Consolidated Financial Statements – SOP v3.0
Consolidated Financial Statements
Following SOP v3.0 | Fiscal Years Ended January 31, 2025 and 2024
HEYBA HOLDINGS – CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2025 & 2024 | Following SOP v3.1
Consolidation Scope:
• Entity 1: Clad-Tech Inc. (Metal panel installation)
• Entity 2: Benchmark Fabricators Inc. (Sheet metal manufacturing)
• Entity 3: 683140 NB Inc. (Property holding company)
• All entities under common control
• Entity 1: Clad-Tech Inc. (Metal panel installation)
• Entity 2: Benchmark Fabricators Inc. (Sheet metal manufacturing)
• Entity 3: 683140 NB Inc. (Property holding company)
• All entities under common control
CONSOLIDATED INCOME STATEMENT
For the Year Ended January 31, 2025
| Line Item | Clad-Tech | Benchmark | 683140 NB | Eliminations | Consolidated |
|---|---|---|---|---|---|
| REVENUE | |||||
| Sales/Service Revenue | 12,292,697 | 7,728,660 | – | (4,001,898) | 16,019,459 |
| Leasing Revenue | – | – | 302,000 | (302,000) | – |
| Management Fees Revenue | – | – | – | – | – |
| Interest Income | – | – | 12 | – | 12 |
| Total Revenue | 12,292,697 | 7,728,660 | 302,012 | (4,303,898) | 16,019,471 |
| COST OF GOODS SOLD | |||||
| Cost of Goods Sold | 10,703,325 | 5,728,914 | – | (4,001,898) | 12,430,341 |
| Unrealized Profit in EI (net) | – | – | – | 40,251 | 40,251 |
| Total COGS | 10,703,325 | 5,728,914 | – | (3,961,647) | 12,470,592 |
| Gross Profit | 1,589,372 | 1,999,746 | 302,012 | (342,251) | 3,548,879 |
| OPERATING EXPENSES | |||||
| Salaries & Benefits | 382,394 | 856,574 | – | – | 1,238,968 |
| Advertising & Promotion | 2,871 | 6,866 | – | – | 9,737 |
| Commissions | – | 196,328 | – | – | 196,328 |
| Dues & Fees | 10,114 | 1,306 | 60 | – | 11,480 |
| Heat & Electricity | – | 37,571 | 14,219 | – | 51,790 |
| Insurance | 51,275 | 33,344 | 532 | – | 85,151 |
| Management Fees | 12,000 | – | – | – | 12,000 |
| Office Supplies | 51,234 | 33,771 | – | – | 85,005 |
| Professional Fees | 29,943 | 39,395 | 48,368 | – | 117,706 |
| Rent | 24,000 | 278,000 | – | (302,000) | – |
| Repairs & Maintenance | 96,006 | 16,345 | 24,286 | – | 136,637 |
| Taxes (Property) | – | – | 62,815 | – | 62,815 |
| Telecommunications | 30,778 | 4,368 | – | – | 35,146 |
| Training | 1,320 | 4,093 | – | – | 5,413 |
| Travel | – | 23,636 | – | – | 23,636 |
| Vehicle Expenses | 331,995 | 42,726 | – | – | 374,721 |
| Amortization | 202,223 | 147,102 | 65,204 | – | 414,529 |
| Total Operating Expenses | 1,226,153 | 1,721,425 | 215,484 | (302,000) | 2,861,062 |
| Operating Income (EBIT) | 363,219 | 278,321 | 86,528 | (40,251) | 687,817 |
| INTEREST EXPENSE | |||||
| Interest & Bank Charges | 94,182 | 97,743 | 822 | – | 192,747 |
| Interest on Long-term Debt | 86,415 | 83,380 | 74,982 | – | 244,777 |
| Total Interest Expense | 180,597 | 181,123 | 75,804 | 0 | 437,524 |
| Income Before Other Items | 201,942 | 244,300 | 10,724 | (40,251) | 416,715 |
| OTHER INCOME & TAX | |||||
| Canada Carbon Rebate | 6,003 | 3,654 | – | – | 9,657 |
| Foreign Exchange Gain | – | 20,762 | – | – | 20,762 |
| Income Before Taxes | 188,625 | 121,614 | 10,724 | (40,251) | 280,712 |
| Current Income Tax | – | 45,880 | – | – | 45,880 |
| Future Income Tax | 46,232 | (14,323) | – | – | 31,909 |
| NET INCOME | 155,710 | 237,159 | 10,724 | (40,251) | 363,342 |
CONSOLIDATED BALANCE SHEET
As at January 31, 2025
| Line Item | Clad-Tech | Benchmark | 683140 NB | Eliminations | Consolidated |
|---|---|---|---|---|---|
| ASSETS | |||||
| Cash | – | – | 28,155 | – | 28,155 |
| Accounts Receivable | 4,682,754 | 843,767 | – | (490,367) | 5,036,154 |
| HST Receivable | – | – | 1,569 | – | 1,569 |
| Inventories | 111,922 | 2,540,721 | – | (69,441) | 2,583,202 |
| Work in Progress | 271,502 | – | – | – | 271,502 |
| Prepaid Expenses | 10,446 | 20,261 | – | – | 30,707 |
| Total Current Assets | 5,076,624 | 3,404,749 | 29,724 | (559,808) | 7,951,289 |
| Capital Assets (net) | 544,242 | 559,438 | 1,730,056 | – | 2,833,736 |
| Intangible Assets | – | 4,089 | – | – | 4,089 |
| Deferred Investment Tax Credits | – | – | 107,224 | – | 107,224 |
| TOTAL ASSETS | 5,620,866 | 3,968,276 | 1,867,004 | (559,808) | 10,896,338 |
| LIABILITIES | |||||
| Bank Overdraft | 322,041 | 262,123 | – | – | 584,164 |
| Bank Operating Loan | 157,751 | 1,048,202 | – | – | 1,205,953 |
| Accounts Payable | 713,694 | 355,110 | 73,490 | – | 1,142,294 |
| A/P – Related Parties | 490,367 | – | – | (490,367) | – |
| Income Taxes Payable | – | 21,391 | – | – | 21,391 |
| Note Payable | 25,000 | – | – | – | 25,000 |
| Deferred Revenue | 397,314 | 223,062 | – | – | 620,376 |
| Current Portion LT Debt | 201,600 | 460,800 | 106,200 | – | 768,600 |
| Callable Debt | 350,000 | – | – | – | 350,000 |
| Current Renewable LT Debt | 150,000 | – | – | – | 150,000 |
| Total Current Liabilities | 2,807,767 | 2,370,688 | 179,690 | (490,367) | 4,867,778 |
| Long-term Debt | 889,409 | 324,864 | 1,528,450 | – | 2,742,723 |
| Future Income Taxes | 203,610 | 63,239 | – | – | 266,849 |
| Shares Redeemable | 330,010 | 150,012 | – | – | 480,022 |
| Due to Related Parties | – | – | 260,000 | – | 260,000 |
| TOTAL LIABILITIES | 4,230,796 | 2,908,803 | 1,968,140 | (490,367) | 8,617,372 |
| EQUITY | |||||
| Share Capital | 75 | 82 | 52 | – | 209 |
| Retained Earnings (Deficit) | 617,390 | 1,059,391 | (101,188) | (69,441) | 1,506,152 |
| Non-controlling Interest | – | – | – | – | 772,605 |
| Total Equity | 617,465 | 1,059,473 | (101,136) | (69,441) | 2,278,966 |
| TOTAL LIAB. & EQUITY | 5,620,866 | 3,968,276 | 1,867,004 | (559,808) | 10,896,338 |
CONSOLIDATED INCOME STATEMENT
For the Year Ended January 31, 2024
| Line Item | Clad-Tech | Benchmark | 683140 NB | Eliminations | Consolidated |
|---|---|---|---|---|---|
| REVENUE | |||||
| Sales/Service Revenue | 10,195,569 | 7,089,863 | – | (3,124,240) | 14,161,192 |
| Leasing Revenue | – | – | 231,652 | (231,652) | – |
| Management Fees Revenue | 65,000 | 12,000 | – | (77,000) | – |
| Interest Income | – | – | 1,620 | – | 1,620 |
| Total Revenue | 10,260,569 | 7,101,863 | 233,272 | (3,432,892) | 14,162,812 |
| COST OF GOODS SOLD | |||||
| Cost of Goods Sold | 8,901,156 | 5,499,594 | – | (3,124,240) | 11,276,510 |
| Unrealized Profit in EI (net) | – | – | – | 29,190 | 29,190 |
| Total COGS | 8,901,156 | 5,499,594 | – | (3,095,050) | 11,305,700 |
| Gross Profit | 1,359,413 | 1,602,269 | 233,272 | (337,842) | 2,857,112 |
| OPERATING EXPENSES | |||||
| Salaries & Benefits | 339,549 | 479,553 | – | – | 819,102 |
| Advertising & Promotion | 10,012 | 10,117 | – | – | 20,129 |
| Commissions | – | 191,815 | – | – | 191,815 |
| Dues & Fees | 38,809 | 8,853 | 60 | – | 47,722 |
| Heat & Electricity | – | 26,793 | 13,815 | – | 40,608 |
| Insurance | 54,655 | 33,500 | 532 | – | 88,687 |
| Management Fees | – | 65,000 | – | (65,000) | – |
| Office Supplies | 40,273 | 26,105 | – | – | 66,378 |
| Professional Fees | 22,106 | 10,940 | 2,050 | – | 35,096 |
| Rent | 43,826 | 187,826 | – | (231,652) | – |
| Repairs & Maintenance | 52,733 | 10,413 | 21,078 | – | 84,224 |
| Taxes (Property) | – | – | 60,834 | – | 60,834 |
| Telecommunications | 31,528 | 1,728 | – | – | 33,256 |
| Training | – | – | – | – | – |
| Travel | – | 30,557 | – | – | 30,557 |
| Vehicle Expenses | 302,573 | 47,570 | – | – | 350,143 |
| Amortization | 195,882 | 176,418 | 69,006 | – | 441,306 |
| Total Operating Expenses | 1,131,946 | 1,307,188 | 167,375 | (296,652) | 2,309,857 |
| Operating Income (EBIT) | 227,467 | 295,081 | 65,897 | (41,190) | 547,255 |
| INTEREST EXPENSE | |||||
| Interest & Bank Charges | 66,129 | 96,609 | 1,587 | – | 164,325 |
| Interest on Long-term Debt | 100,673 | 95,282 | 81,876 | – | 277,831 |
| Total Interest Expense | 166,802 | 191,891 | 83,463 | 0 | 442,156 |
| Income Before Other Items | 47,345 | 279,408 | (17,566) | (41,190) | 267,997 |
| OTHER INCOME & TAX | |||||
| Canada Carbon Rebate | 6,003 | – | – | – | 6,003 |
| Foreign Exchange Gain | – | 23,971 | – | – | 23,971 |
| Management Fee Rev (Benchmark) | – | 12,000 | – | (12,000) | – |
| Loss on Disposal | (1,177) | (3,973) | – | – | (5,150) |
| Income Before Taxes | 65,491 | 135,188 | (17,566) | (53,190) | 129,923 |
| Current Income Tax | – | 17,233 | – | – | 17,233 |
| Future Income Tax | 23,113 | 17,501 | – | – | 40,614 |
| NET INCOME (LOSS) | 23,055 | 264,672 | (17,566) | (53,190) | 216,971 |
CONSOLIDATED BALANCE SHEET
As at January 31, 2024
| Line Item | Clad-Tech | Benchmark | 683140 NB | Eliminations | Consolidated |
|---|---|---|---|---|---|
| ASSETS | |||||
| Cash | – | 107,876 | 32,511 | – | 140,387 |
| Accounts Receivable | 3,674,703 | 795,331 | – | (398,276) | 4,071,758 |
| HST Receivable | – | – | – | – | – |
| Inventories | 106,182 | 2,942,156 | – | (29,190) | 3,019,148 |
| Work in Progress | 88,092 | – | – | – | 88,092 |
| Prepaid Expenses | 17,878 | 28,555 | – | – | 46,433 |
| Total Current Assets | 3,886,855 | 3,873,918 | 32,511 | (427,466) | 7,365,818 |
| Capital Assets (net) | 678,127 | 674,680 | 1,759,140 | – | 3,111,947 |
| Intangible Assets | – | – | – | – | – |
| Deferred Investment Tax Credits | – | 22,575 | 107,224 | – | 129,799 |
| TOTAL ASSETS | 4,564,982 | 4,571,173 | 1,898,875 | (427,466) | 10,607,564 |
| LIABILITIES | |||||
| Bank Overdraft | 1,105,356 | – | – | – | 1,105,356 |
| Bank Operating Loan | – | 1,127,141 | – | – | 1,127,141 |
| Accounts Payable | 434,935 | 822,534 | 21,981 | – | 1,279,450 |
| A/P – Related Parties | 398,276 | 74,750 | – | (398,276) | 74,750 |
| Income Taxes Payable | – | 1,381 | – | – | 1,381 |
| Note Payable | – | – | – | – | – |
| Deferred Revenue | 539,490 | 115,000 | – | – | 654,490 |
| Current Portion LT Debt | 207,700 | 257,600 | 104,300 | – | 569,600 |
| Callable Debt | – | 350,000 | – | – | 350,000 |
| Current Renewable LT Debt | – | 215,000 | – | – | 215,000 |
| Total Current Liabilities | 2,685,757 | 2,963,406 | 126,281 | (398,276) | 5,377,168 |
| Long-term Debt | 728,249 | 556,959 | 1,634,454 | – | 2,919,662 |
| Future Income Taxes | 157,378 | 77,562 | – | – | 234,940 |
| Shares Redeemable | 330,010 | 150,012 | – | – | 480,022 |
| Due to Related Parties | – | – | 250,000 | – | 250,000 |
| TOTAL LIABILITIES | 3,901,394 | 3,747,939 | 2,010,735 | (398,276) | 9,261,792 |
| EQUITY | |||||
| Share Capital | 75 | 82 | 52 | – | 209 |
| Retained Earnings (Deficit) | 461,677 | 823,152 | (111,912) | (29,190) | 1,143,727 |
| Non-controlling Interest | – | – | – | – | 201,836 |
| Total Equity | 461,752 | 823,234 | (111,860) | (29,190) | 1,345,772 |
| TOTAL LIAB. & EQUITY | 4,564,982 | 4,571,173 | 1,898,875 | (427,466) | 10,607,564 |
Key Consolidation Eliminations:
2025:
• IC Sales (Benchmark to Clad-Tech): $(4,001,898)
• IC Rent (683140 to Clad-Tech & Benchmark): $(302,000)
• IC Receivables/Payables: $(490,367)
• Unrealized Profit in Ending Inventory: $(69,441)
• Less: 2024 Unrealized Profit Add-back: $29,190
• Net COGS Adjustment: $40,251
2024:
• IC Sales (Benchmark to Clad-Tech): $(3,124,240)
• IC Rent (683140 to Clad-Tech & Benchmark): $(231,652)
• IC Management Fees: $(77,000)
• IC Receivables/Payables: $(398,276)
• Unrealized Profit in Ending Inventory: $(29,190)
Unrealized Profit Calculation:
• Benchmark’s gross margin applied to Clad-Tech’s ending inventory purchased from Benchmark
• 2025: Clad-Tech inventory/WIP from Benchmark × 25.87% = $69,441
• 2024: Clad-Tech inventory/WIP from Benchmark × 22.43% = $29,190
Non-controlling Interest: Represents 683140 NB Inc. deficit allocation to minority shareholders
Note on EBIT: Interest expense has been properly classified below Operating Income to show true EBIT
2025:
• IC Sales (Benchmark to Clad-Tech): $(4,001,898)
• IC Rent (683140 to Clad-Tech & Benchmark): $(302,000)
• IC Receivables/Payables: $(490,367)
• Unrealized Profit in Ending Inventory: $(69,441)
• Less: 2024 Unrealized Profit Add-back: $29,190
• Net COGS Adjustment: $40,251
2024:
• IC Sales (Benchmark to Clad-Tech): $(3,124,240)
• IC Rent (683140 to Clad-Tech & Benchmark): $(231,652)
• IC Management Fees: $(77,000)
• IC Receivables/Payables: $(398,276)
• Unrealized Profit in Ending Inventory: $(29,190)
Unrealized Profit Calculation:
• Benchmark’s gross margin applied to Clad-Tech’s ending inventory purchased from Benchmark
• 2025: Clad-Tech inventory/WIP from Benchmark × 25.87% = $69,441
• 2024: Clad-Tech inventory/WIP from Benchmark × 22.43% = $29,190
Non-controlling Interest: Represents 683140 NB Inc. deficit allocation to minority shareholders
Note on EBIT: Interest expense has been properly classified below Operating Income to show true EBIT