IC CAPITALIGHT CORP. IC CAPITALIGHT CORP.
Unaudited Condensed Interim Consolidated Financial Statements
For the nine-months ended September 30, 2021, and 2020
Expressed in Canadian Dollars
In accordance with National Instrument 51-102, the
Company discloses that its auditors have not reviewed these unaudited condensed interim consolidated financial statements.
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IC Capitalight Corp.
Condensed Interim Consolidated Statements of Financial Position
Expressed in CAD Dollars
September 30, | December 31, | |
2021 | 2020 | |
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 278,824 | $ 76,176 |
Accounts receivable (note 4) | 8,060 | 13,389 |
Amounts receivable (note 16) | 3,733 | 42,525 |
Debenture interest receivable (note 4) | 48,597 | 48,731 |
Prepaid expenses | 17,200 | 22,630 |
Total current assets | 356,414 | 203,451 |
Investments (note 5) | 2,652,296 | 1,842,253 |
Intangible asset (note 6) | 40,950 | 50,400 |
Goodwill (note 6) | 189,000 | 189,000 |
Exploration and evaluation assets (note 7) | 1 | 2 |
Total Assets | $ 3,238,661 | $ 2,285,106 |
Liabilities | ||
Current liabilities: | ||
Accounts payable and accrued liabilities (note 16) | 249,823 | 453,181 |
Deferred revenue (note 8) | 122,158 | 134,692 |
Deferred obligation (note 9) | 322,230 | 300,000 |
Deferred flow-through premium (note 14) | 21,500 | 21,500 |
Total current liabilities | 715,711 | 909,373 |
Long-term debt (note 10) | 40,000 | 40,000 |
Total Liabilities | 755,711 | 949,373 |
Shareholders' Equity | ||
Share capital (note 11) | 8,438,015 | 8,216,854 |
Contributed surplus | 982,065 | 746,885 |
Accumulated deficit | (6,937,130) | (7,628,006) |
Total Shareholders' Equity | 2,482,950 | 1,335,733 |
Total Liabilities and Shareholders' Equity | $ 3,238,661 | $ 2,285,106 |
Nature of operations (note 1) | ||
Basis of presentation (note 2) |
The accompanying notes are integral to these condensed interim consolidated financial statements.
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IC Capitalight Corp.
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss
Expressed in CAD Dollars
Nine months ended | Nine months ended | Three months ended | Three months ended | |
September 30, | September 30, | September 30, | September 30, | |
2021 | 2020 | 2021 | 2020 | |
Revenues | $ 307,887 | $ 236,011 | $ 102,733 | $ 86,961 |
Operating expenses | ||||
Research expenses (note 13) | 423,383 | 312,343 | 139,223 | 97,436 |
Exploration and evaluation expenses (note 6) | 561 | 38,267 | - | 9,877 |
General and administrative expenses (note 13) | 273,666 | 257,207 | 80,007 | 74,833 |
Amortization of brand value (note 5) | 9,450 | 9,450 | 3,150 | 3,150 |
Interest (income) expense | 296 | 130 | 173 | 41 |
Share-based compensation (notes 12 and 15) | 95,570 | - | - | - |
Obligation accretion (note 8) | 22,230 | 7,436 | 7,562 | 3,718 |
Foreign exchange (gain) loss | 2,272 | 7,842 | 2,236 | 2,388 |
Total operating expenses | 827,428 | 632,674 | 232,351 | 191,443 |
Loss before other (loss) income | (519,541) | (396,663) | (129,618) | (104,482) |
Coupon income from investments (note 4) | 145,525 | 126,086 | 48,598 | 45,416 |
Realized gain on sale of mineral property (note 6) | 459,999 | - | - | - |
Realized gain on investments (note 4) | 107,500 | - | 107,500 | - |
Unrealized gain on investments (note 4) | 497,393 | - | (16,842) | - |
Net gain (loss) and comprehensive gain (loss) for the period | $ 690,876 | $ (270,577) | $ 9,638 | $ (59,066) |
Weighted-average common shares (basic) | 88,341,228 | 85,198,252 | 89,649,915 | 85,580,770 |
Net loss per common shares (basic) | $ 0.01 | $ (0.00) | $ 0.00 | $ (0.00) |
Weighted-average common shares (diluted) | 92,352,536 | 85,198,252 | 94,247,168 | 85,580,770 |
Net loss per common shares (basic) | $ 0.01 | $ (0.00) | $ 0.00 | $ (0.00) |
The accompanying notes are integral to these condensed interim consolidated financial statements.
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IC Capitalight Corp.
Condensed Interim Consolidated Statements of Changes in Shareholders' (Deficit) Equity
Expressed in CAD Dollars
Shares | Share | Contributed | Accumulated | Total | |
Outstanding | Capital | Surplus | Deficit | Equity | |
Balance as of December 31, 2019 | 84,688,063 | 8,145,552 | 613,208 | (7,016,381) | 1,742,379 |
Shares issued for settlement of debt (note 8) | 892,707 | 44,636 | - | - | 44,636 |
Net gain (loss) for the period | - | - | - | (76,639) | (76,639) |
Balance as of March 31, 2020 | 85,580,770 | $ 8,190,188 | $ 613,208 | $ (7,093,020) | $ 1,710,376 |
Shares issued for joint venture acquisition (notes 6 and 9) | 666,666 | 26,667 | - | - | 26,667 |
Warrants issued for joint venture acquisition (notes 6 and 10) | - | - | 11,963 | - | 11,963 |
Share based compensation (stock options) | - | - | 121,714 | - | 121,714 |
Net gain (loss) for the period | - | - | - | (534,986) | (534,986) |
Balance as of December 31, 2020 | 86,247,436 | 8,216,854 | 746,885 | (7,628,006) | 1,335,733 |
Shares issued for settlement of debt (note 9) | 3,402,479 | 221,161 | - | - | 221,161 |
Share based compensation (stock options) | - | - | 95,570 | - | 95,570 |
Share based compensation (RSUs) | - | - | 139,610 | - | 139,610 |
Net gain (loss) for the period | - | - | - | 690,876 | 690,876 |
Balance as of September 30, 2021 | 89,649,915 | $ 8,438,015 | $ 982,065 | $ (6,937,130) | $ 2,482,950 |
The accompanying notes are integral to these condensed interim consolidated financial statements.
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IC Capitalight Corp.
Condensed Interim Consolidated Statements of Cash Flows
Expressed in CAD Dollars
Nine months ended | Nine months ended | |
September 30, | September 30, | |
2021 | 2020 | |
Operating activities | ||
Net (loss) income for the period | $ 690,876 | $ (270,577) |
Add (deduct) items not affecting cash: | ||
Change in value of deferred obligation | 22,230 | 7,436 |
Amortization of brand value | 9,450 | 9,450 |
Share-based compensation (options) | 95,570 | - |
Share-based compensation (RSUs) | 139,610 | - |
Share-based payments received for disposition | (360,000) | - |
Share-based payments completed for acquisition | - | - |
Unrealized gain on investments | (497,393) | - |
Change in non-cash working capital balances: | ||
(Increase) decrease in accounts and amounts receivable | 44,255 | (24,301) |
(Increase) decrease in prepaid expenses | 5,430 | (9,220) |
Increase (decrease) in accounts payable and accrued liabilities | (203,358) | (139,893) |
Increase (decrease) in deferred revenue | (12,534) | 10,946 |
Net cash used in operating activities | (65,864) | (416,159) |
Investing activities | ||
Acquisition of debenture units | - | (194,725) |
Net change in investments | 47,350 | - |
Disposition of mineral property | 1 | - |
Net cash provided by investing activities | 47,351 | (194,725) |
Financing activities | ||
Proceeds from short term debt | - | 40,000 |
Proceeds from issuance of common shares | 221,161 | 44,636 |
Net cash provided by financing activities | 221,161 | 84,636 |
Net increase (decrease) in cash and cash equivalents | 202,648 | (526,248) |
Cash and cash equivalents - beginning of period | 76,176 | 645,775 |
Cash and cash equivalents - end of period | $ 278,824 | $ 119,527 |
The accompanying notes are integral to these condensed interim consolidated financial statements.
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IC Capitalight Corp. published this content on 07 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 December 2021 16:41:03 UTC.
