VANCOUVER, BC, Aug. 30, 2023 /CNW/ - PanGenomic Health Inc. ("PanGenomic Health" or the "Company") (CSE: NARA) (AQSE: NARA), is pleased to announce that it has filed financial statements for the six month period ended June 30, 2023 (the "First Half 2023 Financial Statements").
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:
As at | ||
PANGENOMIC HEALTH INC. Consolidated Statement of Financial Position (Expressed in Canadian Dollars) | June 30, 2023 $ | December 31, 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 |
PANGENOMIC HEALTH INC. | Six months ended June 30, | |||
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 | ||
PANGENOMIC HEALTH INC. | Six months ended | |
Consolidated Statement of Cash Flow | June 30, | June 30, |
(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 PanGenomic Health
PanGenomic Health is a precision health company that has developed a self-care digital platform to deliver personalized, evidence-based information about natural treatments. The Company's initial focus is to support mental health. Registered as a British Columbia benefit company, PanGenomic Health's mission is to promote and improve the health and wellness of people and society by providing a technology platform that identifies plant-based solutions tailored to the health profile of each individual.
This news release includes certain statements that may be deemed "forward-looking statements", including statements respecting the services to be provided by PanGenomic Health and the consideration to be paid to PanGenomic Health. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward looking statements. Although PanGenomic Health believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because PanGenomic Health can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in PanGenomic Health's disclosure documents which can be found under PanGenomic Health's profile on www.sedar.com.
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.
| Last Trade: | C$0.21 |
| Daily Volume: | 0 |
| Market Cap: | C$1.340M |
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