Identillect Technologies, Corp. (ID)

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"Identillect Technologies Corp.(Formerly Quentin Venture Ltd.)
Notes to the Consolidated Financial Statements
For the years ended December 31, 2016 and 2015(Expressed in US
dollars)7
1.NATURE AND CONTINUANCE OF OPERATIONS
Identillect Technologies Corp. (formally Quentin Ventures Ltd.) is a Canadian public company that is listed on the TSX Venture Exchange (“Exchange”) under the symbol ID. The Company was
incorporated under the Canada Corporations Business Act on December 27, 1985, registered extra-provincially under the British Columbia Company Act on July 9, 1987, and effective June 18, 2014 the
Company was continued into British Columbia. The Company’s principle address is 1600 –609 Granville Street, Vancouver, BC V7Y 1C3 and its registered and records office is 2200 –885 West Georgia Street, Vancouver, BC, V6C 3E8.

Identillect Technologies Inc. was incorporated under the Nevada Business Corporation Act on August 24, 2010. Identillect Technologies Inc. is a software development company that has developed an email encryption software solution. T
he head office of Identillect Technologies Inc. is located at 30950
Rancho Viejo Road, Suite 120, San Juan Capistrano, CA 92675.
On May 18, 2016, Quentin Ventures Ltd. (“Quentin”) executed a reverse acquisition (the “RTO”), by way of a three cornered
amalgamation of Identillect Technologies Corp. The shareholders of Identillect Technologies Corp. were considered to have acquired control of Quentin. Upon closing of the RTO, the Company changed its name from Quentin Ventures Ltd. to Identillect Technologies Corp. (the “Company” or “Identillect”) (Note 5).

These consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and
willbe able to realize assets and discharge liabilities in the ordinary course of operations. Different bases of measurement may be appropriate if the Company was not expected to continue operations for the foreseeable future. At December 31, 2016, the Company has not achieved profitable operations and has accumulated losses of $6,837,124(2015–$3,543,322) since inception and expects to incur further losses in the development of its business.
Thismaterial uncertainty may cast significant doubt about the Company’s ability to continue as a going concern. The Company’s
continuation as a going concern is dependent on its ability to attain profitable operations to generate funds and/or its ability to raise equity capital or borrowings sufficient to meet its
current and future obligations. Although the Company has been successful in the past in raising funds to continue
operations, there is no assurance it will be able to do so in the future." ( Note 1 to IDLF 2016 Annual Financial Report.)

Please see https://www.stockhouse.com/companies/filings?symbol=idtlf
for IDLF's Financial reports.