Telo Genomics : Q3 - 2022

Condensed Consolidated Interim Financial Statements (Expressed in Canadian Dollars)

Telo Genomics Corp.

For the Nine Months Ended March 31, 2022 and 2021 (unaudited)

1

NOTICE OF NO AUDITOR REVIEW OF

INTERIM FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.

The accompanying unaudited interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

2

Telo Genomics Corp.

Condensed Consolidated Interim Statements of Financial Position (Unaudited)

(Expressed in Canadian dollars)

		As at March 31,	As at June 30,
	Note	2022	2021
Assets		$	$
Current assets
Cash		3,162,895	3,636,502
Amounts receivable		57,695	96,730
Prepaid expenses		63,604	27,536
		3,284,194	3,760,768
Non-current assets
Property and equipment	6	18,623	62,075
Intangible asset	7	16,371	16,371
		34,994	78,446
Total assets		3,319,188	3,839,214
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities		47,566	113,656
Long-term loan	8	40,000	40,000
Total liabilities		87,566	153,656
Equity
Share capital	9	19,105,745	18,234,410
Contributed surplus	9	5,758,721	5,638,139
Deficit		(21,632,841)	(20,186,991)
Total equity		3,231,6242	3,685,558
Total liabilities and equity		3,319,188	3,839,214

Approved on behalf of the board of directors
/s/ Dr. Sabine Mai	/s/ Hugh Rogers
Director	Director
Going concern (Note 4)

See accompanying notes to the condensed consolidated interim financial statements.

Telo Genomics Corp.

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited)

(expressed in Canadian dollars)

		For the three	For the three	For the nine	For the nine
		months ended	months ended	months ended	months ended
		March 31,	March 31,	March 31,	March 31,
	Note	2022	2021	2022	2021
Expenses		$	$	$	$
General and administrative	10,12	242,455	156,759	727,695	368,607
Research and development	10,11	272,528	152,849	729,528	413,183
		(514,983)	(309,608)	(1,457,223)	(781,790)
Other (expenses) income:
Gain on write-off of accounts	11				61,007
payable
Net loss and comprehensive loss		(514,983)	(309,608)	(1,457,223)	(720,783)
Basic and diluted loss per share		(0.01)	(0.01)	(0.02)	(0.02)
Weighted average number of common
shares used in computing basic
and diluted loss per share		59,424,433	49,670,377	58,407,568	45,424,295

See accompanying notes to the condensed consolidated interim financial statements.

Telo Genomics Corp.

Condensed Consolidated Interim Statements of Changes in Equity (Unaudited)

(expressed in Canadian dollars)

	Number of	Share	Contributed	Deficit	Total
	Shares	capital	Surplus
		$	$	$	$
Balance, June 30, 2021	55,542,893	18,234,410	5,638,139	(20,186,991)	3,685,558
Private placement:
Gross proceeds	390,000	195,000	-	-	195,000
Finders fees - cash	-	(13,650)	-	-	(13,650)
Finders fees - warrants	-	(5,312)	5,312	-	-
Other share issuance costs	-	(3,011)	-	-	(3,011)
Warrant exercises	3,491,540	698,308	-	-	698,308
Share-based compensation	-	-	126,643	-	126,643
Expired options	-	-	(11,373)	11,373	-
Net loss for the period	-	-	-	(1,457,223)	(1,457,223)
Balance, March 31, 2022	59,424,433	19,105,745	5,758,721	(21,632,841)	3,231,624
	Number of	Share	Contributed	Deficit	Total
	Shares	capital	Surplus
		$	$	$	$
Balance June 30, 2020	41,285,553	14,326,422	5,565,860	(19,117,028)	775,254
Warrant exercises	9,815,960	1,874,432	-	-	1,874,432
Option exercises	50,000	7,500			7,500
Share issuance costs	-	(47,093)			(47,093)
Debt settlement	100,000	25,000			25,000
Share-based compensation			48,958		48,958
Net loss for the period	-	-	-	(720,783)	(720,783)
Balance, March 31, 2021	51,251,513	16,186,261	5,614,818	(19,837,811)	1,963,268

See accompanying notes to the condensed consolidated interim financial statements.