Fobi AI: Interim Financial Statements Q2 2022 FOBI AI INC.

(Formerly Loop Insights Inc.)

Interim Condensed Consolidated Financial Statements

Six months ended December 31, 2021

(Expressed in Canadian dollars)

(Unaudited)

Auditor’s Notice of Non-Review of Interim Financial Statements

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

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company’s management.

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

Fobi AI Inc. (formerly Loop Insights Inc.)

Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

NoteDecember 31, 2021

June 30, 2021

ASSETS Current assets

Cash and cash equivalents Accounts receivable Prepaid

Inventory

loans receivable

$4,805,694

7,501,753

4

1,861,768 844,502

342,015 328,565

56,992 433,298 7,499,768

– 288,438 8,963,258

non-current assets Loan receivable Equipment Intellectual property Right-of-use asset Intangible assets Goodwill TOTAL ASSETS

– 193,096

134,171 122,062

5,381,637 171,792

6 5 5

27,865 37,672

796,796 873,996

1,320,468 1,320,468

15,160,705

$11,682,344

LIABILITIES AND EQUITY

current liabilities

Accounts payable and accrued liabilities Current portion of lease liabilities Deferred income

loans payable

1,096,969 $538,938

6

12,524 16,912

58,585 108,488

– 20,000

1,168,078 684,338

Deferred income taxes

4 271,693 271,693

Contingent liabilities 577,260

Non-current portion of the lease liability FULL RESPONSIBILITY

6 17,134 22,218

2,034,165 978,249

NET EQUITY (DEFICIENCY)

Social capital

Subscription receivable Contributed surplus Deficit

Accumulated other comprehensive gains (losses)

8

50,333,993

(130,568)

11,449,836

(48,535,478)

42,363,480

(130,568)

7,562,494

(39,091,291)

8,756

(twenty)

TOTAL EQUITY (DEFICIENCY) TOTAL LIABILITIES AND EQUITY

13,126,540 10,704,095

15,160,705

$11,682,344

operations and business continuity (Note 1) commitments and contingencies (Note 16) subsequent events (Note 17)

Approved and authorized for issuance in the name of the Board of Directors on March 1, 2022:

/s/ “Robert Douglas Anson”

Robert Douglas Anson Director

/f/ “Peter Green”

Peter Green Director

(The attached notes are an integral part of these condensed consolidated interim financial statements)

3

Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

Three months ending in Decembergrades

31, 2021

Three months ended December 31, 2020

Six months Six months endedended December 31, 2021

December 31, 2020

Income

operating expenses

Advertising and marketing

Cost of services sold

consultation fee

Amortization

Sure

Interest and accretion expenses

Investor Relations

License and distribution fees

office and general

Professional fees

Rent

Investigation and development

Stock-Based Compensation

Transfer Agent and Filing Fees

Ride

Other

Salaries and benefits

$

922,823

$

1,503,140

$

294,341

51,432

$

270,148 –

378,190 –

352,646

332,165

707,170 544,475

5.6

87,927

16,322 –

124,838 32,905

79,846

2,369

1,848

24,695 –10,827 3,447 111,127

– 38,802 –

118,003

17,530

245,614 22,558

72,312

87,320

217,668 101,134

156,367

58,477

235,500 169,879

2,838

16,698

28,993 20,060

20,851

76,267

36,039 139,242

8

2,872,519

2,760,619

5,491,880 2,819,311

34,949

18,834

53,743 52,600

126,400

(2,140)

20,027 –

170,364 21,969

7

1,695,582

490,287

2,933,507

862,056

Loss before other items

$

(5,045,265) $

(4,189,389)

(9,474,880) $ (5,203,181)

Other elements

Other income

$

– $ – 20,000

Interest income – – 2,368

Exchange gain

(5,531) – 8,324

Net loss

$

(5,050,797) $

(4,189,389)

(9,444,187) (5,203,181)

Accumulated other comprehensive gains (losses)

(8,210)

(8,776)

comprehensive loss

$

(5,059,006) $

(4,189,389)

(9,452,963) (5,203,181)

Comprehensive loss per share, basic and diluted

$

(0.04) $

(0.04)$

(0.07)$

(The attached notes are an integral part of these condensed consolidated interim financial statements)

Weighted average number of

Common shares outstanding

141,952,875

112,438,580

138,773,402

(0.05)

106,745,989

3

Summary Consolidated Interim Statement of Changes in Equity (Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

Number of outstanding sharesCommon actionssubscriptions receivableContributed surplusAccumulated other comprehensive income

Total Shareholders

Deficit

CapitalBalance, June 30, 2020

Issuance of common shares for cash, net of issuance costs

Issuance of ordinary shares by obligation Warrants exercised

$91,383,209

23,464,437

$

(140,000)

$

3,458,791

$

$

(1,211,480)

5,686,904 597,125 597,125

1,200,000 402,000 402,000

Stock options exercised Service shares Subscription received Stock-based compensation Net loss for the year Balance, December 31, 2020

21,626,976 3,251,250 1,000

4,341,144 1,165,410 200

(377,359)

3,963,785

(219,970) 945,440

17,642 17,642

2,819,311

2,819,311

(5,203,181)

(5,203,181)

123,149,339

29,970,316

$

(122,358)

$

5,680,773

$

$

(33,197,889)

$2,330,842

Balance, June 30, 2021

Issuance of ordinary shares for the acquisition of intellectual property

Warrants exercised Stock options exercised Stock-based compensation Accumulated other comprehensive loss Net loss for the year

$134,862,263 $42,363,480

$

(130,568)

$

7,562,494

$

(twenty)

$

(39,091,291)

$10,704,095

1,524,031 4,112,513 4,112,513

5,762,250 1,779,333 2,068,750 2,078,667

(588,083) 1,191,250

(1,016,455) 1,062,212

5,491,880 5,491,880

8,776

Balance, December 31, 2021

144,217,294

50,333,993

$

(130,568)

$

11,449,836

$

8,756

$

(48,535,478)

(9,444,187)

$

8,776 (9,444,187) 13,126,540

(The attached notes are an integral part of these consolidated financial statements)

4

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Fobi AI Inc STATUS Active. posted this content on 15 April 2022 and is solely responsible for the information contained therein. Distributed by Public, without editing or altering, the April 15, 2022 03:09:08 UTC.

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All news about LOOP INSIGHTS INC

Sales 2021 0.16
0.12
0.12
Net income 2021 -11.1M
-8.80M
-8.80M
Net cash 2021 7.44M
5.90M
5.90M
2021 P/E ratio -16.4x
Performance 2021
Capitalization 120M
95.0M
95.0M
VE / Sales 2020
VE / Sales 2021 1,188,401,672x
Number of employees
free float 79.3%

Duration :

Period :

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Evolution of the Income Statement

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