Novus Robotics Inc.

CIK:0001388180|SEC Filings

Interim Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenue	$ 879,053	$ 521,298
Cost of sales	486,753	241,393
Gross Profit	392,300	279,905
Expenses
Compensation	115,280	56,955
Occupancy costs	17,938	18,598
Travel	18,089	14,280
Professional fees	174,055	50,353
Communication	2,574	2,222
Office and general	13,903	19,753
Total operating expenses	341,839	162,161
Income before other income and income taxes	50,461	117,744
Other income (expense)
Foreign exchange gain	6,018	21,303
Net income before income taxes	56,480	139,047
Provision for income taxes	(8,410)	(36,848)
Net income	48,069	102,199
Other comprehensive income (loss)
Foreign exchange adjustment	45,423	(15,548)
Comprehensive Income (loss)	$ 93,492	$ 86,651
Basic loss per share	$ 0.00	$ 0.00
Diluted income per share	$ 0.00	$ 0.00
Weighted average number of shares outstanding - basic	54,296,541	54,296,541
Weighted average number of shares outstanding - diluted	54,296,541	54,296,541

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flow from operating activities
Net income	$ 48,069	$ 102,199
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	9,480	7,181
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities	57,549	109,380
Changes in operating assets and liabilities
Decrease (increase) in accounts receivable	191,410	210,701
Decrease (increase) in inventory	413,644	(448,310)
Decrease (increase) in prepaid expenses	(24,588)	9,552
Decrease (increase) in security deposits	(210)	279
Increase (decrease) in accounts payable and accrued expense	51,781	(50,265)
Increase (decrease) in customer deposits	(572,333)	(169,136)
Increase (decrease) in warranty payable	13,727	(4,111)
Increase (decrease) in taxes recoverable/payable	10,696	6,550
Net cash provided by (used in) operating activities	141,677	(335,360)
Cash Flow from investing activity
Purchase of fixed assets	(16,582)
Net cash used in investing activity	(16,582)
Cash Flow from Financing activity
Obligation under capital lease, net of repayments		(2,359)
Net cash used in financing activity		(2,359)
Effect of foreign exchange rate on changes in cash	43,333	(12,207)
Change in cash	168,428	(349,926)
Cash, beginning of period	1,309,052	1,705,806
Cash, end of period	$ 1,477,480	$ 1,355,880

Interim Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash	$ 1,477,480	$ 1,309,052
Amounts receivable, net	308,431	499,842
Inventory	8,467	422,111
Sales tax recoverable	56,458	67,153
Security deposits	9,883	9,673
Prepaid expense	73,491	48,904
Total current assets	1,934,210	2,356,735
Fixed assets
Fixed assets, net of deprecation	103,590	94,398
Total assets	2,037,800	2,451,133
Current liabilities
Accounts payable and accrued expenses	149,543	97,762
Customer deposits	14,943	587,276
Warranty provision	40,949	27,222
Income taxes payable	372,691	372,691
Obligation under capital lease
Total current liabilities	578,126	1,084,951
Deferred income taxes	21,084	21,084
Total liabilities	599,210	1,106,035
COMMITMENTS AND CONTINGENCIES - Note 8
STOCKHOLDERS' EQUITY
Common Stock 500,000,000 shares authorized with a par value of $0.001, 54,296,641 issued and outstanding (December 31, 2018- 54,296,641 common shares)	54,296	54,296
Additional paid in capital	58,354	58,354
Accumulated other comprehensive loss	(465,264)	(510,687)
Retained earnings	1,790,204	1,742,136
Total stockholders' equity	1,438,590	1,345,099
Total liabilities and stockholders' equity	2,037,800	2,451,133
Series A Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred Stock 50,000,000 shares authorized with a par value of $0.001; Series A - 100 designated, none outstanding Series B - 49,999,900 designated, 1,000,000 issued and outstanding (December 31, 2018 - 1,000,000)
Total stockholders' equity
Series B Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred Stock 50,000,000 shares authorized with a par value of $0.001; Series A - 100 designated, none outstanding Series B - 49,999,900 designated, 1,000,000 issued and outstanding (December 31, 2018 - 1,000,000)	1,000	1,000
Total stockholders' equity	$ 1,000	$ 1,000