Statement of Operations – For the three months ended September 30, 2021 and 2020:
Revenue
The Company did not generate revenue during the current quarter or the comparable quarter ended in 2020. However, Canary generated revenues of $742,730 (though its investment in JVCo) during the quarter ended September 30, 2021 (quarter ended December 31, 2020: $108,930) and is represented as a share of income from joint venture on the unaudited condensed consolidated interim statement of operations. The entire revenue was sold to six customers (2020: zero).
Expenses
Our expenses are classified primarily into advisory and consultancy fees, management fees, salaries and wages, legal and professional fees, and amortization and depreciation expense. The significant decrease in operating expenses during the current quarter ended compared to comparable prior quarter ended is due to lower advisory and consultancy fees, salaries and wages, and office expenses during the period which resulted due to lower amount of activity compared to the prior period and reimbursement of operating expenses of our subsidiary, Canary, by the joint venture. Refer to Note 6 for additional details.
Expenses primarily represented consulting fees of $6,453 (2020: $6,933), management fees of $72,562 (2020: $69,710), legal and professional charges of $72,065 (2020: $158,232) comprising legal, review, accounting and Edgar agent fee, amortization and depreciation expense amounting to $240,983 (2020: $19,861), and office and general expenses amounting to $7,084 (2020: $5,370).
Changes in other income and expenses were due to the revaluation of the warrant and convertible debt liabilities on each quarter-end, loans charging interest expense for the full period compared to a partial period in the comparable period and started to earning net income from the joint venture, as a result, the share of loss has reduced.
Other income and expenses comprised, change in fair value of derivative and warranty liability amounting to positive $2,842,168 (2020: positive $2,537,885), loss on settlement amounting to $nil (2020: 5,665,569) interest and bank charges amounting to $266,098 (2020: $177,949), accretion expenses of $nil (2020: $11,985) related to promissory notes and share of loss from joint venture of $33,458 (2020: $280,916).
Statement of Operations – For the nine months ended September 30, 2021 and 2020:
Revenue
The Company did not generate revenue during the current period ended as compared to $30,000 revenue during the comparable period ended in 2020. The revenue represented the sale of Wisp™ vaporizer and pod units. However, Canary generated revenues of $1,469,900 (though its investment in JVCo) during the current period ended (quarter ended December 31, 2020: $108,930) and is represented as a share of income from joint venture on the unaudited condensed consolidated interim statement of operations. The entire revenue was sold to six customers (2020: zero).
Expenses
Our expenses are classified primarily into advisory and consultancy fees, management fees, salaries and wages, legal and professional fees, and amortization and depreciation expense. The significant decrease in operating expenses during the current period ended compared to the comparable prior period ended is due to lower advisory and consultancy fees, salaries and wages, and office expenses during the period which resulted due to lower amount of activity compared to the prior period and reimbursement of operating expenses of our subsidiary, Canary, by the joint venture. Refer to Note 6 for additional details.
Expenses primarily represented consulting fees of $15,068 (2020: $69,582), management fees of $226,359 (2020: $216,798), legal and professional charges of $187,862 (2020: $375,787) comprising legal, review, accounting and Edgar agent fee, amortization and depreciation expense amounting to $731,126 (2020: $62,656), and office and general expenses amounting to ($10,643) (2020: $88,898).
Changes in other income and expenses were due to the revaluation of the warrant and convertible debt liabilities on each quarter-end, loans charging interest expense for the full period compared to a partial period in the comparable period and started to earning net income from the joint venture, as a result, the share of loss has reduced.