ENTHEON BIOMEDICAL CORP. ENTHEON BIOMEDICAL CORP.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED MAY 31, 2022
AND 2021
(Expressed in Canadian Dollars)
(Unaudited)
NOTICE OF NO AUDITOR REVIEW
The accompanying unaudited condensed consolidated interim financial statements were prepared by management and approved by the Audit Committee and the Board of Directors.
The Company's independent auditors have not performed a review of these condensed consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditors.
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ENTHEON BIOMEDICAL CORP.
Condensed Consolidated Interim Statements of Financial Position
Expressed in Canadian Dollars
May 31, | November 30, | |
2022 | 2021 | |
Assets | (Unaudited) | (Audited) |
$ | $ | |
Current assets | ||
Cash | 467,582 | 2,049,131 |
Other receivables | 29,861 | 28,300 |
Inventory | 15,940 | 26,188 |
Prepaid expenses | 595,500 | 1,104,886 |
Non-current assets | 1,108,883 | 3,208,505 |
Property and equipment, net (Note 4) | 160,184 | 164,125 |
Intangible assets, net (Notes 3,5) | 5,569,601 | 5,901,877 |
Investments (Note 6) | 564,704 | 703,205 |
6,294,489 | 6,769,207 | |
7,403,372 | 9,977,712 | |
Liabilities and shareholders' equity | ||
Current liabilities | ||
Accounts payable and accrued liabilities | 838,417 | 927,713 |
Loans payable (Note 13) | 300,000 | - |
1,138,417 | 927,713 | |
Shareholders' equity | ||
Share capital (Note 8) | 19,353,525 | 19,353,525 |
Reserves (Note 8) | 3,595,298 | 3,242,548 |
Deficit | (16,683,868) | (13,546,074) |
6,264,955 | 9,049,999 | |
7,403,372 | 9,977,712 |
NATURE OF BUSINESS AND GOING CONCERN (Note 1)
SUBSEQUENT EVENTS (Note 14)
Approved and authorized for issue on behalf of the Board on July 26, 2022:
"Timothy Ko", Director | "Christopher Gondi", Director |
The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements.
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ENTHEON BIOMEDICAL CORP.
Condensed Consolidated Interim Statements of Comprehensive Loss Expressed in Canadian Dollars
(Unaudited)
For the three | For the three | For the six | For the six | |
months | months | months | months | |
ended | ended | ended | ended | |
May 31, | May 31, | May 31, | May 31, | |
2022 | 2021 | 2022 | 2021 | |
Revenue | $ | $ | $ | $ |
Sales | 11,984 | 1,457 | 20,885 | 1,457 |
Cost of goods sold | (7,207) | - | (12,937) | - |
4,777 | 1,457 | 7,948 | 1,457 | |
Operating expenses | ||||
Research and development (Note 9) | 437,070 | 255,633 | 1,137,603 | 857,378 |
General and administrative (Notes 7,10) | 803,439 | 1,127,096 | 1,595,566 | 2,778,901 |
Share-based compensation | 88,054 | 535,865 | 257,750 | 1,359,841 |
Depreciation and amortization | 175,923 | 175,346 | 364,197 | 264,639 |
Other (income) expense | 1,504,486 | 2,093,940 | 3,355,116 | 5,260,759 |
Interest income | (8) | (4,066) | (756) | (4,915) |
Loss (gain) on investment settlement | 417,897 | (7,021) | 417,897 | (327,021) |
Other expense | 12,200 | 12,200 | ||
Other income | (276,265) | - | (276,180) | - |
Unrealized loss (gain) on fair value | (382,710) | 332,584 | (362,535) | 370,251 |
adjustment (Note 6) | ||||
(228,886) | 321,497 | (209,374) | 38,315 | |
Net loss and comprehensive loss | (1,270,823) | (2,413,980) | (3,137,794) | (5,297,617) |
Basic and diluted loss per share | ($0.02) | $(0.04) | ($0.05) | $(0.10) |
Weighted average number of common | 59,089,266 | 54,039,266 | 59,089,266 | 51,124,385 |
shares outstanding |
The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements.
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ENTHEON BIOMEDICAL CORP.
Condensed Consolidated Interim Statements of Changes in Equity Expressed in Canadian Dollars
(Unaudited)
Common Shares | |||||
Number of | |||||
shares | Amount | Reserves | Deficit | Total | |
$ | $ | $ | $ | ||
Balance, November 30, 2020 | 40,388,852 | 7,146,773 | 1,257,626 | (4,659,519) | 3,744,880 |
Shares issued for cash, net of transaction costs | 4,286,020 | 2,921,201 | 162,169 | - | 3,083,370 |
Shares issued for acquisition (Note 3) | 5,100,000 | 4,488,000 | - | - | 4,488,000 |
Shares issued for services (Note 3) | 900,000 | 738,000 | - | - | 738,000 |
Warrants exercised | 3,364,394 | 2,597,551 | (729,712) | - | 1,867,839 |
Share-based compensation | - | - | 1,359,841 | - | 1,359,841 |
Comprehensive loss for the period | - | - | - | (5,297,617) | (5,297,617) |
Balance, May 31, 2021 | 54,039,266 | 17,891,525 | 2,049,924 | (9,957,136) | 9,984,313 |
Balance, November 30, 2021 | 59,089,266 | 19,353,525 | 3,242,548 | (13,546,074) | 9,049,999 |
Share-based compensation | - | - | 257,750 | - | 257,750 |
Share subscriptions received | - | - | 95,000 | - | 95,000 |
Comprehensive loss for the period | - | - | - | (3,137,794) | (3,137,794) |
Balance, May 31, 2022 | 59,089,266 | 19,353,525 | 3,595,298 | (16,683,868) | 6,264,955 |
The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements.
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Entheon Biomedical Corp. published this content on 26 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2022 22:21:07 UTC.
