None
SEDAR Interim Financial Statements
SPRQ · Price
[
{
"companyName": "SPARQ SYSTEMS INC.",
"reportingPeriodEnd": "2025-09-30",
"reportStatus": "Unaudited",
"auditorName": null,
"auditorKeyMatters": [],
"balanceSheet": {
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"accountsAndOtherAmountsReceivable": 943840,
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"propertyPlantAndEquipment": 660801,
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"accountsPayableAndAccruedLiabilities": 437301,
"leaseLiabilityCurrentPortion": 152087,
"totalCurrentLiabilities": 589388,
"leaseLiability": 212159,
"totalLiabilities": 801547,
"shareCapital": 38957068,
"contributedSurplus": 8539540,
"warrants": 458605,
"deficit": -40198893,
"totalShareholdersEquity": 7756320,
"totalLiabilitiesAndShareholdersEquity": 8557867,
"cashPerShare": 0.0453,
"workingCapitalPerShare": 0.0625
},
"incomeStatement": {
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{
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"endDate": "2025-09-30",
"revenue": 1081250,
"costOfSales": -981953,
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"researchAndDevelopment": 418507,
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"depreciationOfPropertyAndEquipment": 74900,
"stockBasedCompensation": 34344,
"totalExpenses": 1110946,
"lossBeforeOtherIncomeExpenses": -1011649,
"interestAndAccretion": -13376,
"lossOnDerecognitionOfDerivativeLiability": 0,
"interestIncome": 19382,
"foreignExchangeGainLoss": 112728,
"totalOtherIncomeExpense": 99367,
"netLossAndComprehensiveLoss": -912282,
"basicAndDilutedLossPerShare": -0.01,
"weightedAverageSharesOutstanding": 116935108
},
{
"period": "nineMonths",
"endDate": "2025-09-30",
"revenue": 1243937,
"costOfSales": -1135810,
"inventoryWriteDowns": -11926,
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"researchAndDevelopment": 1132224,
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"stockBasedCompensation": 62970,
"totalExpenses": 3328996,
"lossBeforeOtherIncomeExpenses": -3232795,
"interestAndAccretion": -43860,
"lossOnDerecognitionOfDerivativeLiability": 0,
"interestIncome": 19946,
"foreignExchangeGainLoss": -254476,
"totalOtherIncomeExpense": -288137,
"netLossAndComprehensiveLoss": -3520932,
"basicAndDilutedLossPerShare": -0.03,
"weightedAverageSharesOutstanding": 116935108
}
]
},
"cashFlowStatement": {
"periods": [
{
"period": "nineMonths",
"endDate": "2025-09-30",
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"depreciationExpense": 223319,
"lossOnDerecognitionOfDerivativeLiability": 0,
"interestAndAccretion": 43861,
"stockBasedCompensation": 62970,
"changesInAccountsAndOtherAmountsReceivable": 800655,
"changesInInventory": 691940,
"changesInPrepaidExpensesAndDeposits": 30759,
"changesInAccountsPayableAndAccruedLiabilities": 258161,
"cashFlowUsedInOperatingActivities": -1409267,
"acquisitionOfEquipment": -87454,
"cashFlowUsedInInvestingActivities": -87454,
"loanProceeds": 0,
"proceedsFromPrivatePlacements": 0,
"issueCosts": 0,
"leasePayments": -152779,
"cashFlowUsedInFinancingActivities": -152779,
"netIncreaseDecreaseInCashAndCashEquivalents": -1649500,
"cashAndCashEquivalentsAtBeginningOfPeriod": 6944918,
"cashAndCashEquivalentsAtEndOfPeriod": 5295418
}
]
},
"investmentsAndOtherAssets": [],
"shareStructure": {
"authorizedShares": "unlimited",
"issuedShares": 116935108,
"classesOfShares": ["common"],
"warrants": [
{
"number": 361442,
"exercisePrice": 0.4,
"expiryDate": "2026-05-31"
},
{
"number": 1107059,
"exercisePrice": 0.4,
"expiryDate": "2026-06-07"
}
],
"options": [
{
"number": 112000,
"exercisePrice": 0.25,
"expiryDate": "2029-08-09"
},
{
"number": 5025000,
"exercisePrice": 0.5,
"expiryDate": "2026-12-31"
},
{
"number": 275000,
"exercisePrice": 0.5,
"expiryDate": "2027-02-24"
},
{
"number": 200004,
"exercisePrice": 0.385,
"expiryDate": "2027-11-22"
},
{
"number": 500000,
"exercisePrice": 0.285,
"expiryDate": "2027-12-01"
},
{
"number": 30000,
"exercisePrice": 0.18,
"expiryDate": "2027-04-20"
},
{
"number": 150000,
"exercisePrice": 0.18,
"expiryDate": "2028-04-20"
},
{
"number": 4624702,
"exercisePrice": 0.41,
"expiryDate": "2029-06-28"
},
{
"number": 200000,
"exercisePrice": 0.75,
"expiryDate": "2029-10-18"
},
{
"number": 50000,
"exercisePrice": 0.86,
"expiryDate": "2030-05-23"
},
{
"number": 50000,
"exercisePrice": 0.75,
"expiryDate": "2030-06-26"
}
],
"rightsConvertibleInstruments": null
},
"managementCompensation": {
"currency": "CAD",
"periods": [
{
"period": "threeMonths",
"endDate": "2025-09-30",
"shortTermCompensation": 109000,
"shareBasedPayments": 0,
"total": 109000
},
{
"period": "nineMonths",
"endDate": "2025-09-30",
"shortTermCompensation": 327000,
"shareBasedPayments": 0,
"total": 327000
}
],
"namedIndividuals": [],
"otherRelatedPartyTransactions": [
{
"counterparty": "PE Consultants Inc.",
"description": "Consulting services provided by an entity controlled by Praveen Jain, the Chief Executive Officer of the Company.",
"amount": 300000,
"period": "nineMonths2025"
},
{
"counterparty": "PE Consultants Inc.",
"description": "Consulting services provided by an entity controlled by Praveen Jain, the Chief Executive Officer of the Company.",
"amount": 250000,
"period": "nineMonths2024"
},
{
"counterparty": "CFO Advantage Inc.",
"description": "Consulting services provided by an entity controlled by Kyle Appleby, the Chief Financial Officer of the Company.",
"amount": 27000,
"period": "nineMonths2025"
},
{
"counterparty": "CFO Advantage Inc.",
"description": "Consulting services provided by an entity controlled by Kyle Appleby, the Chief Financial Officer of the Company.",
"amount": 27000,
"period": "nineMonths2024"
},
{
"counterparty": "Ti-Lane Precision Electronic Company Limited",
"description": "Manufacturing agreement with Ti-Lane, controlled by Baojun (Robbie) Luo, a director of the Company. The agreement was terminated on November 30, 2024.",
"amount": 23917,
"period": "nineMonths2025"
},
{
"counterparty": "Ti-Lane Precision Electronic Company Limited",
"description": "Manufacturing agreement with Ti-Lane, controlled by Baojun (Robbie) Luo, a director of the Company.",
"amount": 340975,
"period": "nineMonths2024"
}
]
},
"subsequentEvents": [
{
"eventDate": "2025-10-24",
"description": "The agreement with the IR Consultant was terminated. As a result, 12,500 vested Options remain exercisable until February 22, 2026, and the remaining 37,500 Options have been terminated.",
"impactValue": null
},
{
"eventDate": "2025-11-27",
"description": "The Company granted an aggregate of $91,352 of DSUs to certain executive and non-executive employees.",
"impactValue": 91352
}
]
}
]
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