Earth Alive Clean Technologies Inc. - Interim / Quarterly Report 2021

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Earth Alive Clean Technologies Inc. Condensed Consolidated Interim Financial Statements For the Periods Ended March 31, 2021 and 2020 (in Canadian dollars) Unaudited

EARTH ALIVE CLEAN TECHNOLOGIES INC. MANAGEMENT’S COMMENTS ON UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIODS ENDED MARCH 31, 2021 AND 2020

NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

The accompanying unaudited condensed consolidated interim financial statements of Earth Alive Clean Technologies Inc. as at and for the three-month period ended March 31, 2021 have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of condensed consolidated interim financial statements.

May 26, 2021

THREE MONTHS ENDED MARCH 31, 2021 AND 2020

Financial Statements
Consolidated Statements of Financial Position	3
Consolidated Statements of Operations and Comprehensive Loss	4
Consolidated Statements of Changes in Equity	5
Consolidated Statements of Cash Flows	6
Notes to Consolidated Financial Statements	7

Earth Alive Clean Technologies Inc. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(Expressed in Canadian dollars)

		March 31,	December 31,
	Note	2021	2020
ASSETS
Current
Cash	5	5,654,406	565,039
Trade and other receivables	6	724,368	835,530
Inventory	7	190,177	277,526
Prepaid		23,570	14,554
		6,592,521	1,692,649
Non-Current
Property and equipment	8	150,648	156,096
Intangible assets	9	7,853	11,506
		158,501	167,602
TOTAL ASSETS		6,751,022	1,860,251
LIABILITIES
Current
Trade and other payables	10	454,592	327,909
		454,592	327,909
Non-Current
Loan	11	40,000	40,000

TOTAL LIABILITIES		494,592	367,909
EQUITY
Share Capital	12	20,410,587	15,464,593
Contributed Surplus		5,268,247	5,268,247
Deficit		(19,422,404)	(19,240,498)
TOTAL EQUITY		6,256,430	1,492,342
TOTAL LIABILITIES AND EQUITY		6,751,022	1,860,251

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

On behalf of the Board,

/s/ Michael Warren

Director

/s/ Steve Saviuk

Director

Earth Alive Clean Technologies Inc. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Periods ended March 31, 2021 and 2020

(Expressed in Canadian dollars except per share information)

	Note	2021	2020
Revenues		943,139	1,253,822
Cost of goods sold	13	622,899	854,700
Gross margin		320,240	399,122
Operating expenses (revenues)	13
General and administrative		198,890	280,835
Sales and marketing		260,658	306,847
Research and development		40,397	33,528
Total operating expenses		499,945	621,210
Operating loss		(179,705)	(222,088)
Financial income	13	(635)	(38,648)
Financial expenses	13	2,836	1,596
Gain on conversion of debenture		-	-
		2,201	37,052
Loss before income taxes		(181,906)	(185,036)
Total net loss and comprehensive loss		(181,906)	(185,036)
Loss per share	15
Basic		($0.001)	($0.001)
Fully diluted		($0.001)	($0.001)

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

Earth Alive Clean Technologies Inc. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Expressed in Canadian dollars, except for number of shares)

	Capital Stock Number Amount Contributed Surplus and Other Deficit Total
Balance, January 1, 2021	195,945,713 15,464,593 5,268,247 (19,240,498) 1,492,342

Shares and warrants issued pursuant to private placements (net of share issue cost of $291,506)	43,478,261 4,708,494 - - 4,708,494
Shares and warrants issued for finder’s fee	2,065,217 237,500 - - 237,500
Net loss and comprehensive loss	- - - (181,906) (181,906)
	45,543,478 4,945,994 - (181,906) 4,764,088

Balance, March 31, 2021	241,189,191 20,410,587 5,268,247 (19,422,404) 6,256,430

	Capital Stock Number Amount Contributed Surplus and Other Deficit Total
Balance, January 1, 2020	195,944,713 15,464,343 5,043,589 (17,824,963) 2,682,969
Net loss and comprehensive loss	- - - (185,036) (185,036)
	- - - (185,036) (185,036)
	195,944,713 15,464,343 5,043,589 (18,009,999) 2,497,933
Balance, March 31, 2020

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

Earth Alive Clean Technologies Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in Canadian dollars)

March 31,	March 31,
Note 2021	2020
OPERATING ACTIVITIES Net loss (181,906) Non-cash profit and loss items 15 9,102 Changesin non-cash working capital items 16 316,178	(185,036) 77,401 188,061
Cash flows used in operating activities 143,374	80,426
FINANCING ACTIVITIES Change in short term investment Net proceeds from issuance of shares and warrants (note 12a) 12 4,945,994	(1,202,031) -
Cash flows provided by financing activities 4,945,994	(1,202,031)
Net increase (decrease) in cash 5,089,368 Cash, beginning of year 565,039	(1,121,605) 2,302,106
Cash, end of period 5,654,407	1,180,501

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

Earth Alive Clean Technologies Inc. NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Expressed in Canadian dollars, except for number of securities) For the periods ended March 31, 2021 and 2020

1. STATUTES, NATURE OF ACTIVITIES

Earth Alive Clean Technologies Inc. and its subsidiary (“Company”) (“EACT”) are focused on formulating and manufacturing niche products destined for a variety of industries, using the latest innovations in microbial technology, which, once blended with a host of other proprietary natural ingredients, allow the Company to formulate and patent innovative environmentally sustainable products that can deal with difficult industrial challenges without the use of environmentally harmful chemicals and additives.

The Company was incorporated under the Canada Business Corporations Act on February 2, 2011. Its shares are listed on the TSX Venture Exchange (“TSXV”) under the symbol EAC since December 10, 2019 and were previously listed on the Canadian Stock Exchange (“CSE”) since April 16, 2014. The head office of the Company is located at 9641 Clément, Montreal, Québec (Canada).

The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and workforce participation and created significant volatility and disruption of financial markets. The extent of the impact of the COVID-19 pandemic on the Company operational and financial performance, including the Company ability to execute its business plan in the expected time frame, will depend on future developments, including the duration and severity of the pandemic and related restrictions, all of which are uncertain and cannot be predicted. Following these events, the Company has taken and will continue to take action to minimize the impact. However, it is impossible to determine the financial implications of these events for the moment.

2. SIGNIFICANT ACCOUNTING POLICIES

a) Statement of compliance

The Company prepares its consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The consolidated financial statements provide comparative information in respect of the previous year.

The condensed consolidated interim financial statements for the period ended March 31, 2021 were authorized for issue in accordance with a resolution of the Board of Directors on May 26, 2021.

b) Basis of preparation

The consolidated financial statements have been prepared on the historical cost basis except for financial instruments that are measured at revalued amounts or fair values at the end of each year as explained in the accounting policies below.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2, leasing transactions that are within the scope of lAS 17, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in lAS 2 or value in use in lAS 36.

c) Basis of Consolidation

The consolidated financial statements include the accounts of the Company and it subsidiary Earth Alive Chile SpA (“SpA”). This 100% owned subsidiary is an entity over which the Company has control. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The subsidiary is fully consolidated from the date on which control is transferred to the Company and is de-consolidated from the date the control ceases. All intercompany transactions, balances, income and expenses, and profits and losses are eliminated on consolidation.

2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

d) Revenue recognition

Revenue is recognized when the Company has satisfied its performance obligation as set out in the contract with the customer, the contract has commercial substance, and it is probable that the Company will collect the consideration it is entitled to on performance of its obligations in the contract. These criteria are met when transfer of control of goods has occurred, which is generally on shipment or delivery of goods to the customer, where they have legal title to and possession of the goods and are therefore able to use and obtain substantially all of the benefits of the goods.

Revenue is measured as the transaction price that is allocated to the performance obligation as stipulated in the contract with the customer. Historical experience is used to estimate and provide for discounts and returns.

Costs to fulfill or obtain contracts are not directly attributable to specific contracts or are not recoverable and are expensed as incurred.

e) Government Grants

Government grants are recognized when it is reasonably certain that the conditions required for obtaining such government assistance are met and will continue to be met.

On March 27, 2020, the Canadian government announced the Canada Emergency Wage Subsidy (CEWS) program, in effect from March 15 to August 29, 2020 and extended thereafter, enabling Canadian businesses to meet the challenges of the pandemic. Certain eligibility criteria must be met in order to be eligible for the CEWS. The Company recognizes the amounts of the subsidy when collection is reasonably certain.

During the year 2020, the Company recorded a wage subsidy of $163,515 as reduction of expenses (2019 nil). The forgivable portion of a Canada Emergency Business Account loan, amounting to $20,000 out of total loan amount of $60,000, was also recorded as a reduction of expenses. This portion of the loan is forgivable if the loan is paid in full before December 2022.

f) Cash and cash equivalents

Cash is comprised of cash on hand. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash that can be withdrawn at any time without penalty, and which are subject to an insignificant risk of change in value.

g) Inventory

Inventory is measured at the lower of cost and net realizable value. The cost of inventories includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present condition. Inventory is comprised of raw materials and finished goods. Due to the nature of the Company’s business, it does not have any work in process, as the transformation of raw materials to finished goods is almost instantaneous. The cost of inventory is determined using the weighted average method. Net realizable value is calculated as the difference between the estimated selling price and estimated costs to complete processing into a saleable form.

h) Property and equipment

Property and equipment are initially measured at cost. Cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. The carrying amount of a replaced asset is derecognized when replaced. Repairs and maintenance costs are charged to earnings or loss during the period in which they are incurred.

Subsequent to initial recognition, property and equipment are stated at cost less accumulated amortization and accumulated impairment losses.

Property and equipment are amortized on a straight-line basis over the period of their expected useful lives as follows:

Tools and machinery 5 to 10 years

The Company allocates the amount initially recognized in respect of an item of property and equipment to its significant parts and amortizes each such part separately. Residual values, method of amortization and useful lives of the assets are reviewed annually and adjusted if appropriate.

Gains and losses on disposals of property and equipment are determined by comparing the proceeds with the carrying amount of the asset and are included as part of other gains and losses in the statement of operations and comprehensive loss.

2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

i) Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses.

Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite.

Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of operations and comprehensive income (loss) as the expense category that is consistent with the function of the intangible assets.

Patents

Patents with a finite service life are accounted for at cost less accumulated amortization and impairments, over 10 years on a straight-line basis from the date of issuance.

j) Research and development costs

Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Company can demonstrate:

The technical feasibility of completing the intangible asset so that the asset will be available for use or sale
Its intention to complete and its ability to use or sell the asset
How the asset will generate future economic benefits
The availability of resources to complete the asset
The ability to measure reliably the expenditure during development
The ability to use the intangible asset generated

Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in Research and

Development expenses. During the period of development, the asset is tested for impairment annually. No assets were capitalized since 2017.

2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

k) Share-based compensation

Employees (including senior executives) of the Company receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions).

Equity-settled transactions

The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using the BlackScholes pricing model. That cost is recognized, together with a corresponding increase in contributed surplus in equity, over the period in which the performance and/or service conditions are fulfilled in share-based compensation within each of the categories in operating expense. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest. The statement of operations and comprehensive income (loss) expense or credit for a period represents the movement in cumulative expense recognized as at the beginning and end of that period and is recognized in share-based compensation within each of the categories in operating expenses.

No expense is recognized for awards that do not ultimately vest, except for an equity-settled transaction for which vesting is conditional upon a market or non-vesting condition. These are treated as vesting irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.

When the terms of an equity-settled award are modified, the minimum expense recognized is the expense had the terms had not been modified, if the original terms of the award are met, an additional expense is recognized for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee as measured at the date of modification.

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share.

2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

l) Financial instruments

Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial assets and financial liabilities are offset, and the net amount reported in the consolidated balance sheets when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the financial asset and settle the financial liability simultaneously.

At initial recognition, the Company classifies its financial instruments in the following categories depending on the purpose for which the instruments were acquired:

Amortized cost - If the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (held to collect).
Fair value through other comprehensive income (FVOCI) - If the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Fair value through profit or loss (FVPL) - A financial asset is measured at fair value through profit or loss unless it is measured at amortized cost or through other comprehensive income.

The Company’s financial assets measured at amortized cost include cash and trade and other receivables. The Company does not have any financial assets measured at FVOCI or FVPL. The Company’s financial liabilities, trade and other payables and convertible debentures are measured at amortized cost. Financial assets and liabilities included in this category are initially recognized at fair value (net of transaction costs, if applicable) and are subsequently measured at amortized cost using the effective interest rate method less allowances for losses.

A financial asset is derecognized when its contractual right to the cash flows that compose the financial asset expire or substantially all the risks and rewards of the asset are transferred. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired. Gains and losses on derecognition are recognized in net income (loss). If a financial instrument is modified and does not result in derecognition, the gross carrying value of the financial instrument is revised and the modification gain, or loss is recognized in the statements of operations and comprehensive loss.

Within accounts receivable, the Company has applied a practical expedient and used a simplified provision matrix to estimate the Estimated credit loss (ECL) for trade receivables which do not contain a significant financing component. The Company assesses the lifetime ECL applicable to its receivables at initial recognition and re-assesses the provision at each reporting date. Lifetime ECLs are a probability-weighted estimate of all possible default events over the expected life of a financial asset. In making an assessment as to whether the Company’s financial assets are credit-impaired, the Company considers bad debts incurred historically, evidence of a debtor’s present financial condition and whether a debtor has breached certain contracts, the probability that a debtor will enter bankruptcy or other financial reorganization, changes in economic conditions that correlate to increased levels of default, and the term to maturity of the specified receivable. The carrying amounts of receivables are reduced by the amount of the ECL through an allowance account and losses are recognized within SG&A expense in the statements of operations and comprehensive loss.

m) Income taxes

Current income tax is recognized in earnings or loss except to the extent that it relates to items recognized directly in equity, in which case the income tax is also recognized directly in equity. Current tax is the expected tax payable on the taxable income for the period, using the tax rates enacted, or substantively enacted, at the end of the reporting period, and any adjustment to tax payable in respect of previous years.

Deferred income tax is recognized in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined on a non-discounted basis using tax rates and laws that have been enacted or substantively enacted at the statement of financial position date and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are recognized to the extent that it is probable that the assets can be recovered.

2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

n) Financial income and expenses

Financial income, consisting of interest income, net foreign exchange gains and gain on disposal of property and equipment is recognized as it accrues in the statement of operations and comprehensive loss. Financial expense comprises interest and accretion expense on convertible debentures, bank charges, foreign exchange loss and other interest expense.

o) Share capital and warrants

Common shares are classified as equity. Common shares granted as compensation for goods and services are classified as equity. Incremental costs directly attributable to the issue of new shares or warrants are shown in equity as a deduction, net of tax, from the proceeds.

Proceeds from the issuance of warrants, net of issue costs, are credited to contributed surplus. Warrants reserve is nondistributable and will be transferred to capital stock account upon the exercise of warrant.

p) Functional and presentation currency

The functional currency of SpA is the Chilean Peso. The financial statements are presented in Canadian dollars.

Transactions and balances: Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Generally, foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in currencies other than an operation’s functional currency are recognized in the statement of operations and other comprehensive loss.

q) Loss per share

Basic and diluted loss per share is calculated by dividing the net loss for the period attributable to equity owners of the Company by the weighted average number of common shares outstanding during the period.

The computation of diluted loss per share assumes the conversion, exercise, or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on loss per share. The dilutive effect of convertible securities is reflected in diluted loss per share by application of the “if converted” method. The dilutive effect of outstanding stock options and warrants and their equivalents is reflected in diluted loss per share by application of the treasury stock method.

3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Significant estimates and judgments used in applying accounting policies that have most significant effect on the amounts recognized in the consolidated financial statements are as follows:

a) Valuation of warrants – Note 12

4. CHANGES IN ACCOUNTING POLICY AND DISCLOSURES

NEW ADOPTED IFRS PRONOUNCEMENTS

The following amendments to standards have been issued and are applicable to the Company for its annual periods beginning on January 1, 2020 and thereafter, with an earlier application permitted:

IFRS 3, Business Combinations (''IFRS 3'')

Amendments to IFRS 3, Business Combinations, clarify the definition of a business. The amendments help entities determine whether an acquisition made is of a business or a group of assets. The amended definition emphasizes that the output of a business is to provide goods and services to customers, whereas the previous definition focused on returns in the form of dividends, lower costs or other economic benefits to investors and others. The amendments also introduce an optional "concentration test" that can lead to a conclusion that the acquisition is not a business combination.

IFRS 3 is applicable for annual periods beginning on or after January 1, 2020. This change had no material impact on the Company’s consolidated financial statements.

IAS 1, Presentation of Financial Statements (''IAS 1''), and IAS 8, Accounting Policies, Changes in accounting Estimates and Errors (''IAS 8'')

Definition of Material (Amendments to IAS 1, Presentation of Financial Statements, and to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors) is intended to make the definition of material in IAS 1 easier to understand and is not intended to alter the underlying concept of materiality in IFRS Standards. The concept of “obscuring” material information with immaterial information has been included as part of the new definition. The threshold for materiality influencing users has been changed from “could influence” to “could reasonably be expected to influence”. The definition of material in IAS 8 has been replaced by a reference to the definition of material in IAS 1.

IAS 1 and IAS 8 are applicable for annual periods beginning on or after January 1, 2020. This change has no material impact on the Company’s consolidated financial statements.

Amendments to the Conceptual framework for financial reporting: In March 2018, the IASB issued a comprehensive set of concepts for financial reporting: the revised Conceptual Framework for Financial Reporting, which replaces its previous version. It assists compagnies in developing accounting policies when no IFRS standard applies to a particular transaction and it helps stakeholders more broadly to better understand the standards. The amendments are effective for annual period beginning on or after January 1, 2020, the date at which the Company adopted this new framework, and this change had no material impact on the Company consolidated financial statements.

5. CASH

CASH
	March 31, 2021	December 31, 2020
Cash denominated in CA$	378,406	89,421
Short term deposits (interest bearing, no maturity)	4,652,916	417,266
Cash denominated in US$	620,554	55,821
Cash denominated in Chilean pesos	2,531	2,531
Cash on the consolidated statements of cash flows	5,654,407	565,039

6. TRADE AND OTHER RECEIVABLES

	March 31, 2021	December 31, 2020
Trade	697,522	644,070
Loss allowance	(3,393)	(3,393)
Other receivables from executives	4,864	4,864
Sales taxes receivable	25,375	189,989
Trade and other receivables	724,368	835,530

All amounts are due in the short term. The net carrying amounts are a reasonable approximation of their fair value. The net carrying amount of the Company’s past due trade receivables is $120,330 ($199,080 on December 31, 2020) at the reporting date.

The amount of $653,937 ($644,070 on December 31, 2020) is the maximum credit risk in trade accounts receivable. The Company does not hold any collateral or other form of security with respect to these receivables. Trade receivables are normally recovered in 60 days (60 days in 2020). As at March 31, 2021, approximately 59,6% of the net carrying amount of trade receivables is owed by one customer (December 31, 2020 – one customer – 63.3%). Apart from this customer, credit concentration risk is limited.

7. INVENTORY

Total carrying amount of inventories by classification:

Total carrying amount of inventories by classification:
	March 31, 2021	December 31, 2020
Agriculture products
Raw materials	96,693	98,436
Finished goods	51,023	66,886
	147,716	165,322
Infrastructure & Maintenance
Raw materials	18,593	18,593
Finished goods	23,868	93,611
	42,461	112,204
Total	190,177	277,526

8. PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

	Tools and
Deemed Cost	Machinery
As at January 1, 2020	225 893
Additions As at December 31, 2020	- 225 893
Accumulated Depreciation
As at January 1, 2020	48 006
Depreciation for theyear	21 791
As at December 31,2020	69 797
Depreciation for theperiod	5 448
As at March 31, 2021	75 245
Net Book Value As at December 31, 2020	156 096
As at March 31, 2021	150 648

9. INTANGIBLE ASSETS

Intangible assets consist of the following:

Deemed Cost	Patents
As at January 1, 2020	184 560
Additions	-
As at December 31, 2020	184 560
Accumulated Depreciation
As at January 1, 2020	159 927
Depreciation for theyear	13 127
As at December 31,2020	173 054
Depreciation for theperiod	3 653
As at March 31, 2021	176 707
Net Book Value
As at December 31, 2020	11 506
As at March 31, 2021	7 853

9- INTANGIBLE ASSETS (Cont’d)

Intangible assets are allocated to CGUs by business segment. The carrying amounts of other intangible assets are allocated to the following CGUs. All intangible assets have a finite useful life.

March 31, 2021	Patents
Agriculture Segment	7,173
Other	680
Total	7,853
December 31, 2020
Agriculture Segment	8,786
Other	2,720
Total	11,506

In 2021 and 2020, the Company compared the assessment for each patent to expected sales. Based on recent past, they were considered sufficient to recover the remaining cost. As a result, no additional impairment was needed for 2021 and 2020.

Amortization

Amortization of intangible assets is included in the consolidated statement of operations and comprehensive loss as follows:

	March 31, 2021	March 31, 2020
Sales and marketing	-	-
Research and development	3,653	3,282
Total	3,653	3,282

10- TRADE AND OTHER PAYABLES

	March 31, 2021	December 31, 2020
Trade payables	363,894	262,511
Accrued liabilities	88,381	63,081
Amountspayable to executives	2,317	2,317
Trade and otherpayables	454,592	327,909

11- LOAN

In December 2020, the Company contracted a $60,000 interest-free loan from the Canada Emergency Business Account Program. By repaying the loan before December 31, 2022, the Company will benefit from a 33.33% write-off or $20,000, which has been recorded as a government grant in the consolidated statement of operations and comprehensive loss. If the loan is not repaid by December 31, 2022, it will be converted into a three-year term loan at an annual interest rate of 5%, with the entire loan to be repaid. The Company intends to reimburse the $40,000 in December 2022.

12- SHARE CAPITAL

a) Common shares:

Authorized

The share capital of the Company consists only of an unlimited number of voting and participating common shares.

Issued

Changes in the Company’s common share capital were as follows:

		March 31, 2021	December 31, 2020	December 31, 2020
	Number	Amount	Number	Amount
Balance at the beginning of the year	195,945,713	15,531,973	195,944,713	15,531,723
Shares issued pursuant to Warrants exercised	-	-	1,000	250
Shares issued pursuant to a private placement (net of
share issue costs of $54,006	43,478,261	4,945,994	-	-
Shares issued as finder’s fees	2,065,217	237,500	-	-
Balance at the end of theperiod	241,489,191	20,715,467	195,945,713	15,531,973

In February, 2021, the Corporation completed a private placement and issued 43,478,261 units at a price of $0.115 each, for gross proceeds of $5,000,000. Each unit consisted of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one common share of the Corporation at the price of $0.25, for a period of 36 months following the closing of the private placement. The fair value of the common shares of $1,337,298 was determined by subtracting both the share issue costs of $54,006 and the value of the 43,478,261 common share purchase warrants of $3,608,696 included in the unit as determined in (b) below.

b) Share purchase warrants

The fair value of share purchase warrants issued was estimated using a Black-Scholes pricing model assuming no dividend yield, volatility rates and risk-free rates. Presented below is the summary of warrant activity:

							Risk-
		Number of		Exercise	Value		free
Date	Transactions	warrants	Term	price	in dollars	Volatility	rate
Balance January1,2020		56,836,938		$0.25
July 17, 2020	exercised	1,000		$0.25
November 16, 2020	expired	2,272,727		$0.35
Balance December 31, 2020		54,563,211
February 25, 2021	Issued (note 12 (a))	43,478,261		$0.25	3,608,696	116%	0.25%
February 25, 2021	Issued (note 12 (a))	2,065,217		$0.25	171,413	116%	0.25%
Balance March 31, 2021		100,106,689

Warrants outstanding as at March 31, 2021 are as follows:

Number of warrants	Exercise price	Expiry date
10,017,757	$0.25	October 11, 2022
4,545,454	$0.25	February 22, 2022
40,000,000	$0.25	October 28, 2021
45,543,478	$0.25	February 25, 2023
100,106,689

12. SHARE CAPITAL (Cont’d)

c) Agent Options

The fair value of Agent Options issued was estimated using a Black-Scholes pricing model assuming no dividend yield, volatility rates and risk-free rates.

Presented below is the summary of Agent’s Options activity:

		Number of Agent		Exercise	Value in		Risk-free
Date	Transactions	Options	Term	price	dollars	Volatility	rate
Outstanding December 31, 2020		800,000	10 months	$0.25	$32,000
No transaction	No transaction
Outstanding March 31, 2021		800,000	7 months	$0.25	$32,000

d) Stock Options

The Company has an incentive stock option plan (the “Plan”) that was approved by the shareholders on April 10, 2014. The Plan provides that the Board of Directors of the Company, from time to time, in its discretion, and in accordance with TSXV requirements, grant to directors, officers, employees, and consultants of the Company, non-transferable options to purchase Common shares, provided that the number of Common shares reserved for issuance will not exceed 10% of the issued and outstanding Common shares of the Company at the time of grant.

The term of such options will be fixed by the Board of Directors of the Company, subject to the limitations that they will be exercisable for a period of up to ten (10) years from the date of grant. In connection with the foregoing, the number of Common shares reserved for issuance to any individual who is not a consultant will not exceed 5% in any 12-month period. The number of Common shares reserved for issuance to a consultant will not exceed 2% in any 12-month period.

			Weighted	Remaining
			Average	Contractual			Risk-
		Number of	Exercise	term in	Fair Value		free	Vesting
Date	Transaction	options	Price	years	in dollars	Volatility	rate	Term
Exercisable January 01, 2020		6,986,000	$0.329	2.89
June 8, 2020	Grant	2,000,000	$0.110	4.4	$196,000	128%	0.25%	2 years
July 6, 2020	Grant	1,861,000	$0.140	4.5	$191,683	135%	0.25%	2 years
	Forfeited	(742,000)	$0.340
	Expired	(1,100,000)	$0.230
		2 019 000
Outstanding December 31, 2020		9,205 000	$0.258	3.19
Exercisable December 31, 2020		7,307,667	$0.280	2.86
Outstanding March 31, 2021		9,205,000	$0.258	2.94
Exercisable March 31, 2021		7,307,667	$0.280	2.61

12 SHARE CAPITAL (Cont’d)

(1) The weighted average market price at time of exercise of stock options for 2020 was $0.258 (2019 - $0.184) per share.

Number of options outstanding	Number of options exercisable	Exercise price	Expiry date
3,000,000	3,000,000	$0.35	December 19, 2022
2,144,000	2,144,000	$0.35	September 20, 2023
300,000	300,000	$0.35	October 11, 2023
2,000,000	1,000,000	$0.11	June 8, 2025
1,761,000	863,667	$0.14	July 6, 2025
9,205,000	7,307,667

13- INFORMATION INCLUDED IN THE STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS Expenses by nature

	Three months ended	March 31,
Cost ofgoods sold	2021	2020
Salaries and benefits	17,383	19,982
Amortization	5,448	5,448
Materials	589,461	816,865
Transport	10,607	12,405
Total	622,899	854,700

	Three months ended	March 31,
Operating expenses	2021	2020
Advertising and promotion	14,490	32,604
Consulting fees	22,685	79,885
Amortization	3,653	3,282
Office and general	48,357	52,932
Professional fees	64,148	124,709
Research and development	36,743	30,246
Salaries and benefits	286,436	200,977
Stock trading costs	14,137	16,032
Telecommunications	6,407	9,747
Travel and living costs	2,889	70,796
Total	499,945	621,210

13 INFORMATION INCLUDED IN THE STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS (Cont’d) Expenses by nature

	Three month ended	March 31,
	2021	2020
Financial income
Other interest income	(635)	(2,031)
Total	(635)	(2,031)

	Three months ended	March 31,
	2021	2020
Financial expenses
Bank charges	1,228	1,596
Foreign exchange loss	1,608	(36,617)
Total	2,836	(35,021)

14- LOSS PER SHARE

Loss per share is calculated by dividing the net loss by the weighted average number of outstanding Common shares in issue during the year.

Diluted loss per share is calculated by adjusting the weighted average number of Common shares outstanding to assume conversion of all dilutive potential Common shares.

Three months	ended March 31,
2021	2020
Net loss (181,906) Weighted average number of shares outstanding 195,945,713 Diluted weighted average number of shares outstanding 195,945,713 Basic loss per share ($0.001) Fully diluted loss per share ($0.001)	(185,036) 195,944,713 195,944,713 ($0.001) ($0.001)

15- NON-CASH PROFIT OR LOSS ITEMS

Noncash profit or loss items are as follows:

		Three months ended March 31,	Three months ended March 31,
	*Note*	2021	2020
Depreciation and Amortization expense	8 & 9	9,102	8,730
Deferred revenue		-	68,671
		9,102	77,401

16- CHANGES IN NON-CASH WORKING CAPITAL ITEMS

Changes in non-cash working capital items include:

Changes in non-cash working capital items include:
Three months	ended March 31,
2021	2020
Trade and other accounts receivables 111,162 Inventory 87,349 Prepaid (9,016) Trade and other payables 126,683	(184,908) 17,245 9,194 346,530
Total 316,178	188,061

17- FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

a) Fair value of financial instruments Financial instruments of the Company consist of cash, Trade and other receivables, trade and other payables, Convertible debenture and loan. The Company has determined that the carrying value of its short-term financial assets and liabilities and the convertible debentures approximates their respective fair value due to the short-term maturity of these financial instruments (classified as Level 2).

b) Financial risk factors

The Company is exposed in varying degrees to a number of risks arising from its financial instruments. Management's close involvement in the operations allows for the identification of risks and variances from expectations. The principal financial risks to which the Company is exposed are described below.

(i) Liquidity risk – Liquidity risk is the risk that the Company will encounter difficulties in meeting its financial liability obligations as they become due. Since inception, the Company has financed its cash requirements primarily through issuances of securities and short-term borrowings. The Company controls liquidity risk through management of working capital, cash flows and the availability and sourcing of financing. The Company’s ability to accomplish all its future strategic plans is dependent upon obtaining additional financing or executing other strategic options, however, there is no assurance that the Company will achieve these objectives.

	Book Value	2021	2022	2023
Trade and other payables	454,592	454,592	-	-
Loan	40,000	-	40,000	-
	494,592		327,909	-

(ii) Interest rate risk – Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk resulting from fluctuations in interest rates on cash equivalents that earn interest at market rates, as well as on the loans that fluctuates according to interest rates. Unfavorable changes in the applicable interest rates may result in an increase in interest expense.

The Company does not use derivative instruments to reduce its exposure to interest rate risk. The Company manages its interest rate risk by maximizing the interest income earned on excess funds while maintaining the necessary liquidity to conduct its day-to-day operations. Based on the net exposures as at March 31, 2021 and assuming that all other variables remain constant, a 1% appreciation or deterioration of the interest rate would result in no significant decrease/increase in the Company’s net loss and comprehensive lost for the year then ended.

18- FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Cont’d)

b) Financial risk factors (Cont’d)

(iii) Credit risk – Credit risk is the risk of a financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligation. Financial instruments that potentially expose the Company to significant concentrations of credit risk consist principally of cash and accounts receivable. The Company’s investment policies are designed to mitigate the possibility of deterioration of principal, enhance the Company’s ability to meet its liquidity needs, and to provide high returns within those parameters. The Company manages its risk on accounts receivable by requesting deposits or advance payments prior to shipping most significant orders.

Total Current 31 to 60 61 to 90	91+
Trade 697,522 579,593 113,840 113 Provision for bad debt (3,393) (1,893) (1,234) (3)	3,976 (263)
694,129 577,700 112,606 110	3,713

(iv) Currency risk – Currency risk refers to the risk that the value of a financial commitment, recognized asset or liability will fluctuate due to changes in foreign currency rates. The Company’s functional currency is the Canadian dollar, but it is exposed to foreign currency risk primarily arising from U.S. dollar denominated cash, accounts receivable and accounts payable. The U.S. dollar is the only foreign currency to which the Company has significant exposure with net monetary assets denominated in US dollars amounting to $223,708. The Company does not use derivative instruments to reduce its exposure to foreign currency risk.

At March 31, 2021, the impact on the after-tax loss of a 10% weakening/strengthening of the Canadian dollar, all other variables remaining constant, on the revaluation of the Company’s monetary assets and liabilities would result in no significant decrease/increase in the Company’s monetary assets and liabilities.

19- RELATED PARTY TRANSACTIONS

Related parties of the Company include its subsidiaries as well as the Company’s key management personnel, as well as entities directly or indirectly controlled by key management personnel or entities where key management personnel are directors or officers.

Compensation of Key Management Personnel – The Company considers its directors and executives to be key management personnel. Key management personnel compensation for the year ended December 31, 2020, consisting of share-based compensation, consulting fees, salaries and benefits, interest earned from convertible debentures and sales commissions and are as follows:

	Three months ended March 31,	Three months ended March 31,
	2021	2020
Salaries and benefits	123,577	52,946
Consulting fees (1)	21,000	58,800
Total	144,577	111,746

(1) Consulting fees for an officer of the Company were paid to a separate management company controlled by an officer and an entity related to an officer.

20- SEGMENTED INFORMATION

The Company is divided into two operating segments, Agriculture and Infrastructure & Maintenance. The Company is using the latest innovations in microbial technology, which, once blended with a host of other proprietary natural ingredients, allow the Company to formulate and patent innovative environmentally sustainable products for a variety of industries. Segment reporting follows the same accounting policies as those used to prepare the consolidated financial statements.

For management purposes, the Company is organized into two business units or operating segments as follows:

The Agriculture segment, which provides environmentally friendly products for retail and industrial use such as fertilizers and soil amendments.
The Infrastructure & Maintenance segment, which provides a biodegradable microbial product that abates dust.

No operating segments have been aggregated to form the above reportable operating segments.

The chief operating decision-maker is identified as the Chief Executive Officer, who assesses the performance and operating results of its segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based at the revenue and gross margin level as well as operating costs directly attributable to the segments and is measured consistently with revenue and gross margins in the consolidated financial statements.

Product and services revenues come from six geographical areas: Canada, the United States, Central and South America, Europe, Africa and China.

Profit or loss and statement of financial position items are generally among the two segments on the following quarterly basis:

Revenues and gross margins are allocated to the segment where revenues have been invoiced. There are no inter-segment revenues.

General and administrative expenses are incurred in Canada. Expenses related to share-based compensation for Directors, and stock trading costs are not allocated. Remaining costs that cannot be directly attributed to a segment, are allocated according to revenue for each segment.
Sales and Marketing expenses are incurred in Canada and USA. Expenses are generally allocated to the segments that benefit from the cost incurred in the reporting period.
Amortization expenses related to intangible assets have been allocated to each operating segment based on which segment has the benefit of the asset in question.
Research and development costs are allocated on the basis of revenue.
The Company’s financing (including finance costs and finance income) and income taxes are managed on a consolidated basis and are not allocated to operating segments.
The remaining trade and other receivables and inventory are allocated based on the products or services sold to the debtor and the type of materials or finished goods in inventory, respectively. Amounts receivable for refundable taxes have not been allocated. Remaining prepaid assets are not allocated as they benefit all segments.
Cash and deferred income taxes have not been allocated.
Intangible assets have been allocated to each operating segment based on which segment has the benefit of the asset in question.
Property and equipment have been allocated to each operating segment based on which segment has the benefit of the asset in question. Property and equipment which benefit both segments have not been allocated.
Trade and other payables have been allocated to each operating segment based on which segment has the benefit of the liability in question. Remaining liabilities which benefit both segments have not been allocated.

20- SEGMENTED INFORMATION (Cont’d)

	Infrastructure		Not
Period ended March 31, 2021	& Maintenance	Agriculture	Allocated	Total
Revenue	710,350	232,789	-	943,139
Cost of goods sold	501,935	120,964	-	622,899
Gross Margin	208,415	111,825	-	320,240
General & administration	58,683	69,627	70,580	198,890
Sales & Marketing	135,299	125,359	-	260,658
Research & development	22,592	17,805	-	40,397
Operating Expenses	216,574	212,791	70,580	499,945
Loss from Operations	(8,159)	(100,966)	(70,580)	(179,705)
Financial Income	-	-	635	635
Financial Expenses	-	-	(2,836)	(2,836)
Net Loss	(8,159)	(100,965)	(72,781)	(181,906)
Other Information
Depreciation & amortization	-	3,653	-	3,653

	Infrastructure		Not
Period ended March 31, 2020	& Maintenance	Agriculture	Allocated	Total
Revenue	935,458	318,364	-	1,253,822
Cost of goods sold	651,054	203,646	-	854,700
Gross Margin	284,404	114,718	-	399,122
General & administration	48,308	103,213	129,314	280,835
Sales & Marketing	87,848	218,999	-	306,847
Research & development	11,289	22,239	-	33,528
Operating Expenses	147,445	344,451	129,314	621,210
Loss from Operations	136,959	(229,733)	(129,314)	(222,088)
Financial Income	-	-	38,648	38,648
Financial Expenses	-	-	(1,596)	(1,596)
Net Loss	136,959	(229,733)	(92,262)	(185,036)
Other Information
Depreciation & amortization	-	3,282	-	19,569

20- SEGMENTED INFORMATION (Cont’d)

	Infrastructure		Not
	& Maintenance	Agriculture	Allocated	Total
Components of Consolidated Statement of Financial Position– March 31, 2021
Assets	677,023	393,700	5,680,299	6,751,022
Liabilities	328,288	88,676	77,628	494,592
Net Assets(Liabilities)	348,735	305,024	5,602,671	6,256,430

Components of Consolidated Statement of Financial Position– March 31, 2020
Assets	540,956	503,130	2,506,729	3,550,815
Liabilities	657,910	260,035	134,937	1,052,882
Net Assets(Liabilities)	(116,954)	243,095	2,371,792	2,497,933

Information about major customers

The following tables indicate revenues form customers who represent at least 10% of revenues in their respective segments:

Period ended March 31, 2021

Customer Rank	Infrastructure & Maintenance	Agriculture	Total
1	572,274	-	572,274
2	133,530	-	133,530
	705,804	-	705,804
Total per segment	710,350	232,789	943,139
	99.4%	0.0%	74.8%

Period ended March 31, 2020

Customer Rank	Infrastructure & Maintenance	Agriculture	Total
1	848,019	-	848,019
Total per segment	935,458	318,364	1,253,822
	90.7%	0.0%	67.6%

20- SEGMENTED INFORMATION (Cont’d)

Information about revenues

	Period ended March 31, 2021 Canada USA Central and South America Africa Europe Asia Total
	Agriculture 117,926 62,939 23,501 - 28,423 - 232,789 Infrastructure & Maintenance 4,546 - 572,274 133,530 - - 710,350
	Total Revenue 122,472 62,939 595,775 133,530 28,423 - 943,139
	Revenue by Country exceeding 10% of total revenue Mexico 572,274 Africa 133,530
	Period ended March 31, 2020 Canada USA Central and South America Africa Europe Asia Total
	Agriculture 181,626 48,335 75,028 - 13,375 - 318,364 Infrastructure & Maintenance 12,539 - 922,919 - - - 935,458
	Total Revenue 194,165 48,335 997,947 - 13,375 - 1,253,822
	Revenue by Country exceeding 10% of total revenue

Mexico 848,019

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Earth Alive Clean Technologies Inc. — Interim / Quarterly Report 2021

47204_rns_2021-05-26_2513c731-a669-4f6a-95a8-9ff70828e0ad.pdf

EARTH ALIVE CLEAN TECHNOLOGIES INC. MANAGEMENT’S COMMENTS ON UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIODS ENDED MARCH 31, 2021 AND 2020

NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31, 2021 AND 2020

Earth Alive Clean Technologies Inc. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

Earth Alive Clean Technologies Inc. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Periods ended March 31, 2021 and 2020

Earth Alive Clean Technologies Inc. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Expressed in Canadian dollars, except for number of shares)

Earth Alive Clean Technologies Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS

1. STATUTES, NATURE OF ACTIVITIES

2. SIGNIFICANT ACCOUNTING POLICIES

a) Statement of compliance

b) Basis of preparation

c) Basis of Consolidation

2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

d) Revenue recognition

e) Government Grants

f) Cash and cash equivalents

g) Inventory

h) Property and equipment

2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

i) Intangible assets

Patents

j) Research and development costs

2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

k) Share-based compensation

Equity-settled transactions

2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

l) Financial instruments

2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

4. CHANGES IN ACCOUNTING POLICY AND DISCLOSURES

NEW ADOPTED IFRS PRONOUNCEMENTS

IFRS 3, Business Combinations (''IFRS 3'')

IAS 1, Presentation of Financial Statements (''IAS 1''), and IAS 8, Accounting Policies, Changes in accounting Estimates and Errors (''IAS 8'')

5. CASH

6. TRADE AND OTHER RECEIVABLES

7. INVENTORY

8. PROPERTY AND EQUIPMENT

9. INTANGIBLE ASSETS

9- INTANGIBLE ASSETS (Cont’d)

Amortization

10- TRADE AND OTHER PAYABLES

11- LOAN

12- SHARE CAPITAL

a) Common shares:

Authorized

Issued

b) Share purchase warrants

12. SHARE CAPITAL (Cont’d)

c) Agent Options

d) Stock Options

12 SHARE CAPITAL (Cont’d)

13- INFORMATION INCLUDED IN THE STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS Expenses by nature

13 INFORMATION INCLUDED IN THE STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS (Cont’d) Expenses by nature

14- LOSS PER SHARE

15- NON-CASH PROFIT OR LOSS ITEMS

16- CHANGES IN NON-CASH WORKING CAPITAL ITEMS

17- FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

b) Financial risk factors

18- FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Cont’d)

b) Financial risk factors (Cont’d)

19- RELATED PARTY TRANSACTIONS

20- SEGMENTED INFORMATION

20- SEGMENTED INFORMATION (Cont’d)

20- SEGMENTED INFORMATION (Cont’d)

Information about major customers

Period ended March 31, 2021

Period ended March 31, 2020

20- SEGMENTED INFORMATION (Cont’d)

Information about revenues

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Earth Alive Clean Technologies Inc. Interim / Quarterly Report 2021