Aduro Clean Technologies: Consolidated Financial Statements for the Three and Nine Months Ended February 28, 2021

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Aduro Clean Technologies Inc. (formerly Dimension Five Technologies Inc.)

Condensed interim consolidated financial statements

For the three and nine month periods ended February 28, 2022

(Unaudited)

(Expressed in Canadian dollars)

Consolidated Statements of Financial Position

STRENGTHS Current

Cash and cash equivalents Prepaid expenses

Trade and other receivables (note 8)

Not current

Property, plant and equipment Right-of-use assets Intangible assets (note 5)

Total assets

LIABILITIES AND EQUITY

Fluent

Suppliers and other current liabilities

February 28, 2022

May 31, 2021

$

1,200,338 107,360 170,729 1,478,427

$

2,860,016 – 76,880 2,936,896

214 410 55,825

15,014

8,412 21,232

222 822

92,071

$

1,701,249

$

3,028,967

$

554 374

$529,135

Project contributions payable 12,138

Rental liability current portion 12,610

Debt – current portion (Note 6)

Not current

Debt non-current portion (Note 6)

30,767 30,496

585 141

584,379

35 101

625 816

Equity (Note 7) Share the capital

Reserve of Warrants Contributed Surplus Accumulated Deficit

Total liabilities and shareholders Equity

Nature and pursuit of activities (Note 1)

Subsequent events (Note 17)

Approved on behalf of the Board of Directors on April 27, 2022:

“Vicus Offer”

“Peter Kampian”

, Director , Director

5,317,798 3,483,304

1,606,801 1,775,651

2,418,023 1,075,164

(8,261,615)

1,081,007

$

1,701,249

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

(4,515,347)

1,818,772

$

3,028,967

Consolidated Statements of Losses and Comprehensive Income

Revenue (Note 15) Expenses

Depreciation and amortization Finance charges (Note 10) Foreign exchange

General and administrative (Note 11)

Expenses related to share-based payments (note 13) Expenses incurred to obtain listing on other stock exchanges

Research and development (Note 12)

Loss before other items

Other items

(Loss) gain on debt settlement (note 6)

COVID 19 wage subsidy

Loss and overall loss for the period

Basic and diluted loss per share Weighted average number of common shares outstanding

$

Three months

Three months

Nine months

Nine months

finished

finished

finished

finished

February 28,

February 28,

February 28,

February 28,

2022

2021

2022

2021

$

37,883

$

14,768

6,919

(1,274)

395,609

266,788

14 134

14,077

(2,226)

30,264 –

– 299 053 981 863

– 119 983 176 232

(256,724)

(3,500,955)

– –$$

(1,238,587)

(0.05)

$$

(138,349)

(0.01)

$$

(3,746,268)

24,255,636

13,333,328

20,184,006

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

$

37,883

42,971 42,741

35,884 44 155

14,722 1,333,391 1,341,475

(8,276) 241,529 –

24,323,708,189 3,500,955

– 220 361 540 510

(502,627)

(245,313) 7,500

24,590

$$

(470,537)

(0.19)

(0.04)

13,333,328

Consolidated Statements of Changes in Equity (Deficiency)

Share capital Number of

Amount of shares

Balance as of May 31, 2020 Shares issued

Share-based payment expenses (Note 13)

Net loss for the period

7,692,667 27,100

Sale, February 28, 2021

– – 7,719,767

Sale, May 31, 2021

Shares issued upon exercise of warrants (note 7)

Shares issued upon exercise of Class A Special Warrants (note 7)

Share-based payment expenses (Note 13)

Net loss for the period Sale, February 28, 2022

33 908 358

1,700,401

13,333,328

– – 48,942,087

$91,200

Reserve of WarrantsContributed

Surplus

$

-$

– (1,306,611) $

163,743 – – – 163,743

– – 254,943

– – –

3,483,304 1,775,651

11,073 – 11,073

– 11,073

1,075,164

1,019,051 (168,850) – – 850,201

815,443 – – – 815,443

– – $5,317,798

– 1,342,859

$1,606,801

$2,418,023

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

Deficit

(470,537) (1,777,148)

(4,515,347)

(3,746,268) ($8,261,615)Total

$(1,215,411)

(470,537) (1,511,132)

1,818,772

1,342,859 (3,746,268)

$

1,081,007

Consolidated statements of cash flows

Operational activities

Net loss for the period Items with no impact on cash:

Amortization and amortization Charges related to share-based payments (note 13) Interest expense

Unrealized gain on derecognition of an asset Loss (gain) on settlement of debt (note 6) Unrealized exchange rate (note 6) Non-cash changes in working capital (note 16)

Cash flows used in operating activities

Fundraising activities

Issue of common shares, net of issue costs

Loan advance made to legal subsidiary before RTO lease repayments

Repayments of term loans and working capital (note 6)

Cash provided by financing activities

Investing activities

Property, plant and equipment acquired Cash used by investing activities

Change in cash during the period Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period

Additional information on non-cash activities Common Shares Issued to Settle Outstanding Accounts Payable Balance

Shares issued in exchange for redemption of convertible notes (note 6)

Rights of use of acquired assets

Increase in rental obligation due to modification of the lease

Nine-month period ended February 28, 2022

$

(3,746,268)

($470,537)

42,971 42,741

1,342,859 11,073

27,092 34,272

(369)

245 313 (7,500)

4,061 (3,720)

(186,696) (20,173)

(2,270,668)

850 201 –

(17,406) (34,162)

(52,538) (1,019)

780 257

(169,267) (169,267)

(1,659,678)

2,860,016

$

1,200,338

$

$

(558,719)

(4,455)

4,455

$

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

Nine-month period ended February 28, 2021

(414,213)

– 411,300

376 119

(14,433) (14,433)

(52,527)

45,420

(7,107)

163,743

– – –

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Aduro Clean Technologies Inc. published this content on April 29, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on Apr 29, 2022 1:46:27 PM UTC.

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Sales 2021 0.04M
0.03M
0.03M
Net income 2021 -3.21M
-2.50M
-2.50M
Net cash 2021 2.19M
1.71M
1.71M
PER 2021 ratio -3.08x
2021 performance
Capitalization 33.8 million
26.3 million
26.3 million
EV / Sales 2020
EV / Sales 2021 594x
# of employees
Floating 68.9%

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