HARRYS MANUFACTURING INC. Condensed Interim Consolidated Financial Statements of
HARRYS MANUFACTURING INC.
April 30, 2022
Expressed in Canadian Dollars
(Unaudited)
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
The accompanying unaudited condensed interim consolidated 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 condensed interim consolidated financial statements.
HARRYS MANUFACTURING INC.
Condensed Interim Consolidated Statements of Financial Position
Expressed in Canadian dollars
April 30, | July 31, | |||
2022 | 2021 | |||
Note | (Unaudited) | |||
$ | $ | |||
ASSETS | ||||
Current assets | ||||
Cash | 212,344 | 363,796 | ||
Amounts receivable | 9,736 | 8,756 | ||
Prepaid expenses | 4 | 313,210 | 329,593 | |
Total current assets | 535,290 | 702,145 | ||
Non-current assets | ||||
Property and equipment | 5 | 4,664 | 105,002 | |
Right-of-use asset | 6 | - | 238,432 | |
Total non-current assets | 4,664 | 343,434 | ||
Total assets | 539,954 | 1,045,579 | ||
LIABILITIES | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | 7 | 99,532 | 38,648 | |
Wages payable | 8 | 53,016 | 53,016 | |
Current portion of lease liability | 11 | - | 10,889 | |
Loan payable | 9 | - | 185,974 | |
Total current liabilities | 152,548 | 288,527 | ||
Non-current liabilities | ||||
Convertible debenture | 10 | 289,304 | 163,660 | |
Lease liability | 11 | - | 253,077 | |
Total non-current liabilities | 289,304 | 416,737 | ||
Total liabilities | 441,852 | 705,264 | ||
SHAREHOLDERS' EQUITY | ||||
Share capital | 12 | 21,335,980 | 20,918,810 | |
Reserves | 12 | 3,794,495 | 3,619,818 | |
Deficit | (25,032,373) | (24,198,313) | ||
Total shareholders' equity | 98,102 | 340,315 | ||
Total liabilities and shareholders' equity | 539,954 | 1,045,579 | ||
Going concern (Note 2) | ||||
Commitments (Note 15) | ||||
On behalf of the Board of Directors: | ||||
"Daniel Polus" | Director | "Michael Young" | Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
HARRYS MANUFACTURING INC.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
Expressed in Canadian dollars
(Unaudited)
Three months | Three months | Nine months | Nine months | ||
ended | ended | ended | ended | ||
April 30, | April 30, | April 30, | April 30, | ||
Note | 2022 | 2021 | 2022 | 2021 | |
$ | $ | $ | $ | ||
Expenses | |||||
Consulting fees | - | 25,000 | 16,750 | 77,500 | |
Amortization and depreciation | 5, 6 | 424 | 10,181 | 21,097 | 30,545 |
Management fees | 8 | 67,500 | 63,300 | 202,500 | 143,400 |
Office and administrative | 16 | 73,069 | 44,326 | 232,864 | 98,876 |
Product marketing | - | - | 720 | - | |
Professional fees | 4,549 | 25,570 | 33,049 | 63,191 | |
Share-based payments | - | 155,389 | 164,230 | 311,073 | |
Shareholder communications | - | 6,031 | 2,654 | 20,943 | |
Transfer agent and filing fees | 7,875 | 5,756 | 28,268 | 19,387 | |
Total expenses | 153,417 | 335,553 | 702,132 | (764,915) | |
Net loss before other items | (153,417) | (335,553) | (702,132) | (764,915) | |
Other items | |||||
Termination of lease liability | - | - | (58,843) | - | |
Interest income | - | 2,842 | - | 2,842 | |
Interest expense | 8 | (11,783) | (139,082) | (73,085) | (170,244) |
Net loss and comprehensive loss | (165,200) | (471,793) | (834,060) | (932,317) | |
Loss per share, basic and diluted | (0.00) | (0.01) | (0.01) | (0.01) | |
Weighted average number of | |||||
shares outstanding, basic and | |||||
diluted | 88,606,607 | 81,318,358 | 87,311,984 | 80,335,528 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
HARRYS MANUFACTURING INC.
Condensed Interim Consolidated Statements of Changes in Equity
Expressed in Canadian dollars
(Unaudited)
Share Capital | ||||||
Number of | Subscriptions | Shareholders' | ||||
shares | Amount | Received | Reserves | Deficit | Equity | |
$ | $ | $ | $ | |||
Balance, as at July 31, 2020 | 77,391,358 | 20,015,764 | - | 3,280,628 | (22,998,317) | 298,075 |
Shares issued upon the exercise of warrants | 3,767,000 | 452,040 | - | - | - | 452,040 |
Shares issued upon the exercise of options | 160,000 | 39,951 | - | (19,951) | - | 20,000 |
Issuance of convertible debt | - | - | - | 23,333 | - | 23,333 |
Share-based payments | - | - | - | 311,073 | - | 311,073 |
Share subscriptions received | - | - | 321,400 | - | - | 321,400 |
Net loss for the period | - | - | - | - | (932,317) | (932,317) |
Balance, as at April 30, 2021 | 81,318,358 | 20,507,755 | 321,400 | 3,595,083 | (23,930,634) | 493,604 |
Balance, as at July 31, 2021 | 84,846,690 | 20,918,810 | - | 3,619,818 | (24,198,313) | 340,315 |
Units issued for cash for $0.12 per unit | 3,759,917 | 451,190 | - | - | - | 451,190 |
Share issuance costs | - | (34,020) | - | 7,147 | - | (26,873) |
Share-based payments | - | - | - | 164,230 | - | 164,230 |
Issuance of convertible debt | - | - | - | 3,300 | - | 3,300 |
Net loss for the period | - | - | - | - | (834,060) | (834,060) |
Balance, as at April 30, 2022 | 88,606,607 | 21,335,980 | - | 3,794,495 | (25,032,373) | 98,102 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
HARRYS MANUFACTURING INC.
Condensed Interim Consolidated Statements of Cash Flows
Expressed in Canadian dollars
(Unaudited)
Nine months | Nine months | |
ended | ended | |
April 30, | April 30, | |
2022 | 2021 | |
$ | $ | |
Operating activities | ||
Net loss for the period | (834,060) | (932,317) |
Adjustment for non-cash items: | ||
Accretion and interest | 42,970 | 5,964 |
Amortization | 21,096 | 30,545 |
Discount on loan receivable | - | 115,719 |
Interest income | - | (2,842) |
Interest expense on lease liability | 30,115 | 46,561 |
Share-based payments | 164,230 | 311,073 |
Termination of lease liability | 58,843 | - |
Changes in non-cash operating working capital items: | ||
Amounts receivable | (980) | (2,411) |
Prepaid expenses | 16,383 | (68,610) |
Accounts payable and accrued liabilities | 60,884 | (3,737) |
Net cash used in operating activities | (440,519) | (500,055) |
Investing activities | ||
Loan receivable | - | (200,000) |
Net cash used for investing activities | - | (200,000) |
Financing activities | ||
Repayment of loans payable | (200,000) | - |
Proceeds from loan payable | - | 200,000 |
Proceeds from convertible debenture | 100,000 | 200,000 |
Proceeds received from share issuances | 451,190 | 472,040 |
Share issuance costs | (26,873) | - |
Share subscriptions received | - | 321,400 |
Debt issue costs | - | (4,768) |
Lease repayments | (35,250) | (52,875) |
Net cash provided by financing activities | 289,067 | 1,135,797 |
Change in cash | (151,452) | 435,742 |
Cash, beginning of period | 363,796 | 239,121 |
Cash, end of period | 212,344 | 674,863 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Westridge Resources Inc. published this content on 30 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2022 18:32:06 UTC.
