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3Rd Quarter Consolidated Financial CURRENCY EXCHANGE INTERNATIONAL, CORP. Condensed Interim Consolidated Financial Statements For the three-and nine-month periods ended July 31, 2020 and 2019 (Expressed in U.S. Dollars) (Unaudited) TABLE OF CONTENTS Management’s Responsibility for the Condensed Interim Consolidated Financial Statements 1 Condensed Interim Consolidated Statements of Financial Position 2 Condensed Interim Consolidated Statements of Operations and Comprehensive (Loss) Income 3 Condensed Interim Consolidated Statements of Changes in Equity 4 Condensed Interim Consolidated Statements of Cash Flows 5 Notes to the Condensed Interim Consolidated Financial Statements 6-26 Management's Responsibility for the Condensed Interim Consolidated Financial Statements The accompanying unaudited condensed interim consolidated financial statements of Currency Exchange International, Corp. (the "Company”) are the responsibility of management and the Board of Directors. The unaudited condensed interim consolidated financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in the notes to the unaudited condensed interim consolidated financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the statement of financial position date. In the opinion of management, the unaudited condensed interim consolidated financial statements have been prepared within acceptable limits of materiality and are in accordance with International Accounting Standard 34 - Interim Financial Reporting using accounting policies consistent with International Financial Reporting Standards appropriate in the circumstances. Management has established processes, which are in place to provide it with sufficient knowledge to support management’s representations that it has exercised reasonable diligence that (i) the unaudited condensed interim consolidated financial statements do not contain any untrue statement of 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 is made, as of the date of, and for the periods presented by, the unaudited condensed interim consolidated financial statements and (ii) the unaudited condensed interim consolidated financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of, and for the periods presented by, the unaudited condensed interim consolidated financial statements. The Board of Directors is responsible for reviewing and approving the unaudited condensed interim consolidated financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the unaudited condensed interim consolidated financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the unaudited condensed interim consolidated financial statements together with other financial information of the Company for issuance to the shareholders. Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities. (signed) "Randolph Pinna" (signed) “Stephen Fitzpatrick” Randolph Pinna Stephen Fitzpatrick President and Chief Executive Officer Chief Financial Officer Orlando, Florida September 9, 2020 CURRENCY EXCHANGE INTERNATIONAL, CORP. Condensed Interim Consolidated Statements of Financial Position July 31, 2020 and October 31, 2019 (Expressed in U.S. Dollars) (Unaudited) ASSETS July 31, 2020 October 31, 2019 Current assets $ $ Cash (Note 7) 70,660,528 62,873,873 Accounts receivable (Note 15) 7,026,352 10,543,252 Restricted cash held in escrow (Note 8) 705,951 644,657 Forward and option contracts (Note 16) - 1,735 Income taxes receivable 459,853 - Other current assets (Note 21) 1,088,028 1,270,103 Total current assets 79,940,712 75,333,619 Property and equipment (Note 9) 1,149,674 1,552,941 Intangible assets (Note 10) 6,981,062 3,910,749 Goodwill (Note 10) 1,384,305 1,238,319 Other assets 104,187 101,686 Right-of-use assets (Note 11) 4,991,843 - Net deferred tax asset 1,554,178 592,403 Total assets 96,105,961 82,729,716 LIABILITIES AND EQUITY Current liabilities Accounts payable 7,670,391 12,583,741 Contract liability 79,687 266,392 Lease liabilities (Note 11) 1,724,852 - Forward and option contracts (Note 16) 68,602 - Lines of credit (Note 13) 18,639,266 472,736 Accrued expenses 1,655,158 2,767,711 Contingent consideration (Note 5) 357,358 - Income taxes payable - 310,099 Total current liabilities 30,195,314 16,400,679 Long term liabilities Lease liabilities (Note 11) 3,946,956 - Contingent consideration (Note 5) 365,107 - Other long-term liabilities 135,786 - Total long-term liabilities 4,447,849 - Total liabilities 34,643,163 16,400,679 Equity Share capital 6,414,936 6,414,936 Equity reserves 29,735,111 29,204,576 Retained earnings 25,312,751 30,709,525 Total equity 61,462,798 66,329,037 Total liabilities and equity 96,105,961 82,729,716 2 CURRENCY EXCHANGE INTERNATIONAL, CORP. Condensed Interim Consolidated Statements of Operations and Comprehensive (Loss) Income Three-and nine-month periods ended July 31, 2020 and 2019 (Expressed in U.S. Dollars) (Unaudited) Nine-months ended Three-months ended July 31, 2020 July 31, 2019 July 31, 2020 July 31, 2019 Revenues $ $ $ $ Commissions revenue 18,726,597 28,530,996 3,552,620 11,664,354 Fee revenue 1,350,909 1,783,967 327,253 738,129 Total revenues (Note 6) 20,077,506 30,314,963 3,879,873 12,402,483 Operating expenses (Note 19) 23,224,049 26,026,363 5,872,990 9,466,585 Net operating (loss) income (3,146,543) 4,288,600 (1,993,117) 2,935,898 Other income Interest income 9,382 13,479 500 7,734 Government grant income (Note 2) 417,715 - 417,715 - Gain on sale of assets - 1,975 - - (Loss) Earnings before interest, taxes, depreciation and amortization (2,719,446) 4,304,054 (1,574,902) 2,943,632 Interest expense (Note 13) 427,734 257,212 140,429 70,336 Interest on lease liabilities (Note 11) 210,540 - 65,780 - Depreciation and amortization 1,141,340 995,416 370,858 259,962 Depreciation of right-of-use-assets (Note 11) 1,506,979 - 470,523 - (Loss) Income before income taxes (6,006,038) 3,051,426 (2,622,492) 2,613,334 Income tax (benefit) expense (947,642) 896,101 (347,772) 792,567 Net (Loss) income for the period (5,058,396) 2,155,325 (2,274,720) 1,820,767 Other comprehensive (loss) income, after tax Net (loss) income for the period (5,058,396) 2,155,325 (2,274,720) 1,820,767 Items that may subsequently be reclassified to profit or loss Exchange differences on translating foreign operations (331,794) (21,104) (658,927) 370,622 Total other comprehensive (loss) income (5,390,190) 2,134,221 (2,933,647) 2,191,389 (Loss) earnings per share (Note 18) -basic ($0.79) $0.34 ($0.35) $0.28 -diluted ($0.79) $0.34 ($0.35) $0.28 Weighted average number of common shares outstanding (Note 18) -basic 6,414,936 6,412,083 6,414,936 6,414,091 -diluted 6,414,936 6,421,237 6,414,936 6,419,708 The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements. 3 CURRENCY EXCHANGE INTERNATIONAL, CORP. Condensed Interim Consolidated Statements of Changes in Equity Three-and nine-month periods ended July 31, 2020 and 2019 (Expressed in U.S Dollars) (Unaudited) Retained Share Capital Equity Reserves Earnings Total Equity Accumulated Other Share Comprehensive Shares Amount premium Income (Loss) Stock Options Amount Amount # $ $ $ # $ $ $ Balance at November 1, 2019 6,414,936 6,414,936 32,588,617 (5,591,093) 708,366 2,207,052 30,709,525 66,329,037 Stock based compensation (Note 17) - - - - 47,955 778,806 - 778,806 Forfeited and cancelled options (Note 17) - - - - (250,610) 51,758 - 51,758 Acquisition of DFG (Note 5 and Note 17) - - - - - 31,765 31,765 Loss on foreign currency translation - - - (331,794) - - - (331,794) Adjustment from the adoption of IFRS 16 - - - - - - (338,378) (338,378) Net loss - - - - - - (5,058,396) (5,058,396) Balance, July 31, 2020 6,414,936 6,414,936 32,588,617 (5,922,887) 505,711 3,069,381 25,312,751 61,462,798 6,407,667 6,407,667 27,784,805 62,721,937 Balance at November 1, 2018 (5,489,393) 424,495 1,591,280 - - - 731,194 Stock based compensation (Note 14) - 21,473 731,194 Issue of share capital and share premium 6,424 6,424 - 43,717 on exercise of stock options (Note 16) - (16,750) (63,270) - - - (183,120) Forfeited options (Note 16) - - (26,088) (183,120) - - - (21,104) Loss on foreign currency translation - (21,104) - - - - - - - 2,155,325 2,155,325 Net income - Balance, July 31, 2019 6,414,091 6,414,091 32,528,141 (5,510,497) 403,130 2,076,084 29,940,130 65,447,949 The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements. 4 CURRENCY EXCHANGE INTERNATIONAL, CORP. Condensed Interim Consolidated Statements of Cash Flows Nine-month periods ended July 31, 2020 and 2019 (Expressed in U.S. Dollars) (Unaudited) Nine-months ended July 31,
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