Aduro Clean Technologies: Operating Entity Financial Statements

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Aduro Energy Inc.

financial state

For the six months ended May 31, 2021

(Expressed in Canadian dollars)

THE INDEPENDENT AUDITOR’S REPORT

To the shareholders of Aduro Energy Inc.

Report on the audit of the financial statements Opinion

We have audited the financial statements of Aduro Energy Inc. which include the statements of financial position as at May 31, 2021 and November 30, 2020, as well as the statements of net income and comprehensive income, changes in deficit and cash flows. cash flow for the period and year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Aduro Énergie inc. as of May 31, 2021 and November 30, 2020 and its financial performance and cash flows for the period and year then ended. in accordance with International Financial Reporting Standards (IFRS).

Basis of opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of Aduro Energy Inc. in accordance with ethical requirements applicable to our audit of financial statements in Canada, and we have discharged our ethical responsibilities in accordance with those requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

other information

The management is responsible for the other information. Other information includes information included in the “MD&A” but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, to consider whether the other information is materially inconsistent with the financial statements or our knowledge gained in the audit or otherwise appears to contain material misstatements. . If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS, and for such internal control as management deems necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or errors.

In preparing the financial statements, management is responsible for assessing Aduro Energy Inc.’s ability to continue as a going concern, disclosing going concern issues, if any, and using the method going concern basis, unless management intends to liquidate Aduro Energy Inc. or cease operations, or has no realistic alternative to doing so.

Those charged with governance are responsible for overseeing the financial reporting process of Aduro Energy Inc.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report containing our opinion. Reasonable assurance is a high level of assurance, but does not guarantee that an audit performed in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they can reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit conducted in accordance with Canadian generally accepted auditing standards, we exercise our professional judgment and maintain professional skepticism throughout the audit. We have also:

  • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures appropriate to those risks, and obtain sufficient appropriate audit evidence to base our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, because fraud may involve collusion, falsification, intentional omissions, misstatements or override of control internal.

  • To obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Aduro Energy Inc.’s internal control.

  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

  • Conclude on the appropriateness of management’s use of the going concern accounting method and, based on the evidence obtained, on the existence or not of a material uncertainty related to events or conditions likely to cast significant doubt on Aduro Energy Inc.’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related information provided in the financial statements or, if that information is inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause Aduro Energy Inc. to cease operations.

  • Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and determine whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other things, the planned scope and timing of the audit and significant audit findings, including any material deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements for independence, and to communicate with them all relationships and other matters that may reasonably be considered to impact our independence and , if applicable, the related warranties.

CHARTERED PROFESSIONAL ACCOUNTANTS

Vancouver, BC

March 30, 2022

Statements of financial position (Expressed in Canadian dollars)

Current Asset

Cash and cash equivalents

Trade and other receivables (Note 6)

Norunning

Property, plant and equipment (note 7)

Right-of-use assets (Note 8)

Intangible assets (note 9)

Current Passive

Trade payables and other current liabilities (Note 10)

May 31, 2021

November 30, 2020

$

55,825 15,890

15,014 62,857

21,232 35,366

92,071

$

9 27,075 27,084

114 113

169 201

$

141 197

$

427 394

$391,472

overdraft 12,326

Contract liabilities 37,883

Project contributions payable (note 11)

Rental liability current part (note 13)

Debt – current portion (note 12)

Norunning

12,138 87,750

12,610 76,542

891 956 170 370

1,344,098

776,343

Trade payables and other current liabilities (Notes 10) 152,309

Rental liability non-current portion (Note 13) 3,661

Debt non-current portion (Note 12)

Deficiency

Share capital (note 14) Contributed surplus (note 14) Accumulated deficit

625 815 585 286

625 815

741 256

254,943 254,943

15,226 6,921

(2,070,881)

(1,800,712)

(1,638,266)

(1,376,402)

$

169 201

$

Nature of business and continuation of business (Note 1)

Subsequent events (Note 24)

On behalf of the Board:

“Vicus Offer”

, DirectorThe accompanying notes form an integral part of these financial statements.

141 197

Declarations of loss and comprehensive loss (Expressed in Canadian dollars)

For the six months ended May 31, 2021

For the year ended

November 30, 2020

Income (Note 17)

Expenses

Depreciation and amortization (Notes 7, 8 and 9)

Finance charges (Note 18)

Exchange

General and administrative (Note 19) Rental management

Research and development (Note 20)

Loss before other items

Other items

COVID 19 wage subsidy (Note 6) Gain on debt settlement

Loss before income taxes Income taxes (Note 21)

Net loss and comprehensive loss Basic and diluted loss per share

Weighted average number of shares outstanding

$

37,883

$

28,603 57,214

36,690 57,667

(13,668)

224 276 222,542

50,425

200,016 116,507

475,917

(438,034)

5,419 24,590

7,500

5,419

(432,615)

$$

(432,615)

(0.31) 1,398,605

$$

The accompanying notes form an integral part of these financial statements.

42,468

(1,412)

502 943

(460,475)

32,090

(428,385)

(428,385)

(0.32) 1,342,045

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