OOOOO Entertainment Commerce : Q1 2022 Consolidated Interim Financial Statements

1. Entertainment Commerce Limited (Formerly Evermount Ventures Inc.)

Condensed Interim Consolidated Financial Statements

For the Three-Month Periods Ended January 31, 2022

and 2021

(Expressed in Canadian dollars)

INDEX	Page
Condensed Interim Consolidated Financial Statements
Condensed Interim Consolidated Statements of Financial Position	3
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss	4
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity	5
Condensed Interim Consolidated Statements of Cash Flows	6
Notes to the Condensed Interim Consolidated Financial Statements	7 - 21

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OOOOO Entertainment Commerce Limited

(Formerly Evermount Ventures Inc.)

Condensed Interim Consolidated Statements of Financial Position

(Expressed in Canadian Dollars)

			January 31,	October 31,
			2022	2021
		Note	$	$
ASSETS
Current assets
Cash and cash equivalent		3,434,269	7,396,469
Accounts and other receivables	5	407,091	246,347
Prepaid expenses and deposits	6	538,610	666,997
			4,379,970	8,309,813
Long-term lease deposit	9	427,966	425,211
Property and equipment	7	380,600	37,470
Intangible assets	8	579,769	706,033
Right of use assets	9	1,983,585	2,050,597
			7,751,890	11,529,124
LIABILITIES
Current liabilities
Trade and other payables	10,13	1,071,165	1,244,955
Lease liabilities	9	112,622	139,806
			1,183,787	1,384,761
Lease liabilities	9	1,934,105	1,921,940
			3,117,892	3,306,701
SHAREHOLDERS' EQUITY
Share capital	14	25,571,991	25,550,991
Contributed surplus	12,14	1,837,343	666,343
Accumulated other comprehensive loss		(12,805)	(2,350)
Deficit		(22,762,531)	(17,992,561)
			4,633,998	8,222,423
			7,751,890	11,529,124
Note 1- Nature of operations and going concern
Note 17 - Commitments
Approved by and on behalf of the Board:
"Samuel Jones"			"Joanne Yan"
Samuel Jones, Director		Joanne Yan, Director

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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OOOOO Entertainment Commerce Limited

(Formerly Evermount Ventures Inc.)

Condensed Interim Consolidated Statements of Operations and

Comprehensive Loss

(Expressed in Canadian Dollars)

		Three-Month Period	Three-Month Period
		Ended January 31,	Ended January 31,
		2022	2021
	Note
		$	$
Revenue		116,795	-
Expenses
Amortization of intangible assets	8	130,233	92,037
Depreciation of property and equipment	7	7,775	570
Depreciation on right of use assets	9	79,924	-
Foreign exchange loss (gain)		14,224	(1,470)
General and administrative expenses	19	2,398,968	996,307
Research and development	8	455,320	-
Sales and marketing expenses	18	627,724	245,692
Share-based compensation	14	1,171,000	-
		4,885,168	1,333,136
Net loss before income taxes		(4,768,373)	(1,333,136)
Current income tax expense		1,597	1,684
Deferred income expense (recovery)		-	(1,567)
Net loss		(4,769,970)	(1,333,253)
Other comprehensive loss
Item that will be reclassified subsequently to income (loss)
Foreign currency translation (loss) gain		(10,455)	4,747
Total comprehensive loss		(4,780,425)	(1,328,506)
Loss per share - basic and diluted		(0.06)	(85.15)
Weighted average number of shares outstanding		78,773,962	15,657
- basic and diluted

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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OOOOO Entertainment Commerce Limited

(Formerly Evermount Ventures Inc.)

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity

(Expressed in Canadian Dollars)

		Shares
				Shares		Accumulated Other
				premium	Contributed	Comprehensive
		Number	Amount	reserve	Surplus	Income	Deficit	Total
			$	$	$	$	$	$
Balance, October 31, 2020	12,071	209	1,198,873	-	(3,348)	(899,297)	296,437
Shares issued for cash	3,586	62	1,906,317	-	-	-	1,906,379
Net loss for the period	-	-	-	-		(1,333,253)	(1,333,253)
Foreign currency translation gain	-	-	-	-	4,747	-	4,747
Balance, January 31, 2021	15,657	271	3,105,190	-	1,399	(2,232,550)	874,310
Shares issued for cash (note 14)	3,656	62	4,273,787	-	-	-	4,273,849
Conversion of convertible loan and issuance
of warrants (note 12)	353	7	425,848	134,575	-	-	560,430
Shares of Video Commerce Group Limited.
exchanged (notes 4, 14)	(19,666)	-	-	-	-	-	-
Shares of OOOOO Entertainment Commerce
Limited (notes 4, 14)	52,440,966	-	-	-	-	-	-
Shares deemed issued on reverse
acquisition of Evermount Ventures Inc.
(notes 4, 14)	4,559,015	3,647,212	-	-	-	-	3,647,212
Shares issued for concurrent financing
(notes 4, 14)	18,761,000	15,008,800	-	-	-	-	15,008,800
Shares issued for finder fees (notes 4, 14)	3,000,000	-	-	-	-	-	-
Share issuance costs (note 14)	-	(910,186)	-	-	-	-	(910,186)
Shares premium reserve converted into
shares (note 14)	-	7,804,825	(7,804,825)	-	-	-	-
Share-based compensation	-	-	-	360,100	-	-	360,100
Broker agents warrants issued	-	-	-	171,668	-	-	171,668
Net loss for the period	-	-	-	-	-	(15,760,011)	(15,760,011)
Foreign currency translation loss	-	-	-	-	(3,749)	-	(3,749)
Balance, October 31, 2021	78,760,981	25,550,991	-	666,343	(2,350)	(17,992,561)	8,222,423
Shares issued for services (note 14)	43,750	21,000	-	-	-	-	21,000
Share-based compensation (note 14)	-	-	-	1,171,000	-	-	1,171,000
Net loss for the period	-	-	-	-	-	(4,769,970)	(4,769,970)
Foreign currency translation loss	-	-	-	-	(10,455)	-	(10,455)
Balance, January 31, 2022	78,804,731	25,571,991	-	1,837,343	(12,805)	(22,762,531)	4,633,998

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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