AnalytixInsight Inc. — Interim / Quarterly Report 2021

May 26, 2021

ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

Date: May 26, 2021

The following Management’s Discussion and Analysis (“MD&A”) relates to the financial condition and results of operations of AnalytixInsight Inc. and its subsidiary (“our”, “AnalytixInsight”, or the “Company”) as at and for the three months ended March 31, 2021. This MD&A should be read in conjunction with the condensed consolidated interim financial statements and related notes as at and for the three months ended March 31, 2021 and the consolidated financial statements and related notes as at and for the year ended December 31, 2020. The consolidated financial statements and related notes of AnalytixInsight have been prepared in accordance with International Financial Reporting Standards (“IFRS”). Unless other noted, all references to currency in this MD&A are in Canadian dollars.

Certain information contained in the MD&A is forward-looking which involves risks and uncertainties. The forward-looking information is not based on historical fact, but is rather based on the current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future financial results. Actual results could differ materially from the results contemplated by this forward-looking information due to several factors, including those set forth in this MD&A and under the “Cautionary Statement Regarding Forward Looking Information” and “Risk Factors” sections.

The MD&A was prepared in accordance with the requirements set out in National Instrument 51-102 — Continuous Disclosure Obligations of the Canadian Securities Administrators.

The audit committee of the board of directors of the Company has reviewed this MD&A and the condensed consolidated interim financial statements as at and for the three months ended March 31, 2021, and the Company’s board of directors approved these documents prior to their release.

Additional information, including our press releases, have been filed electronically through the System for Electronic Document Analysis and Retrieval (“SEDAR”) and are available online under our profile at www.sedar.com.

CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION

This MD&A includes "forward‐looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward‐looking statements. While these forward‐looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions, or other future performance suggested herein. Forward‐looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook.

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking statements, including, but not limited to, the following:

• The Company’s strategies and objectives

• General business and economic conditions

• Changes in technology

• The emergence of additional competitors in the industry

• Financial stability of the Company's customers

• Ability of the Company to keep key employees and customers

• The Company's ability to generate positive cash flow

• The Company’s ability to manage growth with respect to a new business opportunity

Readers are cautioned that the preceding risks, uncertainties, assumptions and other factors are not exhaustive. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in or implied by these forward-looking statements. Due to the risks, uncertainties and assumptions inherent in forward‐looking statements, investors in securities of the Company should not place undue reliance on these forward‐looking statements. The forward‐looking statements contained in this document are made as of the date hereof.

Overview

AnalytixInsight Inc. (the “Company”) was continued as a corporation under the Ontario Business Corporations Act on August 18, 2014 . The Company’s registered and head office address is located at 1002 Toronto Street, Toronto, ON, M5C 2B5, Canada. The Company’s shares are listed on the TSX Venture Exchange (“TSX.V”) under the symbol “ALY”. The Company has a wholly owned subsidiary in the United States named Euclides Technologies, Inc. (“Euclides”, formerly named CapitalCube Corp.) and a 49% interest in an Italian company named Marketwall SRL (“Marketwall”).

The Company provides financial research and content for investors, information providers, finance portals and media through its online portal www.capitalcube.com and through its institutional partner Connect platform (collectively referred to as the big data and artificial intelligence business segment). It also provides system integration services for the WorkForce Management (“WFM”) industry through its Euclides Technologies, Inc. subsidiary (referred to as the professional services business). Marketwall focuses on mobile opportunities especially in the business to business and business to business to consumer spaces.

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Description of the Business and Outlook

The Company has created an innovative Artificial Intelligence (AI) based big data analytics platform engine that processes large amounts of data, rulesets, analysis models, and logical arguments to generate insights. The platform has narrative capabilities to auto-generate reports for ease of consumption by endusers, as well as predictive analytics capabilities. This is done through a machine learning Natural Language Processing algorithm that generates insights. These includes scores, peer analysis, benchmarking and other attributes related to predictive analytics.

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While the current application of this AI engine is in the financial analytics space, the platform and engine are applicable to other sectors and datasets. The Company is considering opportunities to expand into the generation of social media analytics, retail sector analytics, gaming, and other areas, all of which can be serviced by the backbone platform with some amount of customization. Following the acquisition of Euclides, described above, the Company is integrating Workforce Management (“WFM ” ) modules into its existing AI machine learning platform to roll out an application in this space.

Institutional clients are largely served through two products offered by the Company: Composer and Connect. The Composer product allows for easy customization of the Company’s platform output to meet the content generation needs of institutional customers. The Connect service allows for the easy delivery, integration and licensing of the content. All of the Company’s existing institutional customers – including several leading business and media portals, educational institutions, hedge funds and stock exchanges are serviced by a combination of Composer and Connect. The Company is currently pursuing opportunities that will allow it to better service enterprise licensing opportunities with institutional customers.

The Company, with its unique machine learning platform has been reviewing distributed ledger technology to reduce settlement times and enable peer-to-peer exchange of trades for the users of CapitalCube and MarketWall, each discussed in greater detail below. For this initiative, a decentralized method of handling transactions will need to be developed where the trust of accurately executing the transaction and maintaining evidence of the transaction is placed on the network (the blockchain) and not on a single repository / intermediary, like a bank or clearing agency. MarketWall is currently being licensed to Intesa Sanpaolo, a tier 1 bank in Europe, and the Company is in the process of internal evaluation and development of partners for this initiative. This initiative will require significant regulatory oversight and with the current plans to move into the full-fledged discount broker space, these plans have been deferred. It is also significant to note that the regulatory framework for such changes has not yet been finalized to encompass such a pan-European initiative. This decentralization will result in significant increases of computing power to validate and authenticate the transactions but will reduce the time required to authenticate a transaction. In addition to the required regulatory oversight, the increased

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computing power and associated costs have presented a challenge to moving this initiative forward.

The Company will continue to evaluate such initiatives which are contiguous with its AI platform, using a distributed ledger technology to reduce transaction costs and settlement times for its users and partners in CapitalCube and MarketWall.

– Summary CapitalCube

CapitalCube is a flagship product of the Company that provides analysis on stocks listed on every exchange around the globe, providing coverage to more than 40,000 stocks, including under-serviced small and midcap stocks that often are inadequately covered. The Company runs structured data through its AI engine and creates content pieces that are an outcome of a series of rigorous data analytics that generates scores, peer analysis and predictive analytics. In the near-term, the Company’s efforts are focused on driving traffic and registrations for the retail on-line and mobile business for the individual business segment. CapitalCube’s website provides a subscription service to individual customers, primarily retail investors, financial advisors and professional financial analysts. CapitalCube’s institutional partnerships with leading finance portals like Yahoo! Finance and the Wall Street Journal (www.wsj.com) have increased awareness and driven additional traffic to CapitalCube’s individual customer segment. CapitalCube is working to expand the scope of these partnerships and expects to benefit from additional traffic in the coming quarters. CapitalCube’s customers also include hedge funds that use the AI driven machine generated analytics and scores for quantitative benchmarking and internal models. Additionally, CapitalCube currently supplies value-added financial analysis and content through its machine learning platform to stock exchanges in Europe and Asia, and powers their financial portals. The content includes key ratios and charts on all listed companies of these exchanges. This content is created from the Company’s AI platform through a rigorous set of computations and data analytics. CapitalCube is often the only provider of full coverage of the listings on a given exchange. This value-added analysis on all listed stocks of an exchange provides benefit for retail and institutional clients and facilitates liquidity and trading volumes, particularly for under-covered stocks on an exchange. It also provides exchanges with access to the unique algorithmically generated content, predictive analytics and value-added research from CapitalCube to benefit the millions of unique visitors to their websites and their mobile app users. Moreover, the licensing agreements include partnerships with the exchanges where the exchanges market and sell CapitalCube’s Pro subscription licenses to various brokers, financial institutions and listed corporations in their respective countries. The Company is regularly in discussions with brokerages, stock exchanges, educational institutions and business media properties to license its content. This market segment is expected to grow and advance as investors seek access across websites and portals for the kind of content generated by CapitalCube. CapitalCube is also in discussions with large financial institutions to provide custom research and analytics by licensing the Composer product to create customized narratives based on client-proprietary data. CapitalCube derives revenues from subscription fees, licensing fees, advertising and development work.

CapitalCube provides AI-driven research reports to Refinitiv, an LSEG (London Stock Exchange Group) business and one of the world’s largest providers of financial markets data and infrastructure. Under the Refinitiv initiative, CapitalCube has already published more than 13,000 reports on company earnings, dividend quality, and pre-revenue company analysis, and has now embedded ESG scores and ESG metrics into its proprietary analysis and narratives. ESG (Environmental, Social, and Governance) is commonly used as a generic term by investors and regulators to evaluate corporate behaviors. ESG factors are rapidly

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increasing in importance by investment professionals when making investment decisions. For example, a recent study by the European Fund and Asset Management Association reports that asset managers in Europe manage almost EUR 11 trillion in assets that take some form of ESG considerations into account.

Summary - Euclides

Euclides Technologies, Inc., based in New York, New York, is a fully owned subsidiary of the Company and expert system integrator for WFM and field service management integration. Euclides is led by a team with decades of deep industry experience in the development and implementation of WFM for large global corporations. The team has a proven track-record of expert services and successful implementations, as well as a large client base with worldwide customers representing over 100,000 field service personnel across multiple industries. These range from Power and Utilities to big box retailers that deploy field personnel. Euclides has a deep understanding of the increasing amount of data generated within the WFM industry. The Company’s machine learning platform will empower WFM companies to increase efficiencies of their large-scale operations through performance data tracking, quality control tools and solutions that may be leveraged across verticals to optimize workflow and performance.

Summary – MarketWall

MarketWall is a 49%-owned FinTech online digital solutions provider to major financial services firms in Europe. It draws an audience of over 2.5 million monthly visitors through its multi-device platform and social media presence. As a Samsung Electronics partner, MarketWall’s financial apps are preloaded on certain Samsung devices in Europe.

MarketWall has developed InvestoPro, a European online broker that has received regulatory approval from CONSOB (Commissione Nazionale per le Società e la Borsa), the Italian financial markets regulator. InvestoPro has been jointly introduced to the market by MarketWall, AnalytixInsight, and Intesa Sanpaolo, whose customers will be able to access online trading with their bank credentials. InvestoPro facilitates trading in stocks, options, and derivatives, and uses Intesa Sanpaolo as its execution broker. MarketWall’s editorial team publishes investor-related content on InvestoPro, providing weekly stock market summaries, worldwide financial market outlooks, educational content for stocks, bonds, currencies, new emerging industry trend analysis, and more.

InvestoPro Lite is available as a Progressive Web App (PWA). PWAs function like web browsers with the convenience of an app-like format that can be downloaded to the home screen of any device (desktop, mobile, tablet) for quick access. PWAs require less memory space and data usage compared to native apps while offering quicker load times and the ability to use certain features when offline.

MarketWall offers its next-generation trading platform, GEMINA, as a white label B2B product offering. GEMINA allows MarketWall to approach banks and brokers globally to license the online broker solution for deployment under their brand. GEMINA will interconnect to that bank or broker’s existing trading platform. For example, a traditional full-service broker in Canada that does not have a retail online discount offering can simply license GEMINA for deployment under its existing brand, thus avoiding the time and costs for it to develop its own offering. With retail traders now flocking to online trading platforms, traditional brokers are now forced to offer online trading to avoid losses of clients or assets. GEMINA is the solution and is fully customizable by the broker.

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MarketWall is 33% owned by Intesa Sanpaolo, the leading bank in Italy and one of the top banking groups in Europe with a market capitalization of approximately 45 billion euro. The bank has a strong digital proposition, with approximately 11.6 million multichannel customers and approximately 7.1 million customers using the Intesa Sanpaolo App. It offers commercial, corporate investment banking, asset management, and insurance services. The Intesa Sanpaolo Group has approximately 14.7 million customers in Italy who are assisted through both digital and traditional channels. It also has 7.1 million international customers which it serves through its commercial banking subsidiaries present in 12 countries in Central-Eastern Europe, the Middle East and North Africa, and through an international network dedicated to corporate customers in 26 countries. Intesa Sanpaolo is considered one of the most sustainable banks in the world.

MarketWall’s customers are primarily institutional firms. MarketWall continues to benefit from the branding and marketing support it receives from the partnership with Samsung, as well as other hardware manufacturers like MiiA and Netrange. These partnerships have significantly increased the number of downloads of the MarketWall app. These downloads, along with MarketWall’s partnerships with leading financial data and news providers such as Morningstar, BATS, and others, have provided the ability to pursue institutional customer opportunities. MarketWall currently has a five-year licensing and integration project with Intesa Sanpaolo, one of the leading financial institutions in the world. As part of the project, Intesa Sanpaolo will incorporate MarketWall’s mobile capabilities with their existing product and service portfolios for their retail banking customers.

MarketWall’s licensing deal with Intesa Sanpaolo accounted for a significant portion of revenues for MarketWall. In addition, MarketWall also derives revenues from subscription fees, licensing fees, advertising and development work for other institutional customers apart from Intesa Sanpaolo. 2017 was an inflection point for MarketWall, as it reported an operating profit of $1.0 million for the first time in its operating history. In 2018, MarketWall reported an operating profit of $0.4 million and in 2019, reported operating profits of $1.4 million, due to significant growth in its business. MarketWall is currently pursuing business opportunities in the B2B segment, including incorporating trade execution and payments solution capabilities.

On March 23, 2021, MarketWall secured regulatory approval for InvestoPro from CONSOB, (Commissione Nazionale per le Società e la Borsa), the Italian financial markets regulator, to be a full-fledged online and digital broker to trade stocks, bonds, options and other financial instruments within the regulatory framework in the EU.

Production and Services – CapitalCube, Euclides and MarketWall

The Company’s product and technology platform is used to service CapitalCube, Euclides’ WFM modules and MarketWall. These entities in turn, service a variety of customers across both the individual and institutional segments as well as businesses that deploy WFM solutions. The Company continues to build its individual and institutional customer bases within the business lines of its subsidiary in the financial analytics space through CapitalCube and MarketWall, and in the WFM space through Euclides.

The Company’s platform regularly performs more than 100 billion computations everyday – across multiple data sources. The core is a model driven architecture, wherein all the rules and decisions are expressed through models for fast implementations. In addition, the platform works with the following features:

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• An abstracted entity model

• Extensible logical data model

• Extensible business concepts model (entity type, regulation type, etc)

• Extensible computation model (currently includes over 100 mathematical functions)

The engine’s learning capabilities include the ability to arrive at decisions based on inference rules. The learning includes support from various patterns such as decision trees, decision tables, scores, dynamic computations. Finally, the engine also includes a rules-based narration engine that generates text, tables and charts for creating natural reports.

– Specialized Skill and Knowledge CapitalCube and MarketWall

The skills and knowledge required to develop the AI platform and to design and implement products and services on the platform include big data analytical processing, large database operations, financial analysis and research capabilities and machine learning techniques. All of these skills are present in the Company and the team is experienced to implement these technologies for satisfying customer requirements. More specifically, the CapitalCube and MarketWall teams have uniquely specialized skills for data analytics and transitioning such information into natural language processing algorithms to create content. A big portion of the architecture is built on creating machine learning through data computations from filings of publicly-listed securities globally across all stock exchanges. These include close to 100 billion data computations to create a technological platform that create peer groups, heat maps and other predictive indicators from raw structured financial data. An extension of the content creation has been the development of Robo Advisor that is able to create optimal portfolios across Markowitz efficient frontier.

Specialized Skill and Knowledge – Euclides

The Euclides team has over three decades of collective work experience in Workflow analytics and FSM. The team has collectively been system integrators for Clicksoftware Solutions that was acquired by Salesforce Inc. The team is currently involved in developing unique AI solutions for FSM based on cybernetics to facilitate insightful learnings from data generated by the FSM industry through its partnership with global enterprise vendor IFS.

Competitive Conditions

The Company competes with a substantial number of companies in the industries in which it operates, some of which have greater technical and financial resources. To create differentiation with its competitors, the Company has aligned with strategic partners within each industry.

CapitalCube – the Company faces competition from financial research providers such as S&P Capital IQ, Sentieo, Simply Wall St., Finviz, and has partnered with Refinitiv, a global provider of financial market data. Euclides – the Company faces competition from various other software system integrators and has partnered with IFS who develops, sells, and implements component-based business software.

MarketWall – the Company faces competition from other online stock-trading firms that are bankoperated or independently-operated such as Interactive Brokers, Robinhood, Questrade and others. The

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Company established MarketWall as a joint venture with Intesa Sanpaolo, one of the largest banking groups in Europe, who owns 33% of MarketWall.

New Products – CapitalCube

CapitalCube launched ESG Analytics in March 2021. ESG (Environmental, Social, and Governance) is commonly used as a generic term by investors and regulators to evaluate corporate behaviours. ESG factors are rapidly increasing in importance by investment professionals when making investment decisions. For example, a recent study by the European Fund and Asset Management Association reports that asset managers in Europe manage almost EUR 11 trillion in assets that take some form of ESG considerations into account. CapitalCube now provides ESG performance analysis and ESG scoring summaries on the approximately 9,000 global companies who report their ESG measures. An ESG narrative commentary and peer comparison chart is now embedded within CapitalCube’s earnings report. Over the past six months CapitalCube has published more than 3,000 earnings reports under the Refinitiv initiative.

New Products – Euclides

The Company’s new non-ClickSoftware platform, which will include among other features, a new product rollout with enhanced machine learning, new user interface and advanced data analytics, is currently under development. The launch is through a collaborative effort with global enterprise vendor IFS, and is designed to improve workforce optimization and scheduling in the FSM industry. This is a follow up to the partnership announced by Euclides with IFS in 2018.

New Products – MarketWall

In April 2021, MarketWall launched a new digital stock-trading platform, InvestoPro. InvestoPro offers online stock trading and FinTech-enabled services on multi-device trading platforms (e.g., mobile, wearables, smart-TV) combined with research and financial education. InvestoPro will use Intesa Sanpaolo as its execution broker and will be offered initially in Italy further expanding to other European countries. InvestoPro will offer discounted stock trading commissions and other services that are designed to give individual investors greater control over their investments and trading. InvestoPro will also offer options & derivatives trading in addition to stock trading.

In February 2021, MarketWall launched GEMINA, a trading platform for banks and brokers that is offered as a white label B2B product offering. GEMINA is a multi-device (PC, smartphone, tablet, smart TV) trading platform that provides financial quotes, stock charts, data, research tools, and more. It is available as a white label B2B trading platform for banks and brokers to interface with their existing systems via FIX protocol. GEMINA is offered as a cloud-based service (Microsoft Azure), or as an on-premises service.

In November 2020, MarketWall launched InvestoPro Lite, which is available as a progressive web app (“ PWA ”). PWAs function like web browsers with the convenience of an app-like format that can be downloaded to the home screen of any device (desktop, mobile, tablet) for quick access. PWAs require less memory space and data usage compared to native apps while offering quicker load times and the ability to use certain features when offline.

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

Highlights

The Company earned revenues of $953,328 in Q1 2021 compared with $645,346 in the comparative period. This is primarily due to additional work completed on existing projects in the current quarter.

The Company had cash of $1,824,970 at March 31, 2021, with positive working capital of $1,598,137.

Selected Annual Financial Information

	2020 2019 2018
Revenues from continued operations	$ 3,178,767 $ 3,672,715 $ 4,837,809
Net loss from continued operations	$ (1,980,197) $ (1,669,958) $ (2,301,538)
Basic net loss per share from continued operations	$ (0.03) $ (0.02) $ (0.03)
Total assets	$ 5,581,778 $ 5,546,267 $ 5,096,567
Total current liabilities	$ 509,213 $ 518,101 $ 663,754

Summary of Quarterly Results

	31-Mar-21	31-Dec-20	30-Sep-20	30-Jun-20
Revenue	$ 953,328	$ 882,882	$ 900,505	$ 750,034
Net loss	(712,066)	(391,015)	(736,957)	(357,700)
Basic net loss per share	(0.01)	(0.00)	(0.00)	(0.00)
For the three months ended	31-Mar-20	31-Dec-19	30-Sep-19	30-Jun-19
Revenue from continued operations	$ 645,346	$ 820,538	$ 754,703	$ 1,150,392
Net loss	(494,525)	(327,808)	(812,648)	(331,826)
Basic net loss per share	(0.01)	(0.00)	(0.01)	(0.01)

Marketwall

The Company owns 49% of Marketwall and maintains significant influence through its Board seat. Marketwall is classified as an “investment in associate” and accounted for using the equity method.

Summarized financial information for Marketwall as at March 31, 2021 and December 31, 2020 and for the three months ended March 31, 2021 and 2020, is as follows:

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

As at	March 31, 2021	March 31, 2021	December 31, 2020
Current and total assets	$	7,226,018	$ 6,542,133
Current and total liabilities		3,501,462	2,337,851
Total shareholders' equity		3,724,556	4,204,282
Three months ended		March 31, 2021	March 31, 2020
Revenue	$	974,641	$ 1,318,267
Operating expenses		(1,233,884)	(1,067,825)
Net income and comprehensive income		(259,243)	250,442

Included in Marketwall’s consolidated financial information are the results of its wholly owned subsidiary, InvestoPro. Summarized financial information for InvestoPro as at March 31, 2021 and December 31, 2020 and for the three months ended March 31, 2021 and 2020 is as follows:

As at		March 31, 2021	December 31, 2020	December 31, 2020
Current and total assets	$	1,537,355	$	1,819,798
Current and total liabilities		99,982		258,799
Total shareholders' equity		1,437,373		1,560,999
Three months ended		March 31, 2021		March 31, 2020
Revenue	$ -		$	-
Operating expenses		(40,020)		-
Net income and comprehensive income		(40,020)		-

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

Results of Operations for the three months ended March 31, 2021

The following is an analysis of the Company’s results of continued operations for the three months ended March 31, 2021 and includes a comparison against the results of the three months ended March 31, 2020. Comparative financial information may have been reclassified from statements previously presented to conform to the presentation of the 2021 consolidated financial statements.

Sales revenue The Company’s revenue for Q1 2021 was $953,328 compared to $645,346 in the same period in the previous year. This increase was primarily due to additional work completed on existing projects in the current quarter, speaking to the quality of work performed by the team and strength of our existing customer relationships. There has been a major strategic shift in the ClickSoftware business on the back of the acquisition of ClickSoftware by Salesforce for US$1.35 billion, indicating a renewed interest in M&A activity in the WFM space. Traditional ClickSoftware customers are looking for new partners to augment their WFM offerings with AI and machine learning forming a core part of the technology platform. The Company is currently actively pursuing its partnership with IFS, a tier 1 Field Services Management company in addition to its traditional revenue stream from ClickSoftware. The transition of customers into this new IFS platform will form a basis of the core strategy of the Company in the WFM space apart from its Fintech offerings with a stronger sales pipeline on offer. The Company is in the process of expanding its sales team to help drive revenue growth with major initiatives in this space as the WFM market continues to grow substantially.

Marketwall’s Q1 2021 revenues of $974,641 are not included in the consolidated revenue. Marketwall is an associated company as it is 49% owned at March 31, 2021 and thus not consolidated.

Gross profit for the three months ended March 31, 2021 was $223,701 compared to a gross loss of $24,352 in the comparative period. The Company’s gross profit has increased from prior year as a result of an extension of an existing contract, resulting in higher revenues in the quarter.

Expenses for the three months ended March 31, 2021 and 2029 were $833,270 and $604,266, respectively, representing a $229,004 increase in expenses. This increase was primarily due to lower travel costs during the pandemic, and lower consulting fees in the quarter, partially offset by higher selling and marketing costs and higher general and administrative costs in the quarter.

Travel costs for the three months ended March 31, 2021 and 2020 were $27,471 and $112,526, respectively, representing a decrease of $85,055. This decrease was primarily due to travel restrictions resulting from the COVID-19 pandemic resulting in lower travel costs during Q1 2021.

Share-based compensation expense related to option vesting was $109,714 for the three months ended March 31, 2021 compared to $nil during the same period in the previous year. This expense represents the vesting of options during the period.

The Company grants stock options to officers, directors and consultants of the Company and applies the Black–Scholes option pricing model to estimate the fair value of the options granted as at the date of grant. During the three months ended March 31, 2021 there were no options granted (no options granted during the three months ended March 31, 2020). The Company uses option grants as an integral component of its remuneration packages.

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Share of loss of investment accounted for using the equity method for the three months ended March 31, 2021 was $127,029 compared to share of income of $122,716 in the same period during the previous year. Marketwall recorded net loss of $259,243 (100% basis) in Q1 2021.

Liquidity and Capital Resources

The Company defines capital as the aggregate of cash and its share capital, being comprised of its capital stock, warrants, options, and deficit. The Company’s objective when managing capital is to ensure that the Company will continue as a going concern so that it can provide products and services to its customers and returns to its shareholders.

The Company’s objective in managing liquidity risk is to maintain sufficient liquidity to meet operational and investing requirements at any point in time. The Company manages the capital structure and adjusts it in light of changes in economic conditions and the risk characteristics of the underlying assets. The Company currently is not subject to externally imposed capital requirements. There were no changes in the Company’s approach to capital management during the year.

The operations of the business, in the long term, are dependent upon the Company’s ability to successfully achieve market acceptance of its current suite of products and any new products that may be introduced. Until the Company has sufficient sales revenue to internally fund its operating cost requirements, the Company will likely require additional financings. These future financings may be obtained from the sale of assets, additional debt arrangements, or the issuance of additional equity securities. The issuance of additional equity securities by the Company could result in significant dilution in the equity interests of the current stockholders. There can be no assurance that additional financing will be available to the Company when needed or, if available, that it can be obtained on commercially reasonable terms. If the Company is not able to obtain additional financing on a timely basis, it may be forced to scale down or perhaps even cease the operation of its business.

The Company has a history of operating losses and expects to incur further losses in the development of its businesses. As at March 31, 2021, the Company has working capital of $1,598,137 (December 31, 2020 - $1,714,200). If the Company is unable to achieve profitable operations, other sources of funding will be required, and if not available, it is possible that the Company will be unable to continue as a going concern.

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Risks and Uncertainties

The risks and uncertainties below must be taken into account, as they may affect the Company’s ability to achieve our strategic goals. Investors are therefore advised to consider the following items in assessing the Company’s future prospects as an investment.

Future operations

Presently, the Company’s revenues are not sufficient to meet operating and capital expenses and the Company has incurred operating losses since inception, which are likely to continue for the foreseeable future.

There is substantial doubt about the Company’s ability to continue as a going concern as the continuation of the business may be dependent upon obtaining further financing, successful and sufficient market acceptance of current products and any new products that may be introduced, the continuing successful development of product and related technologies, and, finally, achieving a profitable level of operations. The issuance of additional equity securities by the Company could result in a significant dilution in the equity interests of the current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase the Company’s liabilities and future cash commitments.

There are no assurances that the Company will be able to obtain further funds required for continued operations. The Company is pursuing various financing alternatives to meet its long-term financial requirements. There can be no assurance that additional financing will be available to the Company when needed or, if available, that it can be obtained on commercially reasonable terms. If the Company is not able to obtain the additional financing on a timely basis, it will be forced to scale down or perhaps even cease the operation of its business.

Competition and technological obsolescence

The markets for the Company’s products and services experience ongoing technological changes and the Company must compete with existing technology and service providers, new companies and advancing technologies. To remain fully competitive, the Company must continue to innovate and respond with advanced generations of software, products and services. The inability to react in a timely fashion to technological and competitive changes could have a negative impact on the Company and its ability to attract and retain customers. Moreover, the highly competitive market in which the Company operates could cause the Company to reduce its prices and offer other favorable terms to compete successfully with its rivals. These practices could, over time, limit the prices that the Company can charge for its products and services. If the Company was unable to offset such potential price reductions from software sales and related products it could negatively impact the Company’s profit margins and operating results.

Possible dilution to present and prospective shareholders

Business negotiations related to the Company’s search for new business opportunities may result in the issuance of cash, securities of the Company, or a combination of the two, and possibly, incurring debt. Any transaction involving the issuance of previously authorized but unissued common shares would result in dilution, possibly substantial, to present and prospective holders of common shares.

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

Dependence of key personnel

The Company strongly depends on the business and technical expertise of its management and key personnel. There is little possibility that this dependence will decrease in the near term.

Lack of trading

The lack of trading volume of the common shares reduces the liquidity of an investment in the common shares.

Volatility of share price

Market prices for the common shares listed on the TSX Venture Exchange are often volatile. Factors such as announcements of financial results, and other factors could have a significant effect on the price of the common shares.

Third party credit risk

The Company may be exposed to third party credit risk through its contractual arrangements with its current or future joint venture partners, marketers and other parties. In the event such entities fail to meet their contractual obligations to the Company, such failures may have a material adverse effect on the Company’s business, financial condition, results of operations and prospects.

Regulatory

Technology operations are subject to extensive controls and regulations imposed by various levels of government that may be amended from time to time. The Company’s operations may require licenses and permits from various governmental authorities in the countries in which it operates. There can be no assurance that the Company, or its partners, will be able to obtain all necessary licenses and permits that may be required to carry out or continue its operations.

Conflicts of interest

Certain of the directors and officers of the Company may serve from time to time as directors, officers, promoters and members of management of other companies involved in technology similar to the Company and therefore it is possible that a conflict may arise between their duties as a director or officers of the Company and their duties as a director, officer, promoter or member of management of such other companies.

The directors and officers of the Company are aware of the existence of laws governing accountability of directors and officers for corporate opportunity and requiring disclosures by directors of conflicts of interest and the Company will rely upon such laws in respect of any directors’ and officers’ conflicts of interest or in respect of any breaches of duty by any of its directors or officers. All such conflicts will be disclosed by such directors or officers in accordance with applicable laws and the directors and officers will govern themselves in respect thereof to the best of their ability in accordance with the obligations imposed upon them by law.

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

Litigation

All industries, including the technology industry, are subject to legal claims, with and without merit. Legal proceedings may arise from time to time in the course of the Company’s business. Such litigation may be brought against the Company or its subsidiary in the future from time to time or the Company or its subsidiary may be subject to another form of litigation. Defense and settlement costs of legal claims can be substantial, even with respect to lawsuits that have no merit.

Lack of dividend policy

The Company does not presently intend to pay cash dividends in the foreseeable future, as any earnings are expected to be retained for use in developing and expanding its business. However, dividends paid by the Company will remain subject to the discretion of the Company’s Board of Directors and will depend on results of operations, cash requirements and future prospects of the Company, among other factors.

Related Party Transactions

Unless otherwise specified, the period end balances of receivables/payables referred to are non-interest bearing, unsecured, receivable or payable on demand, and have arisen from the provision of services and expense reimbursements.

Compensation of key management personnel

In accordance with IAS 24, key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly, including any directors of the Company.

The remuneration of directors and other members of key management personnel during the periods presented were as follows:

	Three months ended	Three months ended
	March	31,
	2021	2020
Short-term benefits	152,250 $	95,250 $

At March 31, 2021, the Company had $nil (December 31, 2020 – $nil) in accounts payables owing to related parties. These amounts are unsecured, non-interest bearing and due on demand.

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

Financial Instruments

Fair value of financial instruments

The Company's financial assets and financial liabilities as at March 31, 2021 and December 31, 2020 were as follows:

	Amortized cost	Amortized cost		FVPL		Total
December 31, 2020
Cash	$	1,669,621	$	-	$	1,669,621
Restricted deposits		57,586		-		57,586
Accounts and other receivables		349,788		-		349,788
Other investment		-		60,000		60,000
Accounts payable and accrued liabilities		(337,530)		-		(337,530)
Loan payable		(40,000)		-		(40,000)
March 31, 2021
Cash	$	1,824,970	$	-	$	1,824,970
Restricted deposits		56,876		-		56,876
Accounts and other receivables		292,600		-		292,600
Other investment		-		60,000		60,000
Accounts payable and accrued liabilities		(338,174)		-		(338,174)
Loan payable		(239,445)		-		(239,445)

The risk associated with any significant concentration of credit risk at March 31, 2021 and December 31, 2020 is mitigated by the quality of the receivables and customers. All receivables owing from these customers as at March 31, 2021 were received subsequent to the end of the reporting period. The carrying amount reflected above represents the Company’s maximum exposure to credit risk for such receivables.

The fair values of these financial instruments approximate their carrying values because of their shortterm nature and/or the existence of market related interest rate on the instruments.

Level 3 hierarchy

Other investment relates to shares received as debt settlement in the amount of $60,000 during the year ended December 31, 2016. The other investment is classified as a Level 3 financial instrument within the hierarchy of the Company's financial instruments, measured at FVPL in the consolidated statements of financial position as at March 31, 2021 and December 31, 2020.

Within Level 3, the Company includes private company investments which were not quoted on an exchange. The key assumptions used in the valuation of these instruments included (but were not limited to) the value at which a recent financing was done by the investee, company-specific information, trends in general market conditions and the share performance of comparable publicly traded companies. Information from recent financing was used to determine the value of the assets at $60,000 as at March 31, 2021 (December 31, 2020 - $60,000).

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

The unrealized gain (loss) recognized for these assets for the three months ended March 31, 2021 was $nil (2020 - $nil).

Valuations of investments for which market quotations are not readily available, are inherently uncertain, may fluctuate within short periods of time and are based on estimates, and determination of fair value may differ materially from the values that would have resulted if a ready market existed for the investments. Given the size of the private investment portfolio, such changes may have a significant impact on the Company’s financial condition or operating results.

For those investments valued based on a recent financing or transaction price, management has determined that there are no reasonably possible alternative assumptions that would change the fair value significantly as at March 31, 2021. A +/- 25% change in the fair value of these Level 3 investments as at March 31, 2021 will result in a corresponding +/- $15,000 (2020 - $15,000). The sensitivity analysis is intended to reflect the significant uncertainty inherent in the valuation of private investments under current market conditions, and that results cannot be extrapolated due to non-linear effects that changes in valuation assumptions may have on the estimated fair value of these investments. The analysis does not indicate a probability of changes occurring and it does not necessarily represent the Company’s view of expected future changes in the fair value of these investments. Any management actions that may be taken to mitigate inherent risks are not reflected in this analysis.

Financial risk factors

The Company is exposed to a variety of financial instrument related risks:

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. At March 31, 2021, 98% (December 31, 2020 – 88% due from two customers) of the accounts receivable were due from two customers with strong credit ratings. All receivables owing from these customers as at March 31, 2021 and December 31, 2020 were received subsequent to period end.

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulties in meeting its financial liability obligations. The Company manages its liquidity risk through cash and debt management. The Company’s objective in managing liquidity risk is to increase revenue, minimize operational costs and to maintain sufficient liquidity in order to meet these operational requirements at any point in time. As at March 31, 2021, the Company has a cash balance of $1,824,970 (December 31, 2020 – $1,669,621) current liabilities of $689,150 (December 31, 2020 - $509,213) and a working capital of $1,598,137 (December 31, 2020 - $1,714,200). The Company’s ability to meet its financial liability obligations and continue to operate as a going concern may include raising capital through a share issuance to obtain sufficient funding. There is no certainty of the Company’s ability to raise additional financing through this method.

Interest rate risk

The Company has cash balances and all amounts are held with accredited banks. As of March 31, 2021,

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

and December 31, 2020, the Company did not have any investment in investment grade short term deposit certificates. Interest exposure with respect to its cash balances is minimal.

Currency risk

The Company generates revenue and incurs expenses and expenditures in Canada and the United States. As a result, fluctuations in the rate of exchange between U.S. dollars, Canadian dollars and other currencies can have an effect on the Company’s reported results. The Company has not utilized any financial instruments or cash management policies to mitigate the risks arising from changes in foreign currency rates. The net Canadian dollar equivalent of the total of its cost of sales, selling and administrative, and sales denominated in US dollars was approximately $277,111 for the three months ended March 31, 2021. Accordingly, a 10% increase or decrease in the exchange rate between U.S. and Canadian dollars would result in an increase or decrease of approximately $27,711 in net loss for the period.

The Canadian dollar equivalent of net assets denominated in US dollars as at March 31, 2021 was approximately $1,483,239. Accordingly, a 10% increase or decrease in the exchange rate between U.S. and Canadian dollars would impact net loss by approximately $148,324.

Capital management

The Company defines capital that it manages as being composed of share capital, reserves, deficit and cash. Its objective when managing capital is to ensure that the Company will continue as a going concern, so that it can provide products and services to its customers and returns to its shareholders.

The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, issue debt, acquire or dispose of assets or adjust the amount of cash and cash equivalents and investments. The Company requires capital to maintain its operating businesses, sustain corporate operations and repay existing obligations. The Company may seek additional financing by means of issuing share capital, the sale of assets or debt financing. There can be no certainty of the Company’s ability to raise any additional financing from any of these sources.

In order to facilitate the management of its capital requirements, the Company prepares annual expenditure budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions. The annual and updated budgets are approved by the Board of Directors. The Company is currently not subject to externally imposed capital requirements.

The Company's capital management objectives, policies and processes have not changed during the three months ended March 31, 2021.

The Company is not subject to any capital requirements imposed by a lending institution or regulatory body, other than of the TSX.V which requires adequate working capital or financial resources of the greater of (i) $50,000 and (ii) an amount required in order to maintain operations and cover general and administrative expenses for a period of 6 months. As of March 31, 2021, the Company believes it is compliant with the policies of the TSX.V.

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

Accounting Changes

The unaudited condensed consolidated interim financial statements were prepared using the same accounting policies and methods as those used in the Company’s consolidated financial statements for the year ended December 31, 2020.

Recent Accounting Pronouncements

Certain pronouncements were issued by the IASB or the IFRIC that are mandatory for accounting periods commencing on or after January 1, 2022. Many are not applicable or do not have a significant impact to the Company and have been excluded. The following have not yet been adopted and are being evaluated to determine their impact on the Company.

IAS 1 – Presentation of Financial Statements (“IAS 1”) was amended in January 2020 to provide a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date. The amendments clarify that the classification of liabilities as current or noncurrent is based solely on a company’s right to defer settlement at the reporting date. The right needs to be unconditional and must have substance. The amendments also clarify that the transfer of a company’s own equity instruments is regarded as settlement of a liability, unless it results from the exercise of a conversion option meeting the definition of an equity instrument. The amendments are effective for annual periods beginning on January 1, 2023.

IAS 37 – Provisions, Contingent Liabilities, and Contingent Assets (“IAS 37”) was amended. The amendments clarify that when assessing if a contract is onerous, the cost of fulfilling the contract includes all costs that relate directly to the contract – i.e. a full-cost approach. Such costs include both the incremental costs of the contract (i.e. costs a company would avoid if it did not have the contract) and an allocation of other direct costs incurred on activities required to fulfill the contract – e.g. contract management and supervision, or depreciation of equipment used in fulfilling the contract. The amendments are effective for annual periods beginning on January 1, 2022.

IAS 16 – Property, Plant and Equipment (“IAS 16”) was amended. The amendments introduce new guidance, such that the proceeds from selling items before the related property, plant and equipment is available for its intended use can no longer be deducted from the cost. Instead, such proceeds are to be recognized in profit or loss, together with the costs of producing those items. The amendments are effective for annual periods beginning on January 1, 2022.

IFRS 10 – Consolidated Financial Statements (“IFRS 10”) and IAS 28 – Investments in Associates and Joint Ventures (“IAS 28”) were amended in September 2014 to address a conflict between the requirements of IAS 28 and IFRS 10 and clarify that in a transaction involving an associate or joint venture, the extent of gain or loss recognition depends on whether the assets sold or contributed constitute a business. The effective date of these amendments is yet to be determined, however early adoption is permitted.

There are no other standards/amendments or interpretations that are expected to have a significant effect on the consolidated financial statements of the Company.

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

Critical Accounting Estimates and Judgments

The preparation of the consolidated financial statements in conformity with IFRS 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. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Critical accounting estimates are estimates and assumptions made by management that may result in a material adjustment to the carrying amount of assets and liabilities within the next financial year and include, but are not limited to:

Intangible assets and goodwill

The Company makes use of experience and assumptions in estimating the useful lives and residual values of intangible assets and goodwill. Management reviews annually at December 31, whether any indications of impairment exist for intangible assets and goodwill. Information that the Company considers includes changes in the market, economic and legal environment in which the Company operates as well as internal sources of information. Estimates include but are not limited to estimates of the discounted future after‐ tax cash flows expected to be derived from the Company’s intangible assets and goodwill, costs to sell the assets and the appropriate discount rate.

Reductions in the number of subscribers and customers, increases in estimated future costs of sales, increases in estimated future capital costs, depreciation of the US dollar relative to the Canadian dollar and/or adverse current economics could result in a write-down of the carrying amounts of the intangible assets and goodwill.

Income, value added, withholding and other taxes

The Company is subject to income, value added, withholding and other taxes. Significant judgment is required in determining the Company’s provisions for taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. The determination of the Company’s income, value added, withholding and other tax liabilities requires interpretation of complex laws and regulations. The Company’s interpretation of taxation law as applied to transactions and activities may not coincide with the interpretation of the tax authorities. All tax related filings are subject to government audit and potential reassessment subsequent to the financial statement reporting period. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the tax related accruals and deferred income tax provisions in the period in which such determination is made.

Income taxes and recoverability of potential deferred tax assets

In assessing the probability of realizing income tax assets recognized, management makes estimates related to expectations of future taxable income, applicable tax planning opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

weight to positive and negative evidence that can be objectively verified. Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. The Company considers whether relevant tax planning opportunities are within the Company’s control, are feasible, and are within management’s ability to implement. Examination by applicable tax authorities is supported based on individual facts and circumstances of the relevant tax position examined in light of all available evidence. Where applicable tax laws and regulations are either unclear or subject to ongoing varying interpretations, it is reasonably possible that changes in these estimates can occur that materially affect the amounts of income tax assets recognized. Also, future changes in tax laws could limit the Company from realizing the tax benefits from the deferred tax assets. The Company reassesses unrecognized income tax assets at each reporting period.

Asset carrying values and impairment charges

In the determination of carrying values and impairment charges, management looks at the higher of recoverable amount or fair value less costs to sell in the case of assets and at objective evidence, significant or prolonged decline of fair value on financial assets indicating impairment. These determinations and their individual assumptions require that management make a decision based on the best available information at each reporting period.

Share-based payments

Management determines costs for share-based payments using market-based valuation techniques. The fair value of the market-based and performance-based share awards are determined at the date of grant using generally accepted valuation techniques. Assumptions are made and judgment used in applying valuation techniques. These assumptions and judgments include estimating the future volatility of the stock price, expected dividend yield, future employee turnover rates and future employee stock option exercise behaviors and corporate performance. Such judgments and assumptions are inherently uncertain. Changes in these assumptions could materially affect the fair value estimates.

Revenue recognition

The process of revenue recognition, including the valuation of barter transactions, involves significant management judgment. The Company performed focused procedures to test the valuation of revenue recorded in consideration of non-barter contracts.

In its determination of the amount and timing of revenue to be recognized, management relies on assumptions and estimates supporting its revenue recognition policy. Estimates of the percentage of completion for applicable customer projects are based upon current actual and forecasted information and contractual terms.

Contingencies

By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events.

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

Discount rate used for IFRS 16

The determination of the Company’s lease liabilities, right-of-use assets, and net investment in leases depends on certain assumptions, which include the selection of the discount rate. The discount rate is set by reference to the Company’s incremental borrowing rate. Significant assumptions are required to be made when determining which borrowing rates to apply in this determination. Changes in the assumptions used may have a significant effect on the Company’s consolidated financial statements.

Determination of significant influence and impairment of investment in associate

Effective October 11, 2016, the Company has classified Marketwall as an associate based on management’s judgment that the Company has significant influence through board representation and 49% of the voting rights. Other parties hold 51% of the voting rights and the Company can no longer exercise control over the board of directors and its operational decision making process.

Impairment exists when the carrying value of the investment in associate exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The determination of impairment requires significant judgement and can be triggered by significant adverse changes in the market, economic or legal environment in which the associate operates.

Fair value of investment in securities not quoted in an active market or private company investments

Where the fair values of financial assets and financial liabilities recorded on the consolidated statement of financial position cannot be derived from active markets, they are determined using a variety of valuation techniques. The inputs to these models are derived from observable market data where possible, but where observable market data are not available, judgment is required to establish fair values.

Expected credit losses

Determining allowance for expected credit losses (“ECLs”) requires management to make assumptions about historical patterns for probability of default, the timing of collection and the amount of incurred credit losses, which are adjusted based on management’s judgment about whether economic conditions and credit terms are such that actual losses may be higher or lower than what historical patterns suggest.

Functional currency

Functional currency is the currency of the primary economic environment in which the Company and its subsidiaries operate. If indicators of the primary economic environment are mixed, then management uses its judgement to determine the functional currency that most faithfully represents the economic effect of underlying transactions, events and conditions.

Commitments and Contingencies

The Company is party to certain management contracts. These contracts require payments of $1,025,200 upon the occurrence of a change in control of the Company, as defined by each officer’s respective consulting agreement. The Company is also committed to payments upon termination of $51,250 pursuant to the terms of these contracts.

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

The Company is subject to various claims, lawsuits and other complaints arising in the ordinary course of business. The Company records provisions for losses when claims become probable and the amounts are estimable. Although the outcome of such matters cannot be determined, it is the opinion of management that the final resolution of these matters will not have a material adverse effect on the Company’s financial condition, operations or liquidity.

Novel Coronavirus (“COVID-19”)

The Company’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of respiratory illness caused by COVID-19. The Company cannot accurately predict the impact COVID-19 will have on its operations and the ability of others to meet their obligations with the Company, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect the Company’s operations and ability to finance its operations. To date the Company has experienced limited contract delays with proposed new contracts with new customers resulting from the global pandemic. Despite these delays, the Company’s operations have been related stable. The Company has ongoing, long-term contracts with several quality customers that have not been impacted by the pandemic and has allowed the Company to continue operations with little impact.

There are no off-balance sheet arrangements.

Management’s Responsibility for Financial Reporting

Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with IFRS. The Company’s certifying officers, based on their knowledge, having exercised reasonable diligence, are also responsible to ensure that these filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by these filings, and these consolidated financial statements together with the other financial information included in these filings fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of and for the periods presented in these filings. The Board of Directors approves the consolidated financial statements and MD&A and ensures that management has discharged its financial responsibilities. The Board’s review is accomplished principally through the Audit Committee, which meets periodically to review all financial reports, prior to filing.

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ANALYTIXINSIGHT INC. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2021

Outstanding Share Data

As at the date of this MD&A, the following common shares, common shares purchase options, share purchase warrants and special performance shares were issued and outstanding:

• 82,275,099 common shares;

• 4,235,000 common share purchase options with exercise prices ranging from $0.215 to $0.75 expiring between August 26, 2021 and August 31, 2025; and

• 3,805,477 common share purchase warrants with exercise prices ranging from $0.65 to $0.75, expiring between June 25, 2022 and October 16, 2022.

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