# EDGAR Filing Document

**Accession Number:** 0001579026
**File Stem:** 0001062993-23-000900
**Filing Date:** 2023-1
**Character Count:** 146750
**Document Hash:** cb6d55cf9b854a22394902a9ac4e38b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-23-000900.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0001062993-23-000900

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20220930

**FILED AS OF DATE**: 20230113

**DATE AS OF CHANGE**: 20230113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOWER ONE WIRELESS CORP.
- **CENTRAL INDEX KEY:** 0001579026
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55103
- **FILM NUMBER:** 23527641

**BUSINESS ADDRESS:**
- **STREET 1:** CALLE 84 A NO. 12 - 18 OFICINA 302
- **CITY:** BOGOTA D.C
- **STATE:** A1
- **ZIP:** 110221
- **BUSINESS PHONE:** 604 559-8051

**MAIL ADDRESS:**
- **STREET 1:** CALLE 84 A NO. 12 - 18 OFICINA 302
- **CITY:** BOGOTA D.C
- **STATE:** A1
- **ZIP:** 110221

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pacific Therapeutics Ltd.
- **DATE OF NAME CHANGE:** 20130611

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 <br>UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of **<u>January 2023</u>**

Commission File Number **<u>000-55103</u>**

**<u>Tower One Wireless Corp.</u>**

(Translation of registrant's name into English)

<u>**Calle 84 A No.12 - 18 Oficina 302, Bogotá DC, Colombia**</u>

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) [ ]

**Note:** Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

**Note**: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

------

<u>**SUBMITTED HEREWITH**</u>

---

| | |
|:---|:---|
| [99.1](exhibit99-1.htm) | [Interim Financial Statements for the interim period ended September 30, 2022.](exhibit99-1.htm) |
| [99.2](exhibit99-2.htm) | [Management's Discussion and Analysis for the interim period ended September 30, 2022.](exhibit99-2.htm) |
| [99.3](exhibit99-3.htm) | [Form 52-109FV2 Certification of Interim Filings of Chief Financial Officer for the interim period ended September 30, 2022.](exhibit99-3.htm) |
| [99.4](exhibit99-4.htm) | [Form 52-109FV2 Certification of Interim Filings of Chief Executive Officer for the interim period ended September 30, 2022.](exhibit99-4.htm) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**TOWER ONE WIRELESS CORP.**

*/s/ Alejandro Ochoa*

___________________________________<br>Alejandro Ochoa, President and Chief Executive Officer

Date: January 13, 2023

------

## Exhibit 99.1

------

**TOWER ONE WIRELESS CORP.**

**CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**For the Three and Nine Months Ended**

**September 30, 2022 (Unaudited)**

**and 2021 (Audited)** 

**(Expressed in Canadian Dollars)**

------

**TOWER ONE WIRELESS CORP.**<br>Consolidated Statements of Financial Position <br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

---

| | |
|:---|:---|
|  | <br>**Note** |
| **ASSETS (NOTES 10 and 13)** | **ASSETS (NOTES 10 and 13)** |
| &nbsp;&nbsp;**Current Assets** |  |
| &nbsp;&nbsp;Cash |  |
| &nbsp;&nbsp;Amounts receivable |  |
| &nbsp;&nbsp;Prepaid expenses and deposits |  |
| &nbsp;&nbsp;Deferred Cost | 13 |
| &nbsp;&nbsp;Long-term prepaid expenses and deposits | 10 |
| &nbsp;&nbsp;Right-of-use assets | 12 |
| &nbsp;&nbsp;Property and equipment | 11 |
| &nbsp;&nbsp;Total Assets |  |
| **LIABILITIES AND SHAREHOLDERS' DEFICIENCY** | **LIABILITIES AND SHAREHOLDERS' DEFICIENCY** |
| &nbsp;&nbsp;**Current Liabilities** |  |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | 17 |
| &nbsp;&nbsp;Income tax payable |  |
| &nbsp;&nbsp;Interest payable | 151617 |
| &nbsp;&nbsp;Deferred revenue |  |
| &nbsp;&nbsp;Customer deposits | 19 |
| &nbsp;&nbsp;Current portion of lease liabilities | 12 |
| &nbsp;&nbsp;Current portion of loans payable | 15 |
| &nbsp;&nbsp;Loans from related parties | 17 |
| &nbsp;&nbsp;Current portion of Bonds payable | 16 |
| &nbsp;&nbsp;Other Payables) |  |
| &nbsp;&nbsp;Long-term portion of lease liabilities | 12 |
| &nbsp;&nbsp;Long-term portion of loans payable | 15 |
| &nbsp;&nbsp;Long-term portion of bonds payable |  |
| &nbsp;&nbsp;Total Liabilities |  |
| &nbsp;&nbsp;**Shareholders' Deficiency** |  |
| &nbsp;&nbsp;Share capital | 18 |
| &nbsp;&nbsp;Subscriptions receivable) |  |
| &nbsp;&nbsp;Shares issuable |  |
| &nbsp;&nbsp;Contributed surplus | 18 |
| &nbsp;&nbsp;Non-controlling interest | 9) |
| &nbsp;&nbsp;Deficit) |  |
| &nbsp;&nbsp;Accumulated other comprehensive loss |  |
| &nbsp;&nbsp;Total Shareholders' Deficiency) |  |
| &nbsp;&nbsp;Total Equity and Liabilities |  |

---

Approved on behalf of the Board of Directors:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>*"Alejandro Ochoa"*</u><u> </u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u> </u><u> </u><u>*"Robert Nicholas Peter Horsley"*</u><u> </u> |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**TOWER ONE WIRELESS CORP.**<br>Consolidated Statements of Comprehensive Loss<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three months ended |
|  | <br> Note |
| &nbsp;&nbsp;**Revenues** | 21 |
| &nbsp;&nbsp;**Cost of sales** |  |
| &nbsp;&nbsp;**Expenses** |  |
| &nbsp;&nbsp;Advertising and promotion |  |
| &nbsp;&nbsp;Amortization | 9, 10, 11 |
| &nbsp;&nbsp;Bad debts |  |
| &nbsp;&nbsp;Foreign exchange |  |
| &nbsp;&nbsp;Interest, financing charges and accretion | 11, 13, 14, 15, 16 |
| &nbsp;&nbsp;Maintenance and operations |  |
| &nbsp;&nbsp;Office and miscellaneous) |  |
| &nbsp;&nbsp;Professional fees and consulting | 16 |
| &nbsp;&nbsp;Share-based compensation |  |
| &nbsp;&nbsp;Travel |  |
| &nbsp;&nbsp;**Loss before other items**) |  |
| &nbsp;&nbsp;**Other items** |  |
| &nbsp;&nbsp;Loss on extinguishment of debt | 16 |
| &nbsp;&nbsp;Impairment of intangible assets | 7, 9, 10 |
| &nbsp;&nbsp;Impairment of property and equipment | 16) |
| &nbsp;&nbsp;Gain (loss) on net monetary position | 4 |
| &nbsp;&nbsp;) |  |
| &nbsp;&nbsp;**Net loss before income taxes**) |  |
| &nbsp;&nbsp;Current Tax expense) |  |
| &nbsp;&nbsp;Deferred income tax recovery | 24 |
| &nbsp;&nbsp;**Net Income / loss))** |  |
| &nbsp;&nbsp;**Other comprehensive loss:** |  |
| &nbsp;&nbsp;Foreign exchange translation adjustment |  |
| &nbsp;&nbsp;**Comprehensive loss))** |  |
| &nbsp;&nbsp;**Net Income / loss attributable to:** |  |
| &nbsp;&nbsp;Shareholders of the Company) |  |
| &nbsp;&nbsp;Non-controlling interest) |  |
| &nbsp;&nbsp;**Net Income / loss))** |  |
| &nbsp;&nbsp;**Other comprehensive income (loss) attributable to:** |  |
| &nbsp;&nbsp;Shareholders of the Company |  |
| &nbsp;&nbsp;Non-controlling interest) |  |
| &nbsp;&nbsp;**Other comprehensive income (loss)** |  |
| &nbsp;&nbsp;Income / Loss per common share - basic and diluted) |  |
| &nbsp;&nbsp;Weighted average common shares outstanding |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**TOWER ONE WIRELESS CORP.**<br> Consolidated Statements of Changes in Equity (Deficiency) <br>(Expressed in Canadian Dollars)

---

| | | |
|:---|:---|:---|
|  | Number of<br>Common<br>Shares | Share Capital |
|  |  | $|
| &nbsp;&nbsp;**Balance, December 31, 2018** | **93389446** | **16876382)** **))** **))** |
| &nbsp;&nbsp;Warrants issued | **-** | **-** |
| &nbsp;&nbsp;Obligation to issue warrants | **-** | **-** |
| &nbsp;&nbsp;Extinguishment of convertible debenture | **-** | **-**) |
| &nbsp;&nbsp;Adjustment on acquisition of<br>controlled subsidiary | **-** | **-**) |
| &nbsp;&nbsp;Adjustment on disposition of controlled subsidiary | **-** | **-**) |
| &nbsp;&nbsp;Net loss | **-** | **-**) |
| &nbsp;&nbsp;Other comprehensive loss | **-** | **-**) |
| &nbsp;&nbsp;**Balance, December 31, 2019** | **93389446** | **16876382)** **))** **)))** |
| &nbsp;&nbsp;Warrants expired | **-** | **-**) |
| &nbsp;&nbsp;Shares issued as penalty to the convertible debt lenders | 714286 | 24286 |
| &nbsp;&nbsp;Net loss | **-** | **-**) |
| &nbsp;&nbsp;Other comprehensive income | **-** | **-** |
| &nbsp;&nbsp;**Balance, December 31, 2020** | **94103732** | **16900668)** **))** **)))** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Warrants expired |  |  |  |  | (33545) | 33545 |  |  |  |  |
| &nbsp;&nbsp;Adjustment on acquisition of controlled subsidiary | 6300000 | 569520 |  |  |  | (2742984) | 144730 | (2028734) | 1992491 | (36243) |
| &nbsp;&nbsp;Adjustment on acquisition of controlled subsidiary |  |  |  |  |  |  |  |  | (78) | (78) |
| &nbsp;&nbsp;Units issued for cash - bonds attached | 69850 | 12760 | (11600) |  | 6448 |  |  | 7608 |  | 7608 |
| &nbsp;&nbsp;Share issuance costs |  | (1542) |  |  |  |  |  | (1542) |  | (1542) |
| &nbsp;&nbsp;Shares issuable for vested PSU's |  |  |  | 130000 |  |  |  | 130000 |  | 130000 |
| &nbsp;&nbsp;Net loss |  |  |  |  |  | (4185480) |  | (4185480) | (408808) | (4594288) |
| &nbsp;&nbsp;Other comprehensive income |  |  |  |  |  |  | 1016895 | 1016895 | 123022 | 1139917 |
| &nbsp;&nbsp;**Balance, December 31, 2021** | **100473582** | **17481406** | **(41600)** | **130000** | **1678992** | **(32247379)** | **1026196** | **(11972385)** | **(2825830)** | (14798215) |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**TOWER ONE WIRELESS CORP.**<br> Consolidated Statements of Changes in Equity (Deficiency) <br>(Expressed in Canadian Dollars)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Number of<br>Common<br>Shares | Share Capital | Subscriptions<br>Received | Subscriptions<br>Received | Contributed<br>Surplus | Deficit | Accumulated<br>Other<br>Comprehensive<br>Income | Deficiency<br>Attributable to<br>Shareholders of<br>the Company | Non-<br>controlling<br>Interest | Total |
| &nbsp;&nbsp;**Balance, December 31, 2021** | **100473582** | **17481406** | **(41600)** | **130000** | **1678992** | **(32247379)** | **1026196** | **(11972385)** | **(2825830)** | (14798215) |
| &nbsp;&nbsp;Warrants expired |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Adjustment on acquisition of controlled subsidiary |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Adjustment on acquisition of controlled subsidiary |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Units issued for cash - bonds attached |  | 65179 | 11600 |  | 63086 |  |  | 139864 |  | 139864 |
| &nbsp;&nbsp;Share issuance costs |  | (6745) |  |  |  |  |  | (6745) |  | (6745) |
| &nbsp;&nbsp;Shares issuable for vested PSU's | 2000000 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Debt Settlement with equity instruments | 16273267 | 797390 |  |  |  |  |  | 797390 |  | 797390 |
| &nbsp;&nbsp;Investment in subsidiary |  | 5555511 |  |  |  | (1208644) |  | 4346867 | 1208644 | 5555511 |
| &nbsp;&nbsp;Shares issued | 512000 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net loss |  |  |  |  |  | (1823118) |  | (1823118) | (817769) | (2640887) |
| &nbsp;&nbsp;Other comprehensive income |  |  |  |  |  |  | 1860486 | 1860486 | 154488 | 2014973 |
| &nbsp;&nbsp;**Balance, September 30, 2022** | **119258849** | **23892740** | **(30000)** | **130000** | **1742078** | **(35279140)** | **2886680** | **(6657643)** | **(2280468)** | (8938110) |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**TOWER ONE WIRELESS CORP.**<br>Consolidated Statements of Cash Flows

As at September 30, 2022 and 2021

(Expressed in Canadian Dollars)

---

| |
|:---|
| **Cash flows from operating activities** |
| Net loss) |
| Items not affecting cash: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for VAT |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of towers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax recovery |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on net monetary position) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non cash effect |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared-based compensation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of advances and loans receivable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Settlement) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |
| Changes in non-cash working capital items (Note 22) |
| Cash provided by (used in) operating activities |
| **Cash flows from investing activities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash received from disposition |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for acquisitions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash received on sale of towers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in subsidiary<br>IFRS16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IFRS 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions of property and equipment) |
| Cash used in investing activities) |
| **Cash flows from financing activities** |
| &nbsp;&nbsp;&nbsp;Proceeds from bonds payable, net) |
| &nbsp;&nbsp;&nbsp;Bonds Repayments) |
| &nbsp;&nbsp;&nbsp;Loans received |
| &nbsp;&nbsp;&nbsp;Repayment of loans) |
| &nbsp;&nbsp;&nbsp;Loans from related parties |
| &nbsp;&nbsp;&nbsp;Repayment of loans from related parties) |
| &nbsp;&nbsp;&nbsp;Lease payments) |
| &nbsp;&nbsp;&nbsp;Promissory note received |
| Cash provided by financing activities |
| Foreign exchange on cash |
| Change in cash |
| Cash, beginning |
| Cash, ending |
| Property and equipment additions in accounts payable and accrued liabilities |
| Cash paid for interest |
| Cash paid for income taxes |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**1. NATURE OF OPERATIONS AND GOING CONCERN**

Tower One Wireless Corp. ("Tower One" or the "Company") is a pure-play, build-to-suit ("BTS") tower owner, operator and developer of multitenant communications structures. The Company's primary business is the leasing of space on communications sites to mobile network operators ("MNOs"). The Company offers tower-related services in the largest Spanish speaking countries in Latin America: Argentina, Colombia and Mexico. These tower-related services include site acquisition, zoning and permitting, structural analysis, and construction which primarily supports the Company's site leasing business, including the addition of new tenants and equipment on its sites. A long -term site lease is in hand with a tenant prior to undergoing construction.

Tower One was incorporated under the laws of the Province of British Columbia, Canada on September 12, 2005. On October 14, 2011, the Company became a reporting company in British Columbia and was approved by the Canadian Securities Exchange ("CSE") and commenced trading on November 16, 2011. The Company's registered office is located at Suite 605, 815 Hornby Street, Vancouver, BC, Canada V6Z 2E6.

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 consolidated financial statements should the Company be unable to realize its assets and discharge its liabilities in the normal course of business. At September 30, 2022, the Company had a working capital deficiency of $26,352,909 (December 2021 - $16,749,316) and an accumulated deficit of $36,183,580 (December 31, 2021 - $32,247,379) which has been funded primarily by loans from related parties. Ongoing operations of the Company are dependent upon the Company's ability to generate sufficient revenues in the future, receive continued financial support and complete equity financings. These factors raise substantial doubt about the Company's ability to continue as a going concern.

These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**2. STATEMENT OF COMPLIANCE AND BASIS OF PRESENTATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Statement of Compliance**

These unaudited condensed interim consolidated financial statements have been prepared in conformity with International Accounting Standard ("IAS") 34, *Interim Financial Reporting*, using the same accounting policies as detailed in the Company's annual audited consolidated financial statements for the year ended December 31, 2021. These condensed financial statements do not include all the information required for full annual financial statements in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Committee ("IFRIC"). These condensed interim consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements.

These unaudited interim consolidated financial statements were approved and authorized for issue by the Board of Directors on Nov 29, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Basis of Presentation and Consolidation**

These consolidated financial statements were prepared on a historical cost basis, except for financial instruments classified as fair value through profit or loss. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. The presentation currency of the consolidated financial statements is Canadian dollars.

These consolidated financial statements include the accounts of the following entities as at September 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Entity** | &nbsp;&nbsp; **Country** | &nbsp;&nbsp; **Percentage of ownership** | &nbsp;&nbsp;&nbsp;&nbsp; **Functional<br>currency** |
| &nbsp;&nbsp; Tower One Wireless Corp. ("Tower One") | &nbsp;&nbsp; Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parent | Canadian dollar |
| &nbsp;&nbsp; Tower Two SAS ("Tower Two") | &nbsp;&nbsp; Argentina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% | Argentine Peso |
| &nbsp;&nbsp; Tower Three SAS ("Tower Three") | &nbsp;&nbsp; Colombia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% | Colombian Peso |
| &nbsp;&nbsp; Tower 3 SA ("Tower 3") | &nbsp;&nbsp; Argentina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% | Argentine Peso |
| &nbsp;&nbsp; Innervision SAS ("Innervision") | &nbsp;&nbsp; Colombia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% | Colombian Peso |
| &nbsp;&nbsp; Evolution Technology SA ("Evolution") | &nbsp;&nbsp; Argentina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91,25% | Argentine Peso |
| &nbsp;&nbsp; Tower Construction & Technical Services, LLC ("TCTS") | &nbsp;&nbsp; USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50% | US dollar |
| &nbsp;&nbsp; Tower One Wireless Mexico S.A. de C.V. ("Mexmaken") | &nbsp;&nbsp; Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90% | Mexican Peso |
| &nbsp;&nbsp; Towerthree Wireless del Ecuador S.A. ("T3 Ecuador") | &nbsp;&nbsp; Ecuador | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20% | US dollar |

---

All significant inter-company balances and transactions have been eliminated on consolidation. Subsidiaries are entities controlled by the Company. Control is based on whether an investor has power over the investee, exposure or rights to variable returns from its involvement with the investee, and the ability to use its power over the investee to affect the amount of returns. Non-controlling interests in the net assets are identified separately from the Company's deficiency. The non-controlling interest consists of the non-controlling interest as at the date of the original acquisition plus the noncontrolling interest's share of changes in equity or deficiency since the date of acquisition.

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**2. STATEMENT OF COMPLIANCE AND BASIS OF PRESENTATION (CONTINUED)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Use of Estimates and Judgments**

The Company makes estimates and assumptions about the future that affect the reported amounts of assets and liabilities. Actual results may differ from these estimates and assumptions. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognized in the period in which the estimates are revised if the revision affects only that period or in the period of the revision and further periods if the review affects both current and future periods. Significant areas requiring the use of management estimates include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Intangible Assets - useful lives

The Company records intangible assets purchased in a business combination at their fair value. Following initial recognition, the Company carries the value of intangible assets at cost less accumulated amortization and any accumulated impairment losses. Amortization is recorded on a straight-line basis based upon management's estimate of the useful life and residual value. The estimates are reviewed at least annually and are updated if expectations change as a result of technical obsolescence or legal and other limits to use. A change in the useful life or residual value will impact the reported carrying value of the intangible assets resulting in a change in related amortization expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Inputs into Black-Scholes model

The Company has applied estimates with respect to the valuation of shares issued for non-cash consideration. Shares are valued first at the fair value of goods or services received, and if this not readily determinable, at the fair value of the equity instruments granted at the date the Company receives the goods or services.

The Company measures the cost of equity-settled transactions at the fair value of the equity instruments on the date they are granted. Estimating fair value for share-based compensation transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the fair value of the underlying common shares, the expected life of the share option, volatility and dividend yield. The fair value of the underlying common shares is assessed as the quoted market price on grant date. The assumptions and models used for estimating fair value for share-based compensation transactions are discussed in Note 17.

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**2. STATEMENT OF COMPLIANCE AND BASIS OF PRESENTATION (CONTINUED)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Use of Estimates and Judgments (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Property and Equipment - useful lives

Amortization is recorded on a declining balance basis based upon management's estimate of the useful life and residual value. The estimates are reviewed at least annually and are updated if expectations change as a result of the physical condition, technical obsolescence or legal and other limits to use. A change in the useful life or residual value will impact the reported carrying value of towers and equipment resulting in a change in related amortization expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Incremental borrowing rate

The Company uses estimation in determining the incremental borrowing rate used to measure the lease liabilities. This rate represents the rate that the Company would incur to obtain the funds necessary to purchase the asset of a similar value, with similar payment terms and security in a similar economic environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Allowance for credit losses

The Company provides for doubtful debts by analyzing the historical default experience and current information available about a customer's credit worthiness on an account by account basis. Uncertainty relates to the actual collectability of customer balances that can vary from the Company's estimation. At September 30, 2022, the Company has an allowance for doubtful accounts of $103,838 (December 2021 - $76,517).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Recoverability of asset carrying values

Determining the amount of impairment of goodwill, intangible assets, and property and equipment requires an estimation of the recoverable amount, which is defined as the higher of fair value less the cost of disposal or value in use. Many factors used in assessing recoverable amounts are outside of the control of management and it is reasonably likely that assumptions and estimates will change from period to period.

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**2. STATEMENT OF COMPLIANCE AND BASIS OF PRESENTATION (CONTINUED)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Use of Estimates and Judgments (Continued)**

<u>Use of Judgments</u>

Critical accounting judgments are accounting policies that have been identified as being complex or involving subjective judgments or assessments with a significant risk of material adjustment in the year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Going concern

The assessment of whether the going concern assumption is appropriate requires management to take into account all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period. The Company is aware that material uncertainties related to events or conditions that raise substantial doubt upon the Company's ability to continue as a going concern. Further information regarding going concern is outlined in Note 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Joint arrangements

As at September 30, 2022, the Company holds 50% interest in a joint arrangement. The Company has joint control of the arrangement whereby the parties that have joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement on a proportionate basis. Those parties are called joint operators. None of the parties involved have unilateral control of a joint operation. The Company accounts for its interest in joint operations by recognizing its share of assets, liabilities, revenues and expenses in accordance with its contractually conferred rights and obligations. This assessment is performed on a continuous basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Income taxes

The measurement of income taxes payable and deferred income tax assets and liabilities requires management to make judgments in the interpretation and application of the relevant tax laws. The actual amount of income taxes only becomes final upon filing and acceptance of the tax return by the relevant tax authorities, which occurs subsequent to the issuance of the unaudited interim consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Compound financial instruments

In accordance with the substance of the contractual arrangement, convertible debentures are compound financial instruments that are accounted for separately by their components: a financial liability and an equity instrument.

The identification of convertible debenture components is based on interpretations of the substance of the contractual arrangement and therefore requires judgment from management. The separation of the components affects the initial recognition of the convertible debenture at issuance and the subsequent recognition of interest on the liability component. The determination of the fair value of the liability is also based on a number of assumptions, including contractual future cash flows, discount factors and the presence of any derivative financial instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Asset held-for-sale and discontinued operations

Judgment is required in determining whether an asset meets the criteria for classification as "assets held for sale" in the consolidated statements of financial position. Criteria considered by management include the existence of and commitment to a plan to dispose of the assets, the expected selling price of the assets, the expected time frame of the completion of the anticipated sale and the period of time any amounts have been classified within assets held for sale. The

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**2. STATEMENT OF COMPLIANCE AND BASIS OF PRESENTATION (CONTINUED)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Use of Estimates and Judgments (Continued)**

Company reviews the criteria for assets held for sale each period and reclassifies such assets to or from this financial position category as appropriate. In addition, there is a requirement to periodically evaluate and record assets held for sale at the lower of their carrying value and fair value less costs to sell.

Judgment is applied in determining whether disposal groups represent a component of the entity, the results of which should be recorded as discontinued operations in the consolidated statements of comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Property and equipment and intangibles - impairment

At the end of each reporting period, management makes a judgment whether there are any indications of impairment of its property and equipment and intangibles. If there are indications of impairment, management performs an impairment test on a cash-generating unit basis. The impairment test compares the recoverable amount of the asset to its carrying amount. The recoverable amount is the higher of the asset's value in use (present value of the estimated future cash flows) and its estimated fair value less costs of disposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Determination of functional currency and hyperinflationary economies

The determination of the functional currency for the Company and its subsidiaries was based on management's judgment of the underlying transactions, events and conditions relevant to each entity. The determination of whether an entity operates in a hyperinflationary economy was based on management's judgment of the underlying economic condition of the country the entity operates in.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Leases

The Company applies judgment in determining whether the contract contains an identified asset, whether the Company has the right to control the asset, and the lease term. The lease term is based on considering facts and circumstances, both qualitative and quantitative, that can create economic incentive to exercise renewal options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Modification versus extinguishment of financial liability

Judgment is required in applying IFRS 9 *Financial Instruments* to determine whether the amended terms of the loan agreement is a substantial modification of an existing financial liability and whether it should be accounted for as an extinguishment of the original financial liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Business combination vs asset acquisition

Judgement is required in determining whether an acquisition of an entity, asset or group of assets is considered a business in accordance with the criteria provided under IFRS 3, *Business Combinations*. The determination of whether an entity, asset, or group of assets is a business is based on management's judgements of whether the entity, asset or group of assets includes inputs, substantive processes and outputs.

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**3. HYPERINFLATION**

In July 2018, the Argentine three-year cumulative rate of inflation for consumer prices and wholesale prices reached a level in excess of 100%. As a result, in accordance with IAS 29, *Financial Reporting in Hyperinflationary Economies* ("IAS 29") Argentina was considered a hyperinflationary economy, effective July 1, 2018. Accordingly, the presentation of the Company's consolidated financial statements includes adjustments and reclassifications for the changes in the general purchasing power of the Argentine peso.

On the application of IAS 29, the Company used the conversion coefficient derived from the combination of the "IPC Nacional and the IPIM" (the national consumer price index and the national wholesale price index) published by the National Statistics and Census Institution in Argentina. Furthermore, a formal resolution (number 539/018) from de "FACPCE" (Federación Argentina de Consejos Profesionales de Ciencias Económicas) was issued and has been followed in the calculations.

As the consolidated financial statements of the Company have been previously presented in Canadian dollars, a stable currency, the comparative period amounts do not require restatement.

The level of the IPC at Sep 30, 2022 was $967.45 (Dec 2021 $582.45), which represents an increase of 66.1% over the IPC at December 31, 2021.

Monetary assets and liabilities are not restated because they are already expressed in terms of the monetary unit current as at September 30, 2022. Non-monetary assets, liabilities, equity, and expenses (items that are not already expressed in terms of the monetary unit as at September 30, 2022) are restated by applying the index at the end of the reporting period. The effect of inflation on the Argentine subsidiary's net monetary position is included in the consolidated statements of loss as a gain on net monetary position.

The application of IAS 29 results in the adjustment for the loss of purchasing power of the Argentine peso recorded in the consolidated statements of comprehensive loss. In a period of inflation, an entity holding an excess of monetary assets over monetary liabilities loses purchasing power, which results in a loss on the net monetary position. This loss/gain is derived as the difference resulting from the restatement of non-monetary assets, liabilities and equity.

As per IAS 21, *The Effects of Changes in Foreign Exchange Rates*, all amounts (i.e. assets, liabilities, equity and expenses) are translated at the closing foreign exchange rate at the date of the most recent consolidated statement of financial position, except that comparative amounts are not adjusted for subsequent changes in the price level or subsequent changes in exchange rates. Similarly, in the period during which the functional currency of a foreign subsidiary becomes hyperinflationary and applies IAS 29 for the first time, the parent's consolidated financial statements for the comparative period are not restated for the effects of hyperinflation.

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**4. COLLABORATION AGREEMENT**

On April 6, 2021, Tower 3 entered into a Collaboration Agreement with Commerk S.A.S. ("Commerk") to operate collaboratively on the development, construction and operation of telecommunication tower projects in Colombia ("Projects"). Tower 3 and Commerk each have equal voting rights and ownership to 50% of all assets, liabilities, revenues and expenses relating to Projects operated under the Collaboration Agreement. The term of the Collaboration Agreement is for seven years, with automatic successive renewal terms of additional seven-year periods, provided that neither of the parties has expressed its intention to terminate the agreement at least thirty calendar days prior to the expiration of the initial or extended term.

Pursuant to the Collaboration Agreement, Commerk will provide equity contributions towards the tower projects that will be entrusted to Tower 3. The contributions will be handed over monthly after submitting evidence of the telecommunication towers placed in service during the preceding month and the amount shall be determined based on the cash flow associated to the towers in service during the month. The equity contributions provided by Commerk accrue interest at a rate of 6.2% per annum and will accrue from the date contribution is received by Tower 3.

As at September 30, 2022, the outstanding balance of equity contributions is $3,661,417 (COP $12,039,984,363) (December 31, 2021 - $3,820,652) and is included in loans payable (Note 11). As at September 30, 2022, the Company accrued interest on the equity contributions of $655,633 (COP $2,155,945,729) (September 30, 2021 - COP 658,741,092).

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**5. NON-CONTROLLING INTEREST (NCI)**

The following table presents the summarized financial information for Evolution, TCTS and Mexmaken, the Company's subsidiaries which have NCI's. This information represents amounts before intercompany eliminations.

The net change in non-controlling interest is as follows:

---

| | |
|:---|:---|
|  | Total $|
| **Balance, December 31, 2019** | (3357287) |
| Share of loss for the period | (1772196) |
| Currency translation adjustment | 597026 |
| **Balance, Dec 31, 2020** | **(4532456)** |
| Change in ownership interest | 1992413 |
| Share of loss for the period | (408808) |
| Currency translation adjustment | 123022 |
| **Balance, Dec 31, 2021** | **(2825829)** |
| Change in ownership interest |  |
| Share of loss for the period | 390874 |
| Currency translation adjustment | 154488 |
| **Balance, Sep 30, 2022** | **(2280468)** |

---

As of Sep 30, 2022, the Company held a 50% ownership in TCTS, 90% ownership in Mexmaken, 91,25% ownership in Evolution and 20% ownership in T3 Ecuador with $1,834,172, $30,992, $1,132,633 and $717,329 NCI balance, respectively.

**6. PREPAID EXPENSES AND DEPOSITS**

---

| | | |
|:---|:---|:---|
|  | September <br>30, 2022 | December <br>31, 2021 |
|  | $| $|
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 529809 | 451435 |
| &nbsp;&nbsp;&nbsp;Advances to suppliers | 5346413 | 2910956 |
| &nbsp;&nbsp;&nbsp;Other advances | 32451 | 814 |
| &nbsp;&nbsp;&nbsp;Total prepaid expenses and deposits | 5908673 | 3363205 |
| &nbsp;&nbsp;&nbsp;Current portion | 562260 | 452249 |
| &nbsp;&nbsp;&nbsp;Long-term portion | 5346413 | 2910956 |
|  | 5908673 | 3363205 |

---

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**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**7. DEFERRED COST**

During the year ended December 31, 2021, the Company entered into a construction contract whereby the Company agreed to construct certain towers for a non-related party. During the nine months period ended September 30, 2022, the Company incurred $443,890 in deferred costs relating to the construction of the towers that had not been completed.

**8. INTANGIBLE ASSETS**

---

| |
|:---|
| &nbsp;&nbsp;**Cost** |
| &nbsp;&nbsp;Balance, December 31, 2020 |
| &nbsp;&nbsp;Impairment |
| &nbsp;&nbsp;Balance, December 31, 2021 |
| &nbsp;&nbsp;&nbsp;Additions |
| &nbsp;&nbsp;Balance, June 30, 2022 |
| &nbsp;&nbsp;**Accumulated amortization** |
| &nbsp;&nbsp;Balance, December 31, 2020 |
| &nbsp;&nbsp;&nbsp;Additions |
| &nbsp;&nbsp;&nbsp;Impairment |
| &nbsp;&nbsp;Balance, December 31, 2021 |
| &nbsp;&nbsp;&nbsp;Additions |
| &nbsp;&nbsp;Balance, September 30, 2022 |
| &nbsp;&nbsp;**Net book value** |
| &nbsp;&nbsp;Balance, December 31, 2021 |
| &nbsp;&nbsp;Balance, September 30, 2022 |

---

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**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**9. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES**

The Company has a lease agreement for its land lease. The continuity of the ROU asset and lease liability for the period ended September 30, 2022 is as follows:

---

| |
|:---|
| &nbsp;&nbsp;**Right-of-use asset** |
| &nbsp;&nbsp;**Balance, December 31, 2020** |
| &nbsp;&nbsp;&nbsp;Addition |
| &nbsp;&nbsp;&nbsp;Cancellation) |
| &nbsp;&nbsp;&nbsp;Depreciation) |
| &nbsp;&nbsp;&nbsp;Impact of foreign exchange) |
| &nbsp;&nbsp;**Balance, December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Addition |
| &nbsp;&nbsp;&nbsp;Cancellation) |
| &nbsp;&nbsp;&nbsp;Depreciation) |
| &nbsp;&nbsp;&nbsp;Impact of foreign exchange) |
| &nbsp;&nbsp;**Balance, September 30, 2022** |

---

The continuity of the lease liability for the period ended September 30, 2022 is as follows:

---

| |
|:---|
| &nbsp;&nbsp;**Lease liability** |
| &nbsp;&nbsp;**Balance, December 31, 2020** |
| &nbsp;&nbsp;&nbsp;Additions |
| &nbsp;&nbsp;&nbsp;Cancellation) |
| &nbsp;&nbsp;&nbsp;Lease payments) |
| &nbsp;&nbsp;&nbsp;Lease interest |
| &nbsp;&nbsp;&nbsp;Impact of foreign exchange) |
| &nbsp;&nbsp;**Balance, December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Additions |
| &nbsp;&nbsp;&nbsp;Cancellation) |
| &nbsp;&nbsp;&nbsp;Lease payments) |
| &nbsp;&nbsp;&nbsp;Lease interest |
| &nbsp;&nbsp;&nbsp;Impact of foreign exchange) |
| &nbsp;&nbsp;**Balance, September 30, 2022** |
| &nbsp;&nbsp;Current portion |
| &nbsp;&nbsp;Long-term portion |
| &nbsp;&nbsp;Total |

---

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**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**10. PROPERTY AND EQUIPMENT**

During the period ended September 30, 2022, June 30, 2022 and March 31, 2022, due primarily to the cancellation of tenant lease agreements, an indicator of impairment existed resulting in a test of recoverable amount of the assets and recognition of an impairment loss of $219,743, $25,612 and $9,936, respectively. A value in use calculation is not applicable as the Company does not have any expected cash flows from using the assets. In estimating the fair value less costs of disposal, management did not have observable or unobservable inputs to estimate the recoverable amount greater than $nil. As this valuation technique requires management's judgment and estimates of the recoverable amount, it is classified within Level 3 of the fair value hierarchy.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Towers** | **Construction in progress** | **Furniture and equipment** | **Total** |
| **Cost** |  |  |  |  |
| **Balance Dec 31, 2019** | 8646258 | 485220 | 381408 | 9512886 |
| **Balance December 31, 2020** | 5515758 | 1594257 | 211737 | 7321752 |
| **Balance December 31, 2021** | 7546475 | 1990959 | 232574 | 9770008 |
| Monetary adjustment for hyperinflationary economy |  |  | 38355 | 38355 |
| Additions | 9790081 | 9057265 | 82406 | 19470618 |
| Transfer from CIP to towers | 4514644 | (4514644) |  |  |
| Tower sold | (2061139) |  |  | (2061139) |
| Impaired/ Cancelled Towers/ Equipment |  | (237784) |  | (237784) |
| Foreign exchange movement | (91215) | (80971) | (6894) | (179080) |
| **Balance September 30, 2022** | 19698846 | 6214826 | 336794 | 26250466 |
| **Accumulated Amortization** |  |  |  |  |
| **Balance Dec 31, 2019** | (741248) |  | (39592) | (780840) |
| **Balance December 31, 2020** | (1078547) |  | (68077) | (1146624) |
| **Balance December 31, 2021** | (785497) |  | (99509) | (885006) |
| Additions | (937848) |  | (49763) | (987611) |
| Tower Sold | 485152 |  |  | 485152 |
| Foreign exchange movement | 13389 |  | 6559 | 19948 |
| **Balance September 30, 2022** | (1224804) |  | (142713) | (1367517) |
| **Net book value** |  |  |  |  |
| **December 31, 2019** | 7905010 | 485220 | 341816 | 8732046 |
| **December 31 2020** | 4437211 | 1594257 | 143660 | 6175128 |
| **December 31 2021** | 6760978 | 1990960 | 133065 | 8885003 |
| **September 30 2022** | 18474042 | 6214826 | 194081 | 24882949 |

---

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**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**11. LOANS PAYABLE**

As at September 30, 2022, the loans payable are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2022** | &nbsp;&nbsp;Terms |
|  | $| $&nbsp;&nbsp; |
| a | 410688 | &nbsp;&nbsp;Unsecured, due on demand |
| b | 267581 | &nbsp;&nbsp;Secured, repayable quarterly until Oct 2027. |
| c | 2409379 | &nbsp;&nbsp;Secured, due on demand. |
| d | 4877836 | &nbsp;&nbsp;Secured, due on completion of related projects |
| e | 8808365 | &nbsp;&nbsp;Secured, due on Sept 2030/ May 2031 |
| f | 647936 | &nbsp;&nbsp;Unsecured, due on Oct 2023 |
| g | 21226 | &nbsp;&nbsp;Unsecured, repayable monthly until May 2023 |
| h | 512140 | &nbsp;&nbsp;Unsecured, repayable monthly until Dec 2023 |
| I | 27403 | &nbsp;&nbsp;Unsecured, due on demand |
| j | 760262 | &nbsp;&nbsp;Unsecured, due on October 2022 |
| k | 68448 | &nbsp;&nbsp;Unsecured, due on demand |
| l | 205344 | &nbsp;&nbsp;Unsecured, due on demand |
| m | 2669880 | &nbsp;&nbsp;Unsecured, due on April 2023 |
|  | 21686489 |  |
|  | 8547168 | &nbsp;&nbsp;&nbsp;Current portion of loans payable |
|  | 13139322 | &nbsp;&nbsp;&nbsp;Long term portion of loans payable |
|  | 21686489 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Company entered into loan agreements with various shareholders whereby the Company was loaned an aggregate principal amount of USD $1,113,663. The loans are unsecured, bear interest ranging from 0% to 18% per annum, and are due on demand. As at September 30, 2022, aggregate principal amounts of $410,688 (USD $300,000) (December 31, 2021 - $1,423,139 (USD $1,113,663)) remains outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) On September 1, 2021, the Company entered into a loan agreement with a lender whereby the Company was loaned a total principal amount of COP $1,000,000,000. The loan is secured against a financial guarantee provided by the Fondo Nacional De Garantias S.A., bears interest at 10.11% per annum, and is repayable through quarterly installments until October 2027. As at September 30, 2022, a principal amount of $267,581 (COP $879,898,267) (December 31, 2021 - $317,330 (COP $1,000,000,000)) remains outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) On October 11, 2021, the Company entered into a loan agreement with a lender whereby the Company was loaned a total principal amount of COP $8,000,000,000 for the purpose of funding the development of certain towers. The loan is secured against the economic rights for collection of revenue relating to construction of certain towers under a separate construction contract with a party related to the loanee, bears interest at 7.02% per annum, and is due in April 2022. As at September 30, 2022, a principal amount of $2,409,379 (COP $7,922,856,694) (December 31, 2021 - $2,538,643 (COP $8,000,000,000)) remains outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) On April 2, 2021, the Company entered into a Collaboration Agreement with a Commerk (Note 9) whereby Commerk will provide equity contributions towards each individual tower projects operated under the Collaboration Agreement. The equity contributions are secured against the towers constructed and operated for each project as well as the economic rights for collection of tower rents relating to such towers, bear interest at 6.2% per annum, and are due upon completion of the related projects. Prior to the Collaboration Agreement, the Company received preliminary equity contributions totaling COP $4,536,891,697. As at September 30, 2022, the principal amount of equity contributions of $4,877,836

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**11. LOANS PAYABLE (CONTINUED)**

(COP $16,039,984,363) (December 31, 2021 - $3,820,652 (COP $12,039,984,363)) remains outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) On March 11, 2021, the Company entered into a loan agreement with a lender whereby the Company was loaned a total of COP $31,632,000,000 for the purpose of funding the development of certain towers. The loan is secured against the towers funded by the loan proceeds as well as the economic rights for collection of tower rents relating to such towers, bears interest at 4.615% + IBR 6 months per annum, and is due in September 2030.

On September 14, 2021, the Company entered into a loan agreement with a lender whereby the Company was loaned a total of COP $40,463,000,000 for the purpose of funding the development of certain towers. The loan is secured against the towers funded by the loan proceeds as well as the economic rights for collection of tower rents relating to such towers, bears interest at 4.39% + IBR 6 months per annum, and is due in May 2031.

As at September 30, 2022, a principal amount of $8,808,365 (COP $28,964,900,000) (December 31, 2021 - $5,288,629 (COP $16,666,003,681)) remains outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) On October 14, 2020, the Company entered into a loan agreement with a lender whereby the Company was loaned a total principal amount of COP $2,130,633,223. The loan is unsecured, bears interest at 12% per annum, and is due in October 2023. As at September 30, 2022, a principal amount of $647,936 (COP $2,130,633,223) (December 31, 2021 - $676,115 (COP $2,130,633,223)) remains outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) On May 21, 2020, the Company entered into a loan agreement with a lender whereby the Company was loaned a total principal amount of COP $250,000,000. The loan is unsecured, bears interest at 10.67% per annum, and is repayable through monthly installments until May 2023. As at September 30, 2022, principal of $21,226 (COP $69,799,931) (December 31, 2021 - $42,677 (COP $134,488,293)) remained outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) On December 21, 2020, the Company entered into a loan agreement with a lender whereby the Company was loaned a total principal amount of COP $405,000,000. The loan is unsecured, bears interest at 5.905% per annum, and is repayable through monthly installments until December 2023. A new loan agreement was signed for a total principal amount of COP $1,500,000,000. This loan is unsecured, bears interest at 16.284% per annum. As at September 30, 2022, a principal amount of $512,140 (COP $1,684,090,914) (December 31, 2021 - $93,468 (COP $294,545,457)) remains outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) On November 10, 2020, the Company entered into a loan agreement with a lender whereby the Company was loaned a total principal amount of MXN $2,311,865. The loan is unsecured, bears interest at nil% per annum, and is due on demand. As at September 30, 2022, a principal amount of $27,403 (MXN $403,849) (December 31, 2021 - $121,221 (MXN $1,948,351)) remains outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) On September 30, 2022, the Company entered into a loan agreement with a lender whereby the Company was loaned a total principal amount of COP 2,500,000,000. The loan is unsecured, bears interest at 48% per annum. As at September 30, 2022, a principal amount of $760,262 (COP 2,500,000,000) (December 31, 2021 - $nil) remains outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) On January 2022, the company entered into a loan agreement with a lender whereby the Company was loaned a total principal amount of $68,448 (USD 50,000). The loan is unsecured, bears interest at 10% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) On September 30, 2022, the Company entered into a loan agreement with a lender whereby the Company was loaned a total principal amount of $205,344 (USD 150,000). The loan is unsecured, bears interest at 24% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) During the second quarter of 2022, the company received $2,669,880 from a local bank in Ecuador related to the expansion in this country (USD 1,950,000). The loan is unsecured, bears interest at 11% per annum.

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**11. LOANS PAYABLE (CONTINUED)**

During the period ended September 30, 2022, the interest rates on the loans payable ranged from 0% to 48%.

During the three months period ended September 30, 2022, the Company has incurred interest expense of $423,284 (US$309,154) (September 2021 - $65,757) on the loans payable. As of September 30, 2022 $1,173,918 (US$857,394) (September 2021 - $144,878) remains payable and has been recorded within interest payable on the consolidated statement of financial position.

**12. BONDS PAYABLE**

Prior to December 31, 2019, the Company issued a total of 19,543 bonds at a price of $100 each for gross proceeds of $1,954,300. The bonds are secured against all present and after-acquired personal property of the Company, incur interest at a rate of 10% paid monthly, and mature September 21, 2021. During 2021 the company repaid 1,707 bonds ($170,700) and issued 1,383 ($138,300). During the period ended March, 2022, the Company repaid 1,021 bonds ($102,100) and issued 116 ($11,600). During the second quarter of 2022, the company repaid 1,660 ($166,000) and issued 1,288 ($128,800). During the period ended September, 2022, the Company repaid 752 bonds ($75,200). As of September 30, 2022 the total amount of bonds is 17,190 ($1,719,000).

On October 20, 2021, the Company issued 72 Class B Units for aggregate proceeds of $7,200. Each Class B Unit consisted of one Class B Bond and 50 Class A Common Shares of the Company. The Class B Bonds are secured against all present and after-acquired personal property of the Company, incur interest at a rate of 10% payable monthly, and mature on September 30, 2023. The $7,200 proceeds for the Class B Units were allocated to the 3,600 Class A Common Shares for $696 and the 72 Class B Bonds for $6,504. In connection with the issuance of the Units, the Company issued 4,267 Agent Warrants and paid a cash commission of $576. The Agent Warrants are exercisable at a price of $0.125 per share for a period of 36 months from the date of issuance. The 4,267 Agent Warrants were issued on October 19, 2021 with a fair value of $372 as calculated using the Black-Scholes option pricing model. The total debt financing costs of $948 were allocated to the Class B Bonds as debt issuance costs for $856, which will be amortized over the term of the Bonds at the effective interest rate and to the issuance of 3,600 Class A Common Shares for $92, which were recognized as share issuance costs.

On November 16, 2021, the Company issued 37 Class A Units and 437 Class B Units for aggregate proceeds of $3,700 and $43,700, respectively. Each Class A Unit consisted of one Class A Bond and 25 Class A Common Shares of the Company. Each Class B Unit consisted of one Class B Bond and 50 Class A Common Shares of the Company. The Class A Bonds are secured against all present and after-acquired personal property of the Company, incur interest at a rate of 10% payable monthly, and mature on September 30, 2022. The Class B Bonds are secured against all present and after-acquired personal property of the Company, incur interest at a rate of 10% payable monthly, and mature on September 30, 2023. The $3,700 proceeds for the Class A Units were allocated to the 925 Class A Common Shares for $174 and the 37 Class A Bonds for $3,526. The $43,700 proceeds for the Class B Units were allocated to the 21,850 Class A Common Shares for $4,085 and the 437 Class B Bonds for $39,615. In connection with the issuance of the Units, the Company issued 36,114 Agent Warrants and paid a cash commission of $3,681. The Agent Warrants are exercisable at a price of $0.105 per Share for a period of 36 months from the date of issuance. The 36,114 Agent Warrants were issued on November 16, 2021 with a fair value of $2,260 as calculated using the Black-Scholes option pricing model. The total debt financing costs of $5,941 were allocated to the Class A Bonds as debt issuance costs for $344, which will be amortized over the term of the Bonds at the effective interest rate, to the Class B Bonds as debt issuance costs for $5,061, which will be amortized over the term of the Bonds at the effective interest rate, and to the issuance of 22,775 Class A Common Shares for $536, which were recognized as share issuance costs.

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**12. BONDS PAYABLE (CONTINUED)**

On December 14, 2021, the Company issued 167 Class A Units and 786 Class B Units for aggregate proceeds of $16,700 and $78,600, respectively. Each Class A Units consisted of one Class A Bond and 25 Class A Common Shares of the Company. Each Class B Units consisted of one Class B Bond and 50 Class A Common Shares of the Company. The Class A Bonds are secured against all present and after-acquired personal property of the Company, incur interest at a rate of 10% payable monthly, and mature on September 30, 2022. The Class B Bonds are secured against all present and after-acquired personal property of the Company, incur interest at a rate of 10% payable monthly, and mature on September 30, 2023. The $16,700 proceeds for the Class A Units were allocated to the 4,175 Class A Common Shares for $719 and the 167 Class A Bonds for $15,981. The $78,600 proceeds for the Class B Units were allocated to the 39,300 Class A Common Shares for $7,086 and the 786 Class B Bonds for $71,514. In connection with the issuance of the Units, the Company issued 80,253 Agent Warrants and paid a cash commission of $7,123. The Agent Warrants are exercisable at a price of $0.095 per Share for a period of 36 months from the date of issuance. The 80,252 Agent Warrants were issued on December 14, 2021 with a fair value of $3,816 as calculated using the Black-Scholes option pricing model. The total debt financing costs of $10,939 were allocated to the Class A Bonds as debt issuance costs for $1,439, which will be amortized over the term of the Bonds at the effective interest rate, to the Class B Bonds as debt issuance costs for $8,586, which will be amortized over the term of the Bonds at the effective interest rate, and to the issuance of 43,475 Class A Common Shares for $914, which were recognized as share issuance costs.

On April 22, 2022, the Company announced that further to its news releases of October 20, 2021, November 16, 2021 and December 15, 2021, it has completed a fourth closing (the "Fourth Closing") of a private placement pursuant to the offering memorandum exemption (the "Offering"). The Company issued a total of 5,002 class B units (each, a "Class B Unit") and 8,476 class A units (each, a "Class A Unit") at a price of $100 per each unit (together, the "Units") for aggregate proceeds of $1,347,800, of which $28,800 was paid in cash and $1,319,000 was paid by the exchange of existing subordinated, secured bonds of the Company. Each Class A Unit was comprised of (i) one subordinated, secured bond of the Company in the principal amount of $100 bearing simple interest at a rate of 10% per annum with a maturity date of September 30, 2022 (each, a "Class A Bond"); and (ii) 25 common shares of the Company (the "Shares") at deemed price of $0.09375. Each Class B Unit was comprised of (i) one subordinated, secured bond of the Company in the principal amount of $100 bearing simple interest at a rate of 10% per annum with a maturity date of September 30, 2023 (each, a "Class B Bond"); and (ii) 50 Shares at a price of deemed price of $0.09375 per Share. The 8,476 Class A Units were comprised of an aggregate of 211,900 Shares and 8,476 Class A Bonds. The 5,002 Class B Units were comprised of an aggregate of 250,100 Shares and 5,002 Class B Bonds. In connection with the issuance of the Units, the Company issued 1,347,800 Agent Warrants and paid a cash commission of $46,989 to an EMD. The Agent Warrants are exercisable for 1,347,800 Shares at a price of $0.08 per Share for a period of 36 months from the date of issuance.

On May 13, 2022, the Issuer announced further to its news releases of October 20, 2021, November 16, 2021, December 15, 2021 and April 22, 2022, it has completed a fifth closing (the "Fifth Closing") of a private

placement pursuant to the offering memorandum exemption (the "Offering"). The Issuer issued a total of 1,000 class B units (each, a "Class B Unit") at a price of $100 per each unit (the "Units") for aggregate cash proceeds of $100,000. Each Class B Unit was comprised of (i) one subordinated, secured bond of the Issuer in the principal amount of $100 bearing simple interest at a rate of 10% per annum with a maturity date of September 30, 2023 (each, a "Class B Bond"); and (ii) 50 common shares of the Issuer (each, a "Share") at a deemed price of $0.09375 per Share. The 1,000 Class B Units were comprised of an aggregate of 50,00 Shares and 1,000 Class B Bonds.

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**12. BONDS PAYABLE (CONTINUED)**

The fair value of the share purchase warrants were calculated using the Black-Scholes model using the following weighted average assumptions:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2022** | **December 31,**<br> **2021** |
| &nbsp;&nbsp; Share price at date of grant | $0.074 | $0.074 |
| &nbsp;&nbsp; Exercise price | $0.099 | $0.099 |
| &nbsp;&nbsp; Expected life | 3 years | 3 years |
| &nbsp;&nbsp; Expected volatility | 134.05% | 134.05% |
| &nbsp;&nbsp; Risk free interest rate | 1.05% | 1.05% |
| &nbsp;&nbsp; Expected dividend yield | 0% | 0% |
| &nbsp;&nbsp; Expected forfeiture rate | 0% | 0% |

---

The fair value of the equity portion relating to the common shares, cash debt issuance costs and fair value of the share purchase warrants were applied against the carrying value of the bonds. As at September 30, 2022, the Company recorded an amortization expense related to the debt issuance costs of $140,440 (September 30, 2021 - $71,549).

As at September 30, 2022, the carrying value of the bonds are $1,627,601 (December 31, 2021 - $1,905,577). During the period ended September 30, 2022, the Company has incurred interest expense of $137,395 (September 30, 2021 - $147,723) on the bonds payable, of which $27,000 (December 31, 2021 - $30,324) remains payable and has been recorded within interest payable on the consolidated statement of financial position.

**13. RELATED PARTY TRANSACTIONS AND BALANCES**

Loans payable to related parties include loans and advances received from related individuals and companies related to directors and officers of the Company. As at September 30, 2022 and December 31 2021, the Company has the following loan balances with related parties:

---

| | | | |
|:---|:---|:---|:---|
| **September 30,** <br> **2022** | &nbsp;&nbsp; Currency | &nbsp;&nbsp; Rate | &nbsp;&nbsp; Terms |
| $| $&nbsp;&nbsp;  |  |  |
| 2257052 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 12%-18% | &nbsp;&nbsp; Unsecured, due on demand |
| - | &nbsp;&nbsp; Colombian Pesos | &nbsp;&nbsp; 0% | &nbsp;&nbsp; Unsecured, due on demand |
| - | &nbsp;&nbsp; Argentine Pesos | &nbsp;&nbsp; 18% | &nbsp;&nbsp; Unsecured, due on demand |
| 2257052 |  |  |  |

---

During the period ended September 30, 2022, the Company has incurred interest expense of $95,362 (US$72,258) (September 2021 -$73,598) in connection with the related party loans noted above. As at September 30, 2022, $321,739 of unpaid interest and loan penalties have been included within interest payable on the consolidated statement of financial position.

In September 2019, the Company consolidated loan balances with certain related party lenders and extended the maturity date of these amounts to March 30, 2020. In consideration for the extension of the maturity date of the loans, the Company agreed to issue 2,381,301 share purchase warrants to the holders. The share purchase warrants will be exercisable at a price of $0.09 per common share for a period of five years. As at September 30, 2022, these warrants have not yet been issued.

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**13. RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)**

Key management personnel receive compensation in the form of short-term employee benefits, share-based compensation, and post-employment benefits. Key management personnel include the Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer. The remuneration of key management is as follows (expressed in USD):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine Months period ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine Months period ended |
|  | September 30, 2022 | September 30, 2021 |
|  | $| $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consulting fees paid to the CEO | 198000 | 198000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consulting fees paid to the COO | 153000 | 153000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consulting fees paid to the CFO |  | 153000 |
|  | 351000 | 504000 |

---

The remuneration of the CEO/COO/CFO are included in professional fees and consulting in the consolidated statements of comprehensive loss.

During the periods ended September 30, 2022 and 2021, the Company did not grant stock options to directors or officers.

As at September 30, 2022, $477,542 (December 31, 2021 - $351,205) of related party payables are included in accounts payable and accrued liabilities in the consolidated statement of financial position. The amounts are non-interest bearing and due on demand.

<u>January 2019</u>

In January 2019, the Company renegotiated the loans with three of the related party lenders to extend the maturity date of the loans.

In consideration for the extension of the maturity date of the loans, the Company agreed to incur total penalties of $212,312 (US$160,000) which were added to the principal balance of the loans. In addition, the Company agreed to add the interest accrued as of the date of renegotiation of $539,236 (US$395,259) to the principal balance of the loans. The renegotiation of the loans was deemed to be an extinguishment of the original liabilities and $212,312 was recorded as a loss on extinguishment.

<u>September 2019</u>

In September 2019, the Company consolidated loan balances with certain related party lenders and extended the maturity date of these amounts to March 30, 2020.

In consideration for the extension of the maturity date of the loans, the Company agreed to issue 2,381,301 share purchase warrants to the holders with a fair value of $180,714. The share purchase warrants are exercisable at a price of $0.09 per common share for a period of five years. As at September 30, 2022, these warrants have not yet been issued. The fair value of the obligation to issue the share purchase warrants was calculated using the Black-Scholes model and the following weighted average assumptions:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share price at date of grant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expected life | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expected volatility | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk free interest rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expected dividend yield | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expected forfeiture rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0% |

---

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**14. SHARE CAPITAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Authorized:

Unlimited Class A common shares without par value

1,500,000 Class B Series I preferred shares without par value

1,000,000 Class B Series II preferred shares without par value

As at September 30, 2022 and December 31, 2021, there were no preferred shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Issued and outstanding:

During the nine months ended September 30, 2022:

* On January 10, 2022, the Company issued 2,000,000 common shares in relation to PSUs that vested during the year ended December 31, 2021.

* On January 13, 2022, the Company issued 16,273,267 common shares with a fair value of $797,390 to settle outstanding debt of $1,039,751 resulting in a gain on settlement of debt of $242,361.

* On April 21, 2022, the Company issued 462,000 common shares in relation with the Fourth Closing of a private placement.

* On May 13, 2022, the Company issued 50,000 common shares in relation with the Fifth Closing of a private placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Warrants

A continuity of warrants for the period ended September 30, 2022 and years ended December 31, 2021 and 2020 is as follows:

---

| | | |
|:---|:---|:---|
|  | Number | Weighted<br>average<br>exercise price |
|  |  | $|
| Balance, December 31, 2019 | 32215433 | 0.11 |
| Expired | (31293653) | 0.11 |
| Balance, December 31, 2020 | 921780 | 0.09 |
| Issued | 120634 | 0.10 |
| Expired | (921780) | 0.09 |
| Balance, December 30, 2021 | 120634 | 0.08 |
| Issued | 1347800 | 0.08 |
| Expired |  |  |
| Balance, September 30, 2022 | 1468434 | 0.08 |

---

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**14.** SHARE CAPITAL (CONTINUED)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Warrants (continued)

The following table summarizes the share purchase warrants outstanding and exercisable as at September 30, 2022:

---

| | | |
|:---|:---|:---|
| Number of warrants outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise price<br> $ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiry date |
| &nbsp;&nbsp; 4267 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125 | &nbsp;&nbsp; October 19, 2024 |
| &nbsp;&nbsp; 36114 | &nbsp;&nbsp; 0.105 | &nbsp;&nbsp; November 16, 2024 |
| &nbsp;&nbsp; 80253 | &nbsp;&nbsp; 0.095 | &nbsp;&nbsp; December 14, 2024 |
| &nbsp;&nbsp; 1347800 | &nbsp;&nbsp; 0.080 | &nbsp;&nbsp; April 21, 2025 |
| &nbsp;&nbsp; 1468434 |  |  |

---

As at September 30, 2022, the warrants outstanding have a weighted average life remaining of 2.56 years (December 31, 2021 - 2.93 years).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Stock options

The Company has established a stock option plan for directors, employees, and consultants. Under the Company's stock option plan, the exercise price of each option is determined by the Board, subject to the Discounted Market Price policies of the Canadian Stock Exchange. The aggregate number of shares issuable pursuant to options granted under the plan is limited to 10% of the Company's issued shares at the time the options are granted. The aggregate number of options granted to any one optionee in a 12-month period is limited to 5% of the issued shares of the Company.

There were no stock options granted during the nine months ended September 30, 2022 or the year ended December 31, 2021.

A continuity of stock options for the period ended September 30, 2022 and years ended December 31, 2021 and 2020 is as follows:

---

| | | |
|:---|:---|:---|
|  | Number | Weighted average exercise<br>price |
|  |  | $|
| &nbsp;&nbsp;Balance, December 31, 2020, 2021 and September 30 2022 | 1275000 | 0.30 |
| &nbsp;&nbsp;Expired | (325000) | 0.45 |
| &nbsp;&nbsp;Balance, September 30, 2022 | 950000 | 0.25 |

---

As at September 30, 2022, the following stock options were outstanding and exercisable:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Options<br> Outstanding | &nbsp;&nbsp; Options<br> exercisable | &nbsp;&nbsp; Expiry<br> Date |
|  |  | $&nbsp;&nbsp;  |
| &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; February 17, 2023 |

---

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**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Performance share units

On September 8, 2021, the Company approved an Omnibus Equity Incentive Plan, which is designed to

provide certain consultants of the Company with the opportunity to acquire Performance Share Units

("PSU's") of the Company as an award for achieving certain performance criteria. Each PSU represents the right to receive one common share of the Company and will become vested if the participant achieves the performance criteria within the performance cycle set forth in the grant notice.

On September 8, 2021, the Company granted an aggregate of 2,000,000 PSU's to certain consultants. On

January 10, 2022, the Company issued 2,000,000 common shares in relation to PSUs that vested during the year ended December 31, 2021.

**15. CAPITAL DISCLOSURES**

The Company manages its shareholders' deficiency, loans and convertible debts as capital. The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern in order to pursue the development of its assets and to maintain a flexible capital structure which optimizes the cost of capital at an acceptable risk. The Company manages the capital structure and adjusts it considering changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, issue debt or acquire or dispose of assets. In order to facilitate the management of its capital requirements, the Company prepares expenditure budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions. As at September 30, 2022, the shareholders' deficiency was $8,938,109 (December 2021 - $14,798,215). The Company is not subject to any externally imposed capital requirements. The Company did not change its approach to capital management during the year ended September 30, 2021.

**16. FINANCIAL INSTRUMENTS AND RISK**

As at September 30, 2022, the Company's financial instruments consist of cash, amounts receivable, accounts payable and accrued liabilities, customer deposits, interest payable, convertible debentures, loans payable, loans from related parties, bonds payable and lease liabilities.

The Company provides information about financial instruments that are measured at fair value, grouped into Level 1 to 3 based on the degree to which the inputs used to determine the fair value are observable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Level 3 fair value measurements are those derived from valuation techniques that include inputs that are not based on observable market data.

Cash is measured using level 1 fair value inputs. The carrying values of the amounts receivable, accounts payable and accrued liabilities, customer deposits, interest payable, convertible debentures and loans from related parties approximate their fair values because of the short-term nature of these instruments. The bond payable, loan payable and lease liabilities is classified as level 3.

The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented investment policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows:

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**16. FINANCIAL INSTRUMENTS AND RISK (CONTINUED)**

*Credit Risk*

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. To minimize the credit risk the Company places cash with a high credit quality financial institution.

With respect to its accounts receivable, the Company assesses the credit rating of all customers and maintains provisions for potential credit losses, and any such losses to date have been within management's expectations. The Company's credit risk with respect to accounts receivable and maximum exposure thereto is $6,067,358 (December 2021 - $4,819,388). Accounts receivable are shown net of provision of credit losses of $103,838 (December 2021 - $76,517). The following table summarizes the amounts that make up accounts receivable:

---

| | | |
|:---|:---|:---|
|  | September 30,<br>2022 | December 31,<br>2021 |
|  | $| $|
| &nbsp;&nbsp;&nbsp;Accounts receivable | 2549294 | 2996655 |
| &nbsp;&nbsp;&nbsp;Accruals | 587642 | 900675 |
| &nbsp;&nbsp;&nbsp;Taxes receivable | 2847940 | 862528 |
| &nbsp;&nbsp;&nbsp;Other receivables | 82482 | 59530 |
| &nbsp;&nbsp;&nbsp;Total accounts receivable | 6067358 | 4819388 |

---

The following table summarizes the aging of accounts receivable as at September 30, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Carrying<br>amount** | **Current** | **0 - 30**<br>**Days** | **31 - 60**<br>**Days** | **61 - 90**<br>**Days** | **> 90**<br>**Days** |
|  | $| $| $| $| $| $|
| &nbsp;&nbsp;Accounts receivable | 2549294 | 2227207 | 183217 | - | 6763 | 132106 |

---

*Liquidity Risk*

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company's objective in managing liquidity risk is to ensure that it has sufficient liquidity available to meet its liabilities when due. The Company uses cash to settle its financial obligations as they fall due. The ability to do this relies on the Company's ability to collect its revenue in a timely manner, continuous support from shareholders and investors and maintain sufficient cash on hand. To the extent that the Company does not believe it has sufficient liquidity to meet its current obligations, the Board of Directors considers securing additional funds through issuances of equity and debt or partnering transactions.

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**16. FINANCIAL INSTRUMENTS AND RISK (CONTINUED)**

The Company monitors its risk of shortage of funds by monitoring the maturity dates of existing trade and other accounts payable. The following table summarizes the maturities of the Company's financial liabilities as at September 30, 2022 based on the undiscounted contractual cash flows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Carrying<br>amount | Contractual<br>cash flows | Less than<br>1 year | 1 - 3<br>Years | 4 - 5<br>years | After<br>5 years |
|  | $| $| $| $| $| $|
| &nbsp;&nbsp;Accounts payable and accrued liabilities | 19009263 | 19009263 | 19009263 |  |  |  |
| &nbsp;&nbsp;Interest payable | 1523175 | 1523175 | 683920 |  |  | 839255 |
| &nbsp;&nbsp;Loans payable | 21686489 | 21686489 | 8547167 | 21603 |  | 13117718 |
| &nbsp;&nbsp;Loans from related parties | 2257052 | 2257052 | 2257052 |  |  |  |
| &nbsp;&nbsp;Bonds payable | 1627601 | 1627601 | 1627601 |  |  |  |
| &nbsp;&nbsp;Lease liability | 3024955 | 8197547 | 688376 | 1374041 | 1341027 | 4794103 |
| &nbsp;&nbsp;Total | **49128535** | **54301127** | **32813379** | **1395644** | **1341027** | **18751076** |

---

The Company has a working capital deficiency as of September 30, 2022 of $26,352,909. As of September 30, 2022, the Company has a balance of $498,297 (September 30, 2021 - $5,295,628) in customer deposits.

*Currency Risk*

The Company generates revenues and incurs expenses and capital expenditures primarily in Canada, Colombia, Argentina, USA and Mexico and is exposed to the resulting risk from changes in foreign currency exchange rates. Some administrative and head office related expenses are incurred in Canada. In addition, the Company holds financial assets and liabilities in foreign currencies that expose the Company to foreign exchange risks. Assuming all other variables remain constant, a 5% weakening or strengthening of the Colombia Peso, Argentine Peso, US dollar and Mexican Peso against the Canadian dollar would result in approximately $1,866,104 foreign exchange loss or gain in the consolidated statement of comprehensive loss. The Company has not hedged its exposure to currency fluctuations.

------

**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**16. FINANCIAL INSTRUMENTS AND RISK (CONTINUED)**

At Sep 30, 2022, the Company had the following financial instruments denominated in foreign currencies:

---

| |
|:---|
| Cash |
| Amounts receivable |
| Accounts payable and accrued liabilities) |
| Customer deposits) |
| Interest payable) |
| Lease liability) |
| Loans payable) |
| Loans from related parties |
| Net) |

---

*Interest Rate Risk*

Interest rate risk is the risk that future cash flows of the Company's assets and liabilities can change due to a change in interest rates. Loans payable have a fixed interest rate between 6,2% and 48%, and cash earns interest at a nominal rate. The Company is not exposed to significant interest rate risk.

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values.

**17. ECONOMIC DEPENDENCE**

For the period ended September 30, 2022, 98% of total revenues were generated with four customers (September 30, 2021 - 73% with five major customers). The loss of one or more of these customers could have a material adverse effect on the Company's financial position and results of operations.

The following table represents sales to individual customers exceeding 10% of the Company's annual revenues for the periods ended September 30, 2022 and September 30, 2021:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2022** | **September 30, 2021** |
|  | $| $|
| Customer A | 7331961 | 497952 |
| Customer B | 6534343 | 261576 |
| Customer C | 1086520 | 255763 |
| Customer D | 632814 | 239619 |

---

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**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**18. SUPLEMENTAL CASH FLOW INFORMATION**

  **Nine Months
ended**
**September 30, 2022**
**September 30, 2021**
$$ Changes in non-cash working capital items:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts receivable (1,298,372)
(1,109,531) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and
deposits (2,294,767) (657,312)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and Social Security Taxes -
(299) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Credit -
(83,018) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Cost
753,915 (849,422)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee Advances - (21,639) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances and Deposits -
- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances to suppliers -
(2,448,211) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivable
- - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIP -
- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets -
(129,130) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale
- 30,967 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee
Deposits - 12 Accounts payable and accrued
liabilities 6,412,910 1,461,684
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable 854,370
(271,316) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue
8,994 (278,443)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits (4,773,644)
(325,679) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities
(75,003) - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax
payable 270,125 (154,925) (141,472) (4,836,263)

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**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**19. SEGMENTED INFORMATION**

The Company has three operating segments, which are the locations in which the Company operates. The reportable segments are the Company's Argentinian, Colombian, American and Mexican operations. A breakdown of revenues, short-term assets, long-term assets and net income for each reportable segment as at and for the period ended September 30, 2022 and December 2021 is reported below.

---

| | | | |
|:---|:---|:---|:---|
|  | <br>Argentina | <br>Colombia | <br>Mexico |
|  | $| $| $|
| &nbsp;&nbsp;**September 30, 2022:** |  |  |  |
| &nbsp;&nbsp;Current assets | 261043 | 5634242 | 232489 |
| &nbsp;&nbsp;Property and equipment | 15872 | 12694570 | 1130945 |
| &nbsp;&nbsp;Other non-current assets |  | 3868759 | 45476 |
| &nbsp;&nbsp;Total assets | 276914 | 22197571 | 1408910 |
| &nbsp;&nbsp;Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tower rental revenue |  | 3032815 | 143270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service revenue |  | 6211478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales revenue |  | 4745636 | 1788707 |
| &nbsp;&nbsp;Total revenues |  | 13989930 | 1931977 |
| &nbsp;&nbsp;Net income (loss) | 612790 | 4944833 | 206282) |

---

---

| | | |
|:---|:---|:---|
|  | Colombia | United States of<br>America |
|  | $| $|
| **December 31, 2021:** |  |  |
| Current assets | 6043886 | 128887 |
| Property and equipment | 10668693 | 38753) |
| Other non-current assets | 2375403 |  |
| Total assets | 19087982 | 167640) |
| Revenues: |  |  |
| Tower rental revenue | 2014364 |  |
| Service revenue | 3416385 |  |
| Sales revenue |  |  |
| Total revenues | 5430749 |  |
| Net income (loss) | 1083294) | 14443) |

---

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**TOWER ONE WIRELESS CORP.**<br>Notes to Consolidated Financial Statements<br>As at September 30, 2022 and 2021<br>(Expressed in Canadian Dollars)

**20. LEGAL DISCLOSURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The cities of Quilmes, Bolivar and San Rafael filed claims against Evolution for dismantling towers in the respective cities. Quilmes is claiming a fine of $29,780 (1,489,005 Argentine Pesos). The fines have been accrued by the Company. The outcome of these legal proceeding cannot be determined at December 31, 2020 and no additional amounts have been accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) On June 3, 2021, the Company entered into an Asset Transfer Agreement whereby the Company agreed to sell certain towers. Pursuant to the Asset Transfer Agreement, the Company is liable for any claims made relating to the agreement up to a maximum liability amount of $300,000. The Company estimates that the likelihood of a claim being made is remote and no amounts have been accrued as at June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) There is a possible claim by AMF Media Group ("AMF") for unpaid invoices for marketing services. On November 21, 2022, the Company provided us with a demand letter from legal counsel for AMF dated September 15, 2022 for $64,903.09 in respect of the unpaid invoices.

**21. SUBSEQUENT EVENTS**

The following events occurred subsequent to September 30, 2022,

* On November, 2nd 2022 it was agreed that Evotech will capitalized the credits from Tower One Wireless Corp. for the amount of ARS 265,364,962.11 being ARS 224,505 shared capital and ARS 265,140,457.11 additional paid in capital.

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## Exhibit 99.2

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**TOWER ONE WIRELESS CORP.**<br> Quarterly Report<br>September 30, 2022

**MANAGEMENT DISCUSSION AND ANALYSIS** 

**1.1 Date of Report, Nov 29, 2022**

*The following amended management's discussion and analysis ("MD&A") has been prepared as of November 29, 2022 and should be read in conjunction with the consolidated financial statements and accompanying notes for the quarter ended September 30, 2022 which are prepared in accordance with International Financial Reporting Standards ("IFRS"). All amounts are stated in Canadian dollars unless otherwise indicated*

*This MD&A includes certain statements that may be deemed "forward-looking statements". Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "project", "predict", "potential", "could", "might", "should" and other similar expressions. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.*

**1.2 Nature of Business** 

Tower One Wireless Corp. ("Tower One" or the "Company") is a pure-play, build-to-suit ("BTS") tower owner, operator and developer of multitenant communications real estate. The Company's primary business is the leasing of space on communications sites to mobile network operators ("MNOs"). The Company offers tower-related services in the largest Spanish speaking countries in Latin America: Argentina, Colombia and Mexico. These tower-related services include site acquisition, zoning and permitting, structural analysis, and construction which primarily supports the Company's site leasing business, including the addition of new tenants and equipment on its sites. BTS is where a long-term site lease is in hand with a tenant prior to undergoing construction. As of September 30, 2022, the Company had a total of 8 signed master lease agreements ("MLAs") with major MNOs in Ecuador, Colombia and Mexico and a total backlog of over 350 sites. In Colombia, the Company had executed MLAs with Claro, Telefónica, DirecTV, Tigo and Wom and a backlog of approximately 300 sites. In Mexico, the Company had executed MLAs with Altan as AT&T. In Ecuador, the company had executed MLAs with Telefonica and has a backlog of 50 towers.

Tower One Wireless Corp. ("Tower One" or the "Company") was incorporated under the laws of the Province of British Columbia, Canada on September 12, 2005. On October 14, 2011, the Company became a reporting company in British Columbia and was approved by the Canadian Securities Exchange ("CSE") and commenced trading on November 16, 2011. The Company's registered office is located at Suite 605, 815 Hornby Street, Vancouver, BC, Canada V6Z 2E6.

On January 17, 2017, Tower One completed a Share Exchange Agreement (the "Agreement") with Tower One Wireless Colombia SAS (previously Tower Three SAS) and the shareholders of Tower Three SAS. According to the Agreement, Tower One acquired Tower Three by issuing shares which resulted in the shareholders of Tower Three obtaining control of the Company (the "Acquisition"). Accordingly, this transaction was recorded as a reverse acquisition for accounting purposes, with Tower Three being identified as the accounting acquirer. The condensed consolidated interim financial statements are a continuation of the financial statements of Tower Three while the capital structure is that of the Company. The historical operation assets and liabilities of Tower Three are included in the condensed consolidated interim financial statements and the comparative figures are those of Tower Three.

------

Tower Three SAS was incorporated on December 30, 2015 under the Laws of Colombia. Tower Three has secured 4G LTE cellular tower development contracts in Colombia. The Company focuses primarily on building cellular towers in municipalities where there currently is very limited or no cellular coverage, which enhances the probability of multiple carriers sharing the tower and minimizes competitive risk.

On April 3, 2018, the Company acquired a 90% ownership interest in Comercializadora Mexmaken, S.A. de C.V. ("Mexmaken"). Mexmaken is a private company incorporated under the laws of the United Mexican State on September 9, 2015.

On March 1, 2019, the Company entered into an agreement to buy the remaining 30% ownership interest of TCTS from its previous shareholders for US$80,000. With this agreement, Tower One Wireless owns 100% of the shares of TCTS.

On August 1, 2019, the Company entered into a 50% joint venture with an international operator (the "JV Partner") that has experience in running over 600 crews in their markets and installing Ericsson and Nokia equipment in Latin America. The strategic decision was made to enhance TCTS's ability to provide quality service to its customers and to leverage on the expertise in managing construction crews efficiently. As part of the agreement, the JV Partner made an investment of US$250,000 into TCTS for a 50% ownership interest in the subsidiary. These funds were used for operations.

On October 18, 2019, the Company entered into a Share Purchase Agreement with the shareholder of Innervisions Telecom S.A.S. ("Innervisions") to acquire the remaining 10% ownership interest, through its Colombian Subsidiary, Tower Three S.A.S. To obtain the 10% ownership interest, the Company received the remaining 300 shares in exchange for a purchase price of COP $7,000,000.

On April 6, 2021, the Company entered into a joint operation with Commerk S.A.S. ("Commerk") to operate collaboratively on the development, construction and operation of telecommunication tower projects in Columbia. The Company and Commerk each control 50% of the joint arrangement and have equal voting rights. The term of the joint arrangement is for seven years, with automatic successive renewal terms of additional seven-year periods, provided that neither of the parties has expressed its intention to terminate the agreement at least thirty calendar days prior ot the expiration of the initial or extended term. The Company is entitled to a proportionate share of the income received and bears a proportionate share of the joint operation's expenses.

<br>Pursuant to the joint operation, Commerk will provide equity contributions towards the tower projects that will be entrusted to Tower 3 SAS. The contributions will be handed over monthly after submitting evidence of the telecommunication towers placed in service during the preceding month and the amount shall be determined based on the cash flow associated to the towers in service during the month. The equity contributions provided by Commerk accrue interest at a rate of 6.2% per annum and will accrue from the date contribution is received by Tower 3 SAS.

In June 2021, the Company acquired an additional 26.25% of common shares of Evotech not previously owned by Tower One for total purchase price of $36,244 (U$30,000) cash and the issuance of 6,300,000 common shares with a fair value of $569,520, increasing its ownership from 65% to 91.25%. As the Company previously controlled Evotech, the transaction resulted in a change to the Company's ownership stake and was accounted for as an equity transaction.

On September 20, 2021, the Company entered into a Share Transfer Agreement with the sole shareholder of Towerthree Wireless Del Ecuador SA ("Towerthree Ecuador") to acquire a 90% ownership interest. Since its incorporation in 2019, Towerthree Ecuador had minimal operations and held preliminary agreements with certain municipalities where the cities offices provided Towerthree Ecuador with a list of public spaces that Towerthree Ecuador are authorized to build towers on. In consideration for the 90% ownership interest, the Company paid $920 (US$720). As Towerthree Ecuador did not meet the IFRS 3, Business Combinations, definition of a business the acquisition was accounted for as an asset acquisition.

------

On August 19, 2022, Tower One Wireless Colombia SAS entered into a Shareholder Agreement whereby T3 Ecuador agreed to increase its share capital from 1,000,800 shares to 5,000,000 shares at a value of US$1 per share for a total increase of 3,999,200 shares. This agreement reduced the ownership of T3 Ecuador from 90% to 20%.

1.3 Overall Performance

Highlights during the period ending September 30, 2022:

* A total of 131 new towers were constructed during the nine months ended September 2022. 27 in Q1, 51 during Q2 and 53 during Q3. Also, 17 new collocations were signed in the first nine months of 2022, 5 in Q1, 1 in Q2 and 11 during Q3.

* As of September 30, 2022, 165 sites were in different stages of Work in Progress (123 in Colombia, 13 in Mexico and 29 in Ecuador).

* The Company announced a comprehensive update on recent company milestones throughout Colombia, Mexico and Ecuador. The Company now has a total three hundred and seven (307) completed wireless towers throughout Colombia, Mexico and Ecuador, with thirty-one (31) collocations. Tower One has a backlog of three hundred and fifty sites awarded for Build To Suit "BTS" tower construction and intends to aggressively expand its portfolio of completed and tenanted towers throughout 2022.

**1.4 Results of Operations**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; September 30, 2022<br> $ | &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2021<br> $ |
| &nbsp;&nbsp; Net income /(loss) | &nbsp;&nbsp; <br>1525128 | &nbsp;&nbsp; <br>975513 |
| &nbsp;&nbsp; Basic and diluted loss per share | &nbsp;&nbsp; <br>0.01 | &nbsp;&nbsp; <br>0.01 |
| &nbsp;&nbsp; Cash | &nbsp;&nbsp; <br>1105804 | &nbsp;&nbsp; <br>525363 |
| &nbsp;&nbsp; Total Assets | &nbsp;&nbsp; <br>41487153 | &nbsp;&nbsp; <br>17534961 |
| &nbsp;&nbsp; Non-Current Liabilities | &nbsp;&nbsp; <br>15893042 | &nbsp;&nbsp; <br>12731647 |

---

During the quarter ended September 30, 2022, the Company incurred net loss from the operations of $1,525,128 (September 30, 2021 - $975,513). The main reason for the increase was the additional revenue in 2022 ($4,869,816) driven by the towers sold in Tower One Wireless Colombia SAS and Mexico for proceeds of 6,534,343.

As of September, 2022, the Company had a negative working capital of $26,352,909 from continuing operations (September 30, 2021- $9,428,216) and an accumulated deficit of $35,279,140 (September 30, 2021 - $27,580,334). The decrease in the working capital ($16,924,693) was as a result of a higher amount in the loans payable due to the new agreements in Ecuador and Tower One Wireless Colombia ($6,792,474) and an addition in accounts payable ($13,179,296), mainly in Ecuador related to the new expansion.

------

Total revenue was $9,256,591 for the quarter ended September 30, 2022 compared to $4,386,775 as of September 30, 2021. The main reason for the variance was an increase of Tower One Wireless Colombia SAS sales during Q3 2022 ($4,745,636). The Company expects to generate revenues in 2022 mostly from monthly lease payments by MNOs on existing and future tower sites, construction as a service and the towers that were already sold.

During the quarter ended September 30, 2022, the Company incurred professional fees in the amount of $660,386 (September 30, 2021 - $338,587). The main reason for the increase was professional services and legal fees in Ecuador due to new business development.

During the quarter ended September 30, 2022, office and miscellaneous expenses increased to $612,116 compared to (($963,339)) for the period ended September 30, 2021 mainly due to an increase of the other expenses related to the distribution of the results for the joint venture in 2022 ($1,107,460).

During the quarter ended September 30, 2022, advertising and promotion decreased to $41,443 compared to $77,266 for the period ended September 30, 2021. The reason for the decrease was driven by additional efforts from the company to advertise during 2021 compared to 2022 ($34,972).

During the quarter ended September 30, 2022, the Company incurred travel expense in the amount of $51,460 (September 30, 2021 - $18,441). The main reason for the increase is related to the travels made for business development, especially for T3 Ecuador.

During the quarter ended September 30, 2022, the Company recorded $1,394,969 in unrealized foreign exchange gain due to differences in functional and presentation currency which has been booked to accumulated other comprehensive loss. The Company's presentation currency is the Canadian Dollar. The functional currency of each of the entities included in the consolidated group is as follows: Tower One Wireless Corp. Canadian Dollar; Tower Three and Innervisions is the Colombian Peso; Evolution Technology S.A. and Tower 3 is the Argentina Peso; TCTS is the US Dollar; Mexmaken is the Mexican Peso and T3 Ecuador in US Dollar.

The results and financial position of a subsidiary whose functional currency is not the currency of a hyperinflationary economy is translated into the presentation currency using the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Assets and liabilities for each statement of financial position presented (i.e. including comparatives) are translated at the closing rate at the date of the statement of financial position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Income and expenses for each statement presenting profit or loss and other comprehensive income (i.e. including comparatives) are translated at exchange rates at the dates of the transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. All resulting exchange differences are recognized in other comprehensive income.

The results and financial position of a subsidiary whose functional currency is the currency of a hyperinflationary economy are translated into the presentation currency using the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All amounts (i.e. assets, liabilities, equity items, income and expenses, including comparatives) are translated at the closing rate at the date of the most recent statement of financial position, except that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. When amounts are translated into a non-hyperinflationary presentation currency (i.e. CAD), comparative amounts remain unchanged from those reported in the prior periods.

When an entity's functional currency is the currency of a hyperinflationary economy, the entity shall restate its financial statements in accordance with IAS 29 - Financial Reporting in Hyperinflationary Economies before applying the translation method described above. When the economy ceases to be hyperinflationary and the entity no longer restates its financial statements in accordance with IAS 29, it shall use as the historical costs for translation into the presentation currency the amounts restated to the price level at the date the entity ceased restating its financial statements.

------

**Selected Quarterly Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;September<br>30,<br>2022<br>$| &nbsp;&nbsp;June<br>30,<br>2022<br>$| &nbsp;&nbsp;March<br>31,<br>2022<br>$| &nbsp;&nbsp;December <br>31,<br>2021<br>$| &nbsp;&nbsp;September <br>30,<br>2021<br>$| &nbsp;&nbsp;June<br>30,<br>2021<br>$| &nbsp;&nbsp;March<br>31,<br>2021<br>$| &nbsp;&nbsp;December <br>31,<br>2020<br>$|
| &nbsp;&nbsp;Revenue | &nbsp;&nbsp;9256591 | &nbsp;&nbsp;2685631 | &nbsp;&nbsp;3979685 | &nbsp;&nbsp;4597866 | &nbsp;&nbsp;4386775 | &nbsp;&nbsp;652105 | &nbsp;&nbsp;1050880 | &nbsp;&nbsp;1798832 |
| &nbsp;&nbsp;Net income / loss from continuing operations | &nbsp;&nbsp;&nbsp;&nbsp;1525128 | (2514530) | &nbsp;&nbsp;(1651485) | &nbsp;&nbsp;(3490424) | &nbsp;&nbsp;975513 | &nbsp;&nbsp;(1642128) | &nbsp;&nbsp;(437249) | &nbsp;&nbsp;(655268) |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;1105804 | &nbsp;&nbsp;1568906 | &nbsp;&nbsp;929597 | &nbsp;&nbsp;1059386 | &nbsp;&nbsp;525363 | &nbsp;&nbsp;1317207 | &nbsp;&nbsp;363534 | &nbsp;&nbsp;122759 |
| &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;41487153 | &nbsp;&nbsp;32281511 | &nbsp;&nbsp;29547412 | &nbsp;&nbsp;21886972 | &nbsp;&nbsp;17534961 | &nbsp;&nbsp;20786303 | &nbsp;&nbsp;13809259 | &nbsp;&nbsp;11109460 |
| &nbsp;&nbsp;Non-Current Liabilities | &nbsp;&nbsp;15893042 | &nbsp;&nbsp;16822985 | &nbsp;&nbsp;15175196 | &nbsp;&nbsp;12381452 | &nbsp;&nbsp;12731647 | &nbsp;&nbsp;14888812 | &nbsp;&nbsp;1612526 | &nbsp;&nbsp;1737225 |

---

Significant factors and trends that have impacted Tower One's results during the years presented above include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) During the second and the fourth quarter of the year 2020, the company sold towers in Mexico for the total of $5,119,888, that explains the revenue increase for those periods. Also, during the first quarter the towers that were allocated as held for sale in 2019 were actually sold in Argentina for a total of $1,274,154, explaining the revenue increase for that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) During the third quarter of 2021 the company sold the remaining towers in Argentina for a total of 1,870,291 that explained the net income for that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) During the fourth quarter of 2021 the company adjusted the intangibles for the MLAs in Argentina for a total of $1,055,094.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) During the second quarter of 2022 the company included in other expenses the portion related to the distribution of the results for the joint venture of 2022 (873,221).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) During the third quarter of 2022 the company sold towers in Mexico and Colombia for the total of $6,534,343 that explains the revenue increase.

**1.5 Liquidity and Capital Resources**

As at September 30, 2022, the Company has total assets of $41,487,153, cash of $1,105,804 and a negative working capital from operations of $26,352,909. The decrease in the working capital (16,924,693) was as a result of a higher amount in the loans payable due to the new agreements in Ecuador and Tower One Wireless Colombia (6,792,474) and an addition in accounts payable (13,179,296), mainly in Ecuador related to the new expansion.

During the period ended September 30, 2022, the Company received $2,496,945 from operating activities compared to the ($1,956,381) cash used during the period ended September 30, 2021.

During the period ended September 30, 2022, the Company invested ($16,683,617) primarily on building towers, compared to $(8,717,780) during the period ended September 30, 2021.

During the period ended September 30, 2022, the Company receive cash from loans of $16,769,820 ($7,315,287 - September 30, 2021), loans from related parties of $1,931,090 ($nunll- September 30, 2021); repaid loans for $7,864,479 ($121,869 - September 30, 2021), loans from related parties for $1,205,074 ($2,755,271 - September 30, 2021).

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At September 30, 2022, share capital was $23,892,740 comprising 119,258,849 issued and outstanding common shares and outstanding. There are no common shares held in escrow as of September 2022.

At present, the Company's operations generate minimal cash inflows and its financial success after September 30, 2022 is dependent on management's ability to continue to obtain sufficient funding to sustain operations of building towers in municipalities where there currently is very limited or no cellular coverage, which enhances the probability of multiple carriers sharing the tower and minimizes competitive risk.

The Company may not be able to generate enough cash flows from its operations in the foreseeable future to support its working capital needs. As a result, the Company will have to rely on funding through future equity issuances and through short-term and long term borrowing in order to finance ongoing operations and the construction of cellular towers. The ability of the Company to raise capital will depend on market conditions and it may not be possible for the Company to issue shares on acceptable terms or at all.

**1.6 Share Capital**

As at September 30, 2022, the Company had 119,258,849 common shares issued and during the year the escrow shares were released upon achieving the performance obligations.

**1.7 Share Purchase Warrants**

As at September 30, 2022, the Company had 1,468,434 warrants issued and outstanding.

**1.8 Stock Options**

As at September 30, 2022, the Company had 950,000 stock options issued and outstanding of which all the options are exercisable.

**1.9 Off Balance Sheet Arrangements**

There are no off-balance sheet arrangements to which the Company is committed. The Company is not a party to any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on the Company's financial condition, changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures or capital resources.

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**1.10 Transactions with Related Parties**

Loans payable to related parties include loans and advances received from related individuals and companies. As at September 30, 2022 and December 30, 2021, the Company has the following loan balances with related parties:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br>September 30, <br>2022<br>**$** | &nbsp;&nbsp;December 31, <br>2021<br>**$** | &nbsp;&nbsp;<br>Currency | &nbsp;&nbsp;Rate<br>**%** | &nbsp;&nbsp;Terms |
| &nbsp;&nbsp;2257052 | &nbsp;&nbsp;1560394 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;12% - 18% | &nbsp;&nbsp;Unsecured, due on demand |
| &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;Colombian Pesos | &nbsp;&nbsp;0% | &nbsp;&nbsp;Unsecured, due on demand |
| &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;Argentinian Pesos | &nbsp;&nbsp;18% | &nbsp;&nbsp;Unsecured, due on demand |
| &nbsp;&nbsp;2257052 | &nbsp;&nbsp; 1560394 |  |  |  |

---

During the period ended September 30, 2022, the Company has incurred interest expense of $95,362 (US$72,258) (September 2021 -$73,598) in connection with the related party loans noted above. As at September 30, 2022, $321,739 of unpaid interest and loan penalties have been included within interest payable on the consolidated statement of financial position.

Key management personnel receive compensation in the form of short-term employee benefits, share-based payments, and post-employment benefits. Key management personnel include the Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer. The remuneration of key management is as follows (expressed in US$):

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| | | |
|:---|:---|:---|
|  | September 30, <br>2022 | September 30,<br>2021 |
| Consulting fees paid to the CEO | 198000 | 198000 |
| Consulting fees paid to the COO | 153000 | 153000 |
| Consulting fees paid to the CFO | - | 153000 |
|  | 351000 | 504000 |

---

The remuneration of the CEO/COO/CFO are included in professional fees and consulting in the consolidated statements of comprehensive loss.

As at September 30, 2022, $477,542 (December 31, 2021 - $351,205) of related party payables are included in accounts payable and accrued liabilities in the consolidated statement of financial position. The amounts are non-interest bearing and due on demand.

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**1.11 Subsequent Events**

On November, 2nd 2022 it was agreed that Evotech will capitalized the credits from Tower One Wireless Corp. for the amount of ARS 265,364,962.11 being ARS 224,505 shared capital and ARS 265,140,457.11 additional paid in capital.

**1.12 Changes in Accounting Policies**

The preparation of financial data is based on accounting principles and practices consistent with those used in the preparation of the audited financial statements of the Company as at December 31, 2021.

The condensed consolidated interim financial statements should be read in conjunction with the Company's audited financial statements for the period ended December 31, 2021.

The following is a summary of significant accounting policies used in the preparation of the consolidated financial statements:

* Loss per Share

* Revenue recognition

* Foreign currency translation

* Property and equipment

* Intangible asset

* Impairment

* Share Capital

* Share-based payments

* Income taxes

* Provisions

* Financial Instruments

* IFRS-16 Leases (implemented in 2019)

* IFRS-11 Joint Arrangements

**1.13 Financial Instruments and Other Instruments**

As at September 30, 2022, the Company's financial instruments consist of cash, amounts receivable, other receivables, bank indebtedness, accounts payable and accrued liabilities, customer deposits, interest payable, promissory note payable, convertible debentures, loans payable, loans from related parties, bonds payable and lease liabilities.

The Company provides information about financial instruments that are measured at fair value, grouped into Level 1 to 3 based on the degree to which the inputs used to determine the fair value are observable.

• Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities.

• Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable either directly or indirectly.

• Level 3 fair value measurements are those derived from valuation techniques that include inputs that are not based on observable market data.

Cash is measured using level 1 fair value inputs. The carrying values of the amounts receivable, other receivables, bank indebtedness, accounts payable and accrued liabilities, customer deposits, interest payable, promissory note payable, convertible debentures, loans payable and loans from related parties approximate their fair values because of the short-term nature of these instruments. The bond payable and lease liabilities is classified as level 3.

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The Company is exposed to varying degrees to a variety of financial instrument related risks:

*Credit risk*

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. To minimize the credit risk the Company places cash with a high credit quality financial institution.

With respect to its accounts receivable, the Company assesses the credit rating of all customers and maintains provisions for potential credit losses, and any such losses to date have been within management's expectations. The Company's credit risk with respect to accounts receivable and maximum exposure thereto is $6,067,358 (December 2021 - $4,819,388). Accounts receivable are shown net of provision of credit losses of $103,838 (December 2021 - $76,517).

*Interest rate risk*

Interest rate risk is the risk that future cash flows of the Company's assets and liabilities can change due to a change in interest rates. Loans payable have a fixed interest rate between 6,2% and 48%, and cash earns interest at a nominal rate. The Company is not exposed to significant interest rate risk.

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values.

*Liquidity risk*

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company's objective in managing liquidity risk is to ensure that it has sufficient liquidity available to meet its liabilities when due. The Company uses cash to settle its financial obligations as they fall due. The ability to do this relies on the Company's ability to collect its revenue in a timely manner, continuous support from shareholders and investors and maintain sufficient cash on hand. To the extent that the Company does not believe it has sufficient liquidity to meet its current obligations, the Board of Directors considers securing additional funds through issuances of equity and debt or partnering transactions.

The Company monitors its risk of shortage of funds by monitoring the maturity dates of existing trade and other accounts payable. The following table summarizes the maturities of the Company's financial liabilities as at September 30, 2022 based on the undiscounted contractual cash flows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Carrying <br>amount | Contractual <br>cash flows | Less than<br>1 year | 1 - 3<br>years | 4 - 5<br>years | After<br>5 years |
|  | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | 19009263 | 19009263 | 19009263 |  |  |  |
| &nbsp;&nbsp;Interest payable | 1523175 | 1523175 | 683920 |  |  | 839255 |
| &nbsp;&nbsp;Loans payable | 21686489 | 21686489 | 8547167 | 21603 |  | 13117718 |
| &nbsp;&nbsp;Loans from related parties | 2257052 | 2257052 | 2257052 |  |  |  |
| &nbsp;&nbsp;Bonds payable | 1627601 | 1627601 | 1627601 |  |  |  |
| &nbsp;&nbsp;Lease liability | 3024955 | 8197547 | 688376 | 1374041 | 1341027 | 4794103 |
| &nbsp;&nbsp;Total | **49128535** | **54301127** | **32813379** | **1395644** | **1341027** | **18751076** |

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The Company has a working capital deficiency as of September 30, 2022 of $26,352,909. As of September 30, 2022, the Company has a balance of $498,297 (September 30, 2021 - $5,295,628) in customer deposits.

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*Currency Risk*

The Company generates revenues and incurs expenses and capital expenditures primarily in Canada, Colombia, Argentina, USA and Mexico and is exposed to the resulting risk from changes in foreign currency exchange rates. Some administrative and head office related expenses are incurred in Canada. In addition, the Company holds financial assets and liabilities in foreign currencies that expose the Company to foreign exchange risks. A significant change in the currency exchange rates between the Canadian dollar relative to the Colombia Peso, Argentina Peso US dollars or Mexican Peso could have a material adverse effect on the Company's results of operations, financial position and/or cash flows. The Company has not hedged its exposure to currency fluctuations.

At September 30, 2022, the Company had the following financial instruments denominated in foreign currencies:

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| |
|:---|
| Cash |
| Amounts receivable |
| Accounts payable and accrued liabilities |
| Customer deposits |
| Interest payable |
| Lease liability |
| Loans payable |
| Loans from related parties |
| Net |

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**1.14 Estimates**

The Company makes estimates and assumptions about the future that affect the reported amounts of assets and liabilities. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant areas requiring the use of management estimates include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Intangible Assets - useful lives

The Company records intangible assets purchased in a business combination at their fair value. Determining fair value requires management to use estimates that could be material. Following initial recognition, the Company carries the value of intangible assets at cost less accumulated amortization and any accumulated impairment losses. Amortization is recorded on a straight-line basis based upon management's estimate of the useful life and residual value. The estimates are reviewed at least annually and are updated if expectations change as a result of technical obsolescence or legal and other limits to use. A change in the useful life or residual value will impact the reported carrying value of the intangible assets resulting in a change in related amortization expense.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Inputs into Black-Scholes model

The Company has applied estimates with respect to the valuation of shares issued for non-cash consideration. Shares are valued first at the fair value of services received, and if this not readily determinable, at the fair value of the equity instruments granted at the date the Company receives the goods or services.

The Company measures the cost of equity-settled transactions with employees by reference to the fair value of services performed, and if the fair value of the services performed is not readily determinable, at the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based compensation transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the fair value of the underlying common shares, the expected life of the share option, volatility and dividend yield. The fair value of the underlying common shares is assessed as the quoted market price on grant date. The assumptions and models used for estimating fair value for share-based compensation transactions are discussed in Note 18. Actual results may differ from these estimates and assumptions.

The 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 if the revision affects only that period or in the period of the revision and further periods if the review affects both current and future periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Property and Equipment - useful lives

Amortization is recorded on a declining balance basis based upon management's estimate of the useful life and residual value. The estimates are reviewed at least annually and are updated if expectations change as a result of the physical condition, technical obsolescence or legal and other limits to use. A change in the useful life or residual value will impact the reported carrying value of towers and equipment resulting in a change in related amortization expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Incremental borrowing rate

The Company uses estimation in determining the incremental borrowing rate used to measure the lease liabilities. This rate represents the rate that the Company would incur to obtain the funds necessary to purchase the asset of a similar value, with similar payment terms and security in similar economic environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) Allowance for credit losses

The Company provides for doubtful debts by analyzing the historical default experience and current information available about a customer's credit worthiness on an account by account basis. Uncertainty relates to the actual collectability of customer balances that can vary from the Company's estimation. At September 30, 2022, the Company has an allowance for doubtful accounts of $103,838 (December 2021 - $76,517).

vi) Discount rate used for convertible debentures

The carrying value of the convertible debentures is subject to management's estimates in determining an appropriate discount rate based on similar instruments with no conversion features.

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vii) Recoverability of asset carrying values

Determining the amount of impairment of goodwill, intangible assets, and property and equipment requires an estimation of the recoverable amount, which is defined as the higher of fair value less the cost of disposal or value in use. Many factors used in assessing recoverable amounts are outside of the control of management and it is reasonably likely that assumptions and estimates will change from period to period.

viii) Fair value of assets acquired in a business combination

The determination of fair value of assets acquired requires management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of the assets acquired require judgment and include estimates of future cash flows.

<u>Use of Judgments</u>

Critical accounting judgments are accounting policies that have been identified as being complex or involving subjective judgments or assessments with a significant risk of material adjustment in the year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Going concern

The assessment of whether the going concern assumption is appropriate requires management to take into account all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period. The Company is aware that material uncertainties related to events or conditions may cast significant doubt upon the Company's ability to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Income taxes

The measurement of income taxes payable and deferred income tax assets and liabilities requires management to make judgments in the interpretation and application of the relevant tax laws. The actual amount of income taxes only becomes final upon filing and acceptance of the tax return by the relevant tax authorities, which occurs subsequent to the issuance of the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Determination of control in business acquisitions

The determination of the acquirer in business acquisitions is subject to judgment and requires the Company to determine which party obtains control of the combining entities. Management applies judgment in determining control by assessing the following three factors: whether the Company has power; whether the Company has exposure or rights to variable returns; and whether the Company has the ability to use its power to affect the amount of its returns. In exercising this judgment, management reviewed the representation on the Board of Directors and key management personnel, the party that initiated the transaction, and each of the entities' activities.

The assessment of whether an acquisition constitutes a business is also subject to judgment and requires the Company to review whether the acquired entity contains all three elements of a business, including inputs, processes and the ability to create output.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Intangible Assets - impairment

The application of the Company's accounting policy for intangible assets expenditures requires judgment in determining whether it is likely that future economic benefits will flow to the Company, which may be based on assumptions about future events or circumstances. Estimates and assumptions may change if new information becomes available. If, after expenditures are capitalized, information becomes available suggesting that the recovery of expenditures is unlikely, the amount capitalized is written off in profit or loss in the period the new information becomes available.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Compound financial instruments

In accordance with the substance of the contractual arrangement, convertible debentures are compound financial instruments that are accounted for separately by their components: a financial liability and an equity instrument.

The identification of convertible debenture components is based on interpretations of the substance of the contractual arrangement and therefore requires judgment from management. The separation of the components affects the initial recognition of the convertible debenture at issuance and the subsequent recognition of interest on the liability component. The determination of the fair value of the liability is also based on a number of assumptions, including contractual future cash flows, discount factors and the presence of any derivative financial instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Asset held-for-sale and discontinued operations

Judgment is required in determining whether an asset meets the criteria for classification as "assets held for sale" in the consolidated statements of financial position. Criteria considered by management include the existence of and commitment to a plan to dispose of the assets, the expected selling price of the assets, the expected timeframe of the completion of the anticipated sale and the period of time any amounts have been classified within assets held for sale. The Company reviews the criteria for assets held for sale each period and reclassifies such assets to or from this financial position category as appropriate. In addition, there is a requirement to periodically evaluate and record assets held for sale at the lower of their carrying value and fair value less costs to sell.

Judgment is applied in determining whether disposal groups represent a component of the entity, the results of which should be recorded as discontinued operations in the consolidated statements of comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Property and Equipment and intangibles - impairment

At the end of each reporting period, management makes a judgment whether there are any indications of impairment of its property and equipment and intangibles. If there are indications of impairment, management performs an impairment test on a cash-generating unit basis. The impairment test compares the recoverable amount of the asset to its carrying amount. The recoverable amount is the higher of the asset's value in use (present value of the estimated future cash flows) and its estimated fair value less costs of disposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Determination of functional currency and hyperinflationary economies

The determination of the functional currency for the Company and its subsidiaries was based on management's judgment of the underlying transactions, events and conditions relevant to each entity. The determination of whether an entity operates in a hyperinflationary economy was based on management's judgment of the underlying economic condition of the country the entity operates in.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Application of IFRS 16

The Company applies judgment in determining whether the contract contains an identified asset, whether the Company has the right to control the asset, and the lease term. The lease term is based on considering facts and circumstances, both qualitative and quantitative, that can create economic incentive to exercise renewal options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Modification versus extinguishment of financial liability

Judgment is required in applying IFRS 9 Financial Instruments to determine whether the amended terms of the loan agreement is a substantial modification of an existing financial liability and whether it should be accounted for as an extinguishment of the original financial liabilities

**1.15 Other MD&A Requirements**

For more information about the Company, see http://www.toweronewireless.com/. The Company has not filed an AIF Annual Information Form.

*Disclosure of Outstanding Share Data*

As of the reporting date, there were 119,258,849 common shares issued and outstanding.

**Risk Factors**

The Company is focused on more select market introduction and development primarily on building towers in municipalities while instituting cost control of product development. The failure to generate future sales in the Company's main products could have a significant and adverse effect on the Company.

The Company success will depend in large measure on certain key personnel. The loss of the services of such key personnel could have a material adverse effect on the Company. The Company does not anticipate having key person insurance in effect for management. The contributions of these individuals to the immediate operations of the Company are of central importance. In addition, there can be no assurance that the Company will be able to continue to attract and retain all personnel necessary for the development and operation of its business.

The Company has incurred a net income for the quarter ended September 30, 2022 of $1,525,128 and has a deficit of $35,279,140. During 2022 the company was able to enter into a long term financial agreement with commercial banks for up to $25 million (COP $31,632,000,000), (COP $40,463,000,000) and (COP 8,000,000,000) and also entered into an agreement with a local partner in Colombia with a 7 year term for construction projects of over 300 towers. The partner is committed to spend 25% of the construction cost, this will help the company to mitigate the financial risk due to the short term financing.

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## Exhibit 99.3

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**Form 52-109FV2**

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, **Alejandro Ochoa**, **Interim Chief Financial Officer** of **Tower One Wireless Corp.**, certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of **Tower One Wireless Corp.** (the "issuer") for the interim period ended **September 30, 2022.**

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a 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 was made, with respect to the period covered by the interim filings.

*3. **Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: November 29<sup>t</sup><sup>h</sup>, 2022

*"Alejandro Ochoa"*

**_____________________________________<br>Alejandro Ochoa**

**Interim Chief Financial Officer**

<u>**NOTE TO READER**</u>

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. <br>

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## Exhibit 99.4

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**Form 52-109FV2**

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, **Alejandro Ochoa**, **Chief Executive Officer** of **Tower One Wireless Corp.**, certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of **Tower One Wireless Corp.** (the "issuer") for the interim period ended **September 30, 2022.**

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a 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 was made, with respect to the period covered by the interim filings.

*3. **Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: November 29<sup>t</sup><sup>h</sup>, 2022

*"Alejandro Ochoa"*<br> **___________________________________<br>Alejandro Ochoa**<br>**Chief Executive Officer**

<u>**NOTE TO READER**</u>

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. <br>

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