Fobi AI: Q2 2022 Interim Financial Statements FOBI AI INC.

(Formerly Loop Insights Inc.)

Condensed consolidated interim financial statements

Half-year ended December 31, 2021

(Expressed in Canadian dollars)

(Unaudited)

Notice of non-review by the auditor of the interim financial statements

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

The accompanying unaudited condensed consolidated interim financial statements of the Company 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 condensed consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for the review of interim financial statements by an entity’s auditor. .

Fobi AI Inc. (formerly Loop Insights Inc.)

Condensed Consolidated Interim Statements of Financial Position (expressed in Canadian dollars)

(Unaudited – Prepared by management)

To noteDecember 31, 2021

June 30, 2021

ASSETS Current assets

Cash and cash equivalents Receivables Prepaid

Inventory

Loans to receive

$4,805,694

7,501,753

4

1 861 768 844 502

342 015 328 565

56,992,433,298 7,499,768

– 288,438 8,963,258

Non-current assets Loans to receive Equipment Intellectual property Right-of-use assets Intangible assets Goodwill TOTAL ASSETS

– 193,096

134 171 122 062

5,381,637 171,792

6 5 5

27,865 37,672

796 796 873 996

1,320,468 1,320,468

15,160,705

$11,682,344

LIABILITIES AND EQUITY

Current liabilities

Accounts payable and accrued liabilities Current portion of lease liabilities Deferred revenue

Willing to pay

$1,096,969,538,938

6

12,524 16,912

58,585 108,488

– 20,000

1,168,078,684,338

Deferred taxes

4,271,693 271,693

Contingent liabilities 577,260

Non-current portion of rental debt TOTAL RESPONSIBILITIES

6 17 134 22 218

2,034,165,978,249

EQUITY (DEFICIENCY)

Share the capital

Subscription receivable Contributed surplus Deficit

Accumulated other comprehensive gains (losses)

8

50,333,993

(130,568)

11,449,836

(48,535,478)

42,363,480

(130,568)

7,562,494

(39,091,291)

8,756

(20)

TOTAL EQUITY (DEFICIENCY) TOTAL LIABILITIES AND EQUITY

13,126,540 10,704,095

15,160,705

$11,682,344

operating and business continuity (Note 1) Commitments and contingencies (Note 16) Subsequent events (Note 17)

Approved and authorized for issuance on behalf of the Board of Directors on March 01, 2022:

/s/ “Robert Douglas Anson”

Robert Douglas Anson, director

/s/ “Peter Green”

Pierre Green, director

(The accompanying notes form an integral part of these condensed consolidated interim financial statements)

3

Condensed Consolidated Interim Statements of Financial Position (expressed in Canadian dollars)

(Unaudited – Prepared by management)

Three months ending in DecemberRemarks

31, 2021

Three months ended December 31, 2020

Semester Closed semesterended December 31, 2021

December 31, 2020

Revenue

Functionnary costs

Advertising and Marketing

Cost of services sold

Consulting fees

Amortization

Assurance

Interest and Accretion Charges

Investor Relations

Licensing and distribution fees

office and general

Professional fees

Lease

Research and development

Stock-based compensation

Transfer Agent and Custody Fees

Travel

Other

Salaries and benefits

$

922 823

$

–

1,503,140

–$

294,341

51,432

$

270 148 –

378 190 –

352,646

332 165

707 170 544 475

5.6

87,927

16,322 –

124,838 32,905

79,846

2,369

1,848

24,695 –10,827 3,447 111,127

– 38,802 –

118,003

17,530

245,614 22,558

72,312

87,320

217,668 101 134

156,367

58,477

235,500 169,879

2,838

16,698

28,993 20,060

20,851

76,267

36,039 139,242

8

2,872,519

2,760,619

5,491,880 2,819,311

34,949

18,834

53,743 52,600

126,400

(2,140)

20,027 –

170,364 21,969 –

7

1,695,582

490 287

2,933,507

862 056

Loss before other items

$

$(5,045,265)

(4,189,389)

$(9,474,880) (5,203,181)

Other items

Other income

–

–

–

$

-$-20,000

interest income – – 2,368

Exchange rate gain

(5,531) – 8,324

Net loss

$

$(5,050,797)

(4,189,389)

(9,444,187) (5,203,181)

Accumulated other comprehensive gains (losses)

(8,210)

(8,776)

Overall loss

$

$(5,059,006)

(4,189,389)

(9,452,963) (5,203,181)

Overall loss per share, basic and diluted

$

($0.04)

($0.04)

($0.07)

(The accompanying notes form an integral part of these condensed consolidated interim financial statements)

Weighted average number of

Common shares outstanding

141 952 875

112,438,580

138 773 402

(0.05)

106,745,989

3

Condensed Consolidated Interim Statement of Changes in Equity (expressed in Canadian dollars)

(Unaudited – Prepared by management)

Number of shares outstandingOrdinary actionsSubscriptions to be receivedContributed surplusAccumulated other comprehensive income

Total shareholders

Deficit

EquitySale, June 30, 2020

Issue of common shares for cash, net of issue costs

Issue of common shares for obligation Warrants exercised

$91,383,209

23,464,437

$

(140,000)

$

3,458,791

$

–$

(1,211,480)

5,686,904,597,125 597,125

1,200,000 402,000 402,000

Stock options exercised Shares for service Subscription received Stock-based compensation Net loss for the year Sale, December 31, 2020

21,626,976 3,251,250 1,000

4,341,144 1,165,410,200

(377,359)

3,963,785

(219,970) 945,440

17,642 17,642

2,819,311

2,819,311

(5,203,181)

(5,203,181)

123 149 339

29,970,316

$

(122,358)

$

5,680,773

$

–$

(33,197,889)

$2,330,842

Sale, June 30, 2021

Issuance of common stock for the acquisition of intellectual property

Warrants exercised Stock options exercised Share-based compensation Accumulated other comprehensive income Net income for the year

$134,862,263 42,363,480

$

(130,568)

$

7,562,494

$

(20)

$

(39,091,291)

$10,704,095

1,524,031 4,112,513 4,112,513

5,762,250 1,779,333 2,068,750 2,078,667

(588,083) 1,191,250

(1,016,455) 1,062,212

5,491,880 5,491,880

8,776

Sale, December 31, 2021

144 217 294

50,333,993

$

(130,568)

$

11,449,836

$

8,756

$

(48,535,478)

(9,444,187)

$

8,776 (9,444,187) 13,126,540

(The accompanying notes form an integral part of these consolidated financial statements)

4

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