest

-

-

-

(108,909)

$

(1,925,165)

$

(1,483,680)

$

(3,156,626)

(2,485,039)

Net loss per common share, basic and diluted

(0.018)

(0.016)

(0.030)

(0.027)

Weighted-average number of common shares outstanding, basic and diluted

107,928,458

93,696,002

103,858,333

93,529,427

Share capital

Reserves

Share-based

Contributed

Accumulated

Non-controlling

Shares #

Amount

payments

Warrants

surplus

deficit

interest

Total Equity

Balance, January 1, 2022

93,696,002

$

29,726,904

$

5,343,452

$

2,421,674

$

750,000

$

(36,116,959)

$

-

$

2,125,071

Adjustment

-

-

-

-

-

-

-

-

Private placement of units (Note 13)

14,232,456

2,583,034

-

975,080

-

-

-

3,558,108

Share issuance costs (Note 13)

-

(114,130)

-

-

-

-

-

(114,130)

Share based payments

-

-

428,160

-

-

-

-

428,160

Transfer

-

-

-

(748,964)

748,964

-

-

-

Net loss for the period

-

-

-

-

-

(3,156,626)

-

(3,156,626)

Balance, June 30, 2022

107,928,458

$

32,195,808

$

5,771,612

$

2,647,790

$

1,498,964

$

(39,273,591)

$

-

$

2,840,583

Share capital

Reserves

Share-based

Contributed

Accumulated

Non-controlling

Shares #

Amount

payments

Warrants

surplus

deficit

interest

Total Equity

Balance, January 1, 2021

93,046,002

29,447,944

5,323,802

2,421,674

750,000

-

24,630,185

1,121,068

$

14,434,303

Issuance of shares for options

400,000

184,920

(84,920)

-

-

-

-

100,000

Shares issued for debt settlement (Note 11)

250,000

102,927

-

-

-

-

-

102,927

Share issuance costs (Note 13)

-

(8,307)

-

-

-

-

-

(8,307)

Equity contribution from minority shareholder

-

-

-

-

-

-

114,293

114,293

Net loss for the period

-

-

-

-

-

(2,376,130)

(108,907)

(2,485,037)

Balance, June 30, 2021

93,696,002

$

29,727,484

$

5,238,882

$

2,421,674

$

750,000

$

(27,006,315)

$

1,126,454

$

12,258,179