Lightspeed Discoveries Inc. — Management Reports 2021

May 1, 2021

LIGHTSPEED DISCOVERIES INC.

Management’s Discussion and Analysis

Year Ended

December 31, 2020

(Expressed in Canadian Dollars)

Report Date – April 30, 2021

LIGHTSPEED DISCOVERIES INC. Management’s Discussion and Analysis Year Ended December 31, 2020

The following Management’s Discussion & Analysis (“MD&A”) is intended to assist in the understanding of the trends and significant changes in the financial condition and results of operations of Lightspeed Discoveries Inc. (“Lightspeed” or the “Company”) for the year ended December 31, 2020. It should be read in conjunction with audited annual financial statement for the year ended December 31, 2020 and the notes thereto (the “Financial Statements”).

The following information includes financial information derived from the Financial Statements of the Company, which have been prepared in accordance with International Financial Reporting Standards (IFRS). All financial results are reported in Canadian dollars.

The Company’s head office is located at 10[th] Floor – 595 Howe Street, Vancouver, BC V6C 2T5. Additional information relating to the Company can also be found on the SEDAR website at www.sedar.com.

Description of Business

The Company was incorporated under the laws of the province of British Columbia. The Company is currently inactive and is investigating new business opportunities. The common shares of the Company are trading on the TSX Venture Exchange – NEX Board. The trading symbol for the Company is LSD.H.

Discussion of Operating Results

Expenses for the year ended December 31, 2020 increased by $49,206 versus the year ended December 31, 2019 due to increased consulting fees of $52,275 and rent expense of $22,500 which was offset by a decrease in management fees of $30,000.

Selected Annual Financial Information

The following table sets forth selected audited financial information of the Company from the last three completed financial years ended December 31:

completed financial years ended December 31:
	2020	2019	2018
	$	$	$
Net loss for the year	(128,326)	(79,120)	(61,834)
Net loss per share, basic and diluted	(0.01)	(0.01)	(0.02)
Total assets	14,102	182,673	124,492
Workingcapital surplus(deficit)	(80,407)	47,919	(319,353)

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LIGHTSPEED DISCOVERIES INC. Management’s Discussion and Analysis Year Ended December 31, 2020

Summary of Quarterly Results

The following is a summary of the Company’s financial results for the eight most recently completed quarters:

December 30,2020$September 30,2020$June 30,2020$March 31,2020$	December 30,2020$September 30,2020$June 30,2020$March 31,2020$
	, p , , ,
	2020$2020$2020$2020$
RevNetNet	enue----income (loss)41,338(75,987)(40,747)(52,930)income(loss) per share0.00(0.01)(0.00)(0.01)
December 30,2019$September 30,2019$June 30,2019$March 31,2019$
	December 30,2019September 30,2019June 30,2019March 31,2019
Revenue----Net income (loss)(17,675)(30,011)(19,218)(12,216)Net income(loss) per share0.00(0.01)0.000.00

Liquidity and Capital Resources

As at December 31, 2020, the Company had cash of $2,225 and total assets of $14,102 compared to cash of $180,689 and total assets of $182,673 at December 31, 2019. The decrease in cash was due to operating activity incurred during the year, as the Company did not receive any cash funding from operating, investing, or financing activities. The decrease in total assets was due to the use of cash for operating activities, including payment of outstanding accounts payable and accrued liabilities during the year.

The Company has no operating revenues and finances its operations principally through the issuance of common shares. As at December 31, 2020, the Company had working capital deficit of $80,407 compared to a working capital surplus of $47,919 as at December 31, 2019.

During the year ended December 31, 2020, the Company did not have any share capital transactions. Conversely, during the year ended December 31, 2019, the Company issued 4,000,000 common shares for proceeds of $240,000, and 3,201,000 common shares to settle debt with a fair value of $192,060.

The Company may continue to have capital requirements in excess of its currently available resources. In the event the Company’s plans change, its assumptions change or prove inaccurate, or its capital resources in addition to any projected cash flow, if any, prove to be insufficient to fund operations, the Company may be required to seek additional financing. There can be no assurance that the Company will have sufficient financing to meet its future capital requirements or that additional financing will be available on terms acceptable to the Company in the future.

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LIGHTSPEED DISCOVERIES INC. Management’s Discussion and Analysis Year Ended December 31, 2020

Financial Instruments

The Company's financial instruments consist of cash, amounts receivable, accounts payable and accrued liabilities, and loans payable. The fair values of these financial instruments approximate their carrying values. It is management's opinion that the Company is not exposed to significant interest, currency, or credit risks arising from these financial instruments.

Risks and Uncertainties

The Company is engaged in the exploration and development of mineral properties. These activities involve a high degree of risk which, even with a combination of experience, knowledge and careful evaluation, may not be overcome. Consequently, no assurance can be given that commercial quantities of minerals will be successfully found or produced.

The Company has no history of profitable operations and its present business is at an early stage. As such, the Company is subject to many common risks to new and developing enterprises, including under-capitalization, cash shortages and limitations with respect to personnel, financial and other resources and the lack of revenues. There is no assurance that the Company will be successful in achieving a positive return on shareholders’ investment.

The Company has no source of operating cash flow and no assurance that additional funding will be available to it for further exploration and development of its projects when required. Although the Company has been successful in the past in obtaining financing through the sale of equity securities, there can be no assurance that the Company will be able to obtain adequate financing in the future or that the terms of such financing will be favourable. Failure to obtain such additional financing could result in the delay or indefinite postponement of further exploration and development of its properties.

The Company is very dependent upon the personal efforts and commitment of its existing management. To the extent that management’s services would be unavailable for any reason, a disruption to the operations of the Company could result, and other persons would be required to manage and operate the Company.

The Company competes with other junior mineral exploration companies, some of which have greater financial resources and technical facilities. The business of mineral exploration and extraction involves a high degree of risks and few properties that are explored are ultimately developed into production. In addition to specific risks disclosed throughout this discussion, other risks facing the Company include reliance on third parties, environmental and insurance risks, statutory and regulatory requirements, metal prices and foreign currency fluctuations, share price volatility and title risks.

Commitments

As at December 31, 2020, the Company had no commitments.

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LIGHTSPEED DISCOVERIES INC. Management’s Discussion and Analysis Year Ended December 31, 2020

Off-Balance Sheet Arrangements

The Company did not enter into any off-balance sheet arrangements during the period ended December 31, 2020.

Related Party Transactions

Key management includes the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), directors and companies controlled by them. The Company incurred the following transactions with key management of the Company during the years ended December 31, 2020 and 2019.

Management fees paid or accrued to the CEO of the Company	202020192018
	($)($)($)nil30,00030,000
	nil30,00030,000

As at December 31, 2020, there was $30,000 (2019 - $30,000) owing to the CEO of the Company. The amounts outstanding are unsecured, non-interest bearing, and due on demand.

As at December 31, 2020, the Company is owed $8,760 (2019 - $nil) from a company with a common director. The amounts outstanding are unsecured, non-interest bearing, and due on demand.

Subsequent Events

On January 29, 2021, the Company entered into a definitive share exchange agreement with Genomica Bioinformatics Ltd. (“Genomica”) and the shareholders of Genomica, pursuant to which the Company will acquire all of the outstanding shares of Genomica in exchange for 37,500,000 common shares of the Company. Genomica is a private British Columbia company that is developing proprietary technology that utilizes artificial intelligence to greatly improve the process of molecular protein design, enabling new commercial applications that address global bioscience challenges.

On closing, the Company intends to change its name to Genomica Bioinformatics Ltd. and will carry on the business presently being conducted by Genomica.

Prior to closing of the transaction, the Company will consolidate its common shares on a one-for-three basis. In addition, the Company intends to complete a non-brokered private placement (the “Concurrent Financing”) of a minimum of 10,000,000 post-consolidation common shares to be priced in the context of the market as determined by the parties for aggregate gross proceeds of not less than $2,500,000.

Completion of the transaction is subject to a number of conditions, including TSX Venture Exchange acceptance, completion of the consolidation, and the Concurrent Financing. There can be no assurance that the transaction will be completed as proposed or at all .

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LIGHTSPEED DISCOVERIES INC. Management’s Discussion and Analysis Year Ended December 31, 2020

Accounting Standards Adopted

A number of new standards, and amendments to standards and interpretations, are not yet effective for the year ended December 31, 2020, and have not been early adopted in preparing these financial statements. These new standards, and amendments to standards and interpretations are either not applicable or are not expected to have a significant impact on the Company’s financial statements.

Additional Disclosure for Venture Issuers Without Significant Revenue

An analysis of material components of the Company’s general and administrative expenses is disclosed in the notes to the audited financial statements for the year ended December 31, 2020 to which this MD&A relates.

Disclosure of Outstanding Share Data

As at the Report Date, the Company had 10,495,516 common shares issued and outstanding.

As at the Report Date, the Company had no stock options or share purchase warrants outstanding.

Coronavirus Pandemic

The current outbreak of COVID-19 and any future emergence and spread of similar pathogens could have an adverse impact on global economic conditions, which may adversely impact the Company’s operations, and the operations of its suppliers, contractors and service providers, the ability to obtain financing and maintain necessary liquidity. The outbreak of COVID-19 and political upheavals in various countries have caused significant volatility in commodity prices. While these effects are expected to be temporary, the duration of the business disruptions internationally and related financial impact cannot be reasonably estimated at this time.

Similarly, the Company cannot estimate whether or to what extent this outbreak and the potential financial impact may extend to countries outside of those currently impacted. Travel bans and other government restrictions may also adversely impact the Company’s operations.

Management’s Responsibility for Financial Statements

The information provided in this report, including the financial statements, is the responsibility of management. In the preparation of these statements, estimates are sometimes necessary to make a determination of future values for certain assets or liabilities. Management believes such estimates have been based on careful judgments and have been properly reflected in the accompanying financial statements.

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LIGHTSPEED DISCOVERIES INC. Management’s Discussion and Analysis Year Ended December 31, 2020

Corporate Information

Directors: Ken Ralfs Nick Watters Chris Cherry Officers: Ken Ralfs – CEO and CFO Auditor: Saturna Group Chartered Professional Accountants LLP Suite 1250, 1066 West Hastings Street Vancouver, BC, V6E 3X1 Transfer Agent: Computershare 2[nd] Floor – 510 Burrard Street Vancouver, BC, V6C 3B9

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