VANCOUVER, BC, May 2, 2023 /CNW/ - PanGenomic Health Inc. ("PanGenomic Health" or the "Company") (CSE: NARA) (AQSE: NARA), is pleased to announce that it has filed its audited annual financial statements for the fiscal year ended December 31, 2022 (the "2022 Year End Financial Statements").
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 Robert Nygren, Executive Chair of PanGenomic Health. "The need for innovative solutions for consumers and their health practitioners to address mental health challenges is significant, and we believe that evidence-based natural solutions will play an important role."
Key highlights in the year included:
The Company's financial results for the year ended December 31, 2022 were as follows:
As at | ||
PANGENOMIC HEALTH INC. Consolidated Statement of Financial Position (Expressed in Canadian Dollars) | December 31, 2022 $ | December 31, 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 |
PANGENOMIC HEALTH INC. | Year ended December 31, | |||
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 | ||
PANGENOMIC HEALTH INC. | Year ended | |
Consolidated Statement of Cash Flow | December 31, | December 31, |
(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 Mindleap Health Inc. | (47,147) | – |
Cash acquired upon acquisition of Mindleap Health Inc. | 1,023 | – |
Cash acquired upon acquisition of Pangenomic Technologies Inc. | – | 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 |
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 those risk factors discussed in PanGenomic Health's Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2022, which can be found under PanGenomic Health's profile on www.sedar.com. Except as required under applicable securities legislation, PanGenomic Health undertakes no obligation to publicly update or revise forward-looking information.
SELECTED FINANCIAL INFORMATION
Except as noted below, the financial information provided in this news release is derived from the PanGenomic Health's audited financial statements for the year ended December 31, 2022 and the related notes thereto as prepared in accordance with International Financial Reporting Standards ("IFRS") and related IFRS Interpretations Committee ("IFRICs") as issued by the International Accounting Standards Board ("IASB"). A copy of PanGenomic Health's financial statements for the year ended December 31, 2022 and the related Management's Discussion and Analysis is available on 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 Change: | -0.49 -70.00 |
| Daily Volume: | 16,000 |
| Market Cap: | C$1.340M |
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