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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Empower Clinics Inc (CE) | USOTC:EPWCF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
Exhibits
|
|
Financial Statements/Report
|
|
MD&A
|
|
52-109F2 - Certification of Interim Filings – CEO
|
|
52-109F2 - Certification of Interim Filings – CFO
|
/s/ Gadi Levin
|
|
Gadi Levin
|
|
Chief Financial Officer
|
Page
|
|
Consolidated Statements of Financial Position
|
3
|
Consolidated Statements of Comprehensive Profit and Loss
|
4
|
Consolidated Statements of Changes in Equity
|
5
|
Consolidated Statements of Cash Flows
|
6
|
Notes to Interim Consolidated Financial Statements
|
7 - 9
|
June 30,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
Unaudited
|
Audited
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
229
|
$
|
334
|
||||
Restricted deposits
|
-
|
9
|
||||||
Other receivables and prepaid expenses
|
24
|
64
|
||||||
Total current assets
|
253
|
407
|
||||||
NON-CURRENT ASSETS:
|
||||||||
Property and equipment, net
|
-
|
2
|
||||||
Total assets
|
$
|
253
|
$
|
409
|
||||
LIABILITIES AND EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
50
|
$
|
167
|
||||
Other accounts payable and accrued liabilities
|
20
|
56
|
||||||
Total current liabilities
|
70
|
223
|
||||||
EQUITY:
|
||||||||
Share capital
|
-
|
-
|
||||||
Additional paid-in capital
|
34,281
|
34,051
|
||||||
Accumulated deficit
|
(34,098
|
)
|
(33,865
|
)
|
||||
Total equity
|
183
|
186
|
||||||
Total liabilities and equity
|
$
|
253
|
$
|
409
|
Six months ended
June 30,
|
Three months ended
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Unaudited
|
||||||||||||||||
Revenues and other income
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Expenses:
|
||||||||||||||||
General and administrative expenses *)
|
189
|
157
|
104
|
172
|
||||||||||||
Gain on settlement of accounts payable and other payables
|
-
|
(1,126
|
)
|
-
|
(695
|
)
|
||||||||||
Total expenses
|
189
|
(969
|
)
|
104
|
(523
|
)
|
||||||||||
Operating profit (loss)
|
(189
|
)
|
969
|
(104
|
)
|
523
|
||||||||||
Foreign exchange gain (loss)
|
(44
|
)
|
(7
|
)
|
(51
|
)
|
33
|
|||||||||
Profit (loss) before income tax expense
|
(233
|
)
|
962
|
(155
|
)
|
556
|
||||||||||
Income tax expense
|
-
|
-
|
-
|
-
|
||||||||||||
Net comprehensive profit (loss)
|
$
|
(233
|
)
|
$
|
962
|
$
|
(155
|
)
|
$
|
556
|
||||||
Basic and diluted net earnings (loss) per share attributable to equity holders of the parent
|
$
|
(0.02
|
)
|
$
|
0.08
|
$
|
0.01
|
$
|
0.05
|
|||||||
Weighted average number of ordinary shares used in computing basic and diluted net earnings (loss) per share
|
13,202,466
|
12,056,064
|
14,092,901
|
12,052,064
|
||||||||||||
*) Includes share-based compensation
|
$
|
2
|
$
|
(48
|
)
|
$
|
2
|
$
|
21
|
|||||||
Number of
|
Share
|
Additional paid in
|
Accumulated
|
|||||||||||||||||
shares
|
capital
|
capital
|
deficit
|
Total Equity
|
||||||||||||||||
Balance as of January 1, 2014
|
12,052,022
|
$
|
-
|
$
|
34,023
|
$
|
(34,600
|
)
|
$
|
(577
|
)
|
|||||||||
Shares issued in private placement, net
|
240,000
|
-
|
60
|
-
|
60
|
|||||||||||||||
Share-based compensation recovery
|
-
|
-
|
(32
|
)
|
-
|
(32
|
)
|
|||||||||||||
Net profit and comprehensive profit
|
-
|
-
|
-
|
735
|
735
|
|||||||||||||||
Balance as of December 31, 2014
|
12,292,022
|
-
|
34,051
|
(33,865
|
)
|
186
|
||||||||||||||
Shares issued in private placement, net
|
4,820,000
|
-
|
228
|
-
|
228
|
|||||||||||||||
Share-based compensation
|
-
|
-
|
2
|
-
|
2
|
|||||||||||||||
Net loss and comprehensive loss
|
-
|
-
|
-
|
(233
|
)
|
(233
|
)
|
|||||||||||||
Balance as of June 30, 2015 (unaudited)
|
17,112,022
|
$
|
-
|
$
|
34,281
|
$
|
(34,098
|
)
|
$
|
183
|
Number of
|
Share
|
Additional paid in
|
Accumulated
|
|||||||||||||||||
shares
|
capital
|
capital
|
deficit
|
Total Equity (deficit)
|
||||||||||||||||
Balance as of January 1, 2014
|
12,052,062
|
$
|
-
|
34,023
|
(34,600
|
)
|
(577
|
)
|
||||||||||||
Share-based compensation
|
-
|
-
|
(48
|
)
|
-
|
(48
|
)
|
|||||||||||||
Net profit and comprehensive profit
|
-
|
-
|
-
|
962
|
962
|
|||||||||||||||
Balance as of June 30, 2014 (unaudited)
|
12,052,062
|
$
|
-
|
$
|
33,975
|
$
|
33,638
|
$
|
337
|
Six months ended
June 30,
|
Three months ended
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Unaudited
|
||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net profit (loss)
|
$
|
(233
|
)
|
$
|
962
|
(155
|
)
|
$
|
556
|
|||||||
Adjustments to reconcile net profit (loss) to net cash used in operating activities:
|
||||||||||||||||
Adjustments to the profit or loss items:
|
||||||||||||||||
Exchange differences on balances of cash and cash equivalents
|
-
|
4
|
-
|
1
|
||||||||||||
Depreciation
|
-
|
31
|
-
|
12
|
||||||||||||
Gain on settlement of accounts payable and other payables
|
-
|
(1,126
|
)
|
-
|
(695
|
)
|
||||||||||
Loss on sale of fixed assets
|
1
|
-
|
-
|
-
|
||||||||||||
Share-based payment
|
2
|
(48
|
)
|
2
|
21
|
|||||||||||
3
|
(1,139
|
)
|
2
|
(661
|
)
|
|||||||||||
Changes in asset and liability items:
|
||||||||||||||||
Decrease in accounts receivable, other receivables and prepaid expenses
|
40
|
2,441
|
7
|
306
|
||||||||||||
Increase (decrease) in trade payables
|
(117
|
)
|
(1,505
|
)
|
(143
|
)
|
214
|
|||||||||
Decrease in other accounts payable and accrued liabilities
|
(36
|
)
|
(959
|
)
|
(16
|
)
|
(778
|
)
|
||||||||
(113
|
)
|
(23
|
)
|
(152
|
)
|
(258
|
)
|
|||||||||
Net cash used in operating activities
|
(343
|
)
|
(200
|
)
|
(305
|
)
|
(363
|
)
|
||||||||
Cash flows from investing activities:
|
||||||||||||||||
Proceeds from sale of equipment and other assets
|
1 | - | - | - | ||||||||||||
Decrease in restricted deposits
|
9 | 15 | - | - | ||||||||||||
Net cash provided by investing activities
|
10 | 15 | - | - | ||||||||||||
Cash flows from financing activities:
|
||||||||||||||||
Proceeds from issue of shares, net of issuance expenses
|
228 | - | 228 | - | ||||||||||||
Net cash provided by financing activities
|
228 | - | 228 | - | ||||||||||||
Exchange differences on balances of cash and cash equivalents
|
- | (4 | ) | - | (1 | ) | ||||||||||
Decrease in cash and cash equivalents
|
(105 | ) | (189 | ) | (77 | ) | (364 | ) | ||||||||
Cash and cash equivalents at the beginning of the period
|
334 | 617 | 309 | 792 | ||||||||||||
Cash and cash equivalents at the end of the period
|
$ | 229 | $ | 428 | $ | 229 | $ | 428 |
NOTE 1:- | GENERAL |
a. | Nature of operations: |
b. | Financial position: |
NOTE 2:- | SIGNIFICANT ACCOUNTING POLICIES |
NOTE 3:- | EQUITY |
a. | Share Capital |
b. | Stock Option Plan: |
Number of
options
outstanding
|
Weighted average
exercise price
|
|||||||
Balance at December 31, 2014 (audited)
|
416,000
|
6.00
|
||||||
Options forfeited
|
(58,000
|
)
|
9.00
|
|||||
Balance at June 30, 2015 (unaudited)
|
358,000
|
5.50
|
Grant date
|
Expiry date
|
Grant date fair value
|
Exercise price (*)
|
Number of options outstanding
|
Number of options exercisable
|
Average remaining contractual life
|
|||||||||||||||
July 22, 2010
|
July 21, 2015
|
$
|
3.75
|
$
|
9.00
|
16,667
|
16,667
|
0.06
|
|||||||||||||
January 11, 2011 (*)
|
January 10, 2016
|
$
|
9.90
|
$
|
9.55
|
70,000
|
70,000
|
0.53
|
|||||||||||||
March 18, 2011 (*)
|
March 17, 2016
|
$
|
8.85
|
$
|
8.54
|
6,667
|
6,667
|
0.72
|
|||||||||||||
May 3, 2011 (*)
|
May 2, 2016
|
$
|
7.80
|
$
|
7.12
|
16,667
|
16,667
|
0.84
|
|||||||||||||
December 1, 2011 (*)
|
November 30, 2016
|
$
|
3.30
|
$
|
5.93
|
2,000
|
1,750
|
1.42
|
|||||||||||||
August 22, 2012 (*)
|
August 21, 2017
|
$
|
1.05
|
$
|
2.37
|
246,000
|
246,000
|
2.14
|
|||||||||||||
358,000
|
357,740
|
(*) | The exercise price is denominated in Canadian dollars and was translated to USD in the table above using the exchange rate on June 30, 2015. |
NOTE 3:- | EQUITY (Cont.) |
c. | Share purchase warrants: |
Issue date
|
Expiry date
|
Grant date fair value
|
Exercise
price (**)
|
Number of warrants
|
|||||||||
August 9, 2012
|
August 9, 2015 (***)
|
$
|
0.07
|
$
|
0.16
|
79,012,640
|
|||||||
May 7, 2015
|
May 6, 2018
|
$
|
0.02
|
$
|
0.08
|
4,820,000
|
(*) | Following the Company's two prior share consolidations, every 15 previously issued warrants will be convertible into one Common Share of the Company. |
(**) | The exercise price of these warrants is denominated in Canadian dollars and was translated to USD in the table above using the exchange rate as of June 30, 2015. |
(***) | See Note 3 regarding the expiration of the warrants. |
NOTE 4:- | RELATED PARTY TRANSACTIONS |
NOTE 5:- | SUBSEQUENT EVENTS |
Six Month Period Ended
June 30,
|
Three Month Period Ended
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
U.S. dollars in thousands
|
||||||||||||||||
Capitalized and expensed Exploration costs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
General and administrative expenses (including share based compensation)
|
$
|
189
|
$
|
157
|
$
|
104
|
$
|
161
|
Six months ended
June 30,
|
Three months ended
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Unaudited
|
||||||||||||||||
Revenues and other income
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Expenses:
|
||||||||||||||||
General and administrative expenses *)
|
189
|
157
|
104
|
172
|
||||||||||||
Gain on settlement of accounts payable and other payables
|
-
|
(1,126
|
)
|
-
|
(695
|
)
|
||||||||||
Total expenses
|
189
|
(969
|
)
|
104
|
(523
|
)
|
||||||||||
Operating profit (loss)
|
(189
|
)
|
969
|
(104
|
)
|
523
|
||||||||||
Finance income
|
-
|
-
|
-
|
33
|
||||||||||||
Finance expense
|
(44
|
)
|
(7
|
)
|
(51
|
)
|
-
|
|||||||||
Profit (loss) before income tax expense
|
(233
|
)
|
962
|
(155
|
)
|
556
|
||||||||||
Income tax expense
|
-
|
-
|
-
|
-
|
||||||||||||
Net comprehensive profit (loss)
|
$
|
(233
|
)
|
$
|
962
|
$
|
(155
|
)
|
$
|
556
|
||||||
Basic and diluted net earnings (loss) per share attributable to equity holders of the parent
|
$
|
(0.02
|
)
|
$
|
0.08
|
$
|
0.01
|
$
|
0.05
|
|||||||
Weighted average number of ordinary shares used in computing basic and diluted net earnings (loss) per share
|
13,202,466
|
12,056,064
|
14,092,901
|
12,052,064
|
||||||||||||
*) Includes share-based compensation
|
$
|
2
|
$
|
(48
|
)
|
$
|
2
|
$
|
21
|
|||||||
June 30,
2015 |
March 31,
2015 |
December 31,
2014
|
September
30, 2014 |
|||||||||||||
U.S dollars in thousands, except per share data
|
||||||||||||||||
Revenues
|
$
|
-
|
-
|
-
|
-
|
|||||||||||
Net Profit (loss)
|
$
|
(155
|
)
|
(78
|
)
|
(143
|
)
|
(84
|
)
|
|||||||
Net Profit (loss) per share*
|
$
|
(0.01
|
)
|
(0.01
|
)
|
(0.01
|
)
|
(0.01
|
)
|
|||||||
*Attributable to equity holders of the Company, post share consolidation
|
Quarter ended
|
||||||||||||||||
June 30,
2014
|
March 31,
2014
|
December 31,
2013
|
September 30,
2013
|
|||||||||||||
U.S dollars in thousands, except per share data
|
||||||||||||||||
Revenues
|
$
|
-
|
-
|
-
|
-
|
|||||||||||
Net Profit (loss)
|
$
|
516
|
446
|
(70
|
)
|
(2,478
|
)
|
|||||||||
Net Profit (loss) per share*
|
$
|
0.04
|
0.04
|
(0.05
|
)
|
(0.12
|
)
|
|||||||||
*Attributable to equity holders of the Company, post Consolidation
|
· | Share-based payment transactions; |
· | Impairment of financial assets; and |
(i) | Interest rate risk |
(ii) | Foreign currency risk |
1. | Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Adira Energy Ltd. (the "issuer") for the interim period ended June 30, 2015. |
2. | No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. |
3. | Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. |
i) | controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
ii) | a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. |
1. | Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Adira Energy Ltd. (the "issuer") for the interim period ended June 30, 2015 |
2. | No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. |
3. | Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. |
i) | controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
ii) | a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. |
1 Year Empower Clinics (CE) Chart |
1 Month Empower Clinics (CE) Chart |
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