IGEN NETWORKS CORP

CIK:0001393540|SEC Filings

Condensed Consolidated Interim Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Sales, services	$ 47,865	$ 131,575	$ 131,301	$ 269,811
Sales, other	0	0	0	0
Total Revenues	47,865	131,575	131,301	269,811
Cost of goods sold	17,074	161,249	71,125	267,844
Gross Profit (Loss)	30,791	(29,674)	60,176	1,967
Expenses:
Selling, general and administrative	26,321	135,538	210,624	322,585
Management and consulting fees	35,000	69,094	48,250	156,558
Payroll and related	44,373	120,528	82,410	289,692
Impairment of goodwill	0	0	505,508	0
Total Expenses	105,694	325,160	846,792	768,835
Loss Before Other Income (Expense)	(74,903)	(354,834)	(786,616)	(766,868)
Other Income (Expense)
Accretion of discounts on convertible debentures	0	0	0	(35,201)
Change in fair value of derivative liabilities	(57,506)	(47,427)	(25,624)	8,558
Gain (loss) on extinguishment of debt	0	70,558	0	342,523
Interest expense	(45,534)	(29,417)	(132,157)	(85,627)
Total Other Income (Expense), net	(103,190)	(6,256)	(157,781)	230,253
Net Income (Loss)	(178,093)	(361,090)	(944,397)	(536,615)
Accrued and deemed dividends on redeemable convertible preferred stock	(40,572)	(126,098)	(120,240)	(128,660)
Net loss attributable to common stockholders	$ (218,665)	$ (487,188)	$ (1,064,637)	$ (665,275)
Basic and Diluted Loss per Common Share	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.00)
Weighted Average Number of Common Shares Outstanding	2,445,447,418	1,628,362,535	2,186,264,751	1,559,578,608

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Net loss	$ (944,397)	$ (536,615)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discounts on convertible debentures	4,000	35,201
Change in fair value of derivative liabilities	25,624	(8,558)
Loss on extinguishment of debt	0	(342,523)
Impairment of goodwill	505,508	17,162
Amortization of right of use asset	6,191	7,900
Accrued interest for debt	119,967	7,890
Stock-based compensation	145,833	13,613
Changes in operating assets and liabilities:
Accounts and other receivables	21,902	28,271
Inventory	(3,178)	23,036
Prepaid expenses and deposits	5,722	0
Accounts payable and accrued liabilities	49,355	9,905
Deferred revenue	(58,529)	21,956
Operating lease liability	7,848	0
Net Cash Used in Operating Activities	(129,850)	(730,662)
Cash Flows from Financing Activities
Repayment of notes payable and convertible debentures	0	(112,693)
Repayment of lease liability - operating lease	0	(20,495)
Repurchase of Series B preferred stock	0	(1,250)
Proceeds from issuance of common stock	31,985	89,240
Proceeds from notes payable and convertible debentures, net	26,000	485,000
Proceeds from issuance of preferred stock, net	71,865	310,000
Net Cash Provided by Financing Activities	129,850	749,802
Change in Cash	0	19,140
Cash, Beginning of Period	0	64,429
Cash, End of Period	0	83,569
Conversion of notes payable and accrued interest:
Fair value of common shares issued	0	0
Derecognition of notes payable and accrued interest	0	0
Derecognition of unamortized discount	0	0
Derecognition of derivative liabilities	0	0
Conversion of preferred stock
Fair value of common shares issued	415,289	464,572
Derecognition of preferred stock	(234,407)	(300,889)
Derecognition of unamortized discount	(114,316)	(100,623)
Derecognition of derivative liabilities	(172,241)	(165,206)
Deemed dividend	(51,136)	(97,773)
Discount related to issuance of preferred stock	62,239	140,152
Deemed dividends on preferred stock (excluding conversions)	11,706	(96,459)
Issuance of conversion shares for commitment fee on equity life	$ 0	$ 12,500

Condensed Consolidated Interim Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash	$ 0	$ 0
Accounts and other receivables, net	0	21,902
Inventory	33,319	30,141
Total Current Assets	33,319	52,043
Operating lease asset, net	0	53,017
Security deposits	0	5,722
Goodwill	0	505,508
Total Assets	33,319	616,290
Current Liabilities
Accounts payable and accrued liabilities	367,583	360,227
Current portion of deferred revenue, net of contract assets	62,700	81,066
Notes payable, current portion	712,196	596,746
Convertible debentures	67,300	37,000
Derivative liabilities	38,338	111,010
Total Current Liabilities	1,248,117	1,186,049
Notes payable, net of current portion	164,953	160,736
Operating lease liability, net of current portion	0	27,098
Deferred revenue, net of current portion and contract assets	41,469	81,632
Total Liabilities	1,454,539	1,455,515
Stockholders' Deficit
Common stock: Authorized - 3,500,000,000 shares with $0.001 par value issued and outstanding - 2,800,191,077 and 1,890,261,047 shares, as of September 30, 2023 and December 31, 2022, respectively	2,800,192	1,890,262
Additional paid-in capital	16,981,651	17,298,474
Accumulated deficit	(21,234,777)	(20,170,140)
Total Stockholders' Deficit	(1,449,184)	(977,654)
Total Liabilities and Stockholders' Deficit	33,319	616,290
Series B Preferred Stock [Member]
Stockholders' Deficit
Series B preferred stock: Authorized - 5,000,000 shares with $0.001 par value issued and outstanding - 3,750,000 as of September 30, 2023 and December 31, 2022	3,750	3,750
Series A Redeemable Convertible Preferred Shares Member
Commitment and contingencies
Authorized - 1,250,000 shares with $0.001 par value, 53,654 shares and 214,500 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively, net of discount of $20,976 and $59,954, respectively, aggregate liquidation preference of $56,204 and $218,222 as of September 30, 2023 and December 31, 2022, respectively	$ 27,964	$ 138,429