SEDAR Interim Financial Statements

[
  {
    "companyName": "The Western Investment Company of Canada Limited",
    "reportingPeriodEnd": "2025-09-30",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cashAndCashEquivalents": 52782039,
      "accountsReceivable": 254488,
      "accruedInterestReceivable": null,
      "incomeTaxesReceivable": 337437,
      "investments": 5923371,
      "reinsuranceContractAssets": 38236153,
      "prepaidExpenses": 891841,
      "dueFromRelatedParties": 1313379,
      "intangibleAssets": 1752378,
      "rightOfUseAsset": 83806,
      "propertyPlantAndEquipment": 27439,
      "investmentInAssociates": 16965621,
      "goodwill": 7693912,
      "totalAssets": 126261864,
      "accountsPayableAndAccruedLiabilities": 1561433,
      "dueToRelatedParties": 66760,
      "incomeTaxesPayable": null,
      "otherLiabilities": 14791,
      "leaseLiabilities": 82230,
      "frontingPayable": 4302206,
      "collateralHeld": 5085125,
      "convertibleDebentures": null,
      "loanFromRelatedParty": 900000,
      "deferredTaxesPayable": 245193,
      "insuranceContractLiabilities": 47879323,
      "totalLiabilities": 60137061,
      "shareCapital": 51332407,
      "contributedSurplus": 19090840,
      "equityComponentOfConvertibleDebentures": null,
      "deficit": -5579333,
      "accumulatedOtherComprehensiveLoss": 6292,
      "equityAttributableToShareholders": 64850206,
      "equityAttributableToNonControllingInterests": 1274597,
      "totalEquity": 66124803,
      "cashPerShare": 0.3404,
      "workingCapitalPerShare": null
    },
    "incomeStatement": {
      "insuranceRevenue": 26745629,
      "insuranceServiceExpenses": -21822686,
      "netExpensesFromReinsuranceContractsHeld": -3968795,
      "totalInsuranceServiceResult": 954148,
      "netInvestmentIncome": 782180,
      "interestAccretedOnInsuranceContractsIssued": 798110,
      "interestAccretedOnReinsuranceContractsHeld": -617521,
      "netInsuranceFinancialExpense": 180589,
      "payroll": 1826436,
      "shareBasedCompensation": 225070,
      "directorFees": 93682,
      "consultingFees": 662485,
      "professionalFees": 690401,
      "depreciationAndAmortization": 102224,
      "otherOperatingExpenses": 285683,
      "interestExpense": 54127,
      "interestOnConvertibleDebentures": 134464,
      "totalOtherOperatingAndAdministrativeExpenses": 4074572,
      "incomeFromEquityInvestments": 1369315,
      "otherFinanceIncome": 1327095,
      "gainOnDisposalInInvestmentInAssociate": null,
      "frontingAdministrationFee": 111657,
      "managementFees": 112500,
      "totalOtherIncome": 2920567,
      "incomeBeforeIncomeTaxes": 401734,
      "incomeTaxRecovery": 46731,
      "deferredTaxExpense": -15475,
      "netIncome": 370478,
      "netIncomeAttributableToShareholders": 370478,
      "netIncomeAttributableToNonControllingInterests": null,
      "weightedAverageSharesOutstandingBasic": 155067539,
      "weightedAverageSharesOutstandingDiluted": 174701539,
      "basicEarningsPerShare": 0.002,
      "dilutedEarningsPerShare": 0.002
    },
    "cashFlowStatement": {
      "netIncome": 370478,
      "adjustmentsForNonCashItems": {
        "incomeFromEquityInvestments": -1369315,
        "gainOnDisposalInInvestmentInAssociate": null,
        "interestOnConvertibleDebentures": 134464,
        "shareBasedCompensation": 225070,
        "realizedGainLossOnMarketableSecurities": -183964,
        "amortizationAndDepreciation": 221907,
        "deferredTaxRecovery": -15475,
        "interestAccretedOnLeaseLiabilities": 6884,
        "interestPaidOnConvertibleDebentures": -209096
      },
      "netChangeInNonCashBalancesRelatedToOperations": 3837276,
      "cashUsedInOperatingActivities": 3018229,
      "repaymentsFromRelatedParties": 283412,
      "advancesToRelatedParties": -336700,
      "returnOfCapitalFromAssociates": 479700,
      "dividendsFromAssociates": 45000,
      "purchaseOfIntangibleAssetsPropertyPlantAndEquipment": -42666,
      "purchasesOfInvestments": -1939213,
      "proceedsFromSaleAndMaturitiesOfInvestments": 8089967,
      "cashProvidedByInvestingActivities": 6579500,
      "repaymentOfConvertibleDebentures": null,
      "advancesRepaymentOnOperatingLoan": null,
      "leaseLiabilitiesPayments": -60991,
      "cashUsedInFinancingActivities": -60991,
      "netIncreaseInCashAndCashEquivalents": 9536738,
      "cashAndCashEquivalentsBeginningOfPeriod": 43245301,
      "cashAndCashEquivalentsEndOfPeriod": 52782039,
      "restrictedCash": 5085125,
      "dividendsReceived": 90000
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Investment in associate",
        "description": "Foothills Creamery Ltd",
        "ownershipPercentage": 49,
        "value": 2544803,
        "notes": "Shareholder loan measured at fair value through profit or loss; put/call agreement until April 30, 2026."
      },
      {
        "type": "Investment in associate",
        "description": "Golden Health Care group of companies",
        "ownershipPercentage": 25,
        "value": 4460945,
        "notes": "Equity method investment; return of capital received during period."
      },
      {
        "type": "Investment in associate",
        "description": "GlassMasters ARG Autoglass Two Inc",
        "ownershipPercentage": 55,
        "value": 9959873,
        "notes": "Includes promissory note; put/call agreement exercisable in 2024, 2028, 2032, or 2036."
      },
      {
        "type": "Marketable Securities",
        "description": "Debt securities (FVOCI) and equities (FVPL)",
        "ownershipPercentage": null,
        "value": 5923371,
        "notes": "Includes government bonds, corporate bonds, common shares, preferred shares, and short-term investments."
      }
    ],
    "shareStructure": {
      "authorizedShares": "Unlimited common shares, unlimited preferred shares",
      "issuedShares": 158851050,
      "classesOfShares": ["common shares", "preferred shares"],
      "warrants": [
        {
          "number": 75000000,
          "exercisePrice": 0.47,
          "expiryDate": "2029-12-19"
        }
      ],
      "options": [
        {
          "number": 3059000,
          "exercisePrice": 0.42,
          "expiryDate": "2026-02-24"
        }
      ],
      "rightsConvertibleInstruments": "Convertible debentures were converted in March 2025."
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "nineMonthsEndedSeptember302025": {
          "salariesAndBenefits": 880972,
          "shareBasedCompensation": 31114,
          "managementFees": 500000,
          "directorFees": 93682
        }
      },
      "namedIndividuals": [
        {
          "name": "Scott Tannas",
          "title": "Director",
          "period": "Nine months ended September 30, 2025",
          "components": {
            "salary": null,
            "bonus": null,
            "total": null
          }
        },
        {
          "name": "Sharon Ranson",
          "title": "Director",
          "period": "Nine months ended September 30, 2025",
          "components": {
            "salary": null,
            "bonus": null,
            "total": null
          }
        }
      ],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Associates (Foothills, Golden, GlassMasters)",
          "description": "Management fees for advisory services",
          "amount": 112500,
          "period": "Nine months ended September 30, 2025"
        },
        {
          "counterparty": "Tevir Capital Corp",
          "description": "Management services agreement with CEO-owned company",
          "amount": 500000,
          "period": "Annual fee for 2025"
        },
        {
          "counterparty": "Golden Health Care",
          "description": "Shareholder loan interest expense",
          "amount": -42471,
          "period": "Nine months ended September 30, 2025"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "November 2025",
        "description": "Issued 806,452 restricted share units (RSUs) with the appointment of a chief actuary, subject to the Omnibus equity incentive plan.",
        "impactValue": null
      }
    ]
  }
]