The 2022 Year End Financial Statements, together with detailed information regarding the Company's financial results as set forth in the Company's Management's Discussion and Analysis for the same period can be found under the Company's profile at www.sedar.com.
"We are very pleased with the progress we made in 2022 as a publicly-listed startup benefit company in the digital health sector", said
Key highlights in the year included:
- Listed on the Canadian Securities Exchange as one of
Canada's first publicly-traded benefit companies. - Launched Nara app to provide consumers with personalized information about evidence-based natural remedy solutions to support mental health.
- Appointed
Maryam Marissen as CEO, who has over two decades of experience in consumer product marketing, private clinic services and public advocacy and helped establish one of the first online personal care and wellness e-commerce stores inNorth America . - Appointed PanGenomic Health Co-Founder
Vincent Lum as CEO of a new wholly-owned subsidiary,MUJN Diagnostics Inc. (formerlyPlantGx Diagnostics Inc. ), which is developing novel prognostic tests to help assess the effectiveness of natural remedy treatments for mental health conditions. Acquired Mindleap Health Inc. , the developer of a telehealth platform for mental health and wellness.
The Company's financial results for the year ended
As at | ||
Consolidated Statement of Financial Position (Expressed in Canadian Dollars) | 2022 $ | 2021 $ |
ASSETS | ||
Current assets | ||
Cash and cash equivalents | 88,526 | 1,348,622 |
Amounts receivable | 157,817 | 41,366 |
Prepaid expenses | 204,103 | 280,420 |
Loan receivable | 33,924 | – |
Total current assets | 484,370 | 1,670,408 |
Non-current assets | ||
Equipment | 19,772 | 24,880 |
Intangible assets | – | 850,000 |
Loan receivable | – | 31,640 |
Total non-current assets | 19,772 | 906,520 |
TOTAL ASSETS | 504,142 | 2,576,928 |
LIABILITIES | ||
Current liabilities | ||
Accounts payable and accrued liabilities | 399,016 | 170,794 |
Loan payable | 101,771 | – |
Due to related parties | 218,465 | 163,660 |
Total liabilities | 719,252 | 334,454 |
SHAREHOLDERS' EQUITY (DEFICIT) | ||
Common shares | 11,240,056 | 4,634,568 |
Preferred shares | – | 497,330 |
Equity reserves | 3,526,356 | 97,770 |
Deficit | (14,981,522) | (2,987,194) |
Total shareholders' equity (deficit) | (215,110) | 2,242,474 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | 504,142 | 2,576,928 |
Year ended | ||||
Consolidated Statement of Operations and Comprehensive Loss | 2022 | 2021 | ||
(Expressed in Canadian Dollars) | $ | $ | ||
Expenses | ||||
Advertising and promotion | 495,694 | 81,625 | ||
Consulting fees | 954,847 | 357,000 | ||
Depreciation | 11,113 | 2,127 | ||
Director's fees | 42,500 | – | ||
General and administrative | 119,729 | 13,531 | ||
Professional fees | 269,364 | 167,998 | ||
Rent (Note 10) | 10,000 | 12,000 | ||
Research and development | 534,113 | 129,669 | ||
Share-based compensation | 616,786 | 50,877 | ||
Transfer agent and filing fees | 64,914 | 19,024 | ||
Wages and benefits | 522,767 | 34,804 | ||
Total expenses | 3,641,827 | 868,655 | ||
Loss before other income (expense) | (3,641,827) | (868,655) | ||
Other income (expense) | ||||
Interest expense | (1,311) | (2,466) | ||
Interest income | 2,454 | 15,841 | ||
Impairment of intangible assets | (8,361,114) | (1,794,042) | ||
Foreign exchange translation gain | 7,470 | – | ||
Total other income (expense) | (8,352,501) | (1,780,667) | ||
Net loss and comprehensive loss for the year | (11,994,328) | (2,649,322) | ||
Loss per common share, basic and diluted | (0.22) | (0.13) | ||
Weighted average common shares outstanding | 54,805,722 | 19,779,471 |
Year ended | ||
Consolidated Statement of Cash Flow | ||
(Expressed in Canadian Dollars) | 2022 | 2021 |
$ | $ | |
Operating activities | ||
Net loss | (11,994,328) | (2,649,322) |
Items not involving cash: | ||
Amortization of loan fee | – | 2,000 |
Depreciation | 11,113 | 2,127 |
Foreign exchange translation gain | (2,284) | – |
Impairment of intangible asset | 8,361,114 | 1,794,042 |
Share-based compensation | 616,786 | 50,877 |
Changes in non-cash operating working capital: | ||
Amounts receivable | (93,641) | (41,585) |
Prepaid expenses | 76,317 | (274,541) |
Accounts payable and accrued liabilities | 227,222 | 60,936 |
Due to related parties | (15,155) | (3,776) |
Net cash used in operating activities | (2,782,546) | (1,059,242) |
Investing activities | ||
Acquisition costs upon acquisition of | (47,147) | – |
Cash acquired upon acquisition of | 1,023 | – |
Cash acquired upon acquisition of | – | 33,546 |
Investment in loans receivable | – | (631,640) |
Purchase of equipment | (6,005) | (6,814) |
Net cash used in investing activities | (52,129) | (604,908) |
Financing activities | ||
Proceeds from issuance of units, net of issuance costs | 1,290,658 | 2,457,215 |
Proceeds from issuance of preferred shares, net of issuance costs | – | 497,330 |
Proceeds from issuance of shares upon exercise of warrants | 142,500 | – |
Proceeds from loan payable | 101,771 | 20,000 |
Proceeds from related party loans | 39,650 | – |
Net cash provided by financing activities | 1,574,579 | 2,974,545 |
Change in cash | (1,260,096) | 1,310,395 |
Cash and cash equivalents, beginning of year | 1,348,622 | 38,227 |
Cash and cash equivalents, end of year | 88,526 | 1,348,622 |
Cash and cash equivalents consist of: | ||
Cash in bank | 77,276 | 198,622 |
Cashable short-term investment certificate | 11,250 | 1,150,000 |
Total cash and cash equivalents | 88,526 | 1,348,622 |
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