Condensed Consolidated Interim Financial Statements
For the three and nine-month periods ended September 30, 2022 and 2021
(Unaudited, expressed in Canadian dollars)
EnviroMetal Technologies Inc.
Consolidated Statements of Financial Position
(Unaudited, expressed in Canadian dollars)
Notice of No Review of Condensed Consolidated Interim Financial Statements
Under National Instrument 51-102, Part 4, subsection 4.3(3), if an auditor has not performed a review of the condensed consolidated financial statements, they must be accompanied by a notice indicating that the condensed consolidated interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed consolidated interim financial statements of EnviroMetal Technologies Inc. as at and for the three and Nine-month period ended September 30, 2022, have been prepared by and are the responsibility of the Company's management. Recognizing that the Company is responsible for both the integrity and objectivity of the condensed consolidated interim financial statements, management is satisfied that these condensed consolidated interim financial statements have been fairly presented.
The independent external auditors of the Company have not performed a review of these condensed consolidated interim statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of condensed consolidated interim financial statements by an entity's auditor.
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EnviroMetal Technologies Inc.
Consolidated Statements of Financial Position (Unaudited, expressed in Canadian dollars)
September 30, | December 31, | |||
Assets | 2022 | 2021 | ||
Current assets | ||||
Cash | $ | 467,291 | $ | 784,790 |
Trade and other receivables (Note 4) | 267,782 | 434,921 | ||
Inventories (Note 5) | 428,486 | 4,058,440 | ||
Assets held for sale (Note 6) | 375,014 | 326,947 | ||
Prepaid expenses and deposits | 177,227 | 155,546 | ||
1,715,800 | 5,760,644 | |||
Non-current assets | ||||
Investment in Group 11 (Note 7) | 2,889 | 301,665 | ||
Plant and equipment (Note 8) | 2,380,813 | 2,169,295 | ||
2,383,702 | 2,470,960 | |||
Total assets | 4,099,502 | 8,231,604 | ||
Liabilities and equity | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities (Note 10) | $ | 186,464 | $ | 4,405,623 |
Due to (from) related parties (Note 12) | 197,556 | 62,264 | ||
Deferred revenues | 22,425 | 38,125 | ||
Loan payable (Note 14) | - | 40,000 | ||
Lease liabilities (Note 9) | 440,014 | 322,025 | ||
Contingent liability (Note 20) | 1,099,795 | 1,109,026 | ||
1,946,254 | 5,977,063 | |||
Non-current liabilities | ||||
Loan payable (Note 14) | 40,000 | - | ||
Lease liabilities (Note 9) | 89,472 | 129,470 | ||
129,472 | 129,470 | |||
Total liabilities | 2,075,726 | 6,106,533 | ||
Equity | ||||
Share capital (Note 13) | 32,194,949 | 29,726,904 | ||
Reserves (Note 13) | 8,419,402 | 7,765,126 | ||
Contributed surplus (Note 13) | 1,498,964 | 750,000 | ||
Accumulated deficit | (40,089,539) | (36,116,959) | ||
Equity attributable to shareholders | 2,023,776 | 2,125,071 | ||
Total equity | 2,023,776 | 2,125,071 | ||
Total liabilities and shareholders' equity | $ | 4,099,502 | $ | 8,231,604 |
Going concern (Note 1),Commitments (Note 20), and Subsequent Events (Note 21)
The accompanying notes form an integral part of these consolidated financial statements.
Approved by the Board of Directors of EnviroMetal Technologies Inc. on November 29, 2022:
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EnviroMetal Technologies Inc.
Consolidated Statements of Loss and Comprehensive Loss
For the three and nine-month period ended September 30, 2022 and 2021
(Unaudited, expressed in Canadian dollars)
Three months ended September 30, | Nine months ended September 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Revenues | ||||||||
Consulting revenue | $ | 35,496 | $ | 176,657 | $ | 81,648 | $ | 180,634 |
Sale of precious and other metals | 143,790 | (157,117) | 3,851,306 | 444,074 | ||||
179,286 | 19,540 | 3,932,954 | 624,708 | |||||
Expenses | ||||||||
Operating costs | (273,247) | (289,697) | (3,855,982) | (868,051) | ||||
Management and Employee costs | (306,102) | (393,338) | (1,341,027) | (1,096,411) | ||||
General and administration (Note 15) | (363,768) | (493,645) | (1,327,372) | (1,335,302) | ||||
Share-based payments (Note 13) | - | (30,213) | (428,160) | (30,213) | ||||
(943,117) | (1,206,893) | (6,952,541) | (3,329,977) | |||||
Loss before other items | (763,831) | (1,187,353) | (3,019,587) | (2,705,269) | ||||
Other items | ||||||||
Interest income | 813 | 949 | 2,803 | 3,195 | ||||
Interest and financing costs | (10,548) | (10,256) | (32,362) | (421,772) | ||||
Amortization (Note 8) | 54,839 | (449,730) | (588,476) | (1,392,224) | ||||
Loss on disposal of assets | (9,498) | - | (30,021) | (47,838) | ||||
Unrealised loss on investment in associate (Note 7) | (109,097) | (22,018) | (298,777) | (82,678) | ||||
Gain on settlement of advance royalty payable (Note 11) | - | - | - | 629,850 | ||||
Expected credit loss (Note 20) | - | - | - | (117,104) | ||||
Foreign exchange | 21,368 | 4,164 | (6,160) | (15,438) | ||||
(52,123) | (1,081,358) | (952,993) | (2,048,476) | |||||
Loss and comprehensive loss | (815,954) | (2,268,711) | (3,972,580) | (4,753,745) | ||||
Loss and comprehensive loss attributable to: | ||||||||
Shareholders | (815,954) | (2,268,709) | (3,972,580) | (4,644,839) | ||||
Non-controlling interest | - | - | - | (108,907) | ||||
$ | (815,954) | $ | (2,268,709) | $ | (3,972,580) | (4,753,746) | ||
Net loss per common share, basic and diluted | (0.008) | (0.024) | (0.038) | (0.051) | ||||
Weighted-average number of common shares outstanding, basic and diluted | 107,928,458 | 93,696,002 | 103,858,333 | 93,585,562 |
The accompanying notes form an integral part of these consolidated financial statements.
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EnviroMetal Technologies Inc.
Consolidated Statements of Changes in Equity
For the nine month periods ended September 30, 2022 and 2021 (Unaudited, expressed in Canadian dollars, except for number of shares amount)
Share capital | Reserves | |||||||||||||||
Shares # | Amount | Share-based | Warrants | Contributed | Accumulated | Non-controlling | Total Equity | |||||||||
Balance, January 1, 2022 | payments | surplus | deficit | interest | ||||||||||||
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 | - | - | - | 3,558,114 | ||||||||
Share issuance costs (Note 13) | - | (114,989) | - | - | - | - | - | (114,989) | ||||||||
Share based payments | - | - | 428,160 | - | - | - | - | 428,160 | ||||||||
Transfer | - | - | - | (748,964) | 748,964 | - | - | - | ||||||||
Net loss for the period | - | - | - | - | - | (3,972,581) | - | (3,972,581) | ||||||||
Balance, September 30, 2022 | 107,928,458 | $ | 32,194,949 | $ | 5,771,612 | $ | 2,647,790 | $ | 1,498,964 | $ | (40,089,539) | $ | - | $ | 2,023,776 | |
Share capital | Reserves | |||||||||||||||
Shares # | Amount | Share-based | Warrants | Contributed | Accumulated | Non-controlling | Total Equity | |||||||||
Balance, January 1, 2021 | payments | surplus | deficit | interest | ||||||||||||
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, September 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 |
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EnviroMetal Technologies Inc. published this content on 29 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 December 2022 20:23:02 UTC.