YOUR QUICK GATEWAY (WINDSOR) INC.

Notes to Financial Statements

Year ended December 31, 2019

1. Reporting Entity:

Your Quick Gateway (Windsor) inc. (the "Corporation") is incorporated under the Canada Business Corporations Act. The Corporation provides management consulting and support sen/ices for the Windsor internationa! Airport (the "Airport") to the Corporation of the City of Windsor (the "City"), its parent company.

On July 1, 2007, the Corporation entered into an operating agreement with the City whereby the City retains ownership of certain property and assets of the Windsor International Airport and the Corporation operates and manages the Airport.

The address of the Corporation is Unit #200, 3200 County Road 42, Windsor, Ontario, Canada.

2. Basis of preparation:

  1. Statement of compliance:
    The Corporation's financial statements have been prepared in accordance with InternatEona! FinancEa! Reporting Standards (IFRS).
    The financial statements were authorized for issue by the Board of Directors on October 29, 2020.
  2. Basis of measurement:
    The financial statements have been prepared on the historical cost basis.
  3. Functional and presentation currency:
    These financial statements are presented in Canadian dollars, which is the Corporation's functional currency.
  4. (d) Use of estimates and judgments:
    The preparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
    Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
    information about assumptions and estimation uncertainties that have the most significant effect on the amounts recognized in these financial statements, include: 
    1. Note 6 ~ accounts recejvabie: valuation of accounts receivable
    2. Note 7 - furniture, fixtures and equipment; estimate of usefu! lives of assets