What type of income statement format does the company use (single, multiple step, condensed)? Explain why you chose the format you did.
What kind of business did the company engage in during the year? (Hint: Look at Note 1 to the financial statements.)
What standards does the company use to prepare its financial statements?
What is the current ratio for the company? The quick ratio? How do these ratios compare to the previous year?

The accompanying notes to the consolidated financial statements are an integral part of these statements. \begin{tabular}{|c|c|c|c|c|} \hline \multirow[t]{2}{*}{\begin{tabular}{l} Nass Valley Gateway Ltd \\ Consolidated Statements of Financial Position \\ (Expressed in Canadian Dollars) \end{tabular}} & \multirow{2}{*}{\multicolumn{2}{|c|}{\begin{tabular}{c} As at \\ December 31, \\ 2022, \end{tabular}}} & \multirow{2}{*}{\multicolumn{2}{|c|}{\begin{tabular}{c} As at \\ December 31, \\ 2021, \end{tabular}}} \\ \hline & & & & \\ \hline \multicolumn{5}{|l|}{ ASSETS } \\ \hline \multicolumn{5}{|l|}{ Current assets } \\ \hline Cash & $ & 1,865 & $ & 57,177 \\ \hline Inventory & & - & & 128,030 \\ \hline Other receivable & & - & & 5,264 \\ \hline Advances & & - & & - \\ \hline Due from related parties (note 9) & & - & & 961,374 \\ \hline Assets of discontinued operations (note 5) & & 17,853 & & 16,711 \\ \hline Total assets & $ & 19,718 & $ & 1,168,556 \\ \hline \end{tabular} LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY Current liabilities Accounts payable and accrued liabilities Due to related parties (note 9) Note payable (note 7 ) Liabilities of discontinued operations (note 5) \begin{tabular}{|c|c|c|} \hline Liabilities of discontinued operations (note 5) & 5,486,692 & 5,037,548 \\ \hline Total Liabilities & 15,787,041 & 13,615,876 \\ \hline \multicolumn{3}{|l|}{ Shareholders' deficiency } \\ \hline Share capital (note 8) & 1,896,665 & 1,329,274 \\ \hline Reserve & 457,370 & 457,370 \\ \hline Deficit & (17,481,413) & (14,521,061) \\ \hline Accumulated other comprehensive income (loss) & (639,945) & 287,097 \\ \hline Total shareholders' deficiency & (15,767,323) & (12,447,320) \\ \hline Total liabilities and shareholders' deficiency & 19,718 & $1,168,556 \\ \hline \end{tabular} Nature of operations and going concern (note 1); Commitments and contingencies (note 10) Approved on behalf of the Board of Directors: "Michael Semler", Director "Michael Racaniello", Director The accompanying notes to the consolidated financial statements are an integral part of these statements. -1 - The accompanying notes to the consolidated financial statements are an integral part of these statements. The accompanying notes to the consolidated financial statements are an integral part of these statements. -2 - Nass Valley Gateway Ltd. Notes to Consolidated financial statements For the years ended December 31, 2022 and 2021 (Expressed in Canadian Dollars) 1. Nature of operations and going concern Nass Valley Gateway Ltd. (the "Company" or "NVG") is incorporated under the laws of British Columbia, Canada. The Company is focused on the sales of organic, non-GMO hemp-based zero THC Cannabidiol ("CBD") products. The Company's shares are listed on the Canadian SecuritiesExchange ("CSE") trading under the symbol "NVG". The principal business address of the Company is 170- 422 Richards Street, Vancouver, BC, V6B 2Z4. On January 29, 2020, the Company acquired 100% of equity interest of Nass Valley Gardens Inc. ("NVGI") from two directors of the Company for a nominal consideration of US\$1. On the date of acquisition, NVGI had immaterial assets or liabilities. During the year ended December 31, 2022, the Company has incurred net loss from continuing operations of $2,835,446 (December 31, 2021$4,293,783 ) and as at December 31, 2022, the Company had an accumulated deficit of $17,481,413 (December 31, 2021 - $14,521,061 ). The operations have been funded primarily by the issuance of equity, and advances from related parties. During the year 2019, the Company discontinued its PTI business as described in note 5, and accordingly, does not have a continuing operation which generates significant revenue, cash flow or profitability. The Company has a working capital deficit of $16,334,714 (December 31, 2021 - \$12,447,320). Futureoperations of the Company are dependent upon the Company's ability to develop a new business, receive continued financial support, and complete equity financings and ultimately the generation of profitable operations. These factors raise significant doubt about the Company's ability to continue as a going concern. These consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, and accordingly, do not purport to give effect to adjustments which may be required should the Company be unable to achieve the objectives above as a going concern. The net realizable value of the Company's assets may be materially less than the amounts recorded in these financial statements should the Company be unable to realize its assets and discharge its liabilities in the normal course of business. In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company's ability to raise capital or conduct normal operating activities. Management will continue to monitor the situation. The ultimate duration and magnitude of the COVID-19 pandemic's impact on the Company's operations and financial position is not known at this time. An estimate of the financial effect of the pandemic on the Company is not practicable at this time