MAPLE LEAF GREEN WORLD INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
AS AT AND FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022
(Expressed in Canadian Dollars, unless otherwise stated)
MAPLE LEAF GREEN WORLD INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Canadian dollars) | notes | June 30, 2022 | December 31, 2021 |
ASSETS | |||
Current | |||
Cash and cash equivalents | 112,141 | 75 | |
Accounts receivable | 27,262 | 16,965 | |
139,403 | 17,040 | ||
Non-Current | |||
Property, plant and equipment | 7 | 368,932 | 382,980 |
Total Assets | 508,335 | 400,020 | |
LIABILITIES | |||
Current | |||
Accounts payable and accrued liabilities | 6,732,176 | 6,784,466 | |
Notes payable | 9 | 1,923,425 | 1,874,506 |
Related party payables | 12 | 5,787 | 189,132 |
Non-Current | 8,661,388 | 8,848,104 | |
10 | 60,000 | ||
Canada Emergency Business Account (CEBA) | 60,000 | ||
Convertible debenture | 8 | 431,668 | - |
Total liabilities | 9,153,056 | 8,908,104 | |
SHAREHOLDERS' DEFICIT | |||
Share capital | 11 | 24,043,113 | 23,589,263 |
Convertible debenture | 8 | 88,054 | - |
Contributed surplus | 11 | 12,725,332 | 12,725,332 |
Accumulated other comprehensive income | 94,736 | 113,471 | |
Accumulated deficit | (45,595,956) | (44,936,150) | |
Total shareholders' deficit | (8,644,721) | (8,508,084) | |
Total liabilities and shareholders' deficit | 508,335 | 400,020 |
Going Concern (note 2)
Commitments and contingencies (note 15)
See accompanying notes to the Consolidated Financial Statements
APPROVED ON BEHALF OF THE BOARD | ||
(Signed) Raymond Lai | (Signed) Terence Lam | |
Director | Director |
2
MAPLE LEAF GREEN WORLD INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
Three months ended June 30, | Six months ended June 30, | ||||
(Canadian dollars) | Notes | 2021 | 2020 | 2021 | 2020 |
Revenue | |||||
Unrealized loss on changes in fair | - | - | |||
value of biological assets | 5 | 12,098 | (180,855) | ||
Expenses | |||||
Operating expenses | 39,356 | 146,840 | 76,505 | 303,772 | |
Personnel costs | 105,000 | 28,154 | 120,413 | 85,453 | |
Professional fees | 34,634 | 10,653 | 72,841 | 79,043 | |
Consulting fees | 71,525 | 18,735 | 82,651 | 56,935 | |
Depreciation and amortization | 6,7 | 7,024 | 16,356 | 14,048 | 35,551 |
Office | 27,560 | 17,160 | 36,611 | 55,284 | |
Regulatory and transfer agent | 978 | 2,350 | 13,040 | 16,638 | |
Advertising and promotion | 1,701 | 2,624 | 12,929 | 14,096 | |
Travel | 1,164 | 2,023 | 2,090 | 16,169 | |
Foreign exchange expense | 24,522 | 3,413 | 28,411 | (5,113) | |
313,464 | 248,308 | 459,539 | 657,828 | ||
Income/(Loss) before other items | (313,464) | (236,210) | (459,539) | (838,683) | |
Finance expense | 6,8,9 | (80,530) | (67,338) | (200,267) | (123,816) |
Net loss for the period | (393,994) | (275,200) | (659,806) | (934,151) | |
Other Comprehensive Income/(Loss) | |||||
Exchange differences on translation of | (40,218) | (18,735) | |||
foreign operations | 662 | (35,644) | |||
Total comprehensive loss | (434,212) | (274,538) | (678,541) | (969,795) | |
Per Share Information | |||||
Net loss per share - basic and diluted | (0.01) | (0.01) | (0.02) | (0.03) | |
Weighted average number of common | 33,142,394 | 31,890,460 | |||
shares outstanding | 26,892,566 | 26,892,566 |
On October 7,2021 the Company completed a 6:1 share consolidation. All share numbers have been restated to reflect the consolidation.
See accompanying notes to the Consolidated Financial Statements
3
MAPLE LEAF GREEN WORLD INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Share- | Accumulate | |||||||
based | d other | |||||||
Share | Convertible | payments | Warrant | comprehens | Total equity | |||
(Canadian dollars) | Note | capital | Debenture | reserve | reserve | ive income | Deficit | (deficit) |
December 31, 2020 | 23,471,632 | - | 12,050,864 | 621,833 | 222,452 | (42,396,799) | (6,030,018) | |
Other comprehensive | ||||||||
income | - | - | - | - | (108,981) | - | (108,981) | |
Loss for the period | - | - | - | - | - | (2,539,351) | (2,539,351) | |
Shares issued to | ||||||||
settle accounts | ||||||||
payable | 11 | 117,448 | - | - | 44,044 | - | - | 161,492 |
Shares issuance | ||||||||
expense | 11 | (22,726) | - | - | - | - | - | (22,726) |
Private placement | 11 | 22,909 | - | - | 8,591 | - | - | 31,500 |
December 31, 2021 | 23,589,263 | - | 12,050,864 | 674,468 | 113,471 | (44,936,150) | (8,508,084) | |
Private placement | 8 | - | 88,054 | - | - | - | - | 88,054 |
Other | ||||||||
comprehensive | ||||||||
income | - | - | - | - | (18,735) | - | (18,735) | |
Loss for the period | - | - | - | - | - | (659,806) | (659,806) | |
Shares issuance | ||||||||
expense | (56,000) | - | - | - | - | - | (56,000) | |
Shares issued to | ||||||||
settle accounts | ||||||||
payable | 11 | 509,850 | - | - | - | - | - | 509,850 |
At June 30, 2022 | 24,043,113 | 88,054 | 12,050,864 | 674,468 | 94,736 | (45,595,956) | (8,644,721) |
On October 7,2021 the Company completed a 6:1 share consolidation. All share numbers have been restated to reflect the consolidation.
See accompanying notes to the Consolidated Financial Statements
4
MAPLE LEAF GREEN WORLD INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended June 30, | Six months ended June 30 | ||||
(Canadian dollars) | Notes | 2021 | 2020 | 2021 | 2020 |
Operating Activities | (393,994) | (659,806) | |||
Income/(loss) for the period | (275,200) | (934,151) | |||
Items not affecting cash: | 7,024 | 14,048 | |||
Depreciation and amortization | 6,7 | 16,356 | 35,551 | ||
Financing costs | 8,9 | 71,727 | 55,670 | 6,198 | 104,263 |
Unrealized gain on changes in fair | - | - | |||
value of biological assets | 5 | (12,098) | 180,855 | ||
Changes in non-cash working | (315,243) | (243,620) | (639,560) | (641,830) | |
capital | (8,750) | (10,297) | |||
Accounts receivables | 3,676 | (1,120) | |||
Related party payables | (72,495) | 5,879 | (183,345) | (1,215) | |
Accounts payable and accrued | 93,624 | 530,267 | |||
liabilities | 44,336 | 24,377 | |||
Net change in non-cash working | 12,379 | 336,625 | |||
capital related to operations | 65,989 | 34,140 | |||
Cash flows (used in)/from | |||||
operating activities | (302,864) | (177,631) | (302,935) | (607,690) | |
Financing Activities | - | - | |||
Repayment of long-term debt | 9 | - | (134,589) | ||
Proceeds from notes payable | 9 | - | - | - | 781,898 |
Deferred financing costs | 9 | - | - | - | (35,442) |
Repayment of lease liability | - | (35,832) | - | (50,899) | |
Convertible debenture | 8 | 415,000 | - | 415,000 | - |
Cash flows from/(used in) | |||||
financing activities | 415,000 | (35,832) | 415,000 | 560,968 | |
Increase in cash and cash | |||||
equivalents | 112,136 | (213,463) | 112,065 | (46,722) | |
Impact of foreign exchange on cash | 3 | 1 | |||
balances | (1,125) | 1,193 | |||
Cash and cash equivalents, | 2 | 75 | |||
beginning of period | 216,897 | 47,838 | |||
Cash and cash equivalents, end of | |||||
period | 112,141 | 2,309 | 112,141 | 2,309 |
See accompanying notes to the Consolidated Financial Statements
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Maple Leaf Green World Inc. published this content on 27 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2022 19:23:33 UTC.