DECEMBER 31, 2022 AND 2021
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| | | | | | | | |
As at December 31, 2022 | | |
As at March 31, 2022 | | ||||||
(Expressed in Canadian Dollars)
| | |
Notes
| | |
$
| | |
$
| | |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | |
CURRENT | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
| | | | | | | | | |
|
31,870,745
| | | | |
|
63,720,102
| | |
Restricted cash
| | | |
|
5
| | | | |
|
515,258
| | | | |
|
776,551
| | |
Due from associate
| | | |
|
21
| | | | |
|
255,158
| | | | |
|
-
| | |
Accounts receivable
| | | |
|
6
| | | | |
|
1,624,764
| | | | |
|
1,228,745
| | |
Other assets
| | | |
|
7
| | | | |
|
2,283,194
| | | | |
|
3,451,901
| | |
TOTAL CURRENT ASSETS
| | | | | | | | | | | 36,549,119 | | | | | | 69,177,299 | | |
NON-CURRENT | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment
| | | |
|
8
| | | | |
|
-
| | | | |
|
4,462,175
| | |
Intangible assets
| | | |
|
10
| | | | |
|
-
| | | | |
|
483,354
| | |
Right-of-use assets
| | | |
|
11
| | | | |
|
-
| | | | |
|
27,285,334
| | |
Other non-current assets
| | | |
|
7
| | | | |
|
55,275
| | | | |
|
728,207
| | |
TOTAL NON-CURRENT ASSETS
| | | | | | | | | | | 55,275 | | | | | | 32,959,070 | | |
TOTAL ASSETS
| | | | | | | | | | | 36,604,394 | | | | | | 102,136,369 | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | |
CURRENT | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
| | | |
|
12
| | | | |
|
4,423,598
| | | | |
|
5,846,672
| | |
Financial guarantees
| | | |
|
22
| | | | |
|
5,465,707
| | | | |
|
-
| | |
Deferred revenue
| | | | | | | | | |
|
-
| | | | |
|
278,717
| | |
Current portion of lease obligations
| | | |
|
11
| | | | |
|
-
| | | | |
|
2,306,823
| | |
TOTAL CURRENT LIABILITIES
| | | | | | | | | | | 9,889,305 | | | | | | 8,432,212 | | |
NON-CURRENT | | | | | | | | | | | | | | | | | | | |
Loan payable
| | | | | | | | | |
|
-
| | | | |
|
31,163
| | |
Lease obligations
| | | |
|
11
| | | | |
|
-
| | | | |
|
26,714,233
| | |
TOTAL NON-CURRENT LIABILITIES
| | | | | | | | | | | - | | | | | | 26,745,396 | | |
TOTAL LIABILITIES
| | | | | | | | | | | 9,889,305 | | | | | | 35,177,608 | | |
EQUITY | | | | | | | | | | | | | | | | | | | |
Share capital
| | | |
|
13
| | | | |
|
107,171,410
| | | | |
|
132,111,283
| | |
Warrant reserve
| | | |
|
14
| | | | |
|
3,245,939
| | | | |
|
6,196,906
| | |
Share-based payment reserve
| | | |
|
15
| | | | |
|
4,530,554
| | | | |
|
8,409,758
| | |
Accumulated other comprehensive income
| | | | | | | | | |
|
3,927
| | | | |
|
683,647
| | |
Deficit
| | | | | | | | | |
|
(88,236,741)
| | | | |
|
(80,442,833)
| | |
TOTAL EQUITY
| | | | | | | | | | | 26,715,089 | | | | | | 66,958,761 | | |
TOTAL LIABILITIES AND EQUITY
| | | | | | | | | | | 36,604,394 | | | | | | 102,136,369 | | |
| /s/ Greg Mayes | | | | | | /s/ Helen Boudreau | |
|
Director
| | | | | |
Director
| |
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
| | | | | | | | |
Three Months Ended December 31, 2022 | | |
Three Months Ended December 31, 2021 | | |
Nine Months Ended December 31, 2022 | | |
Nine Months Ended December 31, 2021 | | ||||||||||||
(Expressed in Canadian Dollars)
| | |
Notes
| | |
$
| | |
$
| | |
$
| | |
$
| | |||||||||||||||
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administration
| | | |
|
17
| | | | |
|
3,132,439
| | | | |
|
4,612,937
| | | | |
|
9,004,853
| | | | |
|
7,878,149
| | |
Research and development
| | | |
|
18
| | | | |
|
3,440,697
| | | | |
|
1,102,175
| | | | |
|
8,573,180
| | | | |
|
4,656,376
| | |
Total operating expenses
| | | | | | | | | | | 6,573,136 | | | | | | 5,715,112 | | | | | | 17,578,033 | | | | | | 12,534,525 | | |
OTHER INCOME (EXPENSES) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
| | | | | | | | | |
|
232,842
| | | | |
|
91,115
| | | | |
|
415,047
| | | | |
|
320,593
| | |
Foreign exchange gain (loss)
| | | | | | | | | |
|
(390,397)
| | | | |
|
(266,690)
| | | | |
|
846,681
| | | | |
|
401,540
| | |
Impairment of investment in associate
| | | |
|
9
| | | | |
|
-
| | | | |
|
-
| | | | |
|
(8,336,404)
| | | | |
|
-
| | |
Share of loss of associate
| | | |
|
9
| | | | |
|
(2,193,327)
| | | | |
|
-
| | | | |
|
(3,426,629)
| | | | |
|
-
| | |
Amortization, derecognition and remeasurement of financial guarantees | | | |
|
22
| | | | |
|
(3,530,656)
| | | | |
|
-
| | | | |
|
(3,530,656)
| | | | |
|
-
| | |
Net loss from continuing operations | | | | | | | | | | | (12,454,674) | | | | | | (5,890,687) | | | | | | (31,609,994) | | | | | | (11,812,392) | | |
Net loss from discontinued Clinic Operations
| | | |
|
4
| | | | |
|
-
| | | | |
|
(9,080,483)
| | | | |
|
(10,390,695)
| | | | |
|
(28,708,453)
| | |
NET LOSS
| | | | | | | | | | | (12,454,674) | | | | | | (14,971,170) | | | | | | (42,000,689) | | | | | | (40,520,845) | | |
Other comprehensive income (loss) from continuing operations
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Exchange gain (loss) from translation of foreign subsidiaries | | | | | | | | | |
|
5,322
| | | | |
|
-
| | | | |
|
(16,555)
| | | | |
|
-
| | |
Share of exchange gain in associate
| | | | | | | | | |
|
7,570
| | | | |
|
-
| | | | |
|
20,482
| | | | |
|
-
| | |
Other comprehensive income (loss) from discontinued Clinic Operations
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Exchange gain (loss) from translation of foreign subsidiaries | | | | | | | | | |
|
-
| | | | |
|
118,092
| | | | |
|
(1,507,515)
| | | | |
|
(230,240)
| | |
COMPREHENSIVE LOSS
| | | | | | | | | | | (12,441,782) | | | | | | (14,853,078) | | | | | | (43,504,277) | | | | | | (40,751,085) | | |
NET LOSS PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
| | | |
|
16
| | | | |
|
(1.07)
| | | | |
|
(1.30)
| | | | |
|
(3.61)
| | | | |
|
(3.51)
| | |
NET LOSS PER SHARE FROM CONTINUING OPERATIONS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
| | | |
|
16
| | | | |
|
(1.07)
| | | | |
|
(0.51)
| | | | |
|
(2.72)
| | | | |
|
(1.02)
| | |
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| | | | | | | | |
Share Capital
| | |
Warrant Reserve | | |
Share- Based Payment Reserve | | |
Accumulated Other Comprehensive Income | | |
Deficit
| | |
Total Shareholders' Equity | | ||||||||||||||||||||||||
(Expressed in Canadian Dollars)
| | |
Notes
| | |
# Shares
| | |
$
| | |
$
| | |
$
| | |
$
| | |
$
| | |
$
| | ||||||||||||||||||||||||
Balance, April 1, 2022
| | | | | | | | | | | 58,150,789 | | | | | | 132,111,283 | | | | | | 6,196,906 | | | | | | 8,409,758 | | | | | | 683,647 | | | | | | (80,442,833) | | | | | | 66,958,761 | | |
Net loss
| | | | | | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | (42,000,689) | | | | |
|
(42,000,689)
| | |
Foreign exchange loss from translation of foreign subsidiaries and associate
| | | | | | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | (1,503,588) | | | | | | - | | | | |
|
(1,503,588)
| | |
Comprehensive loss
| | | | | | | | | |
|
-
| | | | |
|
-
| | | | |
|
-
| | | | |
|
-
| | | | | | (1,503,588) | | | | | | (42,000,689) | | | | |
|
(43,504,277)
| | |
Share issuance before the Arrangement
| | | | | | | | | | | 37,500 | | | | | | 56,250 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | |
|
56,250
| | |
Stock options exercised before the Arrangement
| | | |
|
15
| | | | | | 26,479 | | | | | | 19,483 | | | | | | - | | | | | | (6,244) | | | | | | - | | | | | | - | | | | |
|
13,239
| | |
Warrants expired
| | | |
|
14
| | | | | | - | | | | | | - | | | | | | (2,772,748) | | | | | | - | | | | | | - | | | | | | 2,772,748 | | | | |
|
-
| | |
Common shares cancelled on execution of the Arrangement
| | | |
|
13
| | | | | | (58,214,768) | | | | | | (132,187,016) | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | |
|
(132,187,016)
| | |
New common shares issued on execution of the Arrangement | | | |
|
13
| | | | | | 11,642,953 | | | | | | 132,187,016 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | |
|
132,187,016
| | |
Fractional common shares cancelled on execution of the Arrangement
| | | |
|
13
| | | | | | (30) | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
Modification of common shares on execution of the Arrangement
| | | | | | | | | | | - | | | | | | (25,027,506) | | | | | | - | | | | | | - | | | | | | - | | | | | | 25,027,506 | | | | | | - | | |
Transfer of reserves and Accumulated Other Comprehensive Income to Field Trip Health & Wellness
| | | | | | | | | | | - | | | | | | - | | | | | | - | | | | | | (5,720,641) | | | | | | 823,868 | | | | | | 4,896,773 | | | | |
|
-
| | |
Net liabilities transferred to Field Trip Health & Wellness
| | | |
|
4
| | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 1,331,535 | | | | |
|
1,331,535
| | |
Share-based payments
| | | |
|
15
| | | | | | - | | | | | | - | | | | | | - | | | | | | 1,851,386 | | | | | | - | | | | | | - | | | | |
|
1,851,386
| | |
Stock options exercised after the Arrangement
| | | |
|
15
| | | | | | 2,229 | | | | | | 11,900 | | | | | | - | | | | | | (3,705) | | | | | | - | | | | | | - | | | | |
|
8,195
| | |
Warrants expired after the Arrangement
| | | |
|
14
| | | | | | - | | | | | | - | | | | | | (178,219) | | | | | | - | | | | | | - | | | | | | 178,219 | | | | |
|
-
| | |
Balance, December 31, 2022
| | | | | | | | | | | 11,645,152 | | | | | | 107,171,410 | | | | | | 3,245,939 | | | | | | 4,530,554 | | | | | | 3,927 | | | | | | (88,236,741) | | | | | | 26,715,089 | | |
| | | | | | | | |
Share Capital
| | |
Warrant Reserve | | |
Share- Based Payment Reserve | | |
Accumulated Other Comprehensive Income | | |
Deficit
| | |
Total Shareholders' Equity | | ||||||||||||||||||||||||
| | | | | | | | |
# Shares
| | |
$
| | |
$
| | |
$
| | |
$
| | |
$
| | |
$
| | |||||||||||||||||||||
Balance, April 1, 2021
| | | | | | | | | | | 57,297,238 | | | | | | 130,784,175 | | | | | | 6,370,660 | | | | | | 1,832,224 | | | | | | 327,302 | | | | | | (25,751,703) | | | | | | 113,562,658 | | |
Net loss
| | | | | | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | (40,520,845) | | | | | | (40,520,845) | | |
Exchange loss from translation of foreign subsidiaries
| | | | | | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | (230,240) | | | | | | - | | | | | | (230,240) | | |
Comprehensive loss
| | | | | | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | (230,240) | | | | | | (40,520,845 | | | | | | (40,751,085) | | |
Share issuance
| | | | | | | | | | | 225,000 | | | | | | 337,500 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 337,500 | | |
Share issuance costs
| | | | | | | | | | | - | | | | | | (78,801) | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | (78,801) | | |
Share-based payments
| | | |
|
15
| | | | | | - | | | | | | - | | | | | | - | | | | | | 5,181,070 | | | | | | - | | | | | | - | | | | | | 5,181,070 | | |
Warrants exercised
| | | |
|
14
| | | | | | 168,885 | | | | | | 511,525 | | | | | | (173,755) | | | | | | - | | | | | | - | | | | | | - | | | | | | 337,770 | | |
Stock options exercised
| | | |
|
15
| | | | | | 310,391 | | | | | | 393,677 | | | | | | - | | | | | | (156,238) | | | | | | - | | | | | | - | | | | | | 237,439 | | |
Balance, December 31, 2021
| | | | | | | | | | | 58,001,514 | | | | | | 131,948,076 | | | | | | 6,196,905 | | | | | | 6,857,056 | | | | | | 97,062 | | | | | | (66,272,548) | | | | | | 78,826,551 | | |
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | |
For the Nine Months Ended December 31, 2022 | | |
For the Nine Months Ended December, 2021 | | ||||||
(Expressed in Canadian dollars)
| | |
Notes
| | |
$
| | |
$
| | |||||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Net loss before tax from continuing operations
| | | | | | | | | |
|
(31,609,994)
| | | | |
|
(11,812,392)
| | |
Net loss before tax from discontinued Clinic Operations
| | | |
|
4
| | | | |
|
(10,390,695)
| | | | |
|
(28,708,453)
| | |
Net loss before tax
| | | | | | | | | |
|
(42,000,689)
| | | | |
|
(40,520,845)
| | |
Items not involving cash: | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
| | | | | | | | | |
|
1,204,670
| | | | |
|
2,478,213
| | |
Share-based payments
| | | |
|
15
| | | | |
|
1,910,308
| | | | |
|
5,518,570
| | |
Unrealized foreign exchange gain
| | | | | | | | | |
|
(1,447,419)
| | | | |
|
(390,788)
| | |
Government assistance
| | | | | | | | | |
|
-
| | | | |
|
(12,103)
| | |
Impairment of investment in associate
| | | |
|
9
| | | | |
|
8,336,404
| | | | |
|
-
| | |
Share of loss of associate
| | | |
|
9
| | | | |
|
3,426,629
| | | | |
|
-
| | |
Amortization, derecognition and remeasurement of financial guarantees | | | |
|
22
| | | | |
|
3,530,656
| | | | |
|
-
| | |
Impairment of fixed assets
| | | |
|
8
| | | | |
|
997,524
| | | | |
|
-
| | |
Gain on proceeds from short term investments
| | | | | | | | | |
|
-
| | | | |
|
(57,594)
| | |
Interest income
| | | | | | | | | |
|
(426,075)
| | | | |
|
(283,961)
| | |
Interest expense
| | | | | | | | | |
|
585,492
| | | | |
|
724,053
| | |
Net change in non-cash working capital
| | | |
|
19
| | | | |
|
608,520
| | | | |
|
(1,361,100)
| | |
| | | | | | | | | | | (23,273,980) | | | | | | (33,905,555) | | |
Interest received
| | | | | | | | | |
|
362,078
| | | | |
|
55,741
| | |
Interest paid
| | | | | | | | | |
|
(583,849)
| | | | |
|
(720,602)
| | |
CASH USED IN OPERATING ACTIVITIES
| | | | | | | | | | | (23,495,751) | | | | | | (34,570,416) | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Purchase of short-term investments
| | | | | | | | | |
|
(7,789,921)
| | | | | | | | |
Proceeds from maturing short-term investments
| | | | | | | | | |
|
7,789,921
| | | | |
|
16,994,164
| | |
Investment in associate
| | | |
|
9
| | | | |
|
(9,807,500)
| | | | |
|
-
| | |
Advances made to associate
| | | |
|
4
| | | | |
|
(490,726)
| | | | |
|
-
| | |
Advances repaid by associate
| | | |
|
4, 21
| | | | |
|
3,300,373
| | | | |
|
-
| | |
Acquisition of property, plant and equipment
| | | | | | | | | |
|
(231,841)
| | | | |
|
(2,399,276)
| | |
Development of intangible assets
| | | | | | | | | |
|
(14,264)
| | | | |
|
(217,091)
| | |
Refundable security deposit paid for right-of-use assets
| | | | | | | | | |
|
-
| | | | |
|
(422,353)
| | |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
| | | | | | | | | | | (7,243,958) | | | | | | 13,955,444 | | |
FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of stock options
| | | |
|
13
| | | | |
|
17,830
| | | | |
|
237,439
| | |
Proceeds from exercise of warrants
| | | | | | | | | |
|
-
| | | | |
|
337,770
| | |
Repayment of principal of lease obligations
| | | | | | | | | |
|
(896,420)
| | | | |
|
(657,407)
| | |
Loan received
| | | | | | | | | |
|
-
| | | | |
|
20,000
| | |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
| | | | | | | | | | | (878,590) | | | | | | 62,198 | | |
Net change in cash during the year
| | | | | | | | | |
|
(31,618,299)
| | | | |
|
(20,677,170)
| | |
Effect of exchange rate on changes in cash
| | | | | | | | | |
|
(492,351)
| | | | |
|
(176,742)
| | |
Cash, beginning of the period
| | | | | | | | | |
|
64,496,653
| | | | |
|
39,852,614
| | |
CASH, END OF PERIOD
| | | | | | | | | | | 32,386,003 | | | | | | 18,988,702 | | |
Represented by: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
| | | | | | | | | |
|
31,870,745
| | | | |
|
18,353,844
| | |
Restricted cash
| | | | | | | | | |
|
515,258
| | | | |
|
644,858
| | |
CASH, END OF PERIOD
| | | | | | | | | | | 32,386,003 | | | | | | 18,998,702 | | |
Composed of: | | | | | | | | | | | | | | | | | | | |
Cash
| | | | | | | | | |
|
3,857,301
| | | | |
|
10,742,482
| | |
Cash equivalents
| | | | | | | | | |
|
28,528,702
| | | | |
|
8,256,220
| | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
| | |
As at August 10, 2022 | | |||
(Expressed in Canadian Dollars)
| | |
$
| | |||
ASSETS | | | | | | | |
CURRENT | | | | | | | |
Cash and cash equivalents
| | | |
|
156,096
| | |
Restricted cash
| | | |
|
338,649
| | |
Accounts receivable
| | | |
|
318,965
| | |
Other assets
| | | |
|
547,069
| | |
TOTAL CURRENT ASSETS
| | | | | 1,360,779 | | |
NON-CURRENT | | | | | | | |
Property, plant and equipment
| | | |
|
3,362,679
| | |
Intangible assets
| | | |
|
450,941
| | |
Right-of-use assets
| | | |
|
27,487,957
| | |
Other non-current assets
| | | |
|
709,019
| | |
TOTAL NON-CURRENT ASSETS
| | | | | 32,010,596 | | |
ASSETS HELD FOR TRANSFER RELATED TO SPINOUT OF CLINIC OPERATIONS
| | | | | 33,371,375 | | |
LIABILITIES | | | | | | | |
CURRENT | | | | | | | |
Accounts payable and accrued liabilities
| | | |
|
1,851,219
| | |
Due to Reunion Neuroscience Inc.
| | | |
|
3,096,841
| | |
Deferred revenue
| | | |
|
421,144
| | |
Current portion of lease obligations
| | | |
|
2,629,171
| | |
TOTAL CURRENT LIABILITIES
| | | | | 7,998,375 | | |
NON-CURRENT | | | | | | | |
Loan payable
| | | |
|
32,807
| | |
Lease obligations
| | | |
|
26,671,728
| | |
TOTAL NON-CURRENT LIABILITIES
| | | | | 26,704,535 | | |
LIABILITIES DIRECTLY ASSOCIATED WITH THE ASSETS HELD FOR TRANSFER RELATED TO SPINOUT OF CLINIC OPERATIONS
| | | | | 34,702,910 | | |
NET LIABILITIES
| | | | | (1,331,535) | | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
| | |
For the period from July 1, 2022 - August 10, 2022 | | |
Three Months Ended December 31, 2021 | | |
For the period from April 1, 2022 - August 10, 2022 | | |
Nine Months Ended December 31, 2021 | | ||||||||||||
| | |
$
| | |
$
| | |
$
| | |
$
| | ||||||||||||
REVENUE | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenue
| | | | | 761,660 | | | | | | 1,360,811 | | | | | | 2,586,064 | | | | | | 3,136,027 | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administration
| | | |
|
1,889,329
| | | | |
|
4,507,396
| | | | |
|
8,225,805
| | | | |
|
16,966,006
| | |
Occupancy costs
| | | |
|
127,070
| | | | |
|
448,077
| | | | |
|
1,355,022
| | | | |
|
1,361,187
| | |
Sales and marketing
| | | |
|
286,715
| | | | |
|
1,079,084
| | | | |
|
956,613
| | | | |
|
3,458,645
| | |
Research and development
| | | |
|
116,863
| | | | |
|
319,338
| | | | |
|
161,168
| | | | |
|
321,038
| | |
Depreciation and amortization
| | | |
|
-
| | | | |
|
1,014,018
| | | | |
|
1,204,670
| | | | |
|
2,478,213
| | |
Patient services
| | | |
|
1,260,802
| | | | |
|
2,546,763
| | | | |
|
3,774,751
| | | | |
|
6,458,901
| | |
Total operating expenses
| | | | | 3,680,779 | | | | | | 9,914,676 | | | | | | 15,678,029 | | | | | | 31,043,990 | | |
OTHER INCOME (EXPENSES) | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
| | | |
|
3,859
| | | | |
|
6,891
| | | | |
|
12,480
| | | | |
|
20,962
| | |
Interest expense
| | | |
|
(179,089)
| | | | |
|
(320,944)
| | | | |
|
(585,492)
| | | | |
|
(724,053)
| | |
Other income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign exchange gain (loss)
| | | |
|
940,332
| | | | |
|
(212,565)
| | | | |
|
3,274,282
| | | | |
|
(109,502)
| | |
Government assistance
| | | |
|
-
| | | | |
|
-
| | | | |
|
-
| | | | |
|
12,103
| | |
Net loss before income taxes
| | | | | (2,154,017) | | | | | | (9,080,483) | | | | | | (10,390,695) | | | | | | (28,708,453) | | |
Income taxes
| | | |
|
-
| | | | |
|
-
| | | | |
|
-
| | | | |
|
-
| | |
Net loss after tax
| | | | | (2,154,017) | | | | | | (9,080,483) | | | | | | (10,390,695) | | | | | | (28,708,453) | | |
Exchange gain (loss) from translation of foreign subsidiaries
| | | |
|
(589,960)
| | | | |
|
118,092
| | | | |
|
(1,507,515)
| | | | |
|
(230,240)
| | |
COMPREHENSIVE LOSS
| | | | | (2,743,977) | | | | | | (8,962,391) | | | | | | (11,898,210) | | | | | | (28,938,693) | | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
| | |
For the period from April 1, 2022 - August 10, 2022 | | |
Nine months ended December 31, 2021 | | ||||||
| | |
$
| | |
$
| | ||||||
Cash used in operating activities
| | | |
|
(6,232,404)
| | | | |
|
(11,440,935)
| | |
Cash used in investing activities
| | | |
|
(246,106)
| | | | |
|
(3,038,720)
| | |
Cash provided by financing activities
| | | |
|
4,747,183
| | | | |
|
15,891,975
| | |
Net cash inflow (outflow)
| | | | | (1,731,327) | | | | | | 1,412,320 | | |
| | |
As at December 31, 2022 | | |
As at March 31, 2022 | | ||||||
| | |
$
| | |
$
| | ||||||
Trade receivables
| | | |
|
-
| | | | |
|
250,139
| | |
Sales tax receivable
| | | |
|
1,624,764
| | | | |
|
728,176
| | |
Other receivables
| | | |
|
-
| | | | |
|
250,430
| | |
| | | | | 1,624,764 | | | | | | 1,228,745 | | |
| | |
As at December 31, 2022 | | |
As at March 31, 2022 | | ||||||
| | |
$
| | |
$
| | ||||||
Prepaid expenses
| | | |
|
2,283,194
| | | | |
|
3,448,069
| | |
Lease security deposits
| | | |
|
-
| | | | |
|
678,854
| | |
Shareholder loans receivable
| | | |
|
55,275
| | | | |
|
53,185
| | |
| | | | | 2,338,469 | | | | | | 4,180,108 | | |
Less amounts due within one year
| | | |
|
(2,283,194)
| | | | |
|
(3,451,901)
| | |
Non-current balance
| | | |
|
55,275
| | | | |
|
728,207
| | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
Cost
| | |
Leasehold Improvements $ | | |
Furniture & Fixtures $ | | |
Computer Equipment $ | | |
Medical & Laboratory Equipment $ | | |
Construction in Progress $ | | |
Total $ | | ||||||||||||||||||
Balance, April 1, 2022
| | | | | 2,652,290 | | | | | | 627,200 | | | | | | 963,801 | | | | | | 416,833 | | | | | | 962,640 | | | | | | 5,622,764 | | |
Additions related to Clinic Operations | | | | | - | | | | | | - | | | | | | 37,567 | | | | | | - | | | | | | 10,114 | | | | | | 47,681 | | |
Impairment charge related to Clinic Operations
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | (997,524) | | | | | | (997,524) | | |
Foreign currency translation adjustment related to Clinic Operations
| | | | | 63,135 | | | | | | 19,514 | | | | | | 28,302 | | | | | | 19,353 | | | | | | 24,770 | | | | | | 155,074 | | |
Assets held for transfer related to spinout of Clinic Operations
| | | | | (2,715,425) | | | | | | (646,714) | | | | | | (1,029,670) | | | | | | (436,186) | | | | | | - | | | | | | (4,827,995) | | |
Balance, December 31, 2022
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
Accumulated depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, April 1, 2022
| | | | | (625,016) | | | | | | (134,859) | | | | | | (307,993) | | | | | | (92,721) | | | | | | - | | | | | | (1,160,589) | | |
Depreciation expense related to Clinic Operations | | | | | (129,348) | | | | | | (31,824) | | | | | | (84,553) | | | | | | (21,207) | | | | | | - | | | | | | (266,932) | | |
Foreign currency translation adjustment related to Clinic Operations
| | | | | (19,469) | | | | | | (4,967) | | | | | | (8,177) | | | | | | (5,182) | | | | | | - | | | | | | (37,795) | | |
Assets held for transfer related to spinout of Clinic Operations
| | | | | 773,833 | | | | | | 171,650 | | | | | | 400,723 | | | | | | 119,110 | | | | | | - | | | | | | 1,465,316 | | |
Balance, December 31, 2022
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
Net book value as at | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2022
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
March 31, 2022
| | | | | 2,027,274 | | | | | | 492,341 | | | | | | 655,808 | | | | | | 324,112 | | | | | | 962,640 | | | | | | 4,462,175 | | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
| | |
As at December 31, 2022 $ | | |||
Investment in Field Trip H&W
| | | | | 9,807,500 | | |
Loss allowance for lease guarantees provided to Field Trip H&W (Note 22)
| | | | | 1,935,051 | | |
Share of loss of an associate
| | | | | (1,233,302) | | |
Share of exchange gain in associate
| | | | | 12,912 | | |
Impairment in investment in associate
| | | | | (8,336,404) | | |
Balance, September 30, 2022
| | | | | 2,185,757 | | |
Share of loss of an associate
| | | | | (2,193,327) | | |
Share of exchange gain in associate
| | | | | 7,570 | | |
Balance, December 31, 2022
| | | | | - | | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
Cost
| | |
Field Trip Health Website $ | | |
Field Trip Health Portal $ | | |
Trip App $ | | |
Total $ | | ||||||||||||
Balance, April 1, 2022
| | | | | 182,905 | | | | | | 251,263 | | | | | | 278,282 | | | | | | 712,450 | | |
Additions related to Clinic Operations
| | | | | - | | | | | | - | | | | | | 14,264 | | | | | | 14,264 | | |
Assets held for transfer related to spinout of Clinic Operations
| | | | | (182,905) | | | | | | (251,263) | | | | | | (292,546) | | | | | | (726,714) | | |
Balance, December 31, 2022
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
Accumulated amortization | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, April 1, 2022
| | | | | (88,599) | | | | | | (70,599) | | | | | | (69,898) | | | | | | (229,096) | | |
Amortization expense related to Clinic Operations
| | | | | (11,400) | | | | | | (16,568) | | | | | | (18,709) | | | | | | (46,677) | | |
Assets held for transfer related to spinout of Clinic Operations
| | | | | 99,999 | | | | | | 87,167 | | | | | | 88,607 | | | | | | 275,773 | | |
Balance, December 31, 2022
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
Net book value as at | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2022
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
March 31, 2022
| | | | | 94,306 | | | | | | 180,664 | | | | | | 208,384 | | | | | | 483,354 | | |
Cost
| | |
Total $ | | |||
Balance, April 1, 2022
| | | | | 30,960,968 | | |
Foreign currency translation adjustment related to Clinic Operations
| | | | | 1,225,611 | | |
Assets held for transfer related to spinout of Clinic Operations
| | | | | (32,186,579) | | |
Balance, December 31, 2022
| | | | | - | | |
Accumulated depreciation | | | | | | | |
Balance, April 1, 2022
| | | | | (3,675,634) | | |
Depreciation expense related to Clinic Operations
| | | | | (891,061) | | |
Foreign currency translation adjustment related to Clinic Operations
| | | | | (131,927) | | |
Assets held for transfer related to spinout of Clinic Operations
| | | | | 4,698,622 | | |
Balance, December 31, 2022
| | | | | - | | |
Net book value as at | | | | | | | |
December 31, 2022
| | | | | - | | |
March 31, 2022
| | | | | 27,285,334 | | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
| | |
Total $ | | |||
As at April 1, 2022
| | | | | 29,021,056 | | |
Foreign currency translation adjustment related to Clinic Operations
| | | | | 1,176,263 | | |
Payments during the period related to Clinic Operations
| | | | | (1,480,269) | | |
Interest expense during the period related to Clinic Operations
| | | | | 583,849 | | |
Liabilities directly associated with the assets held for transfer related to spinout of Clinic Operations
| | | | | (29,300,899) | | |
| | | | | - | | |
| | |
As at December 31, 2022 $ | | |
As at March 31, 2022 $ | | ||||||
General and administration
| | | |
|
2,069,057
| | | | |
|
3,683,931
| | |
Research and development
| | | |
|
2,354,541
| | | | |
|
801,901
| | |
Occupancy
| | | |
|
-
| | | | |
|
44,232
| | |
Patient services
| | | |
|
-
| | | | |
|
1,029,479
| | |
Sales and marketing
| | | |
|
-
| | | | |
|
92,856
| | |
Property, plant and equipment
| | | |
|
-
| | | | |
|
194,273
| | |
| | | | | 4,423,598 | | | | | | 5,846,672 | | |
Class of Shares
| | |
Number of Shares Issued | | |
Amount $ | | ||||||
Reunion Shares
| | | |
|
11,645,152
| | | | |
|
107,171,410
| | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
Class of Shares
| | |
As at December 31, 2022 | | |
As at March 31, 2022 | | ||||||
Common Share Stock Options
| | | |
|
1,418,023
| | | | |
|
6,056,540
| | |
Warrants
| | | |
|
-
| | | | |
|
2,071,090
| | |
FTP Compensation Warrants
| | | |
|
-
| | | | |
|
174,384
| | |
Compensation Warrants
| | | |
|
206,973
| | | | |
|
1,034,868
| | |
Jamaica Facility Shares (Note 15)
| | | |
|
-
| | | | |
|
337,500
| | |
| | | | | 1,624,996 | | | | | | 9,674,382 | | |
| | |
FTP Compensation Warrants # | | |
Compensation Warrants # | | |
Warrants # | | |
Total Warrants # | | |
Total Amount $ | | |||||||||||||||
Balance, March 31, 2022
| | | | | 174,384 | | | | | | 1,034,868 | | | | | | 2,071,090 | | | | | | 3,280,342 | | | | | | 6,196,906 | | |
Warrants expired
| | | | | - | | | | | | - | | | | | | (2,071,090) | | | | | | (2,071,090) | | | | | | (2,772,748) | | |
Balance, August 10, 2022
| | | | | 174,384 | | | | | | 1,034,868 | | | | | | - | | | | | | 1,209,252 | | | | | | 3,424,158 | | |
Balance, August 10, 2022 following the consolidation of Warrants
| | | | | 34,876 | | | | | | 206,973 | | | | | | - | | | | | | 241,849 | | | | | | 3,424,158 | | |
Warrants expired after the Arrangement
| | | | | (34,876) | | | | | | - | | | | | | - | | | | | | (34,876) | | | | | | (178,219) | | |
Balance, December 31, 2022
| | | | | - | | | | | | 206,973 | | | | | | - | | | | | | 206,973 | | | | | | 3,245,939 | | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
| | |
Options # | | |
Range of Exercise Prices $ | | |
Weighted Average Exercise Price $ | | ||||||
Balance, April 1, 2022
| | | | | 6,056,540 | | | |
0.50 - 8.25
| | | | | 3.49 | | |
Stock Option Plan - Granted
| | | | | 755,500 | | | |
1.04 - 1.33
| | | | | 1.14 | | |
Stock Option Plan - Forfeited
| | | | | (772,105) | | | |
0.50 - 7.74
| | | | | 4.61 | | |
Stock Option Plan - Exercised
| | | | | (26,479) | | | |
0.50
| | | | | 0.50 | | |
Balance, August 10, 2022
| | | | | 6,013,456 | | | |
0.50 - 8.25
| | | | | 3.14 | | |
Balance, August 10, 2022 following the consolidation of options
| | | | | 1,202,680 | | | |
2.06 - 33.95
| | | | | 12.64 | | |
Stock Option Plan - Cancelled following the Arrangement
| | | | | (500,982) | | | |
2.06 - 33.95
| | | | | 13.64 | | |
Balance, August 11, 2022
| | | | | 701,698 | | | |
2.06 - 33.95
| | | | | 11.92 | | |
Options after the Arrangement | | | | | | | | | | | | | | | | |
Stock Option Plan - Granted
| | | | | 768,345 | | | |
1.74 - 8.23
| | | | | 2.09 | | |
Stock Option Plan - Forfeited
| | | | | (49,791) | | | |
2.06 - 23.25
| | | | | 10.47 | | |
Stock Option Plan - Exercised
| | | | | (2,229) | | | |
2.06
| | | | | 2.06 | | |
Balance, December 31, 2022
| | | | | 1,418,023 | | | |
1.74 - 33.95
| | | | | 6.66 | | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
| | |
Options # | | |
Range of Exercise Prices $ | | |
Weighted Average Exercise Price $ | | |||||||||
Balance, April 1, 2021
| | | | | 5,150,798 | | | | | | 0.50 - 8.25 | | | | | | 2.29 | | |
Stock Option Plan - Granted
| | | | | 2,071,286 | | | | | | 1.65 - 7.74 | | | | | | 6.08 | | |
Stock Option Plan - Forfeited
| | | | | (743,378) | | | | | | 0.50 - 8.00 | | | | | | 3.94 | | |
Stock Option Plan - Exercised
| | | | | (422,166) | | | | | | 0.50 - 2.68 | | | | | | 0.70 | | |
Balance, March 31, 2022
| | | | | 6,056,540 | | | | | | 0.50 - 8.25 | | | | | | 3.49 | | |
|
Options # | | |
Share Price $ | | |
Exercise Price $ | | |
Risk-free Interest Rate % | | |
Expected Life (years) | | |
Volatility Factor % | | |
Fair Value per Option $ | | ||||||||||||||||||
|
768,345
| | | | | 2.09 | | | | | | 2.09 | | | | | | 3.2 | | | | | | 10 | | | | | | 124 | | | | | | 2.01 | | |
|
Options # | | |
Share Price $ | | |
Exercise Price $ | | |
Risk-free Interest Rate % | | |
Expected Life (years) | | |
Volatility Factor % | | |
Fair Value per Option $ | | ||||||||||||||||||
|
755,500
| | | | | 1.14 | | | | | | 1.14 | | | | | | 2.9 | | | | | | 10 | | | | | | 100 | | | | | | 0.89 | | |
|
Options # | | |
Share Price $ | | |
Exercise Price $ | | |
Risk-free Interest Rate % | | |
Expected Life (years) | | |
Volatility Factor % | | |
Fair Value per Option $ | | ||||||||||||||||||
|
1,984,786
| | | | | 6.26 | | | | | | 6.26 | | | | | | 1.4 | | | | | | 9 | | | | | | 103 | | | | | | 5.33 | | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
|
Range of Exercise Prices $ | | |
Options # | | |
Remaining Contractual Life (years) | | |
Weighted Average Exercise Price $ | | |
Vested Options # | | |
Weighted Average Exercise Price $ | | |||||||||||||||
|
1.74 - 2.15
| | | | | 1,034,000 | | | | | | 8.3 | | | | | | 2.03 | | | | | | 246,572 | | | | | | 2.06 | | |
|
4.44 - 5.47
| | | | | 82,900 | | | | | | 9.5 | | | | | | 4.56 | | | | | | - | | | | | | - | | |
|
8.19 - 11.03
| | | | | 61,843 | | | | | | 2.5 | | | | | | 8.29 | | | | | | 52,365 | | | | | | 8.30 | | |
|
16.83 - 21.19
| | | | | 56,545 | | | | | | 4.1 | | | | | | 19.26 | | | | | | 40,608 | | | | | | 19.04 | | |
|
23.25 - 28.81
| | | | | 106,935 | | | | | | 5.4 | | | | | | 26.43 | | | | | | 66,144 | | | | | | 25.57 | | |
|
31.85 - 33.95
| | | | | 75,800 | | | | | | 6.4 | | | | | | 33.58 | | | | | | 42,362 | | | | | | 33.38 | | |
|
1.74 - 33.95
| | | | | 1,418,023 | | | | | | 7.6 | | | | | | 6.66 | | | | | | 448,051 | | | | | | 10.76 | | |
|
Range of Exercise Prices $ | | |
Options # | | |
Remaining Contractual Life (years) | | |
Weighted Average Exercise Price $ | | |
Vested Options # | | |
Weighted Average Exercise Price $ | | |||||||||||||||
|
0.50
| | | | | 2,239,617 | | | | | | 8.0 | | | | | | 0.50 | | | | | | 1,024,464 | | | | | | 0.50 | | |
|
1.65 - 2.35
| | | | | 832,569 | | | | | | 7.4 | | | | | | 2.00 | | | | | | 361,697 | | | | | | 2.00 | | |
|
2.55 - 3.83
| | | | | 50,000 | | | | | | 9.2 | | | | | | 2.87 | | | | | | 8,332 | | | | | | 2.68 | | |
|
3.83 - 5.75
| | | | | 1,266,747 | | | | | | 9.1 | | | | | | 5.15 | | | | | | 243,838 | | | | | | 4.92 | | |
|
5.75 - 8.25
| | | | | 1,667,607 | | | | | | 9.2 | | | | | | 7.01 | | | | | | 141,679 | | | | | | 8.03 | | |
|
0.50 - 8.25
| | | | | 6,056,540 | | | | | | 8.5 | | | | | | 3.49 | | | | | | 1,780,010 | | | | | | 2.02 | | |
| | |
Three Months Ended December 31, 2022 | | |
Three Months Ended December 31, 2021 | | |
Nine Months Ended December 31, 2022 | | |
Nine Months Ended December 31, 2021 | | ||||||||||||
Stock option compensation expense
| | |
$
| | |
$
| | |
$
| | |
$
| | ||||||||||||
Stock Option Plan
| | | | | 332,348 | | | | | | 2,050,547 | | | | | | 1,906,705 | | | | | | 5,395,933 | | |
Jamaica Facility Shares
| | | | | - | | | | | | - | | | | | | - | | | | | | 122,637 | | |
Stock-based compensation expense
| | | | | 332,348 | | | | | | 2,050,547 | | | | | | 1,906,705 | | | | | | 5,518,570 | | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
| | |
Three Months Ended December 31, 2022 | | |
Three Months Ended December 31, 2021 | | |
Nine Months Ended December 31, 2022 | | |
Nine Months Ended December 31, 2021 | | ||||||||||||
| | |
$
| | |
$
| | |
$
| | |
$
| | ||||||||||||
Stock option expense related to continuing operations | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administration
| | | | | 301,964 | | | | | | 303,233 | | | | | | 1,216,201 | | | | | | 693,403 | | |
Research and development
| | | | | 30,384 | | | | | | 65,948 | | | | | | 16,119 | | | | | | 314,053 | | |
Stock option expense related to Clinic Operations (Note 4) | | | | | - | | | | | | 1,681,366 | | | | | | 674,385 | | | | | | 4,511,114 | | |
Stock-based compensation expense
| | | | | 332,348 | | | | | | 2,050,547 | | | | | | 1,906,705 | | | | | | 5,518,570 | | |
| | |
Three Months Ended December 31, 2022 | | |
Three Months Ended December 31, 2021 | | |
Nine Months Ended December 31, 2022 | | |
Nine Months Ended December 31, 2021 | | ||||||||||||
Loss attributable to common shares ($)
| | | | | (12,454,674) | | | | | | (14,971,170) | | | | | | (42,000,689) | | | | | | (40,520,845) | | |
Weighted average number of shares outstanding - basic and diluted (#)
| | | | | 11,645,102 | | | | | | 11,569,645 | | | | | | 11,638,805 | | | | | | 11,529,343 | | |
Loss per common share, basic and diluted ($)
| | | | | (1.07) | | | | | | (1.30) | | | | | | (3.61) | | | | | | (3.51) | | |
Loss from continuing operations per common share, basic and diluted ($) | | | | | (1.07) | | | | | | (0.51) | | | | | | (2.72) | | | | | | (1.02) | | |
Loss from Clinic Operations per common share, basic and diluted ($) | | | | | - | | | | | | (0.79) | | | | | | (0.89) | | | | | | (2.49) | | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
| | |
Three Months Ended December 31, 2022 | | |
Three Months Ended December 31, 2021 | | |
Nine Months Ended December 31, 2022 | | |
Nine Months Ended December 31, 2021 | | ||||||||||||
| | |
$
| | |
$
| | |
$
| | |
$
| | ||||||||||||
Personnel costs
| | | | | 924,135 | | | | | | 438,867 | | | | | | 2,527,445 | | | | | | 674,262 | | |
External services (including listing and other public company related services)
| | | | | 1,906,340 | | | | | | 3,870,837 | | | | | | 5,261,207 | | | | | | 6,510,484 | | |
Share-based payments (Note 15)
| | | | | 301,964 | | | | | | 303,233 | | | | | | 1,216,201 | | | | | | 693,403 | | |
Total general and administration
| | | | | 3,132,439 | | | | | | 4,612,937 | | | | | | 9,004,853 | | | | | | 7,878,149 | | |
| | |
Three Months Ended December 31, 2022 | | |
Three Months Ended December 31, 2021 | | |
Nine Months Ended December 31, 2022 | | |
Nine Months Ended December 31, 2021 | | ||||||||||||
| | |
$
| | |
$
| | |
$
| | |
$
| | ||||||||||||
External services
| | | | | 2,606,763 | | | | | | 667,804 | | | | | | 6,384,143 | | | | | | 3,310,648 | | |
Personnel costs
| | | | | 780,552 | | | | | | 368,364 | | | | | | 2,105,113 | | | | | | 727,690 | | |
Share-based payments (Note 15)
| | | | | 30,384 | | | | | | 65,948 | | | | | | 16,119 | | | | | | 314,053 | | |
Supplies and services
| | | | | 22,998 | | | | | | 59 | | | | | | 67,805 | | | | | | 303,985 | | |
Total research and development
| | | | | 3,440,697 | | | | | | 1,102,175 | | | | | | 8,573,180 | | | | | | 4,656,376 | | |
| | |
Nine Months Ended December 31, 2022 | | |
Nine Months Ended December 31, 2021 | | ||||||
| | |
$
| | |
$
| | ||||||
Accounts receivable
| | | | | (714,962) | | | | | | (310,934) | | |
Other current assets
| | | | | 636,013 | | | | | | (1,690,690) | | |
Due from associate
| | | | | 37,690 | | | | | | - | | |
Other non-current assets
| | | | | (13,933) | | | | | | 60,351 | | |
Accounts payable and accrued liabilities
| | | | | 523,312 | | | | | | 428,818 | | |
Deferred revenue
| | | | | 140,400 | | | | | | 151,355 | | |
Net change in non-cash working capital
| | | | | 608,520 | | | | | | (1,361,100) | | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
| | |
As at December 31, 2022 | | |
As at March 31, 2022 | | ||||||
| | |
$
| | |
$
| | ||||||
Financial assets at amortized cost | | | | | | | | | | | | | |
Cash and cash equivalents
| | | |
|
31,870,745
| | | | |
|
63,720,102
| | |
Restricted cash
| | | |
|
515,258
| | | | |
|
776,551
| | |
Accounts receivable (excluding sales tax receivable)
| | | |
|
-
| | | | |
|
500,569
| | |
Due from associate
| | | |
|
255,158
| | | | |
|
-
| | |
Shareholders' loan receivable
| | | |
|
55,275
| | | | |
|
53,185
| | |
Total financial assets
| | | | | 32,696,436 | | | | | | 65,050,407 | | |
Financial liabilities at amortized cost | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
| | | |
|
4,423,598
| | | | |
|
5,846,672
| | |
Financial guarantees
| | | |
|
5,465,707
| | | | |
|
-
| | |
Loan payable
| | | |
|
-
| | | | |
|
31,163
| | |
Total financial liabilities
| | | | | 9,889,305 | | | | | | 5,877,835 | | |
Notes to the Unaudited Interim Consolidated Financial Statements
For the Three and Nine Months Ended December 31, 2022 and 2021
| | |
As at December 31, 2022 $ | | |||
Balance, September 30, 2022
| | | | | 1,935,051 | | |
Amortization of financial guarantees
| | | | | (55,528) | | |
Derecognition of financial guarantees
| | | | | (278,102) | | |
Remeasurement of financial guarantees
| | | | | 3,864,286 | | |
Balance, December 31, 2022
| | | | | 5,465,707 | | |
| | |
As at December 31, 2022 $ | | |||
Future lease payments, September 30, 2022
| | | | | 26,365,363 | | |
Derecognition of financial guarantees
| | | | | (4,939,415) | | |
Future lease payments, December 31, 2022
| | | | | 21,425,948 | | |
| | |
Within 1 year
| | |
1 to 5 years
| | |
After 5 years
| | |
Total
| | ||||||||||||
Future lease payments
| | | | | 2,671,542 | | | | | | 10,563,980 | | | | | | 8,190,426 | | | | | | 21,425,948 | | |
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Disclaimer
Field Trip Health Ltd. published this content on 14 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2023 12:41:03 UTC.