12/27/2023 0 Comments Vicinity bus stockAccordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board, have been omitted or condensed. These unaudited interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. Intercompany balances and transactions, and any unrealized gains arising from intercompany transactions, were eliminated in preparing the consolidated financial statements. The Canadian Government has implemented policies giving aid to businesses due to COVID-19, and as a result the Company has received $544 in aid for the year ended Decemwhich was recognized as a decrease in salary expenses. However, the duration and impact of COVID-19 is unknown at this time and it is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Company in future periods. Even after taking into consideration the negative effects of the current COVID-19 pandemic on our delivery schedule, the Company has determined that there is no change in the Company's conclusion about its ability to continue as a going concern. As a result of global volatility, the Company has put in place business continuity plans to adapt to evolving market conditions. The Company's current operation focuses on manufacturing, engineering, designing, servicing, and selling of the Vicinity branded electric, CNG, and clean diesel transit buses and electric trucks.ĭuring the year ended December 31, 2020, COVID-19 was announced as a global pandemic. The Company's head office is located at 3168 262 nd Street, Aldergrove, British Columbia. through a wholly owned subsidiary, Vicinity Motor (Bus) USA Corp, incorporated on Apunder the laws of the State of Delaware. The Company also conducts its active operations in the U.S. On Mathe Company changed its name to Vicinity Motor Corp. ('GWTI'), which was incorporated on Septemunder the laws of British Columbia. The Company conducts its active operations in Canada through its wholly owned operating subsidiary, Grande West Transportation International Ltd. (Formerly Grande West Transportation Group Inc.) was incorporated on Decemunder the laws of British Columbia. Three and six months ended Jand June 30, 2020 Notes to the Interim Condensed Consolidated Financial Statements Increase (decrease) in cash and cash equivalents (Unaudited, in thousands of Canadian dollars)Ĭash from operating activities before interest paid Interim Condensed Consolidated Statements of Cash Flows Issuance of shares - convertible debt exercised Interim Condensed Consolidated Statements of Changes in Equity Weighted average number of common shares outstandingīasic and diluted earnings (loss) per share have been retrospectively adjusted to give effect to the 3 to 1 share consolidation effective March 29, 2021. (Unaudited, in thousands of Canadian dollars, except for per share amounts) Interim Condensed Consolidated Statements of Income (Loss) See accompanying notes to the consolidated financial statements (Unaudited, in thousands of Canadian Dollars)Ĭurrent portion of provision for warranty costĬurrent portion of other long-term liabilities Interim Condensed Consolidated Statements of Financial Position (Formerly Grande West Transportation Group Inc.)
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