SEDAR Interim Financial Statements

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited) For the three and nine months ended October 31, 2025 and 2024 NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102 “Continuous Disclosure Obligations”, if an auditor has not performed a review of the interim financial statements, the financial statements must be accompanied by a notice indicating that they have not been reviewed by an auditor. The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared by and are the responsibility of the Company’s management. The Company’s independent auditor has not performed a review of these financial statements in accordance with standards established by CPA (Chartered Professional Accountants) Canada for a review of interim financial statements by an entity’s auditor. 1 WALL FINANCIAL CORPORATION Condensed Consolidated Interim Statements of Financial Position October 31, January 31, (Unaudited) 2025 2025 Assets Investment properties $ 629,266,582 $ 584,300,309 Property, plant, and equipment 102,042,329 103,614,278 Properties under development for sale 206,690,963 197,638,517 Other non-current assets 105,253 - Deferred tax asset 98,126 340,308 Non-current assets 938,203,253 885,893,412 Current portion of properties under development for sale 9,151,656 18,026,237 Other assets 3,769,941 2,507,478 Income taxes receivable 324,332 - Amounts receivable 8,655,953 10,144,741 Cash and cash equivalents 13,057,716 10,809,641 Current assets 34,959,598 41,488,097 $ 973,162,851 $ 927,381,509 Liabilities Mortgages payable (note 4) $ 405,264,509 $ 294,307,108 Deferred tax liabilities 14,516,538 13,771,889 Non-current liabilities 419,781,047 308,078,997 Current portion of mortgages payable (note 4) 68,840,837 82,711,916 Income taxes payable 2,139,587 645,245 Accounts payable and accrued liabilities 18,885,930 33,036,712 Deferred revenue 10,099,658 10,023,845 Deposits on real estate sales - 281,053 Bank and other indebtedness (note 4) 142,455,155 211,502,065 Loan from shareholder (note 10) 50,000,000 50,000,000 Current liabilities 292,421,167 388,200,836 $ 712,202,214 $ 696,279,833 Equity Share capital $ 24,099,401 $ 24,099,401 Contributed surplus 370,000 370,000 Retained earnings 184,809,071 156,444,782 Equity attributable to shareholders of the Company 209,278,472 180,914,183 Non-controlling interest 51,682,165 50,187,493 Total equity 260,960,637 231,101,676 $ 973,162,851 $ 927,381,509 Subsequent events (note 12) See accompanying notes to these condensed consolidated interim financial statements. Approved on behalf of the Board: “Bruno Wall” Director “Oliver Borgers” Director 2 WALL FINANCIAL CORPORATION Condensed Consolidated Interim Statements of Earnings and Comprehensive Income For the three and nine months ended October 31, 2025 and 2024 Three months ended October 31, Nine months ended October 31, (Unaudited) 2025 2024 2025 2024 Revenue (note 13) $ 48,945,544 $ 53,552,805 $ 143,321,018 $ 161,912,994 Cost of sales and operating expenses (note 13) 23,629,311 29,038,221 74,583,461 94,708,216 25,316,233 24,514,584 68,737,557 67,204,778 Expenses: General and administrative (note 13) 812,521 999,052 2,395,910 2,968,358 Depreciation (note 13) 2,847,841 3,083,017 8,612,188 9,368,638 3,660,362 4,082,069 11,008,098 12,336,996 Net finance expense (income) (note 5): Investment and other income (144,188) (214,895) (1,398,813) (691,474) Finance e --- xpense 5,761,693 7,846,520 18,251,419 22,614,638 5,617,505 7,631,625 16,852,606 21,923,164 Earnings before income taxes 16,038,366 12,800,890 40,876,853 32,944,618 Income tax expense (recovery): Current 4,073,233 2,968,898 10,298,413 9,477,637 Deferred 373,140 603,967 986,831 (351,632) 4,446,373 3,572,865 11,285,244 9,126,005 Net earnings and comprehensive income $ 11,591,993 $ 9,228,025 $ 29,591,609 $ 23,818,613 Net earnings (loss) and comprehensive income (loss) attributable to: Shareholders of the Company $ 11,963,904 $ 9,614,294 $ 30,271,243 $ 24,389,582 Non-controlling interests (371,911) (386,269) (679,634) (570,969) $ 11,591,993 $ 9,228,025 $ 29,591,609 $ 23,818,613 Basic and diluted earnings per share $ 0.37 $ 0.30 $ 0.94 $ 0.76 Weighted average shares outstanding 31,998,245 32,236,773 32,053,725 32,270,183 See accompanying notes to these condensed consolidated interim financial statements. 3 WALL FINANCIAL CORPORATION Condensed Consolidated Interim Statements of Changes in Equity For the nine months ended October 31, 2025 and 2024 Attributable to shareholders of the company Share Contributed Retained Non-controlling Total (Unaudited) Capital surplus Earnings Total Interests Equity Balance at February 1, 2025 $ 24,099,401 $ 370,000 $ 156,444,782 $ 180,914,183 $ 50,187,493 $ 231,101,676 Net earnings (loss) - - 30,271,243 30,271,243 (679,634) 29,591,609 Share repurchases (note 9) - - (1,906,954) (1,906,954) - (1,906,954) Contributions - - - - 2,817,143 2,817,143 Distributions - - - - (642,837) (642,837) Balance at October 31, 2025 $ 24,099,401 $ 370,000 $ 184,809,071 $ 209,278,472 $ 51,682,165 $ 260,960,637 Balance at February 1, 2024 $ 24,099,401 $ 370,000 $ 133,638,092 $ 158,107,493 $ 49,979,875 $ 208,087,368 Net earnings (loss) - - 24,389,582 24,389,582 (570,969) 23,818,613 Share repurchases (note 9) - - (4,408,640) (4,408,640) - (4,408,640) Contributions - - - - 1,150,040 1,150,040 Distributions - - - - (116,700) (116,700) Balance at October 31, 2024 $ 24,099,401 $ 370,000 $ 153,619,034 $ 178,088,435 $ 50,442,246 $ 228,530,681 See accompanying notes to these condensed consolidated interim financial statements. 4 WALL FINANCIAL CORPORATION Condensed Consolidated Interim Statements of Cash Flows For the nine months ended October 31, 2025 and 2024 (Unaudited) 2025 2024 Cash provided by (used in): Operating activities: Net earnings $ 29,591,609 $ 23,818,613 Adjustments for items not involving cash: Depreciation 8,612,188 9,368,638 Deferred income tax expense (recovery) 986,831 (351,632) Current income tax expense 10,298,413 9,477,637 Finance expense 18,251,419 22,614,638 67,740,460 64,927,894 Recovery of costs through real estate sales 9,389,448 26,656,982 Additions to development properties (9,451,279) (31,025,579) Interest paid (19,923,583) (24,611,401) Income taxes paid (9,128,403) (18,715,032) Deposits on real estate sales (281,053) - Changes in non-cash operating working capital: Amounts receivable 1,488,788 1,342,766 Accounts payable and accrued liabilities (6,189,569) 874,944 Deferred revenue 75,813 3,421,165 Inventory 14,296 (46,025) Deposits and prepaids (1,280,093) 176,940 32,454,825 23,002,654 Investing activities: Additions to investment properties (42,471,904) (11,676,298) Acquisition of investment properties (5,857,448) (23,266,306) Changes in non-cash working capital related to investing activities (7,961,213) (3,856,584) Additions to property, plant, and equipment (1,706,189) (1,293,990) Amounts receivable - 1,450, --- 000 Additions to other non-current assets (118,494) - (58,115,248) (38,643,178) Financing activities: Proceeds from loan from shareholder - 50,000,000 Repayment of loan from shareholder - (100,000,000) Payment of financing fees (890,189) (80,146) Proceeds from mortgages payable 150,000,000 - Repayment of mortgages payable (52,421,755) (7,687,308) Proceeds from bank and other indebtedness 55,153,090 95,063,820 Repayment of bank and other indebtedness (124,200,000) (28,025,086) Contributions from non-controlling interest 2,817,143 1,150,040 Distributions to non-controlling interest (642,837) (116,700) Share repurchase (1,906,954) (4,408,640) 27,908,498 5,895,980 Increase (decrease) in cash and cash equivalents 2,248,075 (9,744,544) Cash and cash equivalents, beginning of period 10,809,641 22,788,744 Cash and cash equivalents, end of period $ 13,057,716 $ 13,044,200 See accompanying notes to condensed consolidated interim financial statements. WALL FINANCIAL CORPORATION Notes to Condensed Consolidated Interim Financial Statements For the three and nine months ended October 31, 2025 and 2024 (unaudited) 5 1. Reporting entity: Wall Financial Corporation (“WFC”) is a publicly listed company incorporated under the British Columbia Business Corporations Act. Its shares are listed on the Toronto Stock Exchange under the symbol “WFC”. These condensed consolidated interim financial statements comprise WFC and its subsidiaries (together referred to as the “Company”), and the Company’s interests in joint ventures. The Company predominantly operates in the greater Vancouver area of British Columbia in the development and management of residential and commercial rental units, development and construction of residential housing for re-sale, and the development and management of hotel properties. The registered office of the Company is located at 10th Floor, 938 Howe Street, Vancouver, BC V6Z 1N9, Canada. 2. Basis of presentation: (a) Statement of compliance: These condensed consolidated interim financial statements (“Interim Financial Statements”) and the notes thereto have been prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”). These Interim Financial Statements do not include all of the information required for full annual financial statements and should be read in conjunction with the Company’s consolidated financial statements for the years ended January 31, 2025 and 2024 (“Annual Audited Financial Statements”), which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB. The Company’s quarterly results are impacted by the cyclical nature of the Company’s business. Revenues and other income will fluctuate significantly from period to period due to the timing and quantity of closings of residential and commercial units at the development properties. Assets can fluctuate due to the amount of development activities undertaken by the Company and are also impacted by the acquisitions and dispositions of rental properties, which the Company will manage and review on an ongoing basis to maximize value for shareholders. Dividends fluctuate as the Company is on a flexible dividend policy; the amount and timing of dividends will be based on the Company’s availability of and need for cash. These Interim Financial Statements were approved by the Company’s Board of Directors on December 12, 2 --- 025, and are the responsibility of the Company’s management. (b) Basis of measurement: These Interim Financial Statements are presented in Canadian dollars, which is also the functional currency of each of the Company’s subsidiaries, and have been prepared on the historical cost basis. WALL FINANCIAL CORPORATION Notes to Condensed Consolidated Interim Financial Statements For the three and nine months ended October 31, 2025 and 2024 (unaudited) 6 2. Basis of presentation (continued): (c) Use of estimates and judgements: In preparing these Interim Financial Statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, and the reported amounts of revenues and expense. The significant judgements made by management in applying the Company’s accounting policies and key estimates are disclosed in note 2 of the Annual Audited Financial Statements. There have been no changes to the significant accounting estimates and assumptions during the nine months ended October 31, 2025. Actual results could differ from those estimates. 3. Material accounting policies: These Interim Financial Statements were prepared using the same accounting policies and methods as those used in the Annual Audited Financial Statements The Company adopted the amended accounting standard IAS 21, Lack of Exchangeability when it became effective on February 1, 2025. The adoption of this amendment does not have any material impact on the Company’s financial statements. 4. Debt on properties: October 31, January 31, 2025 2025 Bank and other indebtedness: Properties under development $ 51,254,703 $ 42,302,065 Investment properties 91,200,452 83,000,000 General corporate debt - 86,200,000 Total bank and other indebtedness 142,455,155 211,502,065 Mortgages payable: Investment properties 331,599,406 337,407,727 Property, plant and equipment 149,719,938 46,333,373 481,319,344 383,741,100 Less: deferred financing fees (7,213,998) (6,722,076) 474,105,346 377,019,024 Less: current portion of mortgages payable (68,840,837) (82,711,916) Non-current portion of mortgages payable $ 405,264,509 $ 294,307,108 On September 4, 2025, the Company entered into a credit agreement that replaced an existing credit agreement which was comprised of a $75,000,000 revolving facility under general corporate debt and a mortgage payable on property, plant, and equipment. The new credit facility has total credit commitments of $250,000,000 comprised of a $150,000,000 term loan included in mortgages payable on property, plant, and equipment and a $100,000,000 revolving loan under general corporate debt. The new credit facility is secured by a first mortgage and assignment of rents and insurance proceeds registered to the Wall Centre Hotel property and bears interest at the Canadian prime rate plus 0.6% or at the Canadian Overnight Repo Rate Average (“CORRA”) rate plus 2.5% and matures on June 30, 2028. WALL FINANCIAL CORPORATION Notes to Condensed Consolidated Interim Financial Statements For the three and nine months ended October 31, 2025 and 2024 (unaudited) 7 4. Debt on properties (continued): (a) Bank and other indebtedness on properties under development: As at October 31, 2025 the Company had outstanding borrowings of $51,254,703 (January 31, 2025 - $42,302,065) on available construction financing facilities in the form of Canadian dollar prime rate loans --- , and CORRA loans. The maximum available funding under such facilities is $61,802,000 (January 31, 2025 - $42,302,065). The credit facilities are secured by first mortgages and insurance proceeds on the related properties. The borrowings are due on demand. (b) Bank and other indebtedness on investment properties: As at October 31, 2025 the Company had outstanding borrowings of $91,200,452 (January 31, 2025 - $83,000,000) on available credit facilities in the form of Canadian dollar prime rate loans, and CORRA loans. The maximum available funding under such facilities is $194,392,000 (January 31, 2025 - $83,000,000). The credit facilities are secured by first mortgages and assignment of rents and insurance proceeds on the related properties. The borrowings are due on demand. (c) General corporate debt: As at October 31, 2025, the Company had outstanding borrowings of $nil (January 31, 2025 - $86,200,000) on available credit facilities in the form of Canadian dollar prime rate loans, and CORRA loans. The maximum available funding under such facilities is $187,894,000 (January 31, 2025 - $166,077,000). The debt is secured by second mortgages, and an assignment of rents on certain investment properties, and property, plant, and equipment. The borrowings are due on demand. (d) Mortgages payable: Mortgages payable on investment properties of $331,599,406 (January 31, 2025 - $337,407,727) bear interest at fixed rates ranging from 1.48% to 4.80% (January 31, 2025 - 1.48% to 4.80%) with one variable rate mortgage at a Canadian prime rate plus 0.6% equivalent to 5.05% (January 31, 2025 – 5.80%). As at October 31, 2025, the mortgage payable on property, plant and equipment of $149,719,938 (January 31, 2025 - $46,333,373). As at October 31, 2025, this mortgage bears interest at 5.18% (January 31, 2025 - 5.68%) All mortgages are secured by first and second fixed charges over the Company’s properties under development for sale, investment properties, and property, plant, and equipment. WALL FINANCIAL CORPORATION Notes to Condensed Consolidated Interim Financial Statements For the three and nine months ended October 31, 2025 and 2024 (unaudited) 8 5. Net finance expense (income): Nine months ended October 31, 2025 2024 Finance income: Investment and other income $ 994,909 $ 22,766 Interest income 403,904 668,708 1,398,813 691,474 Finance costs: Interest on: Bank and other indebtedness 12,867,772 17,318,454 Mortgages payable 7,454,077 7,828,220 20,321,849 25,146,674 Interest capitalized to properties under development for sale and investment properties (2,070,430) (2,532,036) 18,251,419 22,614,638 Net finance cost $ 16,852,606 $ 21,923,164 6. Financial instruments: The carrying values of the Company’s cash and cash equivalents, amounts receivable, accounts payable and accrued liabilities, approximate their fair values due to the short-term nature of these financial assets and liabilities. The face value of bank and other indebtedness approximates its fair value, as it is due on demand. Management estimates that these differences are not material to the consolidated financial statements. The fair value of mortgages payable is estimated by discounting the future contractual cash flows at the market interest rate that is available to the Company for similar financial instruments. The fair value of the mortgages payable at October 31, 2025 was $466,549,000 (January 31, 2025 - $371,917,000). All assets and liabilities for which fair value is measured or dis --- closed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The fair value of mortgages payable is considered Level 2 and investment properties are considered Level 3. WALL FINANCIAL CORPORATION Notes to Condensed Consolidated Interim Financial Statements For the three and nine months ended October 31, 2025 and 2024 (unaudited) 9 7. Investment properties: On August 28, 2025, the Company purchased an investment property for $5,700,000. During the nine months ended October 31, 2024, the Company purchased two investment properties totaling $18,472,000, two residential strata units and one commercial strata unit totaling $2,779,000, and paid an additional payment of $4,000,000 on an investment property that had a contingent payment due upon rezoning of the site and the determination of its density. The Company reclassified one property with a carrying amount of $6,996,011 from properties under development to investment properties as it will be held to earn rental income. The Company accounted for its purchases as asset acquisitions as a result of applying the concentration test available under IFRS 3 Business Combinations. 8. Properties under development for sale: On April 30, 2024, the Company purchased land for $23,700,000. 9. Share capital: On March 10, 2023, the TSX accepted the Company’s notice of intention to commence a Normal Course Issuer Bid (“NCIB”) which allowed the Company to repurchase, at its discretion, up to 688,362 Common Shares in the market or as otherwise permitted by the TSX, subject to normal terms and limitations (the “2023 NCIB”). Common Shares purchased by the Company were cancelled. On March 15, 2023, the Company entered into an Automatic Share Purchase Plan (“ASPP”) with a broker that allows the purchase of Common Shares for cancellation under the NCIB at any time during predetermined trading blackout periods. On March 13, 2024, the TSX accepted the Company’s notice of intention to commence with a new NCIB which allowed the Company to repurchase, at its discretion, up to 672,142 Common Shares in the market or as otherwise permitted by the TSX, subject to normal terms and limitations (the “2024 NCIB”). Common Shares purchased by the Company were cancelled. On March 14, 2024, the Company entered into an ASPP with a broker that allows the purchase of Common Shares for cancellation under the 2024 NCIB at any time during predetermined trading blackout periods. The Company purchased 23,100 Common Shares from February 1, 2024 to March 14, 2024 under the 2023 NCIB at a weighted average price of $22.30 per share. The Company purchased 191,100 Common Shares from March 18, 2024 to October 31, 2024 under its 2024 NCIB at a weighted average price of $19.86 per share. During the nine months ended October 31, 2024, the Company purchased and cancelled 214,200 Common Shares at a weighted average price of $20.12 per Common Share for $4,408,640 including transaction costs. On May 15, 2025, the TSX accepted t --- he Company’s notice of intention to commence with a new NCIB which allows the Company to repurchase, at its discretion, up to 660,992 Common Shares in the market or as otherwise permitted by the TSX and applicable Canadian securities laws, subject to normal terms and limitations (the “2025 NCIB”). Common Shares purchased by the Company will be cancelled. On May 20, 2025, the Company entered into an ASPP with a broker that allows the purchase of Common Shares for cancellation under the 2025 NCIB at any time during predetermined trading blackout periods. The Company purchased 121,000 Common Shares from May 20, 2025 to October 31, 2025 under the 2025 NCIB at a weighted average price of $15.34 per Common Share for $1,906,954 including transaction costs. WALL FINANCIAL CORPORATION Notes to Condensed Consolidated Interim Financial Statements For the three and nine months ended October 31, 2025 and 2024 (unaudited) 10 10. Related party transactions: (a) Transactions with shareholders, directors, and officers: On June 19, 2024, the Company entered into a share purchase agreement to purchase 80,000 Common Shares from a former employee and director of the Company at a price of $19 per share for a total price of $1,520,000. The Company applied the total to a $1,450,000 loan receivable from the employee and director and paid the difference of $70,000 to the former employee and director. The Company cancelled the 80,000 Common Shares under its 2024 NCIB. (a) Shareholder loans: As at January 31, 2024, the Company had a $100,000,000 non-revolving loan due to a company owned by a significant shareholder of the Company (the “2023 Shareholder Loan”) at an interest rate of 4.0% per annum. On March 31, 2024, the Company repaid the 2023 Shareholder loan and accrued interest of $1,000,000. On July 2, 2024, the Company received a $50,000,000 revolving loan from a company owned by a significant shareholder of the Company (the “2024 Shareholder Loan.”). The 2024 Shareholder Loan bears an initial interest rate at 6.5% per annum. The interest rate shall be the lesser of the prime rate of Canada or the rate on the 2024 Shareholder Loan. The 2024 Shareholder Loan is due on demand, has a term of 30 days, and automatically renews for successive 30-day periods. The interest rate shall be set on the first day of each renewal period and communicated to the Company. The Company has the right to repay the 2024 Shareholder Loan in full by providing advance notice of 30 days. Interest expense on the 2024 Shareholder Loan for the nine months ended October 31, 2025 was $1,849,110 (2024 - $1,086,301). The transactions are in the normal course of business and are measured at the exchange amount of considerations established and agreed to by the related parties. In management’s opinion, the exchange amount approximates fair market value. 11. Comparative information: During the preparation of the financial statements for the period ended July 31, 2025, the Company has adjusted its comparative information to present changes in non-cash working capital related to investing activities amounting to $3,856,584 separate from changes in non-cash working capital. 12. Subsequent events: (a) The Company purchased 16,500 Common Shares from November 1, 2025 to December 12, 2025 at a weighted average price of $16.18 per Common Share and cancelled 11,500 Common Shares under its 2025 NCIB. WALL FINANCIAL CORPORATION Notes to Condensed Consolidated Interim Financial Statements For the three and --- nine months ended October 31, 2025 and 2024 (unaudited) 11 13. Segment disclosures: The Company operates in three different segments of the real estate industry: ownership and management of revenue-producing residential and commercial properties (“Rental”), ownership and management of hotel properties (“Hotel”), and the development and sale of residential housing (“Development”). Operating performance of the Company is evaluated primarily based on the net operating income of these three segments. Centrally managed expenses such as interest, amortization, and general administrative costs are not included or allocated to the operating segment results. The following summarizes the Company’s assets as at October 31, 2025 and January 31, 2025: October 31, January 31, 2025 2025 Identifiable assets: Properties: Investment properties (Rental) $ 635,804,222 $ 592,582,256 Property, plant, and equipment (Hotel) 114,847,899 112,886,729 Properties under development for sale (Development) 216,741,314 219,310,860 967,393,435 924,779,845 Corporate 5,769,416 2,601,664 $ 973,162,851 $ 927,381,509 WALL FINANCIAL CORPORATION Notes to Condensed Consolidated Interim Financial Statements For the three and nine months ended October 31, 2025 and 2024 (unaudited) 12 13. Segment disclosures (continued): The following summarizes the Company’s operating results for the three and nine months ended October 31, 2025 and 2024: Rental Hotel Development Corporate Consolidated 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 For the three months ended October 31, Revenue $ 11,775,995 $ 12,183,601 $ 36,355,641 $ 33,550,888 $ 813,908 $ 7,818,316 $ - $ - $ 48,945,544 $ 53,552,805 Cost of sales and Operating expenses 3,268,323 3,199,795 19,436,345 19,565,295 924,643 6,273,131 - - 23,629,311 29,038,221 General and administrative 71,803 47,498 - - 18,320 27,165 722,398 924,389 812,521 999,052 Depreciation 1,775,825 1,882,905 1,065,729 1,197,055 - - 6,287 3,057 2,847,841 3,083,017 Net earnings (loss) before taxes 3,552,114 3,181,003 15,844,214 12,788,538 (617,348) 792,702 (2,740,614) (3,961,353) 16,038,366 12,800,890 Rental Hotel Development Corporate Consolidated 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 For the nine months ended October 31, Revenue $ 35,076,162 $ 36,211,514 $ 97,230,133 $ 94,538,829 $ 11,014,723 $ 31,162,651 $ - $ - $ 143,321,018 $ 161,912,994 Cost of sales and Operating expenses 9,666,127 9,818,871 54,592,255 56,499,851 10,325,079 28,389,494 - - 74,583,461 94,708,216 General and administrative 119,487 119,651 - - 32,925 99,907 2,243,498 2,748,800 2,395,910 2,968,358 Depreciation 5,320,808 5,463,357 3,278,139 3,896,026 - - 13,241 9,255 8,612,188 9,368,638 Net earnings (loss) before taxes 11,163,743 8,888,129 39,346,498 34,142,952 (638,068) 627,047 (8,995,320) (10,713,510) 40,876,853 32,944,618