Reeflex Solutions — Interim / Quarterly Report 2023

Oct 29, 2023

Bigstack Opportunities I Inc.

Interim Financial Statements

For the three and nine months ended September 30, 2023 and 2022

( Unaudited and expressed in Canadian Dollars)

NOTICE TO READER

Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the interim financial statements; they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited interim financial statements have been prepared by and are the responsibility of the management.

The Corporation'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 interim financial statements by an entity's auditor.

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Bigstack Opportunities I Inc. Statement of Financial Position (Unaudited)

(Expressed In Canadian Dollars)

September 30, 2023 Current assets Cash $ 494,577 Deposits and prepaids 800	December 31, 2022 $ 523,529 800
Total Assets $495,377	$524,329
Liabilities Current Liabilities Advances payable and accrued liabilities_(note 9)_ $ 9,734	$ 13,788
Total Liabilities $9,734	$13,788
Shareholders' Equity Share capital_(note 3)_ 594,925 Reserves 92,167 Deficit (201,449)	594,925 92,167 (176,551)
485,643	510,541
$495,377	$524,329

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

Approved by the Board "Dennis Peterson" "Eric Szustak" Director (Signed) Director (Signed)

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Bigstack Opportunities I Inc. Statement of Operations and Comprehensive Loss For the period ended September 30, 2023 and 2022 (Unaudited)

(Expressed In Canadian Dollars)

Three months ended September 30, 2023 Three months ended September 30, 2022 Nine months ended September 30, 2023	Nine months ended September 30, 2022
Expenses Share based payments $ - $ - $ - Professional fees 3,931 2,500 9,354 Rent - 3,390 4,520 Office and general 790 435 11,024	$ - 11,250 10,170 10,505
Net loss and comprehensive loss for the period $4,721 $ 6,325 $24,898	$ 31,925
Net lossper share – basic and diluted $ (0.00) $ (0.00) $ (0.00)	$ (0.00)
Weighted average shares outstanding- basic and diluted 9,260,001 9,260,001 9,260,001	9,260,001

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

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Bigstack Opportunities I Inc. Unaudited condensed statement of cash flows For the period ended September 30, 2023 and 2022

(Expressed In Canadian Dollars)

	Three months ended September 30, 2023 Three months ended September 30, 2022 Nine months ended September 30, 2023 Nine months ended September 30, 2022	Three months ended September 30, 2023 Three months ended September 30, 2022 Nine months ended September 30, 2023 Nine months ended September 30, 2022	Three months ended September 30, 2023 Three months ended September 30, 2022 Nine months ended September 30, 2023 Nine months ended September 30, 2022	Three months ended September 30, 2023 Three months ended September 30, 2022 Nine months ended September 30, 2023 Nine months ended September 30, 2022
OPERATING ACTIVITIES Net loss for the period Share based payments Net change in non-cash working capital Deposits Accounts payable and accrued liabilities		$ (4,721) $ (6,325) $ (24,898) $ (31,925) - - - - - - - - 3,282 2,935 (4,054) 2,567
Net cash used in operating activities		(1,439) (3,390) (28,952) (29,358)
CASH FLOWS FROM FINANCING ACTIVITIES Share subscription Advances from related party		- - - - - - - -
		- - - -
Net change in cash Cash, beginning of period		(1,439) (3,390) (28,952) (29,358) 496,016 539,895 523,529 565,863
Cash, end of period		$ 494,577	$ 536,505	$ 494,577 $ 536,505

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

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Bigstack Opportunities I Inc.

Unaudited Condensed Interim Statements of Changes in Shareholders' Equity (Expressed In Canadian Dollars)

	Share Capital Reserves Number of shares Amount Warrant Reserve Option Reserve Deficit Total
Balance at January 1, 2022 Share-based payments Deficit	9.260,001 $ 594,925 $ 37,000 $ 55,167 $ (126,950) $ 560,142 - - - - - - - - - (31,925) (31,925)
Balance at September 30, 2022	9,260,001 $ 594,925 $ 37,000 $ 55,167 $ (158,875) $ 528,217

	Share Capital Reserves Number of shares Amount Warrant Reserve Option Reserve Deficit Total
Balance at January 1, 2023 Share-based payments Deficit	9.260,001 $ 594,925 $ 37,000 $ 55,167 $ (176,551) $ 510,541 - - - - - - - - - (24,898) (24,898)
Balance at September 30, 2023	9,260,001 $ 594,925 $ 37,000 $ 55,167 $ (201,449) $ 485,643

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

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Bigstack Opportunities I Inc. Notes to Financial Statements (Expressed in Canadian Dollars) For the period ended September 30, 2023

1. INCORPORATION AND NATURE OF BUSINESS

Bigstack Opportunities I Inc. (the “Corporation” or “Bigstack”) was incorporated under the Business Corporations Act (Ontario). The principal business of the Company is to complete an initial public offering ("IPO") as a Capital Pool Company (as that term is defined in the policies of the TSX Venture (the "Exchange"))("CPC") and to identify and evaluate assets or businesses with a view to completing a Qualifying Transaction (as that term is defined in the policies of the Exchange)("QT"). The Company has not commenced commercial operations and has no assets other than cash. Given the nature of the activities, no separate segmented information is reported. The Corporation’s continuing operations as intended are dependent upon its ability to complete an IPO as a CPC and then identify, evaluate and negotiate an acquisition of a business, or an interest therein. Such an acquisition will be subject to the approval of the regulatory authorities concerned and, in the case of a non-arm’s length transaction, of the majority of the minority shareholders.

The head office and the registered head office of the Corporation is located at 18 King Street East, Suite 902, Toronto, Ontario M5C 1C4.

The Corporation completed its IPO on July 16, 2021 and the common shares of the Corporation commenced trading on the TSX Venture Exchange on July 23, 2021 under the symbol STAK.P.

There is no assurance that the Corporation will identify a QT within the time limitations permissible under the policies of the Exchange, at which time the Exchange may suspend or delist the Corporation’s shares from trading. The proceeds raised from the issuance of share capital may only be used to identify and evaluate assets or businesses for future investment, with the exception that up to $3,000 per month may be expensed for general and administrative costs during the QT process. These restrictions apply until completion of a QT by the Corporation as defined under the policies of the Exchange.

The Company had no commercial operations and incurred a net loss and comprehensive loss of $24,898 for the nine month period ended September 30, 2023 and as at September 30, 2023, the Company's accumulated deficit was $201,449. These circumstances indicate material uncertainties exist that may cast significant doubt about the Company's ability to continue as a going concern and accordingly, the ultimate use of accounting principles applicable to a going concern.

These financial statements have been prepared on a going concern basis which assumes that the Company will continue operations for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. Realization values may be substantially different from carrying values as shown and the financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. These adjustments could be material.

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Bigstack Opportunities I Inc. Notes to Financial Statements (Expressed in Canadian Dollars) For the period ended September 30, 2023

2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Statement of Compliance

The significant accounting policies applied in the Corporation’s financial statements are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the IFRS Interpretations Committee (“IFRIC”) effective as of December 31, 2021.

These unaudited condensed interim financial statements have been prepared in accordance with International Accounting Standards 34 – Interim Financial Reporting (“IAS 34”). These unaudited condensed interim financial statements have been prepared in accordance with the same accounting policies, critical estimates and methods described in the Corporation’s annual financial statements. Given that certain information and footnote disclosures have been condensed or excluded in accordance with IAS 34, they do not include all of the information and disclosures required by IFRS for annual financial statements. As such, these unaudited condensed interim financial statements should be read in conjunction with the Corporation’s audited financial statements as at and for the year ended December 31, 2022, including the accompanying notes thereto. These audited condensed interim financial statements were reviewed, approved and authorized for issuance by the Board of Directors (the “Board”) of the Corporation on October 25, 2023.

Basis of Measurement

These financial statements have been prepared on a historical cost basis except for financial instruments classified as financial instruments at fair value through profit or loss.

These financial statements are presented in Canadian dollars, which is also the Corporation’s functional currency.

Financial Instruments

IFRS 9 includes requirements for recognition and measurement, impairment, derecognition, and general hedge accounting. Financial assets within the scope of IFRS 9 are classified in the following measurement categories: amortized cost, fair value through profit or loss (“FVTPL”), or fair value through other comprehensive income (“FVOCI”). Financial liabilities are classified in the following measurement categories: fair value through profit or loss, or amortized cost.

Financial assets

The Corporation’s sole financial asset is cash. Cash is measured at amortized cost and changes to fair value subsequent to initial recognition are recorded in profit or loss for the period in which they occur.

Amortized Cost

Financial assets classified as amortized cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are carried at amortized cost less any provision for impairment. Individually significant receivables are considered for impairment when they are past due or when other objective evidence is received that a specific counterparty will default.

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Bigstack Opportunities I Inc. Notes to Financial Statements (Expressed in Canadian Dollars) For the period ended September 30, 2023

2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

Financial Instruments (continued)

Fair value through profit or loss

Financial assets classified as FVTPL are measured at fair value with changes in fair value recognized in net profit or loss.

Classification

The Corporation determines the classification of its financial assets at initial recognition. All financial assets are recognized initially at fair value plus or minus, in the case of financial assets not classified as FVTPL, directly attributable transaction costs.

Impairment of financial assets

Financial assets not measured at FVTPL are assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events that occurred after the initial recognition of the financial assets, have had a negative effect on the fair value or estimated future cash flows of an asset. Evidence of impairment could include: significant financial difficulty of the issuer or counterparty; default or delinquency in interest or principal payments; or the likelihood that the borrower will enter bankruptcy or financial reorganization. An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the original effective interest rate.

All impairment losses are recognized in profit or loss. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized.

Financial liabilities

Financial liabilities comprise accounts payable and accrued liabilities and are classified at amortized cost. Under this classification, all cash flows from these instruments are discounted, where material, to their present value. Over time, this present value is accreted to the future value of remaining cash flows, and this accretion is recorded as interest expense. The Corporation settles its accounts payable and accrued liabilities on a short-term basis and, therefore, the discounting and accretion of these financial liabilities are immaterial for the periods reported.

Amortized Cost

Financial liabilities measured at amortized cost, include borrowings, are initially measured at fair value, net of transaction costs. Financial liabilities measured at amortized cost are subsequent measured at amortized cost using the effective interest method, with interest recognized on an effective yield basis.

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest costs over relevant periods. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability or to the net carrying amount on initial recognition.

Derecognition of Financial Liabilities

The Corporation de-recognizes financial liabilities when the obligations are discharged, cancelled, or expire.

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Bigstack Opportunities I Inc. Notes to Financial Statements (Expressed in Canadian Dollars) For the period ended September 30, 2023

2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

Financing costs

Costs incurred to obtain equity financing are deducted from the value assigned to shares issued. When costs are incurred prior to the closing of a financing arrangement, these amounts are presented as a deferred asset until the financing has closed. When an expected financing arrangement does not occur, any deferred costs are recorded as an expense.

Share-based compensation

The Corporation offers a share option plan for its directors, officers, employees and selected consultants. The stock option plan allows the Corporation’s employees and consultants to acquire shares of the Corporation. The fair value of options granted is recognized as a share-based payment expense with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes or provides services similar to those performed by an employee.

The fair value is measured at the grant date and each tranche is recognized on a graded-vesting basis over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. At each period end, the amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest.

When stock options are exercised, the cash proceeds along with the amount previously recorded as equity reserves are recorded as share capital. When the right to receive options is forfeited before the options have vested, any expense previously recorded is reversed.

The fair value of warrants granted is measured using the Black-Scholes option-pricing model, taking into account the terms and conditions upon which the warrants were granted.

Income taxes

Income tax expense comprises current and deferred tax. Income tax expense is recognized in profit or loss except to the extent that it relates to items recognized directly in equity or other comprehensive income.

Current tax is recognized and measured at the amount expected to be recovered from or payable to the taxation authorities based on the income tax rates enacted or substantively enacted at the end of the reporting period and includes any adjustment to taxes payable in respect of previous year.

Deferred tax is recognized on any temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the consumption of taxable earnings. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized and the liability is settled. The effect of a change in the enacted or substantively enacted tax rates is recognized in net loss and comprehensive loss or in equity depending on the item to which the adjustment relates.

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Bigstack Opportunities I Inc. Notes to Financial Statements (Expressed in Canadian Dollars) For the period ended September 30, 2023

2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

Deferred taxes (continued)

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Loss earnings per share

Basic loss earnings per share is calculated by dividing net loss by the weighted average number of common shares outstanding during the period which excludes shares held in escrow.

Diluted loss per share is determined by adjusting the earnings or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of dilutive instruments, which includes stock options, as if their dilutive effect was at the beginning of the period. The calculation of the diluted number of common shares assumes that proceeds received from the exercise of “in-the-money” stock options and common share purchase warrants are used to purchase common shares of the Corporation at their average market price for the period.

In periods that the Corporation reports a net loss, stock options are excluded from the calculation of diluted loss per share as their inclusion would be anti-dilutive.

Significant Accounting Judgements and Estimates

The preparation of financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the measurements of assets, liabilities, revenues, expenses and certain disclosures reported in these financial statements. Significant estimates made by management include the following:

Valuation of share-based compensation

The Corporation uses the Black-Scholes option pricing model to determine the fair value of employee stock options. This model requires assumptions of the expected future price volatility of the Corporation’s common shares, expected life of options, future risk-free interest rates and the dividend yield of the Corporation’s common shares.

Going concern

The assessment of the Company’s ability to continue as a going concern involves judgment regarding future funding available for its working capital requirements.

Accounting standards and interpretations issued but not effective

The Company has reviewed the accounting standards or amendments to existing accounting standards that have been issued but have future effective dates and determined that these are either not applicable or are not expected to have significant impact on the Company's financial statements

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Bigstack Opportunities I Inc. Notes to Financial Statements (Expressed in Canadian Dollars) For the period ended September 30, 2023

3. SHARE CAPITAL

• (a) Authorized - Unlimited common shares, with no par value (b) Issued – 9,260,001 common shares

	#	$
Shares Issued in seed round financing(i)	4,020,001	201,000
Common shares issued for cash(ii)	240,000	12,000
Common shares issued pursuant to the IPO(iii)	5,000,000	500,000
Share issue costs		(118,075)
Balance,September 30,2023 and December 31,	9,260,001	594,925

• (i) On December 10, 2020, the Corporation closed by way of a non-brokered private placement offering (the "Offering") 4,020,000 common shares in the capital of the Corporation at the price of $0.05 per Common Share for gross proceeds of $201,000.

• (ii) On May 10, 2021, the Corporation closed a private placement with a director of the Corporation for 240,000 common shares at $0.05 per share for total proceeds of $12,000.

• (iii) On July 16, 2021, the Corporation completed its IPO through its agent, Echelon Wealth Partners Inc. ("Echelon") of 5,000,000 common shares at a price of $0.10 per share, raising aggregate proceeds of $500,000.

As consideration for its role as agent, the Corporation granted the agent's warrants comprising a non transferable option to purchase up to 500,000 common share at a price of $0.10 per common share for a period of 60 months from the date the Corporation's common shares are listed on the Exchange. In addition, Echelon received a cash commission equal to 10% of the gross proceeds of the IPO. Other cash issuance costs in connection with the IPO totaled $31,075.

Escrowed Shares

Subject to an Escrow Agreement pursuant to the requirements of the Exchange, 4,260,000 common shares issued on December 10, 2020 and May 10, 2021 will be held in escrow. Under the terms of the Escrow Agreement, these shares will be released as to 25% thereof on the completion of the Corporation’s QT, as defined in the policies of the Exchange, and as to 25% thereof on each of the 6th, 12th, 18th months following the initial release.

All common shares acquired on exercise of stock options granted to directors and officers prior to the completion of a QT, must also be deposited in escrow until the final exchange bulletin is issued.

All common shares of the Corporation acquired in the secondary market prior to the completion of a QT by a Control Person, as defined in the policies of the Exchange, are required to be deposited in escrow. Subject to certain permitted exemptions, all securities of the Corporation held by principals of the resulting issuer will also be subject to escrow.

Basic and diluted loss per common share

The calculations of basic and diluted loss per share for the nine month period ended September 30, 2023 was based on the loss from operations of $ 24,898.

The weighted average number of basic and diluted common shares outstanding was 9,260,001 in 2023.

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Bigstack Opportunities I Inc. Notes to Financial Statements (Expressed in Canadian Dollars) For the period ended September 30, 2023

4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

Capital Management

The Corporation's objective when managing capital is to maintain its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders.

The Corporation includes equity, comprised of issued common shares and reserves, in the definition of capital.

The Corporation's primary objective with respect to its capital management is to ensure that it has sufficient cash resources to fund the identification and evaluation of potential acquisitions.

To secure the additional capital necessary to pursue these plans, the Corporation may attempt to raise additional funds through the issuance of equity or by securing strategic partners.

Risk Disclosures and Fair Values

The Corporation's financial instruments carried at amortized cost, consisting of accounts payable and accrued liabilities approximate fair value due to the relatively short-term maturity of the instruments. It is management’s opinion that the Corporation is not exposed to significant interest, currency or credit risks arising from these financial instruments.

5. RELATED PARTY TRANSACTIONS AND BALANCES

During the nine month period ended September 30, 2023, the Corporation incurred rent to a law firm whose partner is a director of the Corporation. An amount of $4,520 (2022-$6,915) has been included in rent. An amount is included in accounts payable and accrued liabilities of $0.00 (2022 $0.00) owing to this law firm.

There were no other transactions with related parties and no remuneration was paid to key management personnel during the period ended September 30, 2023.

6. OPTIONS

The Corporation has established a stock option plan for its directors, officers and technical consultants under which the Corporation may grant options from time to time to acquire a maximum of 10% of the issued and outstanding common shares. The exercise price of each option granted under the plan shall be determined by the Board of Directors.

Options may be granted for a maximum term of ten years from the date of the grant, are nontransferable and expire within 90 days of termination of employment or holding office as director or officer of the Corporation and, in the case of death, expire within one year thereafter.

Upon death, the options may be exercised by legal representation or designated beneficiaries of the holder of the option. Any shares issued upon exercise of the options prior to the Corporation entering into a QT will be subject to escrow restrictions. Unless otherwise stated, the options fully vest when granted.

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Bigstack Opportunities I Inc. Notes to Financial Statements (Expressed in Canadian Dollars) For the period ended September 30, 2023

	Number of	Weighted Average	Weighted Average
	Stock Options	Exercise Price
Balance, January 1, 2021	-	$	-
Options granted- February 22, 2021	313,000	$	0.05
Options granted- July 16, 2021	589,000	$	0.10
Options expired	-		-
Options outstanding, September 30, 2023 and
December 31, 2022	902,000	$	0.08
Options exercisable, September 30, 2023 and
December 31, 2022	902,000	$	0.08

On February 22, 2021, the Corporation granted incentive stock options to certain of its directors and officers to acquire and aggregate of 313,000 common shares. The incentive stock options may be exercised for a period of five years at a price of $0.05 per share. The incentive stock options vested on the date of the grant.

The options were valued using the Black-Scholes valuation model with the following assumptions: expected dividend yield of 0%, expected volatility of 100%, risk free return of 0.67% and an expected remaining life of 5 years. The Corporation has recorded a $11,581 expense in connection with the issuance of the options.

On July 16, 2021, the Corporation granted incentive stock options to certain of its directors and officers and consultants to acquire and aggregate of 589,000 common shares. The incentive stock options may be exercised for a period of five years at a price of $0.10 per share. The incentive stock options vested on the date of the grant.

The options were valued using the Black-Scholes valuation model with the following assumptions: expected dividend yield of 0%, expected volatility of 100%, risk free return of 0.87% and an expected remaining life of 5 years. The Corporation has recorded a $ 43,586 expense in connection with the issuance of the options.

The following are the options outstanding as at September 30, 2023:

				Weighted
				Average
	Number of		Weighted	Remaining
	Options		Average	Contractual Life
Security Type	Issued		Exercise Price	(Years)	Expiry Date
Options	313,000	$	0.05	0.83	February 22, 2026
Options	589,000	$	0.10	1.82	July 16, 2026
**Total **	902,000	$	0.08	2.65

7. WARRANTS

The following table reflects the continuity of warrants for the periods presented:

	Number of	Weighted Average
	Warrants	Exercise Price
Balance, January 1, 2021	-	-
Issued (i)	500,000	$ 0.10
Balance, September 30, 2023 and December 31, 2022	500,000	$ 0.10

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Bigstack Opportunities I Inc. Notes to Financial Statements (Expressed in Canadian Dollars) For the period ended September 30, 2023

(i) The warrants were valued using the Black-Scholes valuation model with the following assumptions: expected dividend yield of 0%, expected volatility of 100%, risk free return of 0.87% and an expected remaining life of 5 years. The Corporation has recorded a $ 37,000 expense in the twelve month period ended December 31, 2021 in connection with the issuance of the warrants.

The following table reflects the actual warrants issued and outstanding as of September 30,2023:

	Number of			Remaining
	Warrants			Contractual Life
Security Type	Outstanding		Exercise Price	(Years)	Expiry Date
Warrant	500,000	$	0.10	2.79	July 16, 2026
Total	500,000	$	0.10	2.79

8. INCOME TAXES

A reconciliation of combined federal and provincial corporate income taxes at statutory rates of 26.5% to the Corporation's effective income tax expense is as follows:

Net loss for theperiod	$	**(24,898) **
Expected income tax recovery	$	(6,598)
Permanent differences and others		6,598
Income tax expense	$	-

9. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

The following is an aged analysis of the accounts payable and accrued liabilities:

	September 30, 2023
Less than 1 month	$ 734
1to 6months	9,000
Totalaccounts payable and accruedliabilities	$ 9,734

10. SUBSEQUENT EVENTS

Nil

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