SEDAR Interim Financial Statements

[
  {
    "metadata": {
      "companyName": "Maritime Launch Services Inc.",
      "reportingPeriodEnd": "2025-09-30",
      "reportStatus": "Unaudited",
      "auditorName": null,
      "auditorKeyMatters": []
    },
    "balanceSheet": {
      "currentAssets": {
        "cash": 83365,
        "shortTermInvestment": 5000,
        "accountsAndOtherReceivables": 69717,
        "salesTaxReceivable": 16072,
        "prepaidExpensesAndDeposits": 90239,
        "totalCurrentAssets": 264393
      },
      "nonCurrentAssets": {
        "landSpaceportUnderConstructionAndEquipment": 13582504,
        "rightOfUseAssets": 125465,
        "intangibleAssets": 9250
      },
      "totalAssets": 13981612,
      "currentLiabilities": {
        "accountsPayableAndAccruedLiabilities": 4128855,
        "deferredRevenue": 155000,
        "currentPortionOfLeaseLiabilities": 35687,
        "shareholderLoan": 0,
        "convertibleDebentures": 15956035,
        "totalCurrentLiabilities": 20275607
      },
      "nonCurrentLiabilities": {
        "dueToAtlanticCanadaOpportunitiesAgency": 73806,
        "leaseLiabilities": 74535,
        "totalNonCurrentLiabilities": 148341
      },
      "totalLiabilities": 20423948,
      "shareholdersEquity": {
        "shareCapital": 19022731,
        "warrantsReserve": 165404,
        "contributedSurplus": 3198028,
        "deficit": -28828499,
        "totalShareholdersEquity": -6442336
      },
      "cashPerShare": 0.0002,
      "workingCapitalPerShare": -0.0428
    },
    "incomeStatement": {
      "revenue": 0,
      "operatingExpenses": {
        "administration": 116644,
        "professionalServices": 849605,
        "stockBasedCompensation": 230409,
        "amortization": 26730,
        "wagesAndSalaries": 857216,
        "totalOperatingExpenses": 2080604
      },
      "lossFromOperations": -2080604,
      "otherIncomeExpense": {
        "fairValueAdjustmentOnDerivatives": -4899980,
        "gainOnRedemptionOfConvertibleDebentures": 96989,
        "gainOnExtinguishmentOfConvertibleDebentures": 0,
        "otherIncome": 0,
        "interestAndAccretionExpense": -13668,
        "foreignExchangeGainLoss": -9641,
        "totalOtherIncomeExpense": -4826300
      },
      "lossAndComprehensiveLoss": -6906904,
      "lossPerShare": {
        "basicAndDiluted": -0.01
      },
      "weightedAverageSharesOutstanding": 467794357
    },
    "cashFlowStatement": {
      "operatingActivities": {
        "lossAndComprehensiveLoss": -6906904,
        "adjustments": {
          "amortization": 26730,
          "interestAndAccretionExpense": 7992,
          "sharesIssuedForServices": 208500,
          "stockBasedCompensation": 230409,
          "warrantsIssuedInPaymentOfFindersFee": 89597,
          "gainOnExtinguishmentOfConvertibleDebentures": -96989,
          "convertibleDebenturesFairValueAdjustment": 4899979,
          "totalAdjustments": -1540686
        },
        "changesInNonCashWorkingCapital": {
          "accountsReceivableAndSalesTaxReceivable": -14983,
          "prepaidExpensesAndDeposits": -33562,
          "accountsPayableAndAccruedLiabilities": -118519,
          "deferredRevenue": 155000,
          "totalChanges": -12064
        },
        "totalCashFlowsUsedInOperatingActivities": -1552750
      },
      "investingActivities": {
        "costsIncurredForSpaceportUnderConstruction": -66145,
        "purchaseOfSpaceportCanadaIntellectualProperty": -10000,
        "totalCashFlowsUsedInInvestingActivities": -76145
      },
      "financingActivities": {
        "paymentsOnLeaseLiabilities": -48127,
        "proceedsFromFinancingTransaction": 1505828,
        "proceedsFromCashExerciseOfStockOptions": 541667,
        "proceedsFromWarrantsExercised": 0,
        "redemptionOf2021ConvertibleDebentures": -500000,
        "proceedsFromAtlanticCanadaOpportunitiesAgency": 42084,
        "proceedsFromShareholderLoans": 101000,
        "totalCashFlowsProvidedByFinancingActivities": 1642452
      },
      "netIncreaseDecreaseInCash": 13557,
      "cashBeginningOfPeriod": 69808,
      "cashEndOfPeriod": 83365
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Marketable Securities",
        "description": "Short-term investment",
        "ownershipPercentage": null,
        "value": 5000,
        "notes": ""
      },
      {
        "type": "Property, Plant and Equipment",
        "description": "Land, spaceport under construction, and equipment",
        "ownershipPercentage": null,
        "value": 13582504,
        "notes": "Includes spaceport under construction and land"
      },
      {
        "type": "Intellectual Property",
        "description": "Trademark, copyright and associated registered domains for the name 'Spaceport Canada'",
        "ownershipPercentage": null,
        "value": 9250,
        "notes": "Acquired through purchase of Spaceport Canada Inc."
      }
    ],
    "shareStructure": {
      "authorizedShares": "unlimited",
      "issuedShares": 495081020,
      "classesOfShares": ["Common shares voting and participating"],
      "warrants": [
        {
          "number": 8899085,
          "exercisePrice": 0.11,
          "expiryDate": null
        }
      ],
      "options": [
        {
          "number": 35099995,
          "exercisePrice": 0.144,
          "expiryDate": null
        }
      ],
      "rightsConvertibleInstruments": "Convertible debentures were outstanding as at September 30, 2025, with a balance of $15,956,035. These were subsequently converted after the period end."
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": [
        {
          "period": "three-month period ended September 30, 2025",
          "components": {
            "compensationCEOandCFO": 138240,
            "directorsFees": 48000,
            "stockBasedCompensationCEOandCFO": 31400
          }
        },
        {
          "period": "nine-month period ended September 30, 2025",
          "components": {
            "compensationCEOandCFO": 399154,
            "directorsFees": 144000,
            "stockBasedCompensationCEOandCFO": 93500
          }
        }
      ],
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Management",
          "description": "Due to management for expense reimbursements payable, deferred wages",
          "amount": 30627,
          "period": "As at September 30, 2025"
        },
        {
          "counterparty": "Directors",
          "description": "Due to Directors for unpaid director’s fees and expense reimbursement",
          "amount": 206019,
          "period": "As at September 30, 2025"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": null,
        "description": "As of the date of this MD&A, the Company has a cash balance of $10,101,600.",
        "impactValue": 10101600
      },
      {
        "eventDate": null,
        "description": "Issued 291,660 stock options at a strike price of $0.08.",
        "impactValue": null
      },
      {
        "eventDate": "2025-10-01",
        "description": "Issued 1,187,444 shares at $0.072 per share to Reaction Dynamics upon receipt of the $85,496 quarterly subscription installment.",
        "impactValue": 85496
      },
      {
        "eventDate": "2025-10-24",
        "description": "Closed a senior secured credit facility financing with EDC for $10 million. Current balance drawn on the facility as of the date of this MD&A is $4.783 million.",
        "impactValue": 4783000
      },
      {
        "eventDate": "2025-11-03",
        "description": "Closed an equity investment from MDA Space in the amount of $10 million at share price of $0.223 per share (44,843,049 common shares issued).",
        "impactValue": 10000000
      },
      {
        "eventDate": "2025-11-12",
        "description": "Holders of all issued and outstanding Convertible Debentures (total principal and interest value of $10,442,214) elected to convert their debentures to common shares at a price of $0.05 per share for an issuance of 208,507,164 shares.",
        "impactValue": 10442214
      }
    ]
  }
]