PANGENOMIC HEALTH INC. 
The First Half 2023 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.
Key highlights in the period included:
- Listed on the Aquis Stock Exchange (AQSE) in the
United Kingdom . - Introduced hormonal health support for women with the availability of the Women's Hormonal Health DNA Report.
- Launched e-commerce platform to market its proprietary natural herbal remedy information library and practitioner-vetted brands.
- Introduced rapid in-clinic access to patient Vitamin D assessments through the MUJN biomarker platform.
As at | ||
Consolidated Statement of Financial Position (Expressed in Canadian Dollars) | 2023 $ | 2022 $ |
(unaudited) | ||
ASSETS | ||
Current assets | ||
Cash and cash equivalents | 5 | 88,526 |
Amounts receivable | 74,792 | 157,817 |
Prepaid expenses | 91,055 | 204,103 |
Loan receivable | 33,087 | 33,924 |
Total current assets | 198,939 | 484,370 |
Non-current assets | ||
Equipment | 16,766 | 19,772 |
Total Assets | 215,705 | 504,142 |
LIABILITIES | ||
Current liabilities | ||
Accounts payable and accrued liabilities | 804,251 | 399,016 |
Loan payable | 500,000 | 101,771 |
Due to related parties | 358,993 | 218,465 |
Total liabilities | 1,663,244 | 719,252 |
SHAREHOLDERS' DEFICIT | ||
Common shares | 11,878,595 | 11,240,056 |
Equity reserves | 3,675,049 | 3,526,356 |
Deficit | (17,001,183) | (14,981,522) |
Total shareholders' deficit | (1,447,539) | (215,110) |
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | 215,705 | 504,142 |
Six months ended | ||||
Consolidated Statement of Operations and Comprehensive Loss | 2023 | 2022 | ||
(Expressed in Canadian Dollars) | $ | $ | ||
Expenses | ||||
Advertising and promotion | 57,801 | 200,604 | ||
Consulting fees | 560,401 | 493,509 | ||
Depreciation | 6,148 | 5,246 | ||
Director's fees | 60,000 | – | ||
General and administrative | 87,059 | 23,672 | ||
Professional fees | 258,909 | 156,897 | ||
Rent | 3,600 | 6,000 | ||
Research and development | 224,852 | 351,144 | ||
Share-based compensation | 148,693 | 202,215 | ||
Transfer agent and filing fees | 105,336 | 8,382 | ||
Wages and benefits | 450,047 | 182,008 | ||
Total expenses | 1,962,846 | 1,629,677 | ||
Loss before other income (expense) | (1,962,846) | (1,629,677) | ||
Other income (expense) | ||||
Interest expense | (12,492) | (57) | ||
Interest income | 1,239 | 1,410 | ||
Foreign exchange translation gain | (9,334) | (798) | ||
Write-off of amounts receivable | (36,228) | – | ||
Total other income (expense) | (56,815) | 555 | ||
Net loss and comprehensive loss for the period | (2,019,661) | (1,629,122) | ||
Loss per common share, basic and diluted | (0.02) | (0.04) | ||
Weighted average common shares outstanding | 98,981,911 | 39,042,791 | ||
Six months ended | ||
Consolidated Statement of Cash Flow | ||
(Expressed in Canadian Dollars) | 2023 | 2022 |
$ | $ | |
Operating activities | ||
Net loss | (2,019,661) | (1,629,122) |
Items not involving cash: | ||
Depreciation | 6,148 | 5,246 |
Foreign exchange translation loss (gain) | 837 | (542) |
Share-based compensation | 148,693 | 202,215 |
Write-off of amounts receivable | 36,228 | – |
Changes in non-cash operating working capital: | ||
Amounts receivable | 46,297 | (50,038) |
Prepaid expenses | 113,048 | 102,875 |
Accrued interest receivable | – | (7) |
Accounts payable and accrued liabilities | 399,985 | 175,159 |
Due to related parties | 155,428 | (860) |
Net cash used in operating activities | (1,112,997) | (1,195,074) |
Investing activities | ||
Purchase of equipment | (3,142) | (3,445) |
Net cash used in investing activities | (3,142) | (3,445) |
Financing activities | ||
Proceeds from issuance of units, net of issuance costs | 311,319 | – |
Proceeds from issuance of shares upon exercise of warrants | 327,220 | – |
Proceeds from units subscribed | – | 1,104,900 |
Proceeds from loans payable | 500,000 | – |
Repayment of loans payable | (101,771) | – |
Repayment of related party loans | (9,150) | – |
Net cash provided by financing activities | 1,027,618 | 1,104,900 |
Change in cash | (88,521) | (93,619) |
Cash and cash equivalents, beginning of period | 88,526 | 1,348,622 |
Cash and cash equivalents, end of period | 5 | 1,255,003 |
Cash and cash equivalents consist of: | ||
Cash in bank | – | 1,250,003 |
Bank indebtedness | (11,245) | – |
Cashable short-term investment certificate | 11,250 | 5,000 |
Total cash and cash equivalents | 5 | 1,255,003 |
Non-cash investing and financing activities: | ||
Issuance of common shares to acquire intangible asset | – | 75,000 |
About
This news release includes certain statements that may be deemed "forward-looking statements", including statements respecting the services to be provided by
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE
© Canada Newswire, source
