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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/20/21 Brazil Potash Corp. 1-SA 6/30/21 2:577K Ideal Connection, Inc/FA |
Document/Exhibit Description Pages Size 1: 1-SA Semi-Annual Report or Special Financial Report HTML 265K 2: EX1SA-6 MAT CTRCT Loan Agreement Dated August 4, 2021 Between HTML 15K Brazil Potash Corp. and Aberdeen International Inc.
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Page
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Notice of No Auditor Review of the Condensed Consolidated Financial Statements
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F-1
|
Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 (unaudited)
|
F-2
|
|
|
Condensed Consolidated Statements of Operations and Comprehensive Loss for the six months ended June 30, 2021 and 2020 (unaudited)
|
F-3
|
|
|
Condensed Consolidated Statements of Stockholders’ Deficit for the six months ended June 30, 2021 and 2020 (unaudited)
|
F-4
|
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (unaudited)
|
F- 5
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|
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Notes to Condensed Consolidated Financial Statements (unaudited)
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F- 6
|
Brazil Potash Corp.
Condensed Consolidated Interim Statements of Financial Position
(Expressed in U.S. dollars)
|
||||||||
As at:
|
||||||||
ASSETS
|
(Unaudited)
|
|||||||
Current
|
||||||||
Cash and cash equivalents
|
$
|
275,982
|
$
|
72,438
|
||||
Amounts receivable
|
644,585
|
518,670
|
||||||
Prepaid expenses
|
20,567
|
46,603
|
||||||
Total current assets
|
941,134
|
637,711
|
||||||
Non-current
|
||||||||
Property and equipment (Note 3)
|
962,910
|
927,574
|
||||||
Exploration and evaluation assets (Note 4)
|
118,092,684
|
114,893,005
|
||||||
Total assets
|
$
|
119,933,728
|
$
|
116,458,290
|
||||
LIABILITIES
|
||||||||
Current
|
||||||||
Trade payables and accrued liabilities (Note 5)
|
$
|
9,297,122
|
$
|
8,081,091
|
||||
Loans payable (Note 6)
|
2,644,947
|
1,773,661
|
||||||
Total current liabilities
|
11,942,069
|
9,854,752
|
||||||
Non-current
|
||||||||
Long term portion of land fee installment payable (Note 5)
|
-
|
11,966
|
||||||
Deferred income tax liability
|
1,787,591
|
1,640,003
|
||||||
Total liabilities
|
13,729,660
|
11,506,721
|
||||||
Equity
|
||||||||
Share capital (Note 7)
|
197,715,787
|
197,304,457
|
||||||
Share-based payments reserve (Note 8)
|
43,833,965
|
43,259,413
|
||||||
Warrants reserve (Note 9)
|
604,000
|
23,715,254
|
||||||
Accumulated other comprehensive loss
|
(67,752,573
|
)
|
(70,082,409
|
)
|
||||
Deficit
|
(68,197,111
|
)
|
(89,245,146
|
)
|
||||
Total equity
|
106,204,068
|
104,951,569
|
||||||
Total liabilities and equity
|
$
|
119,933,728
|
$
|
116,458,290
|
||||
Brazil Potash Corp.
Condensed Consolidated Interim Statement of Comprehensive Loss and Other Comprehensive Loss
(Expressed in U.S. dollars)
(Unaudited)
|
||||||||
Six months Ended
|
Six months Ended
|
|||||||
June 30,
|
||||||||
2020
|
||||||||
Expenses
|
||||||||
Consulting and management fees
|
$
|
1,026,459
|
$
|
1,026,248
|
||||
Professional fees
|
106,162
|
324,639
|
||||||
General office expenses
|
69,310
|
67,905
|
||||||
Share-based compensation (Note 8)
|
312,608
|
835,443
|
||||||
Travel expenses
|
128,449
|
42,414
|
||||||
Communications and promotions
|
27,512
|
116,597
|
||||||
Foreign exchange loss (gain)
|
104,110
|
(111,854)
|
||||||
Operating Loss
|
1,774,610
|
2,301,392
|
||||||
Finance costs (Note 6)
|
211,426
|
101,378
|
||||||
Finance income
|
(653
|
)
|
(2,178
|
)
|
||||
Loss for the period before income taxes
|
1,985,383
|
2,400,592
|
||||||
Income taxes
|
77,836
|
67,712
|
||||||
Loss for the period
|
$
|
2,063,219
|
$
|
2,468,304
|
||||
Other comprehensive (gain) loss:
|
||||||||
Items that subsequently may be reclassified into net income:
|
||||||||
Foreign currency translation
|
(2,329,836
|
)
|
19,878,467
|
|||||
Total comprehensive (gain) loss for the period
|
$
|
(266,617
|
)
|
$
|
22,236,771
|
|||
Basic and diluted loss per share
|
$
|
0.02
|
$
|
0.02
|
||||
Weighted average number of common shares outstanding - basic and diluted
|
130,156,349
|
127,489,950
|
Common Shares
|
Warrants
|
Share-based payments
reserve
|
Accumulated Other Comprehensive Income (Loss)
|
Accumulated Deficit
|
Shareholders'
Equity
|
||||||||||||||||||
#
|
$ | $ |
$ |
$ | $ |
$ |
|||||||||||||||||
Balance, December 31, 2019
|
129,294,334
|
194,116,957
|
23,715,254
|
38,342,655
|
(53,201,693
|
)
|
(79,511,775
|
)
|
123,461,398
|
||||||||||||||
Deferred share units
|
-
|
-
|
-
|
1,307,393
|
-
|
-
|
1,307,393
|
||||||||||||||||
DSU exercise
|
850,000
|
3,187,500
|
-
|
(3,187,500
|
)
|
-
|
-
|
-
|
|||||||||||||||
Net (loss) and comprehensive (loss) for the period
|
-
|
-
|
-
|
-
|
(19,878,467
|
)
|
(2,468,304
|
)
|
(22,346,771
|
)
|
|||||||||||||
Balance, June 30, 2020
|
130,144,334
|
197,304,457
|
23,715,254
|
36,462,548
|
(73,080,160
|
)
|
(81,980,079
|
)
|
102,422,020
|
||||||||||||||
Balance, December 31, 2020
|
130,144,334
|
197,304,457
|
23,715,254
|
43,259,413
|
(70,082,409
|
)
|
(89,245,146
|
)
|
104,951,569
|
||||||||||||||
Deferred share units (Note 8)
|
-
|
-
|
-
|
574,552
|
-
|
-
|
574,552
|
||||||||||||||||
Reg A Offering (Note 7)
|
104,415
|
417,660
|
-
|
-
|
-
|
-
|
417,660
|
||||||||||||||||
Share issuance costs
|
-
|
(6,330
|
)
|
-
|
-
|
-
|
-
|
(6,330
|
)
|
||||||||||||||
Warrant expiry (Note 9)
|
-
|
(23,111,254
|
)
|
-
|
-
|
23,111,254
|
-
|
||||||||||||||||
Net (loss) and comprehensive income (loss) for the period
|
-
|
-
|
-
|
-
|
2,329,836
|
(2,063,219
|
)
|
266,617
|
|||||||||||||||
Balance, June 30, 2021
|
130,248,749
|
197,715,787
|
604,000
|
43,833,965
|
(67,752,573
|
)
|
(68,197,111
|
)
|
106,204,068
|
|
Six month Ended
|
Six month Ended
|
||||||
|
||||||||
|
$ | $ | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Loss for the period before taxes
|
(1,985,383
|
)
|
(2,400,592
|
)
|
||||
Adjustment for:
|
||||||||
Finance Income
|
(653
|
)
|
(2,178
|
)
|
||||
Finance costs (Note 6)
|
211,426
|
101,378
|
||||||
Share-based compensation (Note 8)
|
312,608
|
835,443
|
||||||
(1,462,002
|
)
|
(1,465,949
|
)
|
|||||
Change in amounts receivable
|
(125,746
|
)
|
(64,513
|
)
|
||||
Change in prepaid expenses
|
25,978
|
33,608
|
||||||
Change in trade payables and accrued liabilities
|
1,191,538
|
982,881
|
||||||
Net cash used in operating activities
|
(370,232
|
)
|
(513,973
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Proceeds from Reg A offering, net of share issuance costs
|
411,330
|
-
|
||||||
Loan proceeds (Note 6)
|
665,603
|
40,000
|
||||||
Net cash from financing activities
|
1,076,933
|
40,0000
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Exploration and evaluation assets
|
(593,076
|
)
|
(713,463
|
)
|
||||
Decrease in restricted cash
|
-
|
15,537
|
||||||
Finance income
|
653
|
2,178
|
||||||
Net cash used in investing activities
|
(502,423
|
)
|
(695,748
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
(734
|
)
|
(107,702
|
)
|
||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
203,544
|
(1,277,423
|
)
|
|||||
CASH AND CASH EQUIVALENTS, beginning of period
|
72,438
|
1,360,010
|
||||||
CASH AND CASH EQUIVALENTS, end of period
|
275,982
|
82,587
|
||||||
SUPPLEMENTAL INFORMATION:
|
||||||||
Amortization of assets capitalized to exploration and evaluation assets
|
683
|
4,137
|
||||||
Share-based compensation included in exploration and evaluation assets
|
261,944
|
471,950
|
||||||
1. |
Reporting entity and going concern
|
Percentage of equity interest
|
|||
% Ownership
|
|||
Country of incorporation
|
|||
Potassio do Brasil Ltda.
|
Brazil
|
100%
|
100%
|
1. |
Reporting entity and going concern (continued)
|
|
2. |
Basis of preparation
|
Vehicles
|
Office equipment
|
Furniture and fixtures
|
Land rights
|
Total
|
||||||||||||||||
Cost:
|
||||||||||||||||||||
$
|
49,225
|
$
|
68,805
|
$
|
11,805
|
$
|
920,117
|
$
|
1,049,952
|
|||||||||||
Effect of foreign exchange
|
1,914
|
2,676
|
437
|
35,781
|
40,808
|
|||||||||||||||
$
|
51,139
|
$
|
71,481
|
$
|
12,242
|
$
|
955,898
|
$
|
1,090,760
|
|||||||||||
Depreciation:
|
||||||||||||||||||||
$
|
48,901
|
$
|
64,244
|
$
|
9,233
|
$
|
-
|
$
|
122,378
|
|||||||||||
Effect of foreign exchange
|
1,901
|
2,532
|
356
|
-
|
4,789
|
|||||||||||||||
Depreciation charge for the period
|
-
|
434
|
249
|
-
|
683
|
|||||||||||||||
$
|
50,802
|
$
|
67,210
|
$
|
9,838
|
$
|
-
|
$
|
127,850
|
|||||||||||
Net book value:
|
||||||||||||||||||||
$
|
337
|
$
|
4,271
|
$
|
2,404
|
$
|
955,898
|
$
|
962,910
|
|||||||||||
$
|
324
|
$
|
4,561
|
$
|
2,572
|
$
|
920,117
|
$
|
927,574
|
|||||||||||
Vehicles
|
Office equipment
|
Furniture and fixtures
|
Land rights
|
Total
|
||||||||||||||||
Cost:
|
||||||||||||||||||||
$
|
63,458
|
$
|
88,699
|
$
|
15,056
|
$
|
1,186,150
|
$
|
1,353,363
|
|||||||||||
Effect of foreign exchange
|
(14,233
|
)
|
(19,894
|
)
|
(3,251
|
)
|
(266,033
|
)
|
(303,411
|
)
|
||||||||||
$
|
49,225
|
$
|
68,805
|
$
|
11,805
|
$
|
920,117
|
$
|
1,049,952
|
|||||||||||
Depreciation:
|
||||||||||||||||||||
$
|
60,867
|
$
|
78,633
|
$
|
10,875
|
$
|
-
|
$
|
150,375
|
|||||||||||
Effect of foreign exchange
|
(13,663
|
)
|
(17,662
|
)
|
(2,319
|
)
|
-
|
(33,644
|
)
|
|||||||||||
Depreciation charge for the period
|
1,697
|
3,273
|
677
|
-
|
5,647
|
|||||||||||||||
$
|
48,901
|
$
|
64,244
|
$
|
9,233
|
$
|
-
|
$
|
122,378
|
|||||||||||
Net book value:
|
||||||||||||||||||||
$
|
324
|
$
|
4,561
|
$
|
2,572
|
$
|
920,117
|
$
|
927,574
|
|||||||||||
$
|
2,591
|
$
|
10,066
|
$
|
4,181
|
$
|
1,186,150
|
$
|
1,202,988
|
|||||||||||
4. |
Exploration and evaluation assets
|
Expenditures:
|
Six months ended
|
Year ended
|
||||||
Balance, beginning of period
|
$
|
114,893,005
|
$
|
128,996,822
|
||||
Additions:
|
||||||||
Mineral rights and land fees
|
369
|
9,882
|
||||||
Additions to exploration and evaluation assets
|
503,390
|
1,088,698
|
||||||
Share-based compensation
|
261,944
|
1,848,679
|
||||||
Effect of foreign exchange
|
2,370,976
|
(17,051,076
|
)
|
|||||
Balance, end of period
|
$
|
118,029,684
|
$
|
114,893,005
|
5. |
Trade payables and accrued liabilities
|
Trade payables
|
$
|
6,980,074
|
$
|
5,917,912
|
||||
Accruals
|
2,230,028
|
2,019,585
|
||||||
Current portion of land fee installments
|
87,020
|
143,594
|
||||||
Current
|
$
|
9,297,122
|
$
|
8,081,091
|
||||
Long-term portion of land fee installments
|
$
|
-
|
$
|
11,966
|
6. |
Loans payable
|
Balance, December 31, 2020
|
Draw downs
|
Interest
|
Effect of foreign exchange
|
Balance, June 30, 2021
|
||||||||||||||||
Sentient
|
$
|
1,125,410
|
-
|
148,361
|
-
|
$
|
1,273,771
|
|||||||||||||
2227929 Ontario Inc.
|
115,622
|
160,000
|
7,792
|
-
|
283,414
|
|||||||||||||||
Aberdeen
|
461,012
|
232,000
|
34,323
|
-
|
727,335
|
|||||||||||||||
Sulliden
|
71,617
|
-
|
4,325
|
-
|
75,942
|
|||||||||||||||
Greenway
|
-
|
138,603
|
5,808
|
2,589
|
147,000
|
|||||||||||||||
Newdene
|
-
|
135,000
|
2,485
|
-
|
137,485
|
|||||||||||||||
Total
|
$
|
1,773,661
|
$
|
665,603
|
$
|
203,094
|
$
|
2,589
|
$
|
2,644,947
|
6. |
Loans payable (continued)
|
6. |
Loans payable (continued)
|
7. |
Share capital
|
Six months ended
|
Year ended
|
|||||||||||||||
Number of
|
Stated
|
Number of
|
Stated
|
|||||||||||||
shares
|
Value
|
shares
|
Value
|
|||||||||||||
$ |
$
|
|||||||||||||||
Common shares
|
||||||||||||||||
Balance, beginning of period
|
130,144,334
|
197,304,457
|
129,294,334
|
194,116,957
|
||||||||||||
Reg A offering, net of issue costs
|
104,415
|
411,330
|
-
|
-
|
||||||||||||
DSU exercise
|
-
|
-
|
850,000
|
3,187,500
|
||||||||||||
Balance, end of period
|
130,248,749
|
197,715,787
|
130,144,334
|
197,304,457
|
8. |
Share-based payments
|
Six months ended June 30, 2021
|
Year ended December 31, 2020
|
|||||||
Balance, beginning of the period
|
$
|
43,259,413
|
$
|
38,342,655
|
||||
Option extension
|
-
|
8,409,124
|
||||||
Expired options
|
-
|
(1,501,412
|
)
|
|||||
Vesting of DSUs
|
574,552
|
1,196,546
|
||||||
DSUs exercised
|
-
|
(3,187,500
|
)
|
|||||
Balance, end of the period
|
$
|
43,833,965
|
$
|
43,259,413
|
||||
- |
the number of options granted in a twelve-month period to any one consultant exceeding 2% of the issued shares of the Company;
|
- |
the aggregate number of options granted in a twelve-month period to any one optionee exceeding 5% of the outstanding shares of the Company; and
|
- |
the number of options granted in a twelve-month period to employees and management company employees undertaking investor relations activities exceeding in aggregate 2% of the issued shares of the Company.
|
8. |
Share-based payments (continued)
|
Six months ended
|
Year ended
|
|||
Number of options
|
Weighted average exercise price
|
Number of options
|
Weighted average exercise price
|
|
Balance, beginning of period
|
7,945,500
|
$ 2.02
|
8,690,500
|
$ 2.02
|
Expired
|
-
|
-
|
(745,000)
|
2.36
|
Balance, end of period
|
7,945,500
|
$ 2.02
|
7,945,500
|
$ 2.02
|
8. |
Share-based payments (continued)
|
Date
|
Options
|
Options
|
Exercise
|
of expiry
|
outstanding
|
exercisable
|
price
|
200,000
|
200,000
|
$3.75
|
|
200,000
|
200,000
|
$2.50
|
|
250,000
|
250,000
|
$3.75
|
|
4,390,500
|
4,390,500
|
$2.50
|
|
2,905,000
|
2,905,000
|
$1.00
|
|
7,945,500
|
7,945,500
|
(ii)
|
As to the second one-third, upon the later of (a) completion by the Company of a pre-feasibility study or feasibility study; and (b) receipt by the Company of the preliminary license for the project; and
|
(iii)
|
As to the final one third of the DSUs, upon the Company completing arrangements for project construction financing, as detailed in the pre-feasibility study or feasibility study for the project.
|
8. |
Share-based payments (continued)
|
10. |
Financial Risk Management Objectives and Policies
|
10. |
Financial Risk Management Objectives and Policies (continued)
|
11. |
Related Party Disclosures
|
Six months ended June 30, 2021
|
Six months ended June 30, 2020
|
|||||||
Directors & officers compensation
|
$
|
753,012
|
$
|
748,744
|
||||
Share-based payments
|
360,701
|
391,061
|
||||||
$
|
1,113,713
|
$
|
1,139,805
|
Exhibit No.
|
Description
|
EX1A-2.1#
|
|
EX1A-2.2#
|
|
EX1A-3.1#
|
|
EX1A-3.2#
|
|
EX1A-4.1#
|
|
EX1A-4.2#
|
|
EX1A-6.1#
|
|
EX1A-6.2#
|
|
EX1A-6.3#
|
|
EX1A-6.4#
|
|
EX1A-6.5#
|
|
EX1A-6.6#
|
|
EX1A-6-7#
|
|
EX1A-6-8#
|
|
EX1A-6-9#
|
|
EX1A-6-10#
|
|
EX1A-6-11#
|
|
EX1A-6-12#
|
|
EX1A-6-13#
|
Power of attorney (included on signature page hereto)
|
EX1A-6-14#
|
|
EX1A-6-15#
|
|
EX1A-6-16#
|
|
EX1A-6.17†
|
|
EX1A-14.1#
|
|
†
|
|||
#
|
Previously filed in Part III of the Form 1-A Offering Statement filed with the SEC on May 2020 and June 11, 2020 or the Post-Qualification Amendment to the Form
1-A Offering Statement filed with the SEC on June 25, 2021 and July 23, 2021
|
|
BRAZIL POTASH CORP.
|
|
|
|
|
|
By:
|
/s/ “Matt Simpson”
|
|
|
Name: Matt Simpson
|
|
|
Title: Chief Executive Officer
|
/s/ “Matt Simpson”
|
|
Date: September 20, 2021
|
|
Name: Matt Simpson
Title: Chief Executive Officer
(Principal Executive Officer) |
|
|
|
|
|
|
|
/s/ “Ryan Ptolemy
|
|
Date: September 20, 2021
|
|
Name: Ryan Ptolemy
Title: Chief Financial Officer, Secretary, Treasurer
(Principal Financial Officer and Principal Accounting Officer) |
|
|
|
This ‘1-SA’ Filing | Date | Other Filings | ||
---|---|---|---|---|
7/22/25 | ||||
7/20/25 | ||||
6/1/24 | ||||
3/31/22 | ||||
12/31/21 | 1-K | |||
11/25/21 | ||||
11/19/21 | ||||
Filed on: | 9/20/21 | |||
9/1/21 | ||||
8/10/21 | 253G2 | |||
8/4/21 | ||||
8/2/21 | QUALIF | |||
7/31/21 | ||||
7/23/21 | 1-A POS | |||
For Period end: | 6/30/21 | |||
6/26/21 | ||||
6/25/21 | 1-A POS | |||
6/18/21 | ||||
5/19/21 | ||||
5/15/21 | ||||
5/5/21 | ||||
4/30/21 | 1-K | |||
4/1/21 | ||||
3/31/21 | ||||
2/26/21 | ||||
2/10/21 | ||||
2/9/21 | ||||
1/15/21 | ||||
1/2/21 | ||||
1/1/21 | ||||
12/31/20 | 1-K | |||
12/21/20 | ||||
12/17/20 | ||||
12/15/20 | ||||
10/22/20 | ||||
9/23/20 | ||||
9/15/20 | ||||
8/1/20 | ||||
7/31/20 | ||||
7/22/20 | ||||
7/20/20 | ||||
7/2/20 | ||||
6/30/20 | 1-SA | |||
6/15/20 | ||||
6/11/20 | 1-A/A | |||
4/29/20 | ||||
4/7/20 | ||||
4/1/20 | ||||
3/1/20 | ||||
2/1/20 | ||||
1/1/20 | ||||
12/31/19 | ||||
12/1/19 | ||||
10/29/19 | ||||
10/21/19 | ||||
10/1/19 | ||||
8/9/19 | ||||
7/1/19 | ||||
6/1/19 | ||||
12/31/17 | ||||
7/25/17 | ||||
12/31/15 | ||||
9/11/09 | ||||
6/18/09 | ||||
6/16/09 | ||||
10/10/06 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 7/23/21 Brazil Potash Corp. 1-A POS 3:241K Ideal Connection, Inc/FA 6/25/21 Brazil Potash Corp. 1-A POS 9:1.7M Ideal Connection, Inc/FA 4/30/21 Brazil Potash Corp. 1-K 12/31/20 9:1.3M Ideal Connection, Inc/FA 6/11/20 Brazil Potash Corp. 1-A/A¶ 6/11/20 8:1.5M Ideal Connection, Inc/FA 5/05/20 Brazil Potash Corp. 1-A¶ 5/05/20 31:4.7M Ideal Connection, Inc/FA |