Volta Metals Ltd. — Interim / Quarterly Report 2020

Nov 25, 2020

Wikileaf Technologies Inc. Unaudited Interim Condensed Consolidated Financial Statements September 30, 2020

Unaudited Interim Condensed Consolidated
Interim Financial Statements
Consolidated Interim Statements of
Financial Position		2
Consolidated Interim Statements of
Comprehensive Loss		3
Consolidated Interim Statements of
Changes in Shareholders' Equity		4
Consolidated Interim Statements of
Cash Flows		5
Notes to Interim Unaudited Condensed
Consolidated Financial Statements	6	- 14

2

Wikileaf Technologies Inc. Consolidated Interim Statements of Financial Position

As at

(In Canadian dollars)

(Unaudited)

ASSETS Current Cash Trade accounts receivable Prepaid expenses Long-term Equipment LIABILITIES Current Trade and other payables (Note 6) Advances from parent company, without interest Notes payable to related parties (Note 8.2) SHAREHOLDERS' EQUITY (DEFICIENCY) Share capital (Note 7) Contributed surplus Accumulated other comprehensive income (loss) Deficit	September 30, 2020 $ 854,081 6,670 232 860,983 7,645 868,628 1,095,248 1,614,010 487,067 3,196,325 14,770,456 2,108,367 (55,338) (19,151,182) (2,327,697) 868,628	December 31, 2019
		$ 3,562,858 120,711
		3,683,569 38,391
		3,721,960
		1,160,062 1,580,997 474,250
		3,215,309
		14,770,456 1,947,920 30,108 (16,241,833)
		506,651
		3,721,960

Going concern (Note 2)

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

On behalf of the Board,

/s/ Connor Cruise /s/ Manoj Hippola Director Director

3

Wikileaf Technologies Inc. Consolidated Interim Statements of Comprehensive Loss Periods ended September 30,

(In Canadian dollars) (Unaudited)

Revenue Expenses Salaries and benefits Professional fees Share-based compensation Insurance Management fee (Note 8.1) Dues and subscriptions Office supplies Rental expense Marketing and entertainment Depreciation of equipment Interest on notes payable to related parties (Note 8.2) Listing fees Bank charges Licensing fees Loss on disposition of equipment Gain on disposition of subsidiary Transaction costs Net loss Items that will be reclassified subsequently to profit or loss Change in cumulative translation adjustments Net comprehensive loss Net loss per share Basic and diluted Weighted average number of shares outstanding – basic and diluted	2020 2019 $ $ 34,140 338,071 558,551 140,509 493,641 34,923 279,881 35,902 17,657 16,950 79,238 18,364 12,042 16,224 43,846 7,145 40,982 22,106 54,958 5,161 7,048 5,207 7,836 5,650 11,300 941 937 317 2,649 647,470 1,610,566 (613,330) (1,610,566) 45,824 (36,678) (567,506) (1,647,244) (0.01) (0.02) 113,715,484 90,217,487 Three months ended September 30,	2020 2019 $ $ 56,038 390 1,442,462 1,207,117 922,863 1,410,108 160,447 568,641 101,468 23,285 82,687 239,236 49,318 22,974 47,835 70,777 47,422 82,706 46,048 84,677 23,952 12,855 17,178 23,659 13,786 11,300 4,461 2,788 2,968 15,506 2,492 (10,820) 2,453,916 Nine months ended September 30,	2020 2019 $ $ 56,038 390 1,442,462 1,207,117 922,863 1,410,108 160,447 568,641 101,468 23,285 82,687 239,236 49,318 22,974 47,835 70,777 47,422 82,706 46,048 84,677 23,952 12,855 17,178 23,659 13,786 11,300 4,461 2,788 2,968 15,506 2,492 (10,820) 2,453,916 Nine months ended September 30,
			$ 390 1,207,117 1,410,108 568,641 23,285 239,236 22,974 70,777 82,706 84,677 12,855 23,659 11,300 2,788 15,506 (10,820) 2,453,916
	647,470	2,965,387	6,218,725
	(613,330) 45,824 (567,506) (0.01) 113,715,484	(2,909,349) (85,446) (2,994,795) (0.03) 113,715,484	(6,218,335) 54,136
			(6,164,199)
			(0.07) 89,715,362

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

4

Wikileaf Technologies Inc. Consolidated Interim Statements of Changes in Shareholders' Equity

For the nine months ended September 30, 2020 and 2019

(In Canadian dollars)

(Unaudited)

Number Balance as at December 31, 2019 113,715,484 Net loss Exchange differences on translating foreign operations Balance as at September 30, 2020 113,715,484 Balance as at December 31, 2018 4,438,334 Subscription receipts converted to common shares 537,333 Transactions as part of the reverse takeover Capital reorganization split at 1:1.00489 24,295 Issuance of common shares 94,999,522 Deemed issuance of stock options Subscription receipts converted to common shares upon listing 13,696,000 Transaction costs related to listing Net loss Exchange differences on translating foreign operations Balance as at September 30, 2019 113,695,484 Share-based compensation Share-based compensation			Share capital			Total amount $ 14,770,456 14,770,456 5,707,626 2,499,981 6,848,000 (285,531) 14,770,076	Contributed surplus	Accumulated other comprehensive income $ 30,108 (85,446) (55,338) (64,401) 54,136 (10,265)	Deficit $ (16,241,833) (2,909,349) (19,151,182) (7,589,721) (6,218,335) (13,808,056)	Total shareholders' equity (deficiency)
		Common shares Amount $ 14,770,456 14,770,456 1,248,106 6,959,501 6,848,000 (285,531) 14,770,076	Subscription receipts Number Amount $ – – 537,333 (537,333) – –		Preferred shares Amount $ – 4,459,520 (4,459,520) –
			Number – 537,333 (537,333) –	Number – –
							$ 1,947,920 160,447			$ 506,651 160,447 (2,909,349) (85,446)
							2,108,367			(2,327,697)
							367,860 216,000 568,641			(1,578,636) 2,499,981 216,000 6,848,000 (285,531) 568,641 (6,218,335) 54,136
							1,152,501			2,104,256

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

5

Wikileaf Technologies Inc. Cash Flows

Periods ended September 30,

(In Canadian dollars) (Unaudited)

OPERATING ACTIVITIES Net loss Non-cash items Depreciation of equipment Share-based compensation Loss on disposition of equipment Gain on disposition of subsidiary Transaction costs Net change in working capital items Net cash used in operating activities INVESTING ACTIVITIES Purchase of equipment Proceeds from disposal of equipment Cash acquired from reverse takeover Cash held in trust Cash from term deposit Net cash from investing activities FINANCING ACTIVITIES Advances from parent company Share issuance costs Net cash from financing activities Net increase (decrease) in cash Cash, beginning of period Exchange difference on cash Cash, end of period	2020 2019 (613,330) (1,610,566) 5,161 7,048 34,923 279,881 (12,644) 78,705 (585,890) (1,244,932) (48,014) 5,709,950 5,661,936 1,139,782 (285,531) 854,251 (585,890) 5,271,255 1,454,193 465,792 (14,222) 1,085 854,081 5,738,132 Three months ended September 30,	2020 2019 $ $ (2,909,349) (6,218,335) 23,952 12,855 160,447 568,641 2,492 (10,820) 2,453,916 21,120 441,885 (2,701,338) (2,751,858) (137) (68,802) 4,649 6,661 5,709,950 300,000 4,512 5,947,809 2,605,861 (285,531) 2,320,330 (2,696,826) 5,516,281 3,562,858 225,037 (11,951) (3,186) 854,081 5,738,132 Nine months ended September 30,	2020 2019 $ $ (2,909,349) (6,218,335) 23,952 12,855 160,447 568,641 2,492 (10,820) 2,453,916 21,120 441,885 (2,701,338) (2,751,858) (137) (68,802) 4,649 6,661 5,709,950 300,000 4,512 5,947,809 2,605,861 (285,531) 2,320,330 (2,696,826) 5,516,281 3,562,858 225,037 (11,951) (3,186) 854,081 5,738,132 Nine months ended September 30,
			$ (6,218,335) 12,855 568,641 (10,820) 2,453,916 441,885
			(2,751,858) (68,802) 6,661 5,709,950 300,000
			5,947,809 2,605,861 (285,531)
			2,320,330 5,516,281 225,037 (3,186)
			5,738,132

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

6

Wikileaf Technologies Inc. Notes to Interim Condensed Consolidated Financial Statements

September 30, 2020 (In Canadian dollars) (Unaudited)

1. GOVERNING STATUTES, NATURE OF OPERATIONS AND CHANGE IN CORPORATE NAME

Wikileaf Technologies Inc. (hereafter "the Company") was incorporated under the British Columbia Business Corporations Act on April 3, 2018. The Company's head office is in Federal Way, Washington.

On May 14, 2019, the Company completed a business acquisition by acquiring 100% of the issued and outstanding shares of One Web Services, Inc. (hereafter "One Web"). The interim condensed consolidated financial statements as at September 30, 2020 consolidate the accounts of the Company and One Web. The balances and transactions presented for periods prior to May 14, 2019 are those of One Web.

With the completion of the acquisition, the Company together with One Web (together referred to as "the Group"), operate wikileaf.com, an online price comparison website, to help consumers find location-based pricing information about individual cannabis strains and products, which is the Group's only operating segment.

The Group's parent company is Nesta Holding Co. Ltd.

The Company is listed on the Canadian Securities Exchange (hereafter "CSE") under the ticker "WIKI".

2. GOING CONCERN ASSUMPTION

The accompanying consolidated interim financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), in particular on the assumption that the Group will continue as a going concern, meaning it will be able to realize its assets and discharge its liabilities and commitments in the normal course of operations.

Since inception, the Group has incurred operating losses. As at September 30, 2020, the Group has an accumulated deficit of $19,151,182. The Group has not yet completed its efforts to establish a stabilized source of revenue sufficient to cover operating expenses and relies on support from its shareholders to cover such expenses. Based on the current level of expenditures and available liquidity, management estimates that the timeline to sustain the operations of the Group is limited to within the next three months of the date of issuance of these interim consolidated financial statements.

The Group is actively seeking to secure additional funding through: equity-based financing, debt-financing or other arrangements; however, there is no assurance that the Group will be successful in this or any of its endeavors or become financially viable and continue as a going concern. Consequently, these material uncertainties raise significant doubt regarding the Group's ability to continue as a going concern.

7

Wikileaf Technologies Inc. Notes to Interim Condensed Consolidated

Financial Statements

September 30, 2020 (In Canadian dollars) (Unaudited)

2. GOING CONCERN ASSUMPTION (Continued)

The carrying amounts of assets, liabilities, revenues and expenses presented in the consolidated interim financial statements and the consolidated interim statements of consolidated financial position classification have not been adjusted as would be required if the going concern assumption were not appropriate.

3. GENERAL INFORMATION AND STATEMENT OF COMPLIANCE WITH IFRS

These unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2020, were prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting using accounting policies adopted in the Group's most recent annual audited consolidated financial statements for the year ended December 31, 2019. They do not include all of the information required in annual financial statements in accordance with International Financial Reporting Standards (IFRS) and should be read in conjunction with the annual audited consolidated financial statements for the year ended December 31, 2019. Unless otherwise noted below, the Group has consistently applied the same accounting policies throughout all periods presented, as if these policies were always in effect.

Government grants

Government grants are recognized when they have been earned and there is reasonable assurance that the grant will be received. Government grants are recognized as a reduction of the related expenses. For the three and nine month periods ended September 30, 2020, government grants in the amount of $43,748 were recorded as a reduction of salaries and benefits in operating expenses.

These interim consolidated financial statements were approved and authorized for issue by the Board of Directors on November 23, 2020.

These interim consolidated financial statements are presented in Canadian dollars, which is the functional currency of the Company.

4. NEW OR REVISED ACCOUNTING STANDARDS

Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the Group

At the date of authorization of these interim consolidated financial statements, several new, but not yet effective, standards, amendments to existing standards and interpretations have been published by the International Accounting Standards Board (hereafter "the IASB"). None of these standards, amendments or interpretations have been adopted early by the Group.

Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New standards, amendments and interpretations have not been disclosed as they are not expected to have a material impact on the Group's consolidated financial statements.

8

Wikileaf Technologies Inc. Notes to Interim Condensed Consolidated Financial Statements

September 30, 2020

(In Canadian dollars) (Unaudited)

5. ESTIMATES

When preparing the interim consolidated financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expense. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.

The judgements, estimates and assumptions applied in the interim consolidated financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Group's last annual audited consolidated financial statements for the year ended December 31, 2019. The only exception is the estimate of income tax liabilities which is determined in the interim consolidated financial statements using the estimated average annual effective income tax rate applied to the pre-tax income of the interim period.

6. TRADE AND OTHER PAYABLES

Trade accounts payable Management fee payable to the parent company (Note 8.1) Interest on notes payable to related parties (Note 8.2) Vacation accrual	September 30, 2020 $ 36,305 859,346 167,114 32,483 1,095,248	December 31, 2019
		$ 65,874 857,732 146,240 90,216
		1,160,062

7. SHARE CAPITAL

The Company's authorized share capital consists of an unlimited number of common shares, voting, participating and without par value

Issued and fully paid 113,715,484 common shares	September 30, 2020 $ 14,770,456	December 31, 2019
		$ 14,770,456

The consolidated statements of changes in equity presents the dollar amounts of One Web's equity as of September 30, 2019, with the issued and outstanding shares of the Company.

9

Wikileaf Technologies Inc. Notes to Interim Condensed Consolidated Financial Statements

September 30, 2020

(In Canadian dollars) (Unaudited)

7. SHARE CAPITAL (Continued)

Stock options

The following table summarizes information related to stock options:

The following table summarizes information related to stock options:
Stock options outstanding on January 1, 2020 Issuance of stock options Forfeited stock options Stock options outstanding on September 30, 2020	Number of options
	13,960,356 3,635,000 (5,447,456)
	12,147,900

On January 13, 2020, the Company granted to its CEO 1,000,000 stock options, at an exercise price of $0.12 per share and maturing in 10 years from the date of issuance. The stock options vest 25% at their one year anniversary date and the remaining 75% on December 31, 2021 based upon financial measures of the Company. The fair value of options granted has been estimated at $74,951 using the Black-Scholes option pricing model with the assumptions in the table below. On June 12, 2020, the CEO departed from the Company and as a result the options were forfeited.

On January 16, 2020, the Company granted 1,500,000 stock options, at an exercise price of $0.12 per share and maturing in 10 years from the date of issuance. The stock options vest one-third at the date of the grant, one-third at the one-year anniversary date of the grant and the remaining one-third over the 24 months thereafter. These options were granted in replacement of the 2,943,755 stock options cancelled in 2019. The fair value of the newly granted stock options, has been estimated at $83,233 and is lower than the incremental fair value of the unvested stock options which were cancelled in 2019 and, as a result, no additional expense will be accounted for.

On May 11, 2020, the Company granted 710,000 stock options to its employees, at an exercise price of $0.12 per share and maturing in 10 years from the date of issuance.125,000 of the stock options vest immediately. 210,000 of the stock options vest one third on the first anniversary date and then in equal monthly tranches over the following three years. The remaining 375,000 stock options vest one quarter on the one-year anniversary date and then in equal monthly tranches over the following four years. The fair value of options granted in the period has been estimated at $31,249 using the Black-Scholes option pricing model with the assumptions in the table below.

On July 20, 2020, the Company granted 425,000 stock options to its employees, at an exercise price of $0.10 per share and maturing in 10 years from the date of issuance. One third of the stock options vest in one year from the grant date and the remaining vest over the 36 months thereafter. The fair value of options granted in the period has been estimated at $19,561 using the Black-Scholes option pricing model with the assumptions in the table below.

10

Wikileaf Technologies Inc. Notes to Interim Condensed Consolidated Financial Statements

September 30, 2020 (In Canadian dollars) (Unaudited)

7. SHARE CAPITAL (Continued)

On August 5, 2019, the Company granted 357,637 stock options to employees and consultants at an exercise price of $0.50 per share and maturing 10 years from the date of issuance. One third of stock options vest in one year from the grant date and the remaining vest over the 36 months thereafter. The fair value of options granted in the period has been estimated at $88,158 using the Black-Scholes option pricing model with the assumptions in the table below.

On May 17, 2019 and June 17, 2019, the Company granted 4,037,250 stock options to employees and consultants at an exercise price of $0.50 per share and maturing in 10 years from the date of issuance. One third of the options vest at a specific date within one year of their issuance and the remaining vest over the 36 months thereafter. The fair value of the options granted has been estimated at $1,284,625 using the Black-Scholes option pricing model with the assumptions in the table below.

The fair value of options granted during the three and nine months ended September 30, 2020 has been estimated at $19,561 and $208,994 respectively ($104,999 and $1,284,625 for 2019) using the Black-Scholes option pricing model with the following assumptions:

Number of stock options granted Exercise price ($) Expected option life Expected volatility Risk-free interest rate Expected dividend yield Fair value of stock options granted ($) Fair value of stock options granted per option ($) Number of stock options granted Exercise price ($) Expected option life Expected volatility Risk-free interest rate Expected dividend yield Fair value of stock options granted ($) Fair value of stock options granted per option ($)		2020
	425,000 710,000 0.10 0.12 5 years 5 years 77.55% 79.04% 0.51% 0.59% Nil Nil 19,561 31,249 0.05 0.04	1,500,000 1,000,000 0.12 0.12 5 years 5 years 75.10% 76.70% 1.55% 1.61% Nil Nil 83,233 74,951 0.06 0.07 2019
		357,637 4,037,250 0.5 0.5 5 years 5 years 69.30% 70.00% 1.38% 1.69% Nil Nil 104,999 1,179,626 0.29 0.29

11

Wikileaf Technologies Inc. Notes to Interim Condensed Consolidated Financial Statements

September 30, 2020

(In Canadian dollars) (Unaudited)

7. SHARE CAPITAL (Continued)

Restricted stock units

On June 30, 2020, the Board of Directors approved the addition of restricted stock units (RSUs) as an available cash-settled award type. A RSU is a right to receive a cash payment equal to the trading price of the Company's common shares on the CSE upon completion of time-based vesting conditions. The purpose of a RSU is to tie a portion of the value of the compensation of participants to the future value of the Company's commons shares. Grants of RSUs to employees, directors and officers of the Company are made on a discretionary basis and subject to the Board of Directors' approval.

On July 6, 2020, the Company granted 1,750,000 RSUs to its directors, expiring in 10 years from the date of issuance. The RSUs vest as follows:

• 1,170,000 RSUs vest in 260,000 RSU tranches on June 7 each year starting in 2021 or upon change of control of the Company;

• 130,000 RSUs vest upon a financing of $500,000 or more or upon a change of control of the Company;

• 450,000 RSUs vest one third a year following the grant and the remaining vest over the 36 months thereafter.

As at September 30, 2020, management has assessed the probability of a change in control of the Company at 25% and the probability of receiving a $500,000 or more financing at 50%.

The fair value of the Company's share price as at September 30, 2020 was $0.045.

The share-based compensation expense recorded in the three and nine months ended September 30, 2020, related to RSUs was $20,456.

8. RELATED PARTY TRANSACTIONS

8.1 Transactions with the parent company

The Group entered into a related party transaction with its parent company. The arrangement required the Group to pay a fee of US$60,000 (US$60,000 in 2019) per quarter for management services rendered. For the management fees of February 2020, the Group negotiated a reduced fee of US$12,000 for one month. Then, as of March 1, 2020, the previous arrangement was terminated and a new arrangement was entered into, requiring the Group to pay a fee of $5,650 per month for management services rendered. As at September 30, 2020, there is an amount of $859,346 ($5,650 and US$640,000) (US$660,000 as at December 31, 2019) of management fees accrued. The amount included in management fee expense for the three month and nine month periods ended September 30, 2020 is of $16,950 ($79,238 (US$60,000) in 2019) and $82,687 (US$32,000 and $39,550) ($239,236 (US$180,000) in 2019) respectively.

12

Wikileaf Technologies Inc. Notes to Interim Condensed Consolidated Financial Statements

September 30, 2020 (In Canadian dollars) (Unaudited)

8. RELATED PARTY TRANSACTIONS (Continued)

8.2 Notes payable to related parties

Unsecured promissory notes were issued to the parent company and a company exercising significant influence over the Group.

As at September 30, 2020, the outstanding balance of notes payable to the parent company is $487,067 (US$365,145) ($474,250 (US$365,145) as at December 31, 2019). The notes bear interest at prime rate plus 1% (4.25%; 5.75% as at December 31, 2019).

As at September 30, 2020, there is $167,114 (US$125,282) of interest payable accrued from the notes ($146,240 (US$112,596) as at December 31, 2019) of which $105,709 (US$79,247) is payable to the parent company and $61,405 (US$46,035) is payable to the company exercising significant influence ($86,450 (US$66,561) and $59,790 (US$46,035) as at December 31, 2019, respectively). For the three and nine month periods ending September 30, 2020 there is an amount of $5,207 (US$4,896) ($7,836 (US$5,934) in 2019) and $17,178 (US$8,770) ($23,659 (US$17,801) in 2019) included in expenses.

The notes payable to the parent company and related interest, as well as the advances from the parent company for, are all due upon demand. The management fees are due as the services are rendered and at the latest upon a change of control of the Group. The parent company has provided an acknowledgement that it will not seek repayment of any of these amounts until the Group has revenue of $2,500,000 or on the occurrence of a significant financing of over $5,000,000 or by conversion of these amounts into common shares at the then applicable trading price of the shares on the CSE, at the discretion of the parent company.

9. FINANCIAL RISKS

Risk management objectives and policies

The Group is exposed to various risks in relation to financial instruments. The Group's financial assets are cash and trade accounts receivable, which are classified at amortized cost.

The Group's financial liabilities are trade and other payables, advances from parent company and notes payable to related parties. Financial liabilities are measured subsequently at amortized cost using the effective interest method.

The main types of risks are interest rate risk, credit risk, liquidity risk and foreign exchange risk.

The Group does not actively engage in the trading of financial assets for speculative purposes.

Interest rate risk

The Group has notes payable from its parent company subject to variable interest rates.

13

Wikileaf Technologies Inc. Notes to Interim Condensed Consolidated Financial Statements

September 30, 2020

(In Canadian dollars) (Unaudited)

9. FINANCIAL RISKS (Continued)

Credit risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group is subject to credit risk due to its cash and trade and accounts receivable. The credit risk is considered negligible since the counterparties are reputable financial institutions with high quality external ratings.

Liquidity risk

Liquidity risk is the risk that the Group might be unable to meet its obligations. The Group manages its liquidity needs by forecasting cash inflows and outflows due in day-to-day business.

The Group's objective is to maintain cash to meet its liquidity requirements on a monthly basis.

The Group considers expected cash flows in assessing and managing liquidity risk, in particular its cash resources.

Foreign exchange risk

Foreign exchange risk is not considered significant as the majority of the Group's cash is in Canadian dollars, however some expenses are settled in U.S. dollars. Currency risk results from the Group's expenses denominated in U.S. dollars.

10. CAPITAL MANAGEMENT POLICIES AND PROCEDURES

The Group's capital management objectives are to ensure the Group's ability to continue as a going concern and to provide an adequate return to shareholders.

The capital structure of the Group consists of cash, advance from parent company and notes payable to related parties and equity (deficiency). A summary of the Group's capital structure is as follows:

Cash Advance from parent company, without interest Notes payable to related parties Total equity (deficiency)	September 30, 2020 $ 854,081 1,614,010 487,067 (2,327,697) (226,620)	December 31, 2019
		$ 3,562,858
		1,580,997 474,250 506,651
		2,561,898

14

Wikileaf Technologies Inc. Notes to Interim Condensed Consolidated

Financial Statements

September 30, 2020 (In Canadian dollars) (Unaudited)

10. CAPITAL MANAGEMENT POLICIES AND PROCEDURES (Continued)

The Group manages its capital structure in accordance with its expected business growth, operational objectives, underlying industry, and market and economic conditions. Consequently, the Group will develop a plan influenced by its capital structure to be presented and approved by the Board of Directors. The plan may include issuance of shares or debt.

11. IMPACTS RESULTING FROM THE COVID-19 PANDEMIC

In March 2020, the decree of a COVID-19 state of pandemic and the numerous measures put in place by the federal, provincial and municipal governments to protect the public had an impact on the Group's operations. However due to the online nature of the Group's operations, the business was still able to operate. As a result of additional losses due to the pandemic, the Canadian federal government granted the Group a wage subsidy of $43,748 for the period ended September 30, 2020. This crisis may cause significant changes to the Group’s assets or liabilities in the coming year or have a significant impact on future operations.