Exhibit 99.1
Notice
of No Auditor review of RESTATED condensed interim consolidated financial statements
The Management of the Company is responsible for
the preparation of the accompanying restated unaudited condensed interim consolidated financial statements. The restated unaudited condensed
interim consolidated financial statements have been prepared using accounting policies in compliance with International Financial Reporting
Standards (“IFRS”) for the preparation of consolidated interim financial statements and are in accordance with International
Accounting Standards (“IAS”) 34 – Interim Financial Reporting.
The Company’s independent auditor has not
performed a review of these restated condensed interim consolidated financial statements in accordance with the standards established
by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity’s auditor.
These restated financial statements have been re-filed to reflect further
disclosure in Note 17 of the Notes to the Restated Condensed Interim Consolidated Financial Statements in connection with a continuous
disclosure review.
Siyata Mobile Inc.
Restated Unaudited Condensed Interim Consolidated Statements of Financial
Position
(Expressed in US dollars)
| |
March 31, 2023 | | |
December 31, 2022 | |
ASSETS | |
| | |
| |
Current | |
| | |
| |
Cash | |
$ | 1,179,694 | | |
$ | 1,913,742 | |
Trade and other receivables (Note 3) | |
| 1,111,123 | | |
| 1,574,628 | |
Prepaid expenses | |
| 665,446 | | |
| 173,504 | |
Inventory (Note 4) | |
| 3,564,040 | | |
| 4,092,550 | |
Advance to suppliers | |
| 675,561 | | |
| 155,852 | |
| |
| 7,195,864 | | |
| 7,910,276 | |
Long term receivable | |
| 146,196 | | |
| 150,185 | |
Right of use assets | |
| 811,966 | | |
| 887,137 | |
Equipment | |
| 199,743 | | |
| 207,402 | |
Intangible assets | |
| 7,481,391 | | |
| 6,987,531 | |
Total assets | |
$ | 15,835,160 | | |
$ | 16,142,531 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Current | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 2,111,174 | | |
$ | 3,078,650 | |
Deferred revenue | |
| - | | |
| 149,600 | |
Lease obligations | |
| 294,359 | | |
| 303,788 | |
Warrant liability (Note 6) | |
| 628,765 | | |
| 2,734,804 | |
| |
| 3,034,298 | | |
| 6,266,842 | |
Lease obligations | |
| 543,944 | | |
| 635,217 | |
Total liabilities | |
| 3,578,242 | | |
| 6,902,059 | |
Shareholders’ equity | |
| | | |
| | |
Share capital (Note 7) | |
| 76,921,437 | | |
| 73,312,866 | |
Reserves (Note 7) | |
| 17,933,273 | | |
| 13,647,399 | |
Accumulated other comprehensive loss | |
| 98,870 | | |
| 98,870 | |
Deficit | |
| (82,696,662 | ) | |
| (77,818,663 | ) |
| |
| 12,256,918 | | |
| 9,240,472 | |
Total liabilities and shareholders’ equity | |
$ | 15,835,160 | | |
$ | 16,142,531 | |
Nature of operations and going concern (Note 1) |
|
|
Subsequent events (Note 16) |
|
|
|
|
|
Approved on August 14, 2023 on behalf of the Board: |
|
|
“Lourdes Felix” |
|
“Marc Seelenfreund” |
Lourdes Felix - Director |
|
Marc Seelenfreund - Director |
The accompanying notes are an integral part
of these restated unaudited condensed interim consolidated financial statements.
Siyata Mobile Inc.
Restated Unaudited Condensed Interim Consolidated Statements of Loss
and Comprehensive Loss
(Expressed in US dollars)
For the three months ended March
31
| |
2023 | | |
2022 | |
| |
| | |
| |
Revenue | |
$ | 1,802,637 | | |
$ | 832,974 | |
Cost of sales (Note 8) | |
| (1,306,120 | ) | |
| (577,923 | ) |
Gross profit | |
| 496,517 | | |
| 255,051 | |
EXPENSES | |
| | | |
| | |
Amortization and depreciation | |
| 401,640 | | |
| 124,505 | |
Development expenses | |
| 53,985 | | |
| 123,316 | |
Selling and marketing (Note 9) | |
| 1,003,365 | | |
| 1,045,051 | |
General and administrative (Note 10) | |
| 1,392,430 | | |
| 1,659,079 | |
Inventory impairment (Note 4) | |
| - | | |
| 64,336 | |
Bad debts (recovered) (Note 3) | |
| - | | |
| (7,358 | ) |
Share-based payments (Note 7) | |
| 310,828 | | |
| 812,735 | |
Total operating expenses | |
| 3,162,248 | | |
| 3,821,664 | |
Net operating loss | |
| (2,665,731 | ) | |
| (3,566,613 | ) |
| |
| | | |
| | |
OTHER EXPENSES | |
| | | |
| | |
Finance expense | |
| 34,098 | | |
| 26,987 | |
Foreign exchange | |
| 163 | | |
| (87,660 | ) |
Change in fair value of convertible promissory note (Note 5) | |
| - | | |
| 2,680,457 | |
Change in fair value of warrant liability (Note 6) | |
| 2,178,007 | | |
| (3,272,735 | ) |
Transaction costs (Note 11) | |
| - | | |
| 965,247 | |
Total other expenses (income) | |
| 2,212,268 | | |
| 312,296 | |
Net loss for the year | |
| (4,877,999 | ) | |
| (3,878,909 | ) |
Other comprehensive income | |
| | | |
| | |
Translation adjustment | |
| - | | |
| (24,468 | ) |
Comprehensive loss for the year | |
$ | (4,877,999 | ) | |
$ | (3,903,377 | ) |
| |
| | | |
| | |
Weighted average shares | |
| 59,102,369 | | |
| 12,976,363 | |
Basic and diluted loss per share | |
$ | (0.08 | ) | |
$ | (0.30 | ) |
The accompanying notes are an integral part
of these restated unaudited condensed interim consolidated financial statements.
Siyata Mobile Inc.
Restated Unaudited Condensed Interim Consolidated Statement of Changes
in Shareholders’ Equity
(Expressed in US dollars)
For the three months ending March
31
| |
Share
capital | | |
Share
Capital | | |
Reserves | | |
Accumulated other comprehensive income (loss) | | |
Deficit | | |
Total
shareholders’ equity | |
| |
# | | |
$ | | |
$ | | |
$ | | |
$ | | |
$ | |
Balance, December 31, 2021 | |
| 5,276,695 | | |
| 54,655,244 | | |
| 10,389,555 | | |
| (38,739 | ) | |
| (62,519,412 | ) | |
| 2,486,648 | |
Shares issued on acquisition of ClearRF | |
| 138,958 | | |
| 190,095 | | |
| - | | |
| - | | |
| - | | |
| 190,095 | |
Shares issued on capital raise | |
| 7,215,652 | | |
| 10,936,974 | | |
| - | | |
| - | | |
| - | | |
| 10,936,974 | |
Share issuance costs on capital raise | |
| | | |
| (1,051,647 | ) | |
| 307,189 | | |
| - | | |
| - | | |
| (744,458 | ) |
Pre-funded warrants exercised | |
| 1,480,000 | | |
| 2,575,200 | | |
| - | | |
| - | | |
| - | | |
| 2,575,200 | |
Share based payments | |
| - | | |
| - | | |
| 812,735 | | |
| - | | |
| - | | |
| 812,735 | |
Translation adjustment | |
| - | | |
| - | | |
| - | | |
| 24,468 | | |
| - | | |
| 24,468 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,878,909 | ) | |
| (3,878,909 | ) |
Balance, March 31, 2022 | |
| 14,111,305 | | |
| 67,305,866 | | |
| 11,509,479 | | |
| (14,271 | ) | |
| (66,398,321 | ) | |
| 12,402,753 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2022 | |
| 44,868,560 | | |
| 73,312,866 | | |
| 13,647,399 | | |
| 98,870 | | |
| (77,818,663 | ) | |
| 9,240,472 | |
Issue of common shares for warrants | |
| 18,042,857 | | |
| 3,608,571 | | |
| - | | |
| - | | |
| - | | |
| 3,608,571 | |
Warrants reclassified from warrant liability | |
| - | | |
| - | | |
| 3,975,046 | | |
| - | | |
| - | | |
| 3,975,046 | |
Share based payments | |
| - | | |
| - | | |
| 310,828 | | |
| - | | |
| - | | |
| 310,828 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,877,999 | ) | |
| (4,877,999 | ) |
Balance, March 31, 2023 | |
| 62,911,417 | | |
| 76,921,437 | | |
| 17,933,273 | | |
| 98,870 | | |
| (82,696,662 | ) | |
| 12,256,918 | |
The accompanying notes are an integral
part of these restated unaudited condensed interim consolidated financial statements.
Siyata Mobile Inc.
Restated Unaudited Condensed Interim Consolidated Statements of Cash
Flows
(Expressed in US dollars)
For the three months ended March
31
| |
2023 | | |
2022 | |
Operating activities | |
| | |
| |
Net loss for the year | |
$ | (4,877,999 | ) | |
$ | (3,878,909 | ) |
Items not affecting cash: | |
| | | |
| | |
Amortization and depreciation | |
| 401,640 | | |
| 124,505 | |
Bad debt expense (recovered) | |
| - | | |
| (7,358 | ) |
Impairment of inventory | |
| - | | |
| 64,336 | |
Fair value changes on derivatives | |
| 2,178,007 | | |
| (592,278 | ) |
Interest expense, net of repayments | |
| - | | |
| (4,651 | ) |
Foreign exchange | |
| 11,666 | | |
| - | |
Share based payments | |
| 310,828 | | |
| 812,735 | |
Change in non-cash working capital (Note 15) | |
| (1,136,712 | ) | |
| (3,225,654 | ) |
Net cash used in operating activities | |
| (3,112,570 | ) | |
| (6,707,274 | ) |
| |
| | | |
| | |
Investing activities | |
| | | |
| | |
Intangible asset additions | |
| (817,849 | ) | |
| (739,579 | ) |
Equipment additions | |
| (2,498 | ) | |
| - | |
Acquisition of ClearRF | |
| - | | |
| (155,014 | ) |
Net cash used in investing activities | |
| (820,347 | ) | |
| (894,593 | ) |
| |
| | | |
| | |
Financing activities | |
| | | |
| | |
Lease payments | |
| (100,702 | ) | |
| (78,731 | ) |
Bank loan | |
| - | | |
| (27,159 | ) |
Convertible debt issued, net of repayments | |
| - | | |
| (4,000,000 | ) |
Proceeds on share issuance, net of share issuance costs | |
| - | | |
| 16,711,184 | |
Transaction costs | |
| (309.000 | ) | |
| - | |
Exercise of warrants | |
| 3,608,571 | | |
| 2,575,200 | |
Net cash from financing activities | |
| 3,198,869 | | |
| 15,180,494 | |
| |
| | | |
| | |
Effect of foreign exchange on cash | |
| - | | |
| 22,680 | |
| |
| | | |
| | |
Change in cash for the year | |
| (734,048 | ) | |
| 7,601,307 | |
Cash, beginning of year | |
| 1,913,742 | | |
| 1,619,742 | |
Cash, end of year | |
$ | 1,179,694 | | |
$ | 9,221,049 | |
The accompanying notes are an integral part
of these restated unaudited condensed interim consolidated financial statements.
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
| 1. | NATURE
OF OPERATIONS AND GOING CONCERN |
Siyata Mobile Inc. (“Siyata”
or the “Company”) was incorporated under the Business Corporations Act, British Columbia on October 15, 1986. The Company’s
shares are listed on NASDAQ under the symbol SYTA and warrants issued on September 29, 2020, are traded under the symbol SYTAW. The Company’s
principal activity is the sale of vehicle-mounted, cellular-based communications platforms over advanced mobile networks and cellular
booster systems. The registered and records office is located at 2200 - 885 West Georgia Street, Vancouver, BC V6C 3E8.
These restated unaudited condensed
interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”)
IAS 34 Interim Financial Reporting, with the assumption that the Company will be able to realize its assets and discharge its liabilities
in the normal course of business rather than a process of forced liquidation. These restated unaudited condensed interim consolidated
financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification
of liabilities that might be necessary should the Company be unable to continue as a going concern.
The Company incurred a net loss of
$4,877,999 during the three month period ended March 31, 2023 (March 31, 2022- three month period net loss of $3,879,909), and, as of
that date, the Company’s total deficit was $82,696,662 (December 31, 2022 - $77,818,663). The Company’s continuation as a
going concern is dependent upon the success of the Company’s sale of inventory, the existing cash flows, and the ability of the
Company to obtain additional debt or equity financing, all of which are uncertain. These material uncertainties raise substantial doubt
on the Company’s ability to continue as a going concern.
Statement of compliance
These restated unaudited condensed
interim consolidated financial statements, including comparatives, have been prepared in accordance with International Accounting Standards
(IAS) 34 Interim Financial Reporting. Omitted from these restated financial statements are certain information and note disclosures
normally included in the annual financial statements. These financial statements and notes presented should be read in conjunction with
the annual financial statements for the year ended December 31, 2022.
The accounting methods and principles
of computation adopted in these restated financial statements are the same as those in annual consolidated financial statements for the
year ended December 31, 2022.
The preparation of these restated
unaudited condensed interim consolidated financial statements requires management to make estimates, judgments and assumptions that affect
the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The significant judgements
made by management when applying the Company’s accounting policies and the key sources of estimation uncertainty were the same
as those that applied to the Company’s December 31, 2022 annual consolidated financial statements.
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
| 2. | BASIS
OF PREPARATION (cont’d) |
Basis of consolidation and presentation
These restated unaudited condensed
interim consolidated financial statements of the Company have been prepared on a historical cost basis, except for financial instruments
classified as financial instruments at fair value through profit and loss, which are stated at their fair value. In addition, the restated
condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for the statement
of cash flows.
These restated unaudited condensed
interim consolidated financial statements incorporate the financial statements of the Company and its wholly controlled subsidiaries.
Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so
as to obtain benefits from its activities. These restated condensed interim consolidated financial statements include the accounts of
the Company and its direct wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.
The restated unaudited condensed interim
consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries:
Name of Subsidiary |
|
Place of Incorporation |
|
Ownership |
|
Queensgate Resources Corp. |
|
British Columbia, Canada |
|
|
100 |
% |
Queensgate Resources US Corp. |
|
Nevada, USA |
|
|
100 |
% |
Siyata Mobile (Canada) Inc. |
|
British Columbia, Canada |
|
|
100 |
% |
Siyata Mobile Israel Ltd. |
|
Israel |
|
|
100 |
% |
Signifi Mobile Inc. |
|
Quebec, Canada |
|
|
100 |
% |
ClearRF Nevada Ltd. |
|
Nevada, USA |
|
|
100 |
% |
Recent adoptions
of accounting pronouncements
The following amendments became effective
on January 1, 2023, and did not have a material impact on the Company’s condensed interim consolidated financial statements:
|
● |
In February 2021, the IASB issued Definition of Accounting Estimates (Amendments to IAS 8). The amendments define accounting estimates and clarify the distinction between changes in accounting estimates and changes in accounting policies. |
|
● |
In February 2021, the IASB issued Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2). The amendments provide guidance to help entities disclose their material (previously “significant”) accounting policies. |
|
● |
In May 2021, the IASB issued Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). The amendments narrow the scope of the recognition exemption so that companies would be required to recognize deferred tax for transactions that give rise to equal amounts of taxable and deductible temporary differences, such as leases. |
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
| 2. | BASIS
OF PREPARATION (cont’d) |
Future accounting pronouncements
The standards, amendments, and interpretations
issued before 2023 but not yet adopted by the Company have been disclosed in Note 3 of the Company’s December 31, 2022 annual consolidated
financial statements. The Company is currently considering the impact of adopting these standards, amendments and interpretations on its
consolidated financial statement.
| 3. | TRADE
AND OTHER RECEIVABLES |
| |
March 31, 2023 | | |
December 31, 2022 | |
Trade receivables | |
$ | 1,645,627 | | |
$ | 2,015,291 | |
Allowance for doubtful accounts | |
| (1,062,052 | ) | |
| (1,056,393 | ) |
Taxes receivable | |
| 527,548 | | |
| 615,730 | |
Total | |
$ | 1,111,123 | | |
$ | 1,574,628 | |
| |
March 31, 2023 | | |
December 31, 2022 | |
Finished products | |
$ | 6,874,848 | | |
$ | 7,392,002 | |
Impairment of finished products | |
| (3,555,683 | ) | |
| (3,555,683 | ) |
Accessories and spare parts | |
| 663,645 | | |
| 675,001 | |
Impairment of accessories and spare parts | |
| (418,770 | ) | |
| (418,770 | ) |
Total | |
$ | 3,564,040 | | |
$ | 4,092,550 | |
On November 3, 2021, the Company issued
a US$7,200,000 convertible promissory note (the “Promissory Note”) and 2,142,857 warrants for gross proceeds of US$6,000,000.
The Company elected to measure the promissory note (hybrid contract) at fair value through profit or loss (“FVTPL”) on initial
recognition and, as such, the embedded conversion feature was not separated. The warrants were recorded as a liability.
During the three months ended March
31, 2022, the Company completed a secondary offering of its common shares, and as a result of the terms of the convertible promissory
note, the Company was required to direct 20% of the gross proceed of the offering to the lender. A total of US$4,000,000 was repaid to
the lender on January 13, 2022. Commencing in May 2022, the Company made monthly payments of $400,000 through issuance of common shares
towards the principal balance of the promissory note, resulting the promissory note being fully repaid by December 31, 2022. The Company
issued 13,112,255 common shares, with a total market value of $4,138,002. The difference between the fair value of the shares issued,
and the value of the principal repaid of $938,002 was included in profit and loss in the change in fair value of convertible promissory
note.
For the three months ended March 31,
2022 the Company recorded a fair value loss of $2,023,751 on the Convertible debenture.
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
The balance of the warrant liability
is as follows:
| |
November 3, 2021 | | |
January 11, 2022 | | |
October 12, 2022 | | |
January 19, 2023 | | |
Total | |
Balance December 31, 2022 | |
$ | 197,733 | | |
$ | 501,330 | | |
$ | 2,035,741 | | |
$ | - | | |
$ | 2,734,804 | |
Exercise of warrants | |
| (197,733 | ) | |
| - | | |
| (1,717,801 | ) | |
| - | | |
| (1,915,534 | ) |
Warrants issued | |
| - | | |
| - | | |
| - | | |
| 2,875,580 | | |
| 2,875,580 | |
Transfer to equity | |
| - | | |
| - | | |
| (564,946 | ) | |
| (3,410,100 | ) | |
| (3,975,046 | ) |
Change in fair value | |
| | | |
| 127,435 | | |
| 247,006 | | |
| 534,520 | | |
| 908,961 | |
Balance March 31, 2023 | |
$ | - | | |
$ | 628,765 | | |
$ | - | | |
$ | - | | |
$ | 628,765 | |
January 19, 2023 warrants
On January 19, 2023, the Company entered
into warrant exercise agreements with fourteen existing accredited investors to exercise certain outstanding warrants to purchase up to
an aggregate of 18,042,857 of the Company’s common shares. In consideration for the immediate exercise of the outstanding warrants
for cash, the Company agreed to reduce the exercise price from $0.23 to $0.20 per share and issue new unregistered warrants to purchase
up to an aggregate of 18,042,857 common shares with an exercise price of $0.20 per share. The gross proceeds to the Company from the exercise
totaled approximately $3,608,571, prior to deducting warrant inducement agent fees and offering expenses.
The new warrants are exercisable immediately
upon issuance at an exercise price of $0.20 per share and have a term of exercise equal to five years. In connection with the exercise,
the Company will be required pursuant to the terms of 2,989,130 of its remaining unexercised common share purchase warrants, to reduce
the exercise price of such warrants from $0.23 per common share to an exercise price of $0.20 per common share.
On March 30, 2023, the SEC accepted
the registration statement of the Company to the effect that all of the 21,031,987 outstanding $0.20 warrants become immediately a cashless
exercise and their underlying shares become immediately tradeable. Subsequent to the quarter ended March 31, 2023, 21,031,987 warrants
were exercised cashless in exchange for 21,031,987 common shares of the Company. All of the warrants that became cashless exercise were
transferred to equity at March 30, 2023, as they no longer met the definition of a liability.
The fair value of the warrants issued
at January 19, 2023 was $2,875,580 and was determined using the stock price at the date of issue, with a 15% discount for lack of marketability.
This method was used as the warrants contained an alternative cashless exercise feature.
The fair value of the warrants on
March 30, 2023 was $3,410,100 and was determined using the stock price on the date, as the warrants were cashless exercise at that date.
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
| 6. | WARRANT
LIABILITY (cont’d) |
November 3, 2021 warrants
The warrants allowed for the purchase
of 1,892,857 common shares of the Company at an exercise price of US 4.00 per common share and expired 5 years from the issue date of
the related promissory note. Under the terms of the warrants, the exercise price of the warrant was adjusted to $2.30 when an offering
was closed on January 3, 2022 that issued shares at a price lower than the exercise price. On January 19, 2023 the warrant holders entered
into the agreement noted above to exercise the warrants, and receive new warrants in exchange.
At December 31, 2022 the fair value
of the warrants was $197,733 and was determined using a Black-Scholes option pricing model with the following assumptions: initial stock
price $0.15, strike rate $0.23 dividend yield 0%, term 3.84 years, volatility 110% and risk-free rate 4.08%.
At January 19, 2023 prior to exercise,
the fair value of the warrants was $NIL and was determined using a Black-Scholes option pricing model with the following assumptions:
initial stock price $0.19, strike rate $0.20 dividend yield 0%, term 0 years, volatility 130% and risk-free rate 3.62%.
January 11, 2022 warrants
The Company assessed that the 8,519,999
warrants, and 1,480,000 pre-funded warrants issued in the January 2022 equity offering did not meet the “fixed for fixed”
test and are therefore recorded as liabilities at fair value through profit and loss, and revalued at the end of each period.
At December 31, 2022 the fair value
of the warrants was $501,330 and was determined using a Black-Scholes option pricing model with the following assumptions: initial stock
price $0.15, strike rate $2.30, dividend yield 0%, term 4.03 years, volatility 110% and risk-free rate 4.08%.
At March 31, 2023 the fair value of
the warrants was $628,765 and was determined using a Black-Scholes option pricing model with the following assumptions: initial stock
price $0.19, strike rate $2.30, dividend yield 0%, term 3.79 years, volatility 125% and risk-free rate 3.69%.
October 12, 2022 warrants
The Company assessed that the 17,400,000
warrants and 1,590,000 pre-funded warrants issued as part of the October 2022 equity offering did not meet the “fixed for fixed”
test and are therefore reported as liabilities at fair value through profit and loss, and revalued at the end of each period. On January
19, 2023 the warrant holders entered into the agreement noted above to exercise 16,150,000 of the 17,400,000 warrants, and receive new
warrants in exchange. The remaining 1,250,000 warrants that were outstanding at January 19, 2023 were converted to cashless exercise
warrants on March 30, 2023 as described above.
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
| 6. | WARRANT
LIABILITY (cont’d) |
The fair value of the warrants as at
December 31, 2022 was $1,850,758 and was determined using the Black-Scholes Option Pricing Model with the following assumptions: share
price: $0.15; exercise price $0.23; expected volatility: 100%; dividend yield 0%; risk free rate: 3.98%.
The fair value of the 1,250,000 unexercised
warrants on January 19, 2023 was $132,957 and was determined using the Black-Scholes Option Pricing Model with the following assumptions:
share price: $0.19; exercise price $0.20; term 4.73 years; expected volatility: 115%; dividend yield 0%; risk free rate: 3.49%.
The fair value of the 16,150,000 exercised
warrants immediately prior to exercise on January 19, 2023 was $NIL and was determined using the Black-Scholes Option Pricing Model with
the following assumptions: share price: $0.19; exercise price $0.20; term 0 years; expected volatility: 115%; dividend yield 0%; risk
free rate: 3.49%.
The fair value of the 2,989,130 (1,739,130
waiver warrants plus 1,250,000 unexercised warrants) outstanding warrants on March 30, 2023 prior to the transfer to equity was $564,946
and was determined using the stock price on the date, as the warrants were cashless exercise at that date.
In connection with the October 2022
equity offering, the Company issued 1,739,130 waiver warrants exercisable at $0.23 per share which expire, if unexercised, on October
12, 2027, to entice the holder of the convertible promissory note to waive their right to block the equity offering. The waiver warrants
did not meet the “fixed for fixed” test and are therefore reported as liabilities at fair value through profit and loss and
revalued at the end of each period. On March 30, 2023, the waiver warrants were modified to cashless exercise as described above, and
therefore met the “fixed for fixed” test and were reclassified to equity.
The fair value of the waiver warrants
as at December 31, 2022 was $184,983 and was determined using the Black-Scholes Option Pricing Model with the following assumptions: share
price: $0.15; exercise price $0.23; expected volatility: 100%; dividend yield 0%; risk free rate: 3.10%.
The fair value of the waiver warrants
as at March 30, 2023 prior to transfer to equity was $328,696 and was determined using the stock price on the date, as the warrants were
cashless exercise at that date.
| (a) | Authorized
Unlimited number of common shares without par value |
As at March 31, 2023, the Company had
62,911,417 common shares issued and outstanding (December 31, 2022 – 44,868,560).
As of the date of issuance of these
restated financial statements total outstanding common shares is 1,853,955 post 100-to-1 reverse split that was effective as of August
3, 2023, (185,393,404 pre-split).
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
|
(b) |
Common share transactions |
| ● | Transaction subsequent to the quarter ended March
31, 2023 is as follows: |
| ● | Subsequent to the period end, a total of 21,031,987
cashless warrants were exercised in exchange for common shares of the Company. |
| ● | On June 28, 2023 the Company issued 50,000,000
at $0.045 per share for gross proceeds of $2,250,000 before offering expenses and other expenses included in share issuance costs. |
| ● | On July 13, 2023, the Company issued 51,450,000
shares at $0.045 per share for gross proceeds of $2,315,250. |
| ● | On August 3, 2023, the Company affected a 100-to-1
reverse stock split resulting in 185,393,404 shares converted with rounding into 1,853,955 shares. |
Transactions for the three months
ended March 31, 2023 are as follows:
| ● | The Company issued 18,042,857 common shares on the exercise of various warrants for gross proceeds of $3,608,571. Additionally, the Company issued 18,042,857 warrants to replace those warrants that were exercised. As an incentive to investors to exercise the 18,042,857 warrants, the Company issued cashless warrants to those investors that were exercisable as of March 30, 2023. As well, any holders of the $0.23 warrants that had a ratchet provision also became cashless. As a result, 21,031,987 common shares were issued for cashless warrants subsequent to March 31, 2023 as described in Note 16. |
Transactions for the three months
ended March 31, 2022 are as follows:
| ● | On January 11, 2022, the Company completed an underwritten public offering in the United States, raising a total of $20,013,043 in gross proceeds. The Company allocated the gross proceeds firstly to the warrant liabilities, with the remainder to the common shares. Direct costs have been allocated based on the percentage allocation of the proceeds. The underwritten public offering resulted in the sale to the public of 7,215,652 Units at $2.30 per Unit, with each Unit being comprised of one common share and one warrant (the “Unit Warrants”) exercisable at $2.30 per share. The Unit warrants are exercisable immediately and have a term of 5 years. Gross proceeds of $10,936,974 were allocated to the common shares, and $5,395,878 to the unit warrants liability. |
In addition, the
Company issued 1,480,000 pre-funded units (“Pre-Funded Units”) at $2.29 per Pre-Funded Unit. Each Pre-Funded Unit is comprised
of a one-pre-funded warrant (a “Pre-Funded Warrant”) to purchase one common share, and one warrant to purchase one common
share. The Pre-Funded Warrant allows the holder to acquire one common share of the Company at an exercise price of $0.01 per common share,
and a warrant to purchase a common share at an exercise price of $2.30 per share. The warrants are exercisable immediately and have a
term of 5 years. Each Pre-Funded Warrant is exercisable immediately and is exercisable until all Pre-Funded Warrants are exercised. Proceeds
of $2,560,400 were allocated to the pre-funded warrants and $1,106,747 to the unit warrants in the warrant liability.
The Company determined that the pre-funded
warrants within the Pre-funded Units are common shares in substance, as they require only a minimal exercise price of $0.01. In addition,
the underwriting agreement includes both the Units and Pe-funded Units and were negotiated together in the equity raise. Given that the
purpose of the Prefunded Unit is in substance the same as that of the Unit (i.e., resulting in the ownership of both common shares and
common share warrants) and that the terms of the warrants in both the Units and Prefunded Units are the same (i.e., the obligations of
the Company for the units are the same), the Company determined that the Units and Pre-funded Units are closely related and should be
combined into one unit of account for the purposes of allocating proceeds.
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
|
(b) |
Common share transactions (cont’d) |
Therefore, the proceeds from the sale
of the Units and Pre-funded Units are combined and allocated among the common shares, pre-funded warrants, and the common share warrants
using the residual method, with the warrant liability being initially recognized at fair value as of the registration date and the residual
amount being allocated to the common shares (i.e., equity).
The Company concurrently sold an additional
1,304,347 warrants to purchase 1,304,347 common shares exercisable at $2.30 per share (the “Option Warrants”) pursuant to
an over-allotment option exercised by the underwriter. The exercise price of the warrants issued in connection with the exercise of the
over-allotment option was $0.0097 per warrant. Each Option Warrant is exercisable immediately and has a term of five years from the issue
date. Proceeds of $975,393 were allocated to the option warrant liability. As the fair value of the warrant liability exceeded the proceeds
received on the warrants of $13,043, a fair value loss of $962,350 was recognized in the statement of profit and loss as a fair value
change in the opening warrant liability.
The fair value of the common shares
and pre-funded units was determined by reference to the market price on the day of the offering, which was $1.73 per share. The Unit Warrants,
Warrants, and Option Warrants were valued using the Black-Scholes model using the following assumptions: initial stock price $1.73, strike
rate $2.30, dividend yield 0%, term 5 years, volatility 60.0% and risk-free rate 0.50%.
The Company also issued warrants to
the placement agents to purchase 434,783 common shares at an exercise price of $2.53 per share (the “Placement Agent Warrants”),
which are exercisable 180 days from January 11, 2022, with a term of five years. The fair value of the Placement Agent Warrants was determined
to be $307,189 using the Black-Scholes model with the following assumptions: initial stock price $1.73, strike rate $2.53, dividend yield
0%, term 5 years, volatility 60.0% and risk-free rate 0.50%.
The Company assessed that the warrants
issued under the public offering, excluding the Placement Agent Warrants did not meet the “fixed for fixed” test and are therefore
reported as liabilities at fair value through profit and loss, and revalued at the end of each period. The Placement Agent Warrants were
assessed under IFRS 2 Share Based Payments, as equity-settled share-based payments and have been recorded in equity.
The direct costs related to the issuance
of the common shares and warrants issued in the January 2022 underwritten public offering were $2,016,895, including the value of the
Placement Agent Warrants. Direct costs of $965,248 were allocated to the warrant liability and expensed immediately in profit and loss.
During the period, 1,480,000 Pre-Funded Warrants were exercised for gross proceeds of $14,800, converting into 1,480,000 common shares
that were fully issued.
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
|
(b) |
Common share transactions (cont’d) |
| ● | On March 31, 2022, as part of the ClearRF acquisition (Note 3), the Company issued 138,958 shares to the vendor with a fair value of $190,094. |
The Company has a shareholder-approved
“rolling” stock option plan (the “Plan”) in compliance with Nasdaq policies. Under the Plan the maximum number
of shares reserved for issuance may not exceed 15% of the total number of issued and outstanding common shares at the time of granting.
The exercise price of each stock option shall not be less than the market price of the Company’s stock at the date of grant, less
a discount of up to 25%. Options can have a maximum term of ten years and typically terminate 90 days following the termination of the
optionee’s employment or engagement, except in the case of retirement or death. Vesting of options is at the discretion of the Board
of Directors at the time the options are granted.
A summary of the Company’s
stock option activity is as follows:
| |
Number of stock options | | |
Weighted Average Exercise Price | |
Outstanding options, December 31, 2021 | |
| 414,568 | | |
$ | 13.88 | |
Granted | |
| 1,145,000 | | |
$ | 1.15 | |
Expired/Cancelled | |
| (53,430 | ) | |
$ | 30.90 | |
Outstanding options, December 31, 2022 and March 31, 2023 | |
| 1,506,138 | | |
$ | 3.53 | |
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
|
(c) |
Stock options (cont’d) |
As at March 31, 2023 stock
options outstanding are as follows:
Grant Date | |
Number of options outstanding | | |
Number of options exercisable | | |
Weighted Average Exercise Price | | |
Expiry date | |
Remaining contractual life (years) | |
24-Dec-18 | |
| 12,896 | | |
| 12,896 | | |
$ | 54.00 | | |
24-Dec-23 | |
| 0.63 | |
15-Jan-19 | |
| 828 | | |
| 828 | | |
$ | 54.00 | | |
15-Jan-24 | |
| 0.69 | |
21-Mar-19 | |
| 12,345 | | |
| 12,345 | | |
$ | 59.00 | | |
21-Mar-24 | |
| 0.87 | |
01-Jan-20 | |
| 2,069 | | |
| 2,069 | | |
$ | 54.00 | | |
01-Jan-24 | |
| 0.65 | |
15-Nov-20 | |
| 95,000 | | |
| 95,000 | | |
$ | 6.00 | | |
15-Nov-30 | |
| 7.53 | |
15-Nov-20 | |
| 161,500 | | |
| 161,500 | | |
$ | 6.00 | | |
15-Nov-25 | |
| 2.52 | |
02-Jan-21 | |
| 57,000 | | |
| 57,000 | | |
$ | 11.50 | | |
02-Jan-26 | |
| 2.65 | |
02-Jan-21 | |
| 5,000 | | |
| 5,000 | | |
$ | 11.50 | | |
02-Jan-31 | |
| 7.66 | |
18-Jan-21 | |
| 14,500 | | |
| 14,500 | | |
$ | 11.50 | | |
18-Jan-26 | |
| 2.70 | |
01-Jan-22 | |
| 20,000 | | |
| 12,500 | | |
$ | 4.00 | | |
29-Oct-26 | |
| 3.48 | |
13-Apr-22 | |
| 795,000 | | |
| 265,000 | | |
$ | 1.10 | | |
13-Apr-27 | |
| 3.93 | |
12-Jul-22 | |
| 330,000 | | |
| 110,000 | | |
$ | 1.10 | | |
12-Jul-25 | |
| 2.18 | |
Total | |
| 1,506,138 | | |
| 748,638 | | |
$ | 3.53 | | |
| |
| 3.51 | |
Transactions for the three months
ended March 31, 2022 are as follows:
| ● | On January 1, 2022, the Company granted 20,000 stock options at $4.00 per share that vest in 8 equal quarterly periods with the first vesting occurring on the grant date. The fair value on the date of the grant was $54,480 ($2.724 per option). |
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
|
(d) |
Restricted share units |
The Company approved on February 14,
2022, the addition of the issuance of restricted share units to the existing executive stock option plan.
A summary of the Company’s restricted share unit activity
is as follows:
| |
Number of RSU’s | | |
Weighted Average Issue Price | |
Outstanding RSU, December 31, 2021 | |
| - | | |
$ | - | |
Granted | |
| 3,195,000 | | |
$ | 1.05 | |
Exercised | |
| (30,000 | ) | |
$ | 1.10 | |
Outstanding RSU, December 31, 2022 and March 31, 2023 | |
| 3,165,000 | | |
$ | 1.05 | |
As at March 31, 2023 restricted
share units outstanding are as follows:
Grant Date | |
Number of RSU’s outstanding | | |
Number of RSU’s exercisable | | |
Weighted Average Issue Price | |
09-Mar-22 | |
| 2,250,000 | | |
| 1,200,000 | | |
$ | 1.03 | |
13-Apr-22 | |
| 825,000 | | |
| 513,750 | | |
$ | 1.10 | |
12-Jul-22 | |
| 90,000 | | |
| 37,500 | | |
$ | 1.10 | |
Outstanding RSU, March 31, 2023 | |
| 3,165,000 | | |
| 1,751,250 | | |
$ | 1.05 | |
Transactions for the three months
ended March 31, 2022, are as follows:
| ● | On March 9, 2022, the Company granted 450,000 RSU’s to Directors that vest immediately. On the date of granting, the fair value and stock price was $1.03/share. |
|
● |
On March 9, 2022, the Company granted 1,800,000 RSU’s to a Director that vest quarterly over 12 periods with the first vesting of 150,000 RSU’s occurring on the date of the granted and another 150,000 vest every three months until all of the granted RSU’s have vested. On the date of granting, the fair value and the stock price was $1.03/share. |
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
A summary of the Company’s
agent options activity is as follows:
| |
Number of options | | |
Weighted average exercise price | |
Outstanding agent options, December 31, 2021 | |
| 445,926 | | |
$ | 7.51 | |
Granted | |
| 487,283 | | |
$ | 2.51 | |
Expired | |
| (1,702 | ) | |
$ | 20.49 | |
Outstanding agent options, December 31, 2022 and March 31, 2023 | |
| 931,507 | | |
$ | 4.12 | |
As at March 31, 2023 agent
options outstanding are as follows:
Grant Date | |
Number of options outstanding | | |
Number of options exercisable | | |
Weighted Average Exercise Price | | |
Expiry date | |
Remaining contractual life (years) | |
| |
| | |
| | |
| | |
| |
| |
29-Sep-20 | |
| 113,500 | | |
| 113,500 | | |
$ | 6.60 | | |
28-Sep-25 | |
| 2.00 | |
29-Sep-20 | |
| 266,000 | | |
| 266,000 | | |
$ | 6.85 | | |
28-Sep-25 | |
| 2.00 | |
31-Dec-20 | |
| 64,724 | | |
| 64,724 | | |
$ | 11.50 | | |
30-Jun-24 | |
| 1.00 | |
11-Jan-22 | |
| 434,783 | | |
| 434,783 | | |
$ | 2.53 | | |
11-Jan-27 | |
| 4.00 | |
01-Apr-22 | |
| 52,500 | | |
| 52,500 | | |
$ | 2.30 | | |
08-Mar-27 | |
| 4.00 | |
Total | |
| 931,507 | | |
| 931,507 | | |
$ | 4.12 | | |
| |
| 2.98 | |
Transactions for the three months
ended March 31, 2022 are as follows:
| ● | The Company issued warrants to the placement agents to purchase 434,783 common shares at an exercise price of $2.53 per share (the “Placement Agent Warrants”), which are exercisable 180 days from January 11, 2022, with a term of five years. The fair value of the Placement Agent Warrants was determined to be $307,189 using the Black-Scholes model with the following assumptions: initial stock price $1.73, strike rate $2.53, dividend yield 0%, term 5 years, volatility 60.0% and risk-free rate 0.50%. The Company also issued 52,500 agent’s options with a fair value of $61,950 with an exercise price of $2.30. |
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
|
(f) |
Share purchase warrants |
A summary of the Company’s
share purchase warrant activity is as follows:
| |
Number of Warrants | | |
Weighted average exercise price | |
Outstanding, December 31, 2021 | |
| 5,121,328 | | |
$ | 7.64 | |
Granted | |
| 29,139,129 | | |
$ | 0.94 | |
Expired | |
| (128,386 | ) | |
$ | 33.47 | |
Outstanding, December 31, 2022 | |
| 34,132,071 | | |
$ | 1.76 | |
Granted | |
| 18,042,857 | | |
| 0.20 | |
Exercised | |
| (18,042,857 | ) | |
| 0.20 | |
Outstanding, March 31, 2023 | |
| 34,132,071 | | |
$ | 1.47 | |
As at March 31, 2023 the share
purchase warrants outstanding are as follows:
Grant Date | |
Number of Warrants outstanding and exercisable | | |
Exercise Price | | |
Expiry date |
29-Sep-20 | |
| 1,805,585 | | |
$ | 6.85 | | |
28-Sep-25 |
31-Dec-20 | |
| 1,294,500 | | |
$ | 11.50 | | |
30-Jun-24 |
11-Jan-22 | |
| 9,999,999 | | |
$ | 2.30 | | |
11-Jan-27 |
12-Oct-22 | |
| 1,250,000 | | |
| Cashless | | |
11-Jan-27 |
12-Oct-22 | |
| 1,739,130 | | |
| Cashless | | |
11-Jan-27 |
19-Jan-23 | |
| 18,042,857 | | |
| Cashless | | |
18-Jan-28 |
Total | |
| 34,132,071 | | |
$ | 1.47 | | |
|
Transactions for the three
months ended March 31, 2023 are as follows:
| ● | 18,042,857 warrants were exercised. The Company issued 18,042,857 warrants to replace those warrants that were exercised. As an incentive to investors to exercise the 18,042,857 warrants, the Company issued cashless warrants to those investors that were exercisable as of March 31, 2023. As well, any holders of the $0.23 warrants that had a ratchet provision also became cashless. As a result, 17,116,987 cashless warrants were exercised subsequent to March 31, 2023. |
Transactions for the three
months ended March 31, 2022 are as follows:
| ● | 128,386 share purchase warrant expired in 2022. |
|
● |
On January 11, 2022 as part of an underwritten public offering, the Company issued a total of 9,999,999 share purchase warrants, exercisable at $2.30 per warrant and with a term of five years. |
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated
Financial Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
(in thousands) | |
March 31, 2023 | | |
March 31, 2022 | |
| |
| | |
| |
Inventory expensed | |
$ | 971 | | |
$ | 359 | |
Royalties | |
| 106 | | |
| 54 | |
Other expenses | |
| 229 | | |
| 165 | |
Total | |
$ | 1,306 | | |
$ | 578 | |
| 9. | SELLING
AND MARKETING EXPENSES |
(in thousands) | |
March 31, 2023 | | |
March 31, 2022 | |
| |
| | |
| |
Salaries and related expenses | |
$ | 705 | | |
$ | 618 | |
Advertising and marketing | |
| 249 | | |
| 398 | |
Travel and conferences | |
| 49 | | |
| 29 | |
Total | |
$ | 1,003 | | |
$ | 1,045 | |
| 10. | GENERAL
AND ADMINISTRATIVE EXPENSES |
(in thousands) | |
March 31, 2023 | | |
March 31, 2022 | |
Salaries and related expenses | |
$ | 151 | | |
$ | 125 | |
Professional services | |
| 565 | | |
| 377 | |
Consulting and director fees | |
| 263 | | |
| 419 | |
Travel | |
| 14 | | |
| 36 | |
Office and general | |
| 326 | | |
| 442 | |
Regulatory and filing fees | |
| 27 | | |
| 21 | |
Shareholder relations | |
| 46 | | |
| 239 | |
Total | |
$ | 1,392 | | |
$ | 1,659 | |
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
Transaction costs incurred in relation
to the January 2023 warrant raise and issuance described in Note 7 were $309,000 and were included in the change in fair value of warrant
liability on the statement of operations.
Transaction costs incurred in the three
months ended March 31, 2022 were $965,247, which are costs incurred for the January 11, 2022 capital raise that were allocated to the
warrant liability and expensed through the statement of operations.
The fair values of the Company’s
cash, trade and other receivables, accounts payable and accrued liabilities and long-term debt, approximate carrying value, which is the
amount recorded on the consolidated statement of financial position.
Credit risk
Credit risk is the risk of an unexpected
loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company places its cash with
institutions of high creditworthiness. Management has assessed there to be a low level of credit risk associated with its cash balances.
The Company’s exposure to credit
risk is influenced mainly by the individual characteristics of each customer. However, management also considers the demographics of the
Company’s customer base, including the default risk of the industry and country in which customers operate, as these factors may
have an influence on credit risk. Approximately 34% of the Company’s revenue for the three months ended March 31, 2023 (March 31,
2022 -23%) is attributable to sales transactions with a single customer.
The Company has established a credit
policy under which each new customer is analyzed individually for creditworthiness before the Company’s standard payment and delivery
terms and conditions are offered. The Company’s review includes external ratings, when available, and in some cases bank references.
Purchase limits are established for each customer, which represents the maximum open amount without requiring approval from the Risk Management
Committee; these limits are reviewed quarterly. In prior years, certain key customers were offered extended payment terms on their purchases
due to slow down from Covid-19 and budget approvals for government tenders.
As a result, the Company had customers
with overdue receivables on their books which resulted in the Company taking a bad debt provision on these overdue receivables which amounted
to $1,062,052 at March 31, 2023 (March 31, 2022 - $1,056,393).
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
| 12. | FINANCIAL
INSTRUMENTS (cont’d) |
More than 50% (2022 – 18%) of
the Company’s customers have been active with the Company for over four years, and the allowance for doubtful accounts of $1,062,052
(2022 - $1,056,393) has been recognized against these customers. In monitoring customer credit risk, customers are grouped according to
their credit characteristics, including whether they are an individual or legal entity, whether they are a wholesale, retail or end-user
customer, geographic location, industry, aging profile, maturity, and the existence of previous financial difficulties. Trade and other
receivables relate mainly to the Company’s wholesale customers. Customers that are graded as “high risk” are placed
on a restricted customer list and monitored by the Company.
The carrying amount of financial assets
represents the maximum credit exposure, notwithstanding the carrying amount of security or any other credit enhancements.
Liquidity risk
Liquidity risk is the risk that the
Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering
cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always
have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the Company’s reputation.
The Company examines current forecasts
of its liquidity requirements so as to make certain that there is sufficient cash for its operating needs, and it is careful at all times
to have enough unused credit facilities so that the Company does not exceed its credit limits and is in compliance with its financial
covenants (if any). These forecasts take into consideration matters such as the Company’s plan to use debt for financing its activity,
compliance with required financial covenants, compliance with certain liquidity ratios, and compliance with external requirements such
as laws or regulation.
The Company uses activity-based costing
to cost its products and services, which assists it in monitoring cash flow requirements and optimizing its cash return on investments.
Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 90 days, including
the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted,
such as natural disasters.
With the exception of employee benefits,
the Company’s accounts payable and accrued liabilities have contractual terms of 90 days. The employment benefits included in accrued
liabilities have variable maturities within the coming year.
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
| 12. | FINANCIAL
INSTRUMENTS (cont’d) |
Market risk
Currency risk is the risk that the fair
value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.
Interest rate risk is the risk that
the fair value of future cash flows will fluctuate as a result of changes in interest rates. The Company’s sensitivity to interest
rates is inherently involved in the calculation of the fair value of the warranty liability which are revalued based on changes parameters
which include the prevailing interest rate.
The Company is exposed to price risk
with respect to equity prices. Equity price risk is defined as the potential adverse impact on the Company’s earnings due to movements
in individual equity prices or general movements in the level of the stock market. The Company closely monitors individual equity movements,
and the stock market to determine the appropriate course of action to be taken by the Company.
| 13. | RELATED
PARTY TRANSACTIONS |
Key Personnel Compensation
Key management personnel includes those
persons having authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company
has determined that key management personnel consists of executive and non-executive members of the Company’s Board of Directors
and corporate officers. The remuneration of directors and key management personnel for the three months ended March 31, 2023 and 2022
are as follows:
| |
2023 | | |
2022 | |
Payments to key management personnel: | |
| | |
| |
Salaries, consulting and directors’ fees | |
$ | 285,413 | | |
$ | 491,889 | |
Share-based payments | |
| 243,323 | | |
| 767,436 | |
Total | |
$ | 528,736 | | |
$ | 1,259,325 | |
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
| 13. | RELATED
PARTY TRANSACTIONS (cont’d) |
Salaries, consulting and
directors’ fees shown above are classified within profit and loss as shown below:
| |
| |
(in thousands) | |
Type of Service | |
Nature of Relationship | |
2023 | | |
2022 | |
Selling and marketing expenses | |
VP Technology/VP Sales International | |
$ | 46 | | |
$ | 84 | |
General and administrative expense | |
Companies controlled by the CEO, CFO and Directors | |
$ | 239 | | |
$ | 408 | |
The Company is domiciled in Canada,
and it operates and produces its income primarily in Israel, Europe and North America. The Company operates as a single segment being
the sale of cellular-based communications products.
The Company’s entity-wide disclosures
include disaggregated information about product sales, geographical areas, and major customers.
Geographical area information is shown
below:
External revenues by Geography for the three months ended March 31 | |
| |
(in thousands) | |
2023 | | |
2022 | |
| |
| | |
| |
USA | |
$ | 1,073 | | |
$ | 245 | |
Canada | |
| 219 | | |
| 249 | |
EMEA | |
| 511 | | |
| 326 | |
Australia | |
| - | | |
| 13 | |
Total | |
$ | 1,803 | | |
$ | 833 | |
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
| 14. | SEGMENTED
INFORMATION (cont’d) |
Non-current asset geographic area information
is shown below:
(in thousands) | |
March 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Long-term receivable total | |
$ | 146 | | |
$ | 150 | |
Canada | |
| - | | |
| - | |
EMEA | |
| 146 | | |
| 150 | |
| |
| | | |
| | |
Right of use asset total | |
$ | 812 | | |
$ | 887 | |
Canada | |
| 118 | | |
| 177 | |
EMEA | |
| 694 | | |
| 710 | |
| |
| | | |
| | |
Equipment total | |
$ | 200 | | |
$ | 207 | |
Canada | |
| - | | |
| - | |
EMEA | |
| 200 | | |
| 207 | |
| |
| | | |
| | |
Intangibles total | |
$ | 7,481 | | |
$ | 6,988 | |
Canada | |
| - | | |
| - | |
EMEA | |
| 7,481 | | |
| 6,988 | |
Product information is shown below:
Revenue by product line for the three months ended March 31 | |
| | |
| |
(in thousands) | |
2023 | | |
2022 | |
Cellular boosters and related accessories | |
$ | 438 | | |
$ | 463 | |
Rugged devices and related accessories | |
| 1,365 | | |
| 370 | |
Total | |
$ | 1,803 | | |
$ | 833 | |
Siyata Mobile Inc.
Notes to the Restated Unaudited Condensed Interim Consolidated Financial
Statements
(Expressed in US dollars)
As at March 31, 2023 and December
31, 2022 and for the three months ended March 31, 2023 and 2022
| 15. | SUPPLEMENTAL
INFORMATION WITH RESPECT TO CASH FLOWS |
| |
Three months ended March 31 | |
| |
2023 | | |
2022 | |
Change in non-cash working capital: | |
| | |
| |
Trade and other receivables | |
$ | 463,505 | | |
$ | (6,303 | ) |
Prepaids | |
| (491,942 | ) | |
| (731,566 | ) |
Inventory | |
| 528,510 | | |
| (1,060,581 | ) |
Advances to suppliers | |
| (519,709 | ) | |
| (590,506 | ) |
Accounts payable and accrued liabilities | |
| (967,476 | ) | |
| (836,698 | ) |
Deferred revenue | |
| (149,600 | ) | |
| - | |
| |
$ | (1,136,712 | ) | |
$ | (3,225,654 | ) |
During the three months ended March
31, 2023, the Company paid $nil (March 31, 2022 - $2,659) in interest and $Nil (March 31, 2022 - $nil) in income taxes.
Subsequent to the period end, a total
of 21,031,987 cashless warrants were exercised in exchange for common shares of the Company.
On June 28, 2023 the Company issued
50,000,000 at $0.045 per share for gross proceeds of $2,250,000 before offering expenses and other expenses included in share issuance
costs.
On July 13, 2023, the Company issued
51,450,000 shares at $0.045 per share for gross proceeds of $2,315,250.
On August 3, 2023, the Company affected
a 100-to-1 reverse stock split resulting in 185,393,404 shares converted with rounding into 1,853,955 shares.
The Company was issued a cease trading
order by the British Columbia Securities Exchange for late filing of these Q1 2023 financial statements that were due on May 15, 2023.
The cease trading order was lifted upon filing of the Q1 2023 financial statements on May 24, 2023.
The Company entered into a factoring
agreement for their receivables in North America.
| 17. | RESTATEMENT OF FINANCIAL
STATEMENTS |
In conjunction with preparation of the Company’s financial statements
for the three month period ended March 31, 2023 and as part of a continuous disclosure review by the Staff of Company’s principal
securities regulator in relation to the accounting for warrant liability and share capital, the Company identified an error in how the
fair value has been accounted for in the previously issued financial statements.
The Company evaluated the significance of the corrections and determined
the adjustments were material to the unaudited condensed interim consolidated financial statements for the three month period ended March
31, 2023. The impact of these changes have been restated in these financial statements.
The above restatement reflects the impact of an error in the calculation
of the fair value of warrant liability on January 19, 2023 due to an incorrect input parameter for the term to maturity of those warrants
resulting in an overstatement of the change in fair value expense for the period of $2,705,253 and a resulting decrease in the same amount
to share capital.
The above restatement did not impact the total assets nor liabilities
and did not impact the net equity as the share capital decreased by $2,705,253 and the deficit was reduced by the same amount.
Financial impact
The following tables summarise the effects of the restatement.
Selected line items restated in the Consolidated Statements of Financial
Position:
Siyata Mobile Inc.
Restated Balance Sheet
March 31, 2023
| |
As originally filed | | |
Adjustment | | |
As Restated | |
ASSETS | |
| | |
| | |
| |
Current | |
| | |
| | |
| |
Cash | |
$ | 1,179,694 | | |
| | | |
$ | 1,179,694 | |
Trade and other receivables (Note 3) | |
| 1,111,123 | | |
| | | |
| 1,111,123 | |
Prepaid expenses | |
| 665,446 | | |
| | | |
| 665,446 | |
Inventory (Note 4) | |
| 3,564,040 | | |
| | | |
| 3,564,040 | |
Advance to suppliers | |
| 675,561 | | |
| | | |
| 675,561 | |
| |
| 7,195,864 | | |
| | | |
| 7,195,864 | |
Long term receivable | |
| 146,196 | | |
| | | |
| 146,196 | |
Right of use assets | |
| 811,966 | | |
| | | |
| 811,966 | |
Equipment | |
| 199,743 | | |
| | | |
| 199,743 | |
Intangible assets | |
| 7,481,391 | | |
| | | |
| 7,481,391 | |
Total assets | |
$ | 15,835,160 | | |
| | | |
$ | 15,835,160 | |
| |
| | | |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |
| | | |
| | | |
| | |
Current | |
| | | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 2,111,174 | | |
| | | |
$ | 2,111,174 | |
Deferred revenue | |
| - | | |
| | | |
| - | |
Lease obligations | |
| 294,359 | | |
| | | |
| 294,359 | |
Warrant liability (Note 6) | |
| 628,765 | | |
| | | |
| 628,765 | |
| |
| 3,034,298 | | |
| | | |
| 3,034,298 | |
Lease obligation | |
| 543,944 | | |
| | | |
| 543,944 | |
Total liabilities | |
| 3,578,242 | | |
| | | |
| 3,578,242 | |
Shareholders' equity | |
| | | |
| | | |
| | |
Share capital (Note 7) | |
| 79,626,690 | | |
| (2,705,253 | ) | |
| 76,921,437 | |
Reserves (Note 7) | |
| 17,933,273 | | |
| | | |
| 17,933,273 | |
Accumulated other comprehensive loss | |
| 98,870 | | |
| | | |
| 98,870 | |
Deficit | |
| (85,401,915 | ) | |
| 2,705,253 | | |
| (82,696,662 | ) |
| |
| 12,256,918 | | |
| - | | |
| 12,256,918 | |
Total liabilities and shareholders' equity | |
$ | 15,835,160 | | |
$ | - | | |
$ | 15,835,160 | |
Selected line items restated in the Consolidated Statements of Loss
and Comprehensive Loss:
| |
As originally filed | | |
Adjustment | | |
As Restated | |
Revenue | |
$ | 1,802,637 | | |
| | | |
$ | 1,802,637 | |
Cost of sales (Note 8) | |
| (1,306,120 | ) | |
| | | |
| (1,306,120 | ) |
Gross profit | |
| 496,517 | | |
| | | |
| 496,517 | |
| |
| | | |
| | | |
| | |
EXPENSES | |
| | | |
| | | |
| | |
Amortization and depreciation | |
| 401,640 | | |
| | | |
| 401,640 | |
Development expenses | |
| 53,985 | | |
| | | |
| 53,985 | |
Selling and marketing (Note 9) | |
| 1,003,365 | | |
| | | |
| 1,003,365 | |
General and administrative (Note 10) | |
| 1,392,430 | | |
| | | |
| 1,392,430 | |
Share-based payments (Note 7) | |
| 310,828 | | |
| | | |
| 310,828 | |
Total operating expenses | |
| 3,162,248 | | |
| | | |
| 3,162,248 | |
| |
| | | |
| | | |
| | |
Net operating loss | |
| (2,665,731 | ) | |
| | | |
| (2,665,731 | ) |
| |
| | | |
| | | |
| | |
OTHER EXPENSES | |
| | | |
| | | |
| | |
Finance expense (Note 11) | |
| 34,098 | | |
| | | |
| 34,098 | |
Foreign exchange | |
| 163 | | |
| | | |
| 163 | |
Change in fair value of convertible promissory note (Note 5) | |
| - | | |
| | | |
| - | |
Change in fair value of warrant liability (Note 6) | |
| 4,883,260 | | |
| (2,705,253 | ) | |
| 2,178,007 | |
Transaction costs (Note 12) | |
| - | | |
| | | |
| - | |
Total other expenses | |
| 4,917,521 | | |
| (2,705,253 | ) | |
| 2,212,268 | |
Net loss for the year | |
| (7,583,252 | ) | |
| (2,705,253 | ) | |
| (4,877,999 | ) |
| |
| | | |
| | | |
| | |
Other comprehensive income | |
| | | |
| | | |
| | |
Translation adjustment | |
| - | | |
| | | |
| - | |
| |
| | | |
| | | |
| | |
Comprehensive loss for the year | |
$ | (7,583,252 | ) | |
$ | (2,705,253 | ) | |
$ | (4,877,999 | ) |
| |
| | | |
| | | |
| | |
Weighted average shares | |
| 59,102,369 | | |
| 59,102,369 | | |
| 59,102,369 | |
Basic and diluted loss per share | |
$ | (0.13 | ) | |
$ | 0.05 | | |
$ | (0.08 | ) |
Selected line items restated in the Consolidated Statements of Changes
in Shareholder’s Equity:
Deficit | |
As originally filed | | |
Adjustment | | |
As Restated | |
Deficit-Beginning of period | |
| (77,818,663 | ) | |
| | | |
| (77,818,663 | ) |
loss for the period | |
| (7,583,252 | ) | |
| 2,705,253 | | |
| (4,877,999 | ) |
Deficit-end of period | |
| (85,401,915 | ) | |
| 2,705,253 | | |
| (82,696,662 | ) |
Share Capital | |
As originally filed | | |
Adjustment | | |
As Restated | |
Share capital-Beginning of period | |
| 73,312,866 | | |
| | | |
| 73,312,866 | |
warrants exercised | |
| 6,313,824 | | |
| (2,705,253 | ) | |
| 3,608,571 | |
Share capital-end of period | |
| 79,626,690 | | |
| (2,705,253 | ) | |
| 76,921,437 | |
Selected line items restated in the Consolidated Statements of Cash
Flows:
| |
As originally filed | | |
Adjustment | | |
As Restated | |
Operating activities | |
| | | |
| | | |
| | |
Net loss for the year | |
$ | (7,583,252 | ) | |
$ | 2,705,253 | | |
$ | (4,877,999 | ) |
Items not affecting cash: | |
| | | |
| | | |
| | |
Amortization and depreciation | |
| 401,640 | | |
| | | |
| 401,640 | |
Bad debt expense | |
| - | | |
| | | |
| - | |
Fair value changes on derivatives | |
| 4,883,260 | | |
| (2,705,253 | ) | |
| 2,178,007 | |
Interest expense, net of repayments | |
| - | | |
| | | |
| - | |
Foreign exchange | |
| 11,666 | | |
| | | |
| 11,666 | |
Transaction costs | |
| - | | |
| | | |
| - | |
Share based payments | |
| 310,828 | | |
| | | |
| 310,828 | |
Change in non-cash working capital | |
| (1,136,712 | ) | |
| | | |
| (1,136,712 | ) |
Net cash used in operating activities | |
| (3,112,570 | ) | |
| - | | |
| (3,112,570 | ) |
| |
| | | |
| | | |
| | |
Investing activities | |
| | | |
| | | |
| | |
Intangible asset additions | |
| (817,849 | ) | |
| | | |
| (817,849 | ) |
Equipment additions | |
| (2,498 | ) | |
| | | |
| (2,498 | ) |
Acquisition of ClearRF | |
| - | | |
| | | |
| - | |
Net cash used in investing activities | |
| (820,347 | ) | |
| | | |
| (820,347 | ) |
| |
| | | |
| | | |
| | |
Financing activities | |
| | | |
| | | |
| | |
Lease payments | |
| (100,702 | ) | |
| | | |
| (100,702 | ) |
Bank loan | |
| - | | |
| | | |
| - | |
Convertible debt issued, net of repayments | |
| - | | |
| | | |
| - | |
Proceeds on share issuance, net of share issuance costs | |
| - | | |
| | | |
| - | |
Transaction costs | |
| (309,000 | ) | |
| | | |
| (309,000 | ) |
Exercise of warrants | |
| 3,608,571 | | |
| | | |
| 3,608,571 | |
Net cash from financing activities | |
| 3,198,869 | | |
| - | | |
| 3,198,869 | |
| |
| | | |
| | | |
| | |
Effect of foreign exchange on cash | |
| - | | |
| | | |
| - | |
| |
| | | |
| | | |
| | |
Change in cash and restricted cash for the year | |
| (734,048 | ) | |
| | | |
| (734,048 | ) |
Cash and restricted cash, beginning of year | |
| 1,913,742 | | |
| | | |
| 1,913,742 | |
Cash and restricted cash, end of year | |
$ | 1,179,694 | | |
$ | - | | |
$ | 1,179,694 | |
0.08
0.30
The above restatement did not impact the total assets nor liabilities and did not impact the net equity as the share capital decreased by $2,705,253 and the deficit was reduced by the same amount.
0.05
0.08
0.13
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--12-31
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