Condensed Consolidated Interim Financial Statements
For the three and nine months ended September 30, 2022
Cleantek Industries Inc.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)
As at
September 30 | December 31 | ||
(Canadian $000's) | Note | 2022 | 2021 |
ASSETS | |||
Current assets | |||
Cash and cash equivalents | 616 | 1,871 | |
Accounts receivable | 2,687 | 1,931 | |
Prepaids | 227 | 383 | |
Other assets | 221 | 586 | |
Total current assets | 3,751 | 4,771 | |
Non-current assets | |||
Property and equipment | 3 | 11,041 | 11,279 |
Intangible assets | 4 | 504 | 459 |
Right-of-use assets | 556 | 647 | |
Total non-current assets | 12,101 | 12,385 | |
Total assets | 15,852 | 17,156 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities | |||
Accounts payable and accrued liabilities | 2,415 | 2,825 | |
Current portion of long-term debt | 5 | 2,091 | 1,045 |
Current portion of lease liabilities | 328 | 366 | |
Total current liabilities | 4,834 | 4,236 | |
Non-current liabilities | |||
Long-term debt | 5 | 8,778 | 7,444 |
Lease liabilities | 324 | 431 | |
Provisions | 57 | 57 | |
Total non-current liabilities | 9,159 | 7,932 | |
Total liabilities | 13,993 | 12,168 | |
Shareholders' equity (deficit) | |||
Share capital | 6 | 68,466 | 68,466 |
Contributed surplus | 2,895 | 2,524 | |
Accumulated other comprehensive income | (140) | 160 | |
Accumulated deficit | (69,362) | (66,162) | |
Total shareholders' equity (deficit) | 1,859 | 4,988 | |
Total liabilities and shareholders' equity (deficit) | 15,852 | 17,156 |
Going concern | 2b) |
Commitments and contingencies | 13 |
Subsequent events | 14 |
The accompanying notes are an integral part of these interim condensed consolidated interim financial statements.
2022 Q3 Condensed Consolidated Interim Financial Statements Cleantek Industries Inc. 2
Cleantek Industries Inc.
CONSOLIDATED STATEMENTS OF NET LOSS (Unaudited)
For the periods
Three months ended | Nine months ended | ||||
September 30 | September 30 | ||||
(Canadian $000's, except per share amounts) | Note | 2022 | 2021 | 2022 | 2021 |
Revenue | 8 | 3,391 | 2,045 | 9,663 | 6,447 |
Direct operating expenses | 9 | 1,360 | 945 | 4,089 | 2,996 |
Gross profit | 2,031 | 1,100 | 5,574 | 3,451 | |
Other expenses | |||||
General and administrative | 9 | 2,391 | 951 | 5,607 | 2,591 |
Depreciation and amortization | 3,4 | 675 | 413 | 2,527 | 1,912 |
Research expense (recovery) | - | (13) | - | (701) | |
Share-based compensation | 7 | 76 | 196 | 371 | 523 |
Finance costs, net | 10 | 324 | 175 | 862 | 1,129 |
(Gain) loss on disposal of long-lived assets | - | (115) | (148) | (112) | |
Foreign exchange (gain) loss | (412) | 106 | (445) | 28 | |
3,054 | 1,713 | 8,774 | 5,370 | ||
Loss before income taxes | (1,023) | (613) | (3,200) | (1,919) | |
Income tax (recovery) expense | |||||
Current | - | - | - | - | |
Deferred | - | (216) | - | (711) | |
- | (216) | - | (711) | ||
Net loss | (1,023) | (397) | (3,200) | (1,208) | |
Loss per share ($) | |||||
Basic and diluted | 11 | $(0.04) | $(0.02) | $(0.12) | $(0.07) |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Cleantek Industries Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)
For the periods
Three months ended | Nine months ended | ||||
September 30 | September 30 | ||||
(Canadian $000's) | Note | 2022 | 2021 | 2022 | 2021 |
Net loss | (1,023) | (397) | (3,200) | (1,208) | |
Other comprehensive loss | |||||
Foreign currency translation gain (loss) | (295) | (76) | (300) | 15 | |
Total comprehensive loss | (1,318) | (321) | (3,500) | (1,193) |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
2022 Q3 Condensed Consolidated Interim Financial Statements Cleantek Industries Inc. 3
Cleantek Industries Inc.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Unaudited)
Share | Contributed | Accumulated other | Accumulated | |||
Comprehensive | ||||||
(Canadian $000's) | Note | capital | surplus | income (loss) | deficit | Total |
At January 1, 2021 | 51,708 | 1,080 | 141 | (60,207) | (7,278) | |
Net loss for the period | - | - | - | (1,208) | (1,208) | |
Share-based compensation expense | 7 | - | 523 | - | - | 523 |
Share issuance - in cash for | 6 | 165 | - | - | - | 165 |
Cleantek | ||||||
Share conversions | 6 | 355 | - | - | - | 355 |
Foreign currency translation loss | - | - | 15 | - | 15 | |
At September 30, 2021 | 52,228 | 1,603 | 156 | (61,415) | (7,428) | |
At January 1, 2022 | 68,466 | 2,524 | 160 | (66,162) | 4,988 | |
Net loss for the period | - | - | - | (3,200) | (3,200) | |
Share-based compensation expense | 7 | - | 371 | - | - | 371 |
Foreign currency translation loss | - | - | (300) | - | (300) | |
At September 30, 2022 | 68,466 | 2,895 | (140) | (69,362) | 1,859 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
2022 Q3 Condensed Consolidated Interim Financial Statements Cleantek Industries Inc. 4
Cleantek Industries Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
For the periods
Three months ended | Nine months ended | ||||
September 30 | September 30 | ||||
(Canadian $000's) | Note | 2022 | 2021 | 2022 | 2021 |
Cash (used in)/provided by: | |||||
Operating activities | |||||
Net loss | (1,023) | (397) | (3,200) | (1,208) | |
Adjustments for: | |||||
Depreciation and amortization | 3,4 | 675 | 413 | 2,527 | 1,912 |
Share-based compensation expense | 7 | 76 | 196 | 371 | 523 |
Finance costs | 10 | 324 | 175 | 862 | 1,129 |
(Gain) loss on disposal of long-lived assets | - | (115) | (148) | (112) | |
Unrealized (gain) loss on foreign exchange | (445) | - | (445) | - | |
Deferred income tax expense (recovery) | - | (216) | - | (711) | |
Changes in non-cash working capital | 12 | 260 | 194 | (593) | (496) |
Net cash flow from (used in) operating activities | (133) | (138) | (626) | 1,037 | |
Investing activities | |||||
Additions to property and equipment | 3 | (1,266) | - | (1,946) | (214) |
Additions to intangible assets | 4 | (44) | (32) | (90) | (95) |
Proceeds on disposal of long-lived assets | - | 1 | 100 | 46 | |
Changes in non-cash working capital | 12 | (3) | - | (57) | - |
Net cash flow used in investing activities | (1,313) | (31) | (1,993) | (263) | |
Financing activities | |||||
Proceeds from long-term debt, net of revolving debt | |||||
repayments | 1,822 | - | 3,056 | - | |
Repayment of long-term debt | 5 | (370) | (729) | (804) | (1,014) |
Proceeds from convertible notes - debentures | - | 350 | - | 730 | |
Repayments of lease liabilities | (62) | (36) | (175) | (171) | |
Payments of cash interest | (277) | (200) | (731) | (635) | |
Proceeds from issuance of share capital | 6 | - | - | - | 165 |
Net cash flow from financing activities | 1,113 | (615) | 1,346 | (925) | |
Increase (decrease) in cash and cash equivalents | (333) | (784) | (1,273) | (151) | |
Effect of foreign exchange on cash and | |||||
cash equivalents | 13 | (79) | 18 | 18 | |
Cash and cash equivalents, beginning of period | 936 | 1,169 | 1,871 | 597 | |
Cash and cash equivalents, end of period | 616 | 464 | 616 | 464 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
2022 Q3 Condensed Consolidated Interim Financial Statements Cleantek Industries Inc. 5
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
CLEANTEK Industries Inc. published this content on 23 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 November 2022 11:54:07 UTC.