Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Canada
  4. CANADIAN NATIONAL STOCK EXCHANGE
  5. Ignite International Brands, Ltd.
  6. News
  7. Summary
    BILZ   CA45174Y1007

IGNITE INTERNATIONAL BRANDS, LTD.

(BILZ)
SummaryQuotesChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Ignite International Brands : Q3 2021 - Condensed Interim Consolidated Financial Statements

11/29/2021 | 09:41am EST

Condensed Interim Consolidated

Financial Statements

For the periods ended September 30, 2021 and 2020

(These unaudited condensed interim consolidated financial statements, prepared by Management, have

not been reviewed by the Company's external auditor)

NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the unaudited condensed interim consolidated financial statements; they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim consolidated financial statements of Ignite International Brands, Ltd. (the "Company") have been prepared and are the responsibility of the Company's management. The unaudited condensed interim consolidated financial statements are prepared in accordance with International Financial Reporting Standards and reflect management's best estimates and judgment based on information currently available.

The Company's independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of the condensed interim consolidated financial statements by an entity's auditor.

TABLE OF CONTENTS

PAGE

Condensed Interim Consolidated Statements of Financial Position

1

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss

2

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity

3

Condensed Interim Consolidated Statements of Cash Flows

4

Notes to the Condensed Interim Consolidated Financial Statements

5

IGNITE INTERNATIONAL BRANDS, LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(In Canadian Dollars)

As at

As at

September 30, 2021

December 31, 2020

$

$

Assets

Current assets

Cash

4,662,894

5,462,783

Receivables (note 7)

7,570,299

1,594,306

Inventory (note 8)

11,645,530

12,499,793

Deposits (note 9)

11,022,710

370,254

Prepaid expenses (note 10)

1,307,134

2,091,655

Total current assets

36,208,567

22,018,791

Non-current assets

Long term receivable (note 7, 14)

3,096,188

3,017,973

Investments (note 11)

-

497,741

Property, plant and equipment, net (note 12)

492,462

568,906

Right of Use Assets, net (note 12)

5,084

27,963

Intangible assets, net (note 13)

274,734

301,808

Total noncurrent assets

3,868,468

4,414,391

Total assets

40,077,035

26,433,182

Liabilities

Current liabilities

Accounts payable and accrued liabilities (note 15)

10,827,344

3,259,668

Short term loans (note 16)

777,684

-

Short term convertible debt (note 16)

-

5,227,698

Due to related parties (note 23)

1,426

23,675

Short-term lease obligations (note 14)

-

24,589

Total current liabilities

11,606,454

8,535,630

Long Term Loans (note 16)

40,000

1,617,715

Convertible debenture liability (note 16)

14,703,520

4,478,575

Total long term liabilities

14,743,520

6,096,290

Total liabilities

26,349,974

14,631,920

Shareholders' equity

Share capital (note 17)

106,095,779

103,235,779

Warrant reserve (note 17)

726,863

726,863

Option Reserve (note 17)

2,417,576

2,570,689

Contributed surplus

8,160,456

6,770,911

Other comprehensive income

2,988,846

3,013,027

Non-controlling interests (note 20)

37,156

-

Accumulated deficit

(106,699,615)

(104,516,007)

Total shareholders' equity

13,727,061

11,801,262

Total liabilities and shareholders' equity

40,077,035

26,433,182

Nature of operations (note 1)

Approved by the Board

Segmented results (note 25)

Subsequent events (note 26)

/s/ "Dan Bilzerian" Director

Commitments and contingencies (note 24)

/s/ "Lester Lee" Director

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

1

IGNITE INTERNATIONAL BRANDS, LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(In Canadian Dollars)

Three months ended

Three months ended

Nine months ended

Nine months ended

September 30, 2021

September 30, 2020

September 30, 2021

September 30, 2020

$

$

$

$

Sales revenue (note 19)

14,364,133

1,729,843

30,065,063

6,595,328

Cost of goods sold

11,396,724

1,238,578

22,112,332

4,610,360

Gross Profit

2,967,409

491,265

7,952,731

1,984,968

Operating expenses

General and administrative (note 22)

2,806,507

2,917,912

7,930,744

12,215,153

Share based payments (note 17)

155,518

(1,763,710)

(124,977)

11,671

Marketing and promotion

1,061,645

435,554

2,168,155

3,817,725

Depreciation (note 12)

37,346

111,648

112,307

1,884,307

Amortization (note 13)

12,699

15,153

37,790

39,827

Listing expense

38,993

22,039

80,863

72,336

Bad debt expense

321,318

(57,567)

572,893

278,601

Total operating expenses

4,434,026

1,681,029

10,777,775

18,319,620

Income (Loss) from operations

(1,466,617)

(1,189,764)

(2,825,044)

(16,334,652)

Other income

Debt Forgiveness (note 16)

-

-

1,558,136

-

Gain on debt extinguishment (note 16)

-

-

79,444

-

Gain on disposal of capital assets (note 12)

-

177,148

22,130

158,402

Investment gain (note 11)

34,942

(225,000)

230,944

90,000

Other income

773,499

-

1,121,219

-

Interest income

2,872

5,679

6,508

9,148

Total other income

811,313

(42,173)

3,018,381

257,550

Other expenses

Interest expense

72,583

26,877

279,732

236,078

Interest accretion, leases (note 14)

63

125,792

762

534,793

Interest accretion, convertible debentures (note

806,174

1,002,786

1,855,561

2,204,418

16)

Loss on Contingent Assets

-

3,385,250

-

3,385,250

Inventory impairment

-

70,140

-

70,140

Exchange gain/loss

102,748

(634)

100,146

31,412

Total other expenses

981,568

4,610,211

2,236,201

6,462,091

Net loss before taxes

(1,636,872)

(5,842,148)

(2,042,864)

(22,539,193)

Income tax

3,869

(30)

3,869

5,921

Net loss

(1,640,741)

(5,842,118)

(2,046,733)

(22,545,114)

Cumulative translation adjustment

736,374

(239,602)

(24,181)

724,368

Net loss and comprehensive loss

(904,367)

(6,081,720)

(2,070,914)

(21,820,746)

Net loss attributed to:

Ignite International Brands, Ltd.

(1,640,496)

(5,842,118)

(2,098,392)

(22,122,981)

Non-controlling interests

(245)

-

51,659

(422,133)

Net loss per share, basic and diluted (note 18)

(0.01)

(0.02)

(0.01)

(0.09)

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

2

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Ignite International Brands Ltd. published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 14:40:03 UTC.


ę Publicnow 2021
All news about IGNITE INTERNATIONAL BRANDS, LTD.
2021IGNITE Announces Stock Option Grants and Issuance of Convertible Debenture
BU
2021IGNITE INTERNATIONAL BRANDS : Q3 2021 - Managements Discussion and Analysis
PU
2021IGNITE INTERNATIONAL BRANDS : Q3 2021 - Condensed Interim Consolidated Financial Statement..
PU
2021IGNITE Files Q3 2021 Financial Statements
BU
2021Ignite International Brands, Ltd. Reports Earnings Results for the Third Quarter and Ni..
CI
2021IGNITE's October Sales Exceeded Third Quarter Sales
BU
2021IGNITE INTERNATIONAL BRANDS : Winds Up Cannabis Business in Canada
MT
2021IGNITE INTERNATIONAL BRANDS : Pulls Out of Cannabis in Canada
BU
2021Ignite International Brands, Ltd. Announces Discontinuing Its Cannabis Business in Cana..
CI
2021IGNITE International Brands, Ltd. Appoints Pradeep Albert to Its Board of Directors
CI
More news
Financials
Sales 2020 16,9 M 13,4 M 13,4 M
Net income 2020 -18,9 M -15,0 M -15,0 M
Net Debt 2020 5,86 M 4,64 M 4,64 M
P/E ratio 2020 -8,72x
Yield 2020 -
Capitalization 362 M 287 M 287 M
EV / Sales 2019 39,4x
EV / Sales 2020 11,6x
Nbr of Employees -
Free-Float 13,9%
Chart IGNITE INTERNATIONAL BRANDS, LTD.
Duration : Period :
Ignite International Brands, Ltd. Technical Analysis Chart | BILZ | CA45174Y1007 | MarketScreener
Income Statement Evolution
Managers and Directors
Dan Bilzerian Chairman & Chief Executive Officer
John Schaefer President & Chief Operating Officer
Greg Gilpin-Payne Independent Director
Vered Elkouby Nisim Independent Non-Executive Director
Pradeep Albert Independent Director
Sector and Competitors