Vision Marine Technologies Inc 6-K, filed Jul 13, 2022

Vision Marine Technologies Inc. (VMAR)

6-K 2022-07-13 For: 2022-07-12

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Added on April 07, 2026

About this 6-K

Vision Marine Technologies Inc filed this 6-K on July 13, 2022.

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Exhibit No.		Exhibit
99.1		Unaudited condensed interim consolidated financial statements for the nine month periods ended May 31, 2022 and May 31, 2021
99.2		Management’s Discussion and Analysis for the nine months ended May 31, 2022
99.3		Form 52-109F2 Certification of Interim Filings –CEO
99.4		Form 52-109F2 Certification of Interim Filings –CFO

	VISION MARINE TECHNOLOGIES INC.

Date: July 12, 2022	By:	/s/ Kulwant Sandher
	Name:	Kulwant Sandher
	Title:	Chief Financial Officer

	As at May 31, 2022			As at August 31, 2021
	$			$
Assets
Current
Cash		7,855,852			18,147,821
Trade and other receivables [note 3]		525,109			319,740
Inventories [note 4]		3,242,450			1,976,084
Prepaid expenses		3,323,663			544,843
Income tax receivable		130,745			-
Grants and investment tax credits receivable		845,915			108,302
Share subscription receivable [note 14]		39,200			39,200
Advances to related parties [note 14]		16,051			185,407
Total current assets		15,978,985			21,321,397
Debentures [note 5]		2,413,500			2,850,000
Right-of-use assets [note 6]		2,479,957			2,905,199
Property and equipment [note 7]		1,931,945			1,414,509
Intangible assets [note 8]		1,141,983			1,225,722
Deferred income taxes		17,547			17,547
Goodwill [note 8]		9,051,519			9,033,638
Other financial assets		115,049			33,280
Total assets		33,130,485			38,801,292

Liabilities and shareholders’ equity
Current
Trade and other payables [notes 10 & 14]		870,289			848,054
Income tax payable		25,229			138,308
Contract liabilities [note 11]		1,553,531			898,713
Current portion of lease liabilities [note 12]		602,879			562,136
Current portion of long-term debt [note 13]		83,734			10,179
Other financial liabilities		189,825			237,444
Total current liabilities		3,325,487			2,694,834
Lease liabilities [note 12]		2,016,200			2,404,680
Long-term debt [note 13]		210,733			53,936
Deferred income taxes		126,747			122,655
Total liabilities		5,679,167			5,276,105

Shareholders’ equity
Capital stock [note 15]		43,277,538			42,834,982
Contributed surplus [note 16]		10,407,125			7,861,405
Accumulated other comprehensive income		392,348			388,566
Deficit		(26,625,693	)		(17,559,766	)
Total shareholders’ equity		27,451,318			33,525,187
		33,130,485			38,801,292

										Accumulated
										other
					Contributed					comprehensive
	Capital stock				surplus		Deficit			income		Total
	Units		$		$		$			$		$

Shareholders’ equity as at August 31, 2020		4,585,001		2,497,813		739,961		(2,445,859	)		-		791,915
Total comprehensive loss [restated* [note 2]]*		-		-		-		(11,187,157	)		-		(11,187,157	)
Share issuance, net of transactions costs of nil		595,687		2,231,999		-		-			-		2,231,999
Initial Public Offering, net of transactions costs of $3,328,687		2,760,000		33,158,513		-		-			-		33,158,513
Conversion of related party loans		69,650		898,489		-		-			-		898,489
Shares issued as consideration for the acquisition of intangible assets		30,000		573,936		-		-			-		573,936
Share-based compensation [note 16]		-		-		5,218,944		-			-		5,218,944
Shareholders’ equity as at May 31, 2021 [restated* [note 2]]*		8,040,338		39,360,750		5,958,905		(13,633,016	)		-		31,686,639

Shareholders’ equity as at August 31, 2021		8,324,861		42,834,982		7,861,405		(17,559,766	)		388,566		33,525,187
Total comprehensive loss		-		-		-		(9,065,927	)		3,782		(9,062,145	)
Share issuance, net of transactions costs of nil [note 15]		65,720		442,556		-		-			-		442,556
Share-based compensation [note 16]		-		-		2,545,720		-			-		2,545,720
Shareholders’ equity as at May 31, 2022		8,390,581		43,277,538		10,407,125		(26,625,693	)		392,348		27,451,318

	Three months ended May 31, 2022			Three months ended May 31, 2021			Nine months ended May 31, 2022			Nine months ended May 31, 2021
	$			$			$			$
				Restated						Restated
				[note 2]						[note 2]
Revenues [note 17]		2,014,769			770,770			3,975,140			1,234,492
Cost of sales [note 4]		890,649			604,797			2,079,821			984,233
Gross profit		1,124,120			165,973			1,895,319			250,259

Expenses
Research and development [note 18]		32,670			311,626			50,179			378,626
Office salaries and benefits		968,126			544,107			2,571,948			928,980
Selling & marketing expenses		356,660			466,651			1,496,935			654,669
Professional fees		571,452			672,114			2,452,900			1,417,372
Office and general		551,633			327,059			1,485,823			855,037
Share-based compensation [note 16]		367,054			1,817,414			2,545,720			5,218,944
Depreciation		52,758			36,147			178,217			64,316
Net financial expense [note 19]		99,608			825,291			213,419			1,919,472
Other income		(21,887	)		-			(86,876	)		-
		2,978,074			5,000,409			10,908,265			11,437,416

Loss before tax		(1,853,954	)		(4,834,436	)		(9,012,946	)		(11,187,157	)
Income taxes
Current tax expense		86,078			-			52,257			-
Deferred tax expense		7			-			724			-
		86,085			-			52,981			-
Net loss for the period		(1,940,039	)		(4,834,436	)		(9,065,927	)		(11,187,157	)

Items of comprehensive income that will be
subsequently reclassified to earnings:
Foreign currency translation differences for foreign
operations, net of tax		(40,044	)		-			3,782			-
Other comprehensive income (loss), net of tax		(40,044	)		-			3,782			-
Total comprehensive loss for the period, net of tax		(1,980,083	)		(4,834,436	)		(9,062,145	)		(11,187,157	)

Weighted average shares outstanding		8,380,461			8,040,337			8,318,525			7,107,665
Basic and diluted loss per share		(0.24	)		(0.60	)		(1.09	)		(1.57	)

	2022			2021
	$			$
				Restated
				[note 2]
Operating activities
Net loss		(9,065,927	)		(11,187,157	)
Depreciation		722,679			225,241
Accretion on long-term debt and lease liability		110,380			35,899
Share-based compensation – options		2,545,720			5,218,944
Shares issued for services		442,556			109,069
Loss on debentures		436,500			-
Income tax expense		52,981			-
Income tax paid		(295,025	)		-
Gain on lease termination		(3,668	)		-
Effect of exchange rate fluctuation		(17,463	)		-
		(5,071,267	)		(5,598,004	)
Net change in non-cash working capital items
Trade and other receivables		(205,369	)		(346,708	)
Inventories		(1,266,366	)		(892,339	)
Grants and investment tax credits receivable		(737,613	)		233,357
Other financial assets		(81,769	)		-
Prepaid expenses		(2,778,820	)		(1,540,168	)
Trade and other payables		22,235			(5,140	)
Contract liabilities		654,818			268,185
Other financial liabilities		(49,773	)		-
Cash used in operating activities		(9,513,924	)		(7,880,817	)

Investing activities
Additions to property and equipment		(680,536	)		(169,503	)
Proceeds from the disposal of property and equipment		46,346			-
Debentures subscribed		-			(3,400,000	)
Additions to intangible assets		(32,202	)		(543,987	)
Cash used in investing activities		(666,392	)		(4,113,490	)

Financing activities
Change in bank indebtedness		-			(170,000	)
Increase in long-term debt		282,424			-
Repayment of long-term debt		(54,455	)		(416,545	)
Advances to related parties		176,771			-
Initial public offering, net of transaction costs paid		-			33,430,239
Issuance of shares		-			2,025,000
Repayment of lease liabilities		(516,393	)		(134,792	)
Cash provided (used) by financing activities		(111,653	)		34,733,902

Net (decrease) increase in cash during the period		(10,291,969	)		22,739,595
Cash, beginning of period		18,147,821			1,296,821
Cash, end of period		7,855,852			24,036,416

Name of subsidiary	Principal activity	Country of incorporation and operation	Proportion of ownership held by the Company

7858078 Canada Inc.	Owns an electric boat rental center	Canada	100%
EB Rental Ltd.	Operates an electric boat rental center	United States	100%

	Three months ended May 31, 2021			Nine months ended May 31, 2021
	$			$
Impact on consolidated statements of comprehensive loss (decrease/(increase) in loss)
Deferred tax expense (recovery)		(26,375	)		377,459
Net impact on loss for the period		(26,375	)		377,459
Impact on basic and diluted loss per share (decrease/(increase) in loss per share)
Basic and diluted loss per share		-			0.05

	Previously reported			Effect of restatement			Amended
	$			$			$
Consolidated statement of financial position as at February 28, 2022
Debentures		1,990,000			538,500			2,528,500
Deficit		(25,224,153	)		538,500			(24,685,653	)

Consolidated statement of comprehensive loss for the three months ended February 28, 2022
Net financing expense		809,855			(538,500	)		271,355
Loss before tax		(4,305,386	)		538,500			(3,766,886	)
Net loss for the period		(4,236,810	)		538,500			(3,698,310	)
Total comprehensive loss for the period, net of tax		(4,308,936	)		538,500			(3,770,436	)

Basic and diluted loss per share		(0.51	)		0.06			(0.45	)

Consolidated statement of comprehensive loss for the six months ended February 28, 2022
Net financing expense		652,311			(538,500	)		113,811
Loss before tax		(7,697,491	)		538,500			(7,158,991	)
Net loss for the period		(7,664,387	)		538,500			(7,125,887	)
Total comprehensive loss for the period, net of tax		(7,620,561	)		538,500			(7,082,061	)

Basic and diluted loss per share		(0.92	)		0.06			(0.85	)

	As at May 31, 2022		As at August 31, 2021
	$		$
Trade receivables		175,104		27,388
Sales taxes receivable		164,193		166,749
Interest and other receivables		185,812		125,603
		525,109		319,740

	As at May 31, 2022		As at August 31, 2021
	$		$

0 – 30 days		72,124		-
31 – 60 days		63,534		2,008
61 – 90 days		-		25,380
91 days and over		39,446		-
		175,104		27,388

	As at May 31, 2022		As at August 31, 2021
	$		$

Raw materials		2,219,614		1,549,125
Work-in-process		216,945		327,757
Finished goods		805,891		99,202
		3,242,450		1,976,084

	Premises		Computer equipment			Rolling stock			Boat rental fleet			Total
	$		$			$			$			$

Cost
Balance at August 31, 2020		737,066		11,333			38,699			-			787,098
Business acquisition		1,281,308		3,646			39,924			326,868			1,651,746
Additions		672,731		-			179,736			-			852,467
Disposals		-		-			(57,475	)		-			(57,475	)
Transfer to intangible assets		-		(11,333	)		-			-			(11,333	)
Currency translation		55,013		-			1,652			-			56,665
Balance at August 31, 2021		2,746,118		3,646			202,536			326,868			3,279,168
Additions		90,553		-			117,981			-			208,534
Disposals		-		-			(159,721	)		(32,822	)		(192,543	)
Currency translation		2,396		-			394			-			2,790
Balance at May 31, 2022		2,839,067		3,646			161,190			294,046			3,297,949

Accumulated depreciation
Balance at August 31, 2020		117,806		4,231			12,094			-			134,131
Depreciation		216,551		1,697			30,527			24,087			272,862
Disposal		-		-			(27,672	)		-			(27,672	)
Transfer to intangible assets		-		(5,352	)		-			-			(5,352	)
Balance at August 31, 2021		334,357		576			14,949			24,087			373,969
Depreciation		364,139		1,728			54,645			68,052			488,564
Disposal		-		-			(38,650	)		(5,891	)		(44,541	)
Balance at May 31, 2022		698,496		2,304			30,944			86,248			817,992

Net carrying amount
As at August 31, 2021		2,411,761		3,070			187,587			302,781			2,905,199
As at May 31, 2022		2,140,571		1,342			130,246			207,798			2,479,957

	Machinery and equipment		Rolling stock			Computer equipment			Moulds			Leasehold improvements		Boat rental fleet			Total
	$		$			$			$			$		$			$

Cost
Balance at August 31, 2020		187,850		32,175			8,436			506,172			34,818		-			769,451
Business acquisition		-		-			-			-			-		417,554			417,554
Additions		115,088		-			6,211			214,833			96,415		111,807			544,354
Disposals		-		-			-			(30,000	)		-		(34,101	)		(64,101	)
Currency translation		-		-			-			-			-		18,057			18,057
Balance at August 31, 2021		302,938		32,175			14,647			691,005			131,233		513,317			1,685,315
Additions		30,146		127,025			9,194			148,301			50,194		315,676			680,536
Disposals		-		(5,800	)		(4,899	)		-			-		(40,496	)		(51,195	)
Currency translation		-		(35	)		-			-			-		600			565
Balance at May 31, 2022		333,084		153,365			18,942			839,306			181,427		789,097			2,315,221

Accumulated depreciation
Balance at August 31, 2020		148,156		21,014			4,556			57,660			-		-			231,386
Depreciation		19,448		3,348			3,842			22,760			11,579		8,443			69,420
Disposal		-		-			-			(30,000	)		-		-			(30,000	)
Balance at August 31, 2021		167,604		24,362			8,398			50,420			11,579		8,443			270,806
Depreciation		23,080		19,417			3,934			16,956			23,067		30,865			117,319
Disposal		-		(3,500	)		(674	)		-			-		(675	)		(4,849	)
Balance at May 31, 2022		190,684		40,279			11,658			67,376			34,646		38,633			383,276

Net carrying amount
As at August 31, 2021		135,334		7,813			6,249			640,585			119,654		504,874			1,414,509
As at May 31, 2022		142,400		113,086			7,284			771,930			146,781		750,464			1,931,945

	Intellectual property		Software		Trade name		Backlog		Website		Total
	$		$		$		$		$		$

Cost
Balance at August 31, 2020		-		-		-		-		-		-
Business acquisition		-		-		90,000		76,000		18,000		184,000
Transfer from right-of-use assets [note 6]		-		5,981		-		-		-		5,981
Additions		1,035,070		67,592		-		-		-		1,102,662
Currency translation		-		-		3,856		3,220		771		7,847
Balance at August 31, 2021		1,035,070		73,573		93,856		79,220		18,771		1,300,490
Additions		-		28,202		4,000		-		-		32,202
Currency translation		-		-		438		330		87		855
Balance at May 31, 2022		1,035,070		101,775		98,294		79,550		18,858		1,333,547

Accumulated depreciation
Balance at August 31, 2020		-		-		-		-		-		-
Depreciation		55,581		7,107		4,633		6,520		927		74,768
Balance at August 31, 2021		55,581		7,107		4,633		6,520		927		74,768
Depreciation		77,631		14,364		9,665		13,252		1,884		116,796
Balance at May 31, 2022		133,212		21,471		14,298		19,772		2,811		191,564

Net carrying amount
As at August 31, 2021		979,489		66,466		89,223		72,700		17,844		1,225,722
As at May 31, 2022		901,858		80,304		83,996		59,778		16,047		1,141,983

	As at May 31, 2022			As at August 31, 2021
	$			$

Opening balance		898,713			20,443
Business acquisition		-			482,173
Payments received in advance		1,368,466			1,199,958
Payments reimbursed		(3,164	)		(37,842	)
Transferred to revenues		(711,539	)		(766,019	)
Currency translation		1,055			-
Closing balance		1,553,531			898,713

	$

Less than one year		721,554
One to five years		2,190,441
		2,911,995

	As at May 31, 2022		As at August 31, 2021
	$		$

The government assistance loan is non-interest bearing until December 31, 2022 at which time the loan bears interest at 5% per annum. The loan must be repaid by December 31, 2025.		38,862		36,972
Term loan bearing interest at a rate of 5.80% per annum payable in monthly installments of $848 until April 2024.		-		27,143
Term loans bearing interest at rates varying between 9.44% and 10.71% per annum payable in monthly installments of $7,372 until January 2025, which are secured by a lien on certain boat rental fleet.		204,881		-
Term loan bearing interest at rate of 3.59% per annum payable in monthly installments of $1,244 until December 2025.		50,724		-
		294,467		64,115
Current portion of long-term debt		83,734		10,179
		210,733		53,936

	As at May 31, 2022		As at August 31, 2021
	$		$

Share subscription receivable
9335-1427 Quebec Inc.		25,000		25,000
Alexandre Mongeon		14,200		14,200
		39,200		39,200

Current advances to related party
Alexandre Mongeon		16,061		185,407

Amounts due to related parties included in trade and other payable
Alexandre Mongeon		4,000		74,157
Patrick Bobby		3,079		11,092
Kulwant Sandher		2,015		7,054
Xavier Montagne		2,073		-
Mac Engineering, SASU		16,608		29,957
		27,775		122,260

	As at May 31, 2022		As at August 31, 2021
	$		$

Trade payable		657,285		560,870
Sales taxes payable		2,393		34,076
Government remittances		13,910		46,030
Salaries and vacation payable		196,701		207,078
		870,289		848,054

	Three months ended May 31, 2022		Three months ended May 31, 2021		Nine months ended May 31, 2022		Nine months ended May 31, 2021
	$		$		$		$
Revenues
Sale electric of boats		-		41,000		-		84,000
EB Rental Ltd. [prior to June 3, 2021]

Sale of parts and boat maintenance		-		7,500		-		36,500
EB Rental Ltd. [prior to June 3, 2021]

Expenses
Cost of sales
EB Rental Ltd. [prior to June 3, 2021]		-		-		-		17,000
9335-1427 Quebec Inc.		-		75,000		-		75,000

Research and Development
Mac Engineering, SASU		134,962		-		455,331		-

Travel and entertainment
EB Rental Ltd.		-		12,000		-		12,000

Office salaries and benefits
Montana Strategies Inc.		14,488		-		48,616		-

	As at May 31, 2021		As at August 31, 2021
	$		$

8,390,581 voting common shares [August 31, 2021 – 8,324,861]		43,277,538		42,834,982

Grant date	Exercise price		Market price		Expected volatility		Risk-free interest rate		Expected life
	$		$		%		%		[years]

May 27, 2020		3.70		3.70		84		0.4		5
May 27, 2020		2.78		3.70		84		0.4		5
October 23, 2020		3.70		3.70		97		0.4		5
November 24, 2020		16.29		13.03		101		0.4		5
February 23, 2021		15.75		15.05		103		0.6		5
May 14, 2021		8.98		9.06		105		0.8		5
July 14, 2021		9.25		9.01		105		0.7		5
September 21, 2021		8.85		8.58		106		0.9		5
January 22, 2022		5.65		5.52		107		1.5		5

	Number of options			Weighted average exercise price
	#			$

Balance at August 31, 2020		516,216			3.41
Granted		1,148,310			12.86
Forfeited		(5,405	)		3.70
Balance at August 31, 2021		1,659,121			9.95
Granted		152,500			6.70
Forfeited		(102,500	)		13.59
Balance at May 31, 2022		1,709,121			9.44

Exercise price	Number of options outstanding	Weighted average grant date fair value	Weighted average remaining contractual life	Exercisable options
$	#	$	[years]	#

3.70	348,648	2.42	3.00	325,000
2.78	162,162	2.59	3.00	162,162
3.70	10,811	2.69	3.25	7,545
16.29	440,000	9.33	8.50	440,000
15.75	120,000	11.28	3.75	37,500
8.98	500,000	6.91	4.00	500,000
8.85	25,000	6.55	9.50	25,000
5.65	102,500	4.28	4.75	89,167

					Three months ended May 31, 2022		Three months ended May 31, 2021
	Sale of electric boats		Rental of electric boats		Total		Sale of electric boats
	$		$		$		$

Canada		229,972		-		229,972		144,760
USA		416,260		1,368,537		1,784,797		625,015
Other		-		-		-		995
		646,232		1,368,537		2,014,769		770,770

	•	Level 1: Quoted prices in active markets for identical items [unadjusted];
	•	Level 2: Observable direct or indirect inputs other than Level 1 inputs; and
	•	Level 3: Unobservable inputs [i.e., not derived from market data].

	Volatility				Credit spread
	+5%		-5%		+2%		-2%
	$		$		$		$

Fair value of debentures		2,417,500		2,410,500		2,481,000		2,348,500

	Nine months ended May 31, 2022											Nine months ended May 31, 2021
	Sale of electric boats			Rental of electric boats		Inter-segment eliminations			Total			Sale of electric boats
	$			$		$			$			$

Revenue from external customers		930,126			3,045,014		-			3,975,140			1,234,492
Revenue from other segments		433,898			64,281		(498,179	)		-			-
Segment revenues		1,364,024			3,109,295		(498,179	)		3,975,140			1,234,492
Segment gross profit		237,024			1,745,821		(87,526	)		1,895,319			250,259

Segment (loss) profit before tax		(9,199,678	)		229,267		(42,535	)		(9,012,946	)		(11,187,157	)
Research and development		50,179			-		-			50,179			378,626
Office salaries and benefits		1,869,127			702,820		-			2,571,947			928,980

	Nine months ended May 31, 2022		Nine months ended May 31, 2021
	$		$

Additions to right-of-use assets		208,534		685,262
Lease termination		148,002		2,231
Advances from related parties converted to shares		-		898,489
Unpaid share subscription		-		39,200
Right-of-use assets transferred to intangible assets, net of accumulated depreciation		-		5,981
Shares issued as consideration for the acquisition of intangible assets		-		573,936
Transaction costs for share issuance transferred from prepaid		-		213,019

	$

2022		-
2023		101,000
2024		154,000
2025		157,000
2026 and thereafter		378,000

	●	the decline of an electric powerboats range resulting from deterioration over time in the battery’s ability to hold a charge;

	●	concerns about electric grid capacity and reliability, which could derail our efforts to promote electric powerboats as a practical solution to powerboats which require gasoline;

	●	improvements in the fuel economy of the internal combustion engine;

	●	the availability of service for electric powerboats;

	●	the environmental consciousness of consumers;

	●	volatility in the cost of oil and gasoline;

	●	consumers’ perceptions about convenience and cost to charge an electric powerboat;

	●	the availability of tax and other governmental incentives to manufacture electric powerboats; and

	●	perceptions about and the actual cost of alternative fuel.

	●	the inability or unwillingness of current battery manufacturers to build or operate battery cell manufacturing plants to supply the numbers of lithium-ion cells required to meet demand;

	●	disruption in the supply of cells due to quality issues or recalls by the battery cell manufacturers; and

	●	an increase in the cost of raw materials, such as cobalt, used in lithium-ion cells.

	●	training new personnel;

	●	forecasting production and revenue;

	●	expanding our marketing efforts, including the marketing of a new powertrain that we use;

	●	controlling expenses and investments in anticipation of expanded operations;

	●	establishing or expanding design, manufacturing, sales and service facilities;

	●	implementing and enhancing administrative infrastructure, systems and processes; and

	●	addressing new markets.

	●	cease making, using, selling or offering to sell processes, goods or services that incorporate or use the third-party intellectual property;

	●	pay substantial damages;

	●	seek a license from the holder of the infringed intellectual property right, which license may not be available on reasonable terms or at all;

	●	redesign our boats or other goods or services to avoid infringing the third-party intellectual property;

	●	establish and maintain alternative branding for our products and services; or

	●	find-third providers of any part or service that is the subject of the intellectual property claim.

	Year Ended August 31, 2021	Year Ended August 31, 2020	Year Ended August 31, 2019
	$	$	$
Revenue	3,513,788	2,417,173	2,869,377
Gross Profit	1,604,182	604,390	1,285,364

Expenses	(16,612,499)	(2,858,613)	(987,911)

Income/(Loss) before Tax	(15,008,317)	(2,254,223)	297,453

Income Taxes	(105,590)	(21,309)	(64,387)

Net comprehensive income/(loss)	(14,725,341)	(2,275,532)	233,066
Basic & Diluted Earnings/(Loss) per Share	(2.04)	(0.56)	0.06

Balance Sheet
Working Capital Surplus/(Deficit) ⁽¹⁾	18,626,563	533,760	(92,765)
Total Assets	38,801,292	3,631,625	1,914,562
Total Long-Term Liabilities	2,581,271	932,877	587,330

Quarter end	Revenues	Net comprehensive loss	Loss per Share
May 31, 2022	2,014,769	(1,980,083)	(0.24)
February 28, 2022	753,520	(3,770,436)	(0.45)
November 30, 2021	1,206,851	(3,311,625)	(0.41)
August 31, 2021	2,279,296	(3,160,725)	(0.38)
May 31, 2021	770,770	(4,808,061)	(0.60)
February 28, 2021	189,886	(4,453,314)	(0.56)
November 30, 2020	273,836	(2,303,241)	(0.44)
August 31, 2020	1,127,378	(1,740,826)	(0.38)

HEAD OFFICE	CAPITALIZATION

730 Boulevard du Cure-Boivin	(as at July 12, 2022)

Boisbriand, QC	Shares Authorized: Unlimited

J7G 2A7	Shares Issued: 8,409,785

Tel: (450) 951 - 7009

Email: info@electricboats.ca

OFFICERS & DIRECTORS

Alexandre Mongeon,
CEO and Director

Patrick Bobby

Director

Kulwant Sandher, CPA, CA, BSc (Eng.)	AUDITORS

Chief Financial Officer	Ernst & Young LLP

Alan Gaines	Montreal, Quebec

Chairman & Director	LEGAL COUNSEL

Luisa Ingargiola	Dentons US LLP

Director	Venture Tech Centre at Meatpacking, 22 Little West 12th Street, New York, NY 10014-1321
Renaud Cloutier

Director

Steve P. Barrenechea

Director