ParcelPal Logistics Inc.

CIK:0001819074|SEC Filings

Consolidated Statements of Loss and Comprehensive Loss - CAD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Loss and Comprehensive Loss [Abstract]
SALES	$ 11,242,660	$ 7,521,952	$ 6,317,329
COST OF SALES	(9,238,485)	(6,253,436)	(5,947,895)
GROSS PROFIT	2,004,175	1,268,516	369,434
EXPENSES
Amortization of intangible assets	1,126,818	0	0
Bad debt expense	0	59,307	0
Consulting fees	391,763	117,054	656,405
Foreign exchange	211,512	31,454	(61,236)
Marketing and promotion	181,905	78,804	29,146
Management and director fees	714,346	1,808,250	305,158
Office and miscellaneous	1,509,729	964,282	1,155,805
Professional fees	407,984	389,817	655,378
Regulatory and filing fees	145,437	106,758	78,945
Salaries	868,783	546,852	533,193
Share-based compensation	44,246	263,672	473,103
Travel and accommodation	187,373	119,692	31,692
Total Expenses	(5,789,896)	(4,485,942)	(3,857,589)
Loss before other items	(3,785,721)	(3,217,426)	(3,488,155)
Other expenses:
Other income	4,656	0	0
Debt Settlement	273,247	0	(191,773)
Derivative liability	206,726	(144,952)	(866,238)
Interest expense	(491,806)	(754,827)	(323,931)
Gain (loss) on disposal of asset	266,901	0	0
Write-off of asset	0	14,597	(3,985)
Total other items	259,724	(885,182)	(1,385,927)
Net loss for the year	(3,525,997)	(4,102,608)	(4,874,082)
Foreign currency translation adjustment	202,182	(4,202)	0
Comprehensive loss for the year	$ (3,323,815)	$ (4,106,810)	$ (4,874,082)
Basic loss per share (in dollars per share)	$ (0.02)	$ (0.03)	$ (0.05)
Diluted loss per share (in dollars per share)	$ (0.02)	$ (0.03)	$ (0.05)
Weighted average number of shares outstanding - basic (in shares)	184,408,449	152,119,211	91,147,886
Weighted average number of shares outstanding - diluted (in shares)	184,408,449	152,119,211	91,147,886

Consolidated Statements of Cash Flows - CAD ($)	12 Months Ended
Consolidated Statements of Cash Flows - CAD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Loss for the year	$ (3,525,997)	$ (4,102,608)	$ (4,874,082)
Add non-cash items:
Amortization	1,310,888	346,532	388,859
Share-based compensation	44,246	263,672	473,103
Accrued interest	322,935	753,555	323,931
Shares issued in lieu of consulting fees	35,000	1,521,667	510,000
(Gain) / loss on debt settlement	(273,247)	0	191,773
Unrealized foreign exchange loss (gain)	91,697	27,761	(63,704)
Impairment of asset	0	1,874	3,985
Fair value of derivative	(206,726)	144,952	866,238
Gain on disposal of asset	(266,901)	0	0
Changes in non-cash working capital items
Sales tax payable	160,584	222,524	198,306
Prepaid expenses	117,976	(141,432)	(31,325)
Accounts receivable	(35,456)	161,603	381,349
Accounts payable and accrued liabilities	1,181,654	(276,888)	704,438
Net cash flows used in operating activities	(1,043,347)	(1,076,788)	(927,129)
Investing activity
Cash acquired on business combination	0	149,386	0
Sale of vehicles	410,500	42,798	0
Acquisition of Trucking	0	(1,697,813)	0
Purchase of vehicles	(37,150)	(61,836)	(112,034)
Net cash flows provided (used) by investing activity	373,350	(1,567,465)	(112,034)
Financing activities
Loan repayments	(274,631)	(27,769)	(26,416)
Loan proceeds	677,200	0	0
Convertible note	0	3,115,822	1,192,699
Exercise of options	0	9,000	90,000
Exercise of warrants	0	98,550	30,000
Lease payments	(185,722)	(287,532)	(345,695)
Subscriptions received	0	0	58,650
Net cash flows provided (used) by financing activities	216,847	2,908,071	999,238
Foreign exchange on cash	(22,150)	32,475	0
Change in cash during the year	(475,300)	296,293	(39,925)
Cash - beginning of the year	551,961	255,668	295,593
Cash - end of the year	76,661	551,961	255,668
Supplemental cash flow information:
Income taxes paid	0	0	0
Interest paid	491,806	25,598	28,671
Non Cash Items [Abstract]
Shares issued pursuant to asset acquisition	269,467	1,611,020	0
Shares issued for convertible note settlement	$ 1,000,813	$ 2,966,838	$ 0

Consolidated Statements of Financial Position - CAD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash	$ 76,661	$ 551,961
Accounts receivable	237,506	202,050
Prepaid expenses	31,858	149,834
Total current assets	346,025	903,845
Customer contract	3,707,137	3,933,128
Vehicles and Right-of-use assets	507,669	652,353
Total assets	4,560,831	5,489,326
Current liabilities
Accounts payable and accrued liabilities	2,027,939	833,262
Purchase obligation	1,616,704	660,972
Convertible Note	1,536,139	2,429,227
Derivative liability	0	206,726
Sales tax payable	682,200	521,616
Short-term loan payable	396,201	66,588
Lease obligations - current	58,012	158,409
Total current liabilities	6,317,195	4,876,800
Lease obligations	10,320	404,921
Total liabilities	6,327,515	5,281,721
SHAREHOLDERS' (DEFICIT) EQUITY
Share capital	18,928,057	17,622,777
Contributed surplus	3,664,546	3,620,300
Accumulated other comprehensive income	197,980	(4,202)
Deficit	(24,557,267)	(21,031,270)
Total shareholders' (deficit) equity	(1,766,684)	207,605
Total liabilities and shareholders' (deficit) equity	$ 4,560,831	$ 5,489,326