CanaQuest Medical Corporation Consolidated Condensed Interim Financial Statements (Unaudited)
for Quarter 1
June 30, 2022
CanaQuest Medical Corporation
Consolidated Condensed Interim Balance Sheets
Stated in Canadian Dollars
(Unaudited)
June 30, 2022 | March 31, 2022 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 3,600 | $ | 20,682 | ||||
Accounts receivable, net | 3,385 | 2,272 | ||||||
Prepaid manufacturing costs | 12,416 | 26,549 | ||||||
Prepaid expenses | 44,961 | 12,459 | ||||||
Total current assets | 64,362 | 61,962 | ||||||
Equipment and leasehold improvements, net | 23,942 | 25,231 | ||||||
Total assets | $ | 88,304 | $ | 87,193 | ||||
Liabilities and Stockholders' Deficiency | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 353,893 | $ | 329,628 | ||||
Advances related parties | 43,065 | 40,474 | ||||||
Term loans | 448,770 | 431,976 | ||||||
Warrant derivative liabilities | 127,172 | 142,888 | ||||||
Total current liabilities | 972,900 | 944,966 | ||||||
Going Concern | ||||||||
Commitments and Contingencies | ||||||||
Stockholders' Deficiency: | ||||||||
Common stock; no par value; unlimited shares authorized; 20,656,377 | ||||||||
shares issued and outstanding at June 30, 2022 and (March 31, 2022 - | 5,898,908 | |||||||
20,656,377), respectively | 5,898,908 | |||||||
Additional paid-in capital | 3,481,034 | 3,460,088 | ||||||
Equity to be issued | 341,710 | 299,933 | ||||||
Accumulated deficiency | (10,606,248) | (10,516,702) | ||||||
Total stockholders' deficiency | (884,596 | ) | (857,773 | ) | ||||
Total liabilities and stockholders' deficiency | $ | 88,304 | $ | 87,193 |
See accompanying notes
1
CanaQuest Medical Corporation
Consolidated Condensed Interim Statements of Operations
Stated in Canadian Dollars
(Unaudited)
The months ended June 30, | ||||||||
2022 | 2021 | |||||||
Revenue | $ | - | $ | - | ||||
Operating costs: | ||||||||
Application and membership fees | 2,269 | 1,131 | ||||||
Business development | 1,771 | 1,619 | ||||||
Depreciation | 1,289 | 1,179 | ||||||
Exchange | 2,051 | - | ||||||
Interest | 8,473 | 717 | ||||||
Management fee | 16,400 | 8,783 | ||||||
Occupancy | 9,970 | 2,471 | ||||||
Office | 3,217 | 4,459 | ||||||
Professional fees | 10,034 | 24,474 | ||||||
Research and development | 6,943 | 2,152 | ||||||
Stock-based compensation | 20,946 | 1,478 | ||||||
Telephone and internet | 10,821 | 4,613 | ||||||
Travel | 2,560 | 2,496 | ||||||
Total operating expenses | 96,744 | 55,572 | ||||||
Loss from operations | (96,744) | (55,572) | ||||||
Other income (expense): | ||||||||
Change in fair value of warrant derivative liability | 15,716 | (162,036) | ||||||
Interest expense | (8,518) | (5,482) | ||||||
Total other income (expense) | 7,198 | (167,518 | ) | |||||
Net loss for the period | $ | (89,546) | $ | (223,090) | ||||
Net loss per share - basic and diluted | $ | (0.00) | $ | (0.01) | ||||
Weighted average number of common shares outstanding - basic and | 20,656,377 | 20,136,377 | ||||||
diluted |
See accompanying notes
2
CanaQuest Medical Corporation
Consolidated Condensed Interim Statement of Stockholders' Deficiency
Stated in Canadian Dollars
(Unaudited)
Additional | Equity | Total | |||||||||||
Common | Common | Paid-in | to be | Accumulated | Stockholders' | ||||||||
Shares | Stock | Capital | Issued | Deficit | Deficiency | ||||||||
Balance, March 31, 2022 | 20,656,377 | $5,898,908 | $3,460,088 | $299,933 | $ (10,516,702) | $ | (857,773) | ||||||
Stock-based compensation | 20,946 | 20,946 | |||||||||||
Equity to be issued | 41,777 | 41,777 | |||||||||||
Net Loss for the period | (89,546) | (89,546) | |||||||||||
Balance, June 30, 2022 | 20,656,377 | $5,898,908 | $3,481,034 | $341,710 | $ (10,606,248 | ) | $ | (884,596 | ) |
See accompanying notes
3
CanaQuest Medical Corporation
Consolidated Condensed Interim Statements of Cash Flows
Stated in Canadian Dollars
(Unaudited)
Three months ended June 30, | ||||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net loss for the period | $ | (89,546) | $ | (223,090) | ||||
Adjustments to reconcile net loss to net cash used in operating | ||||||||
activities | ||||||||
Non-cash interest | 8,518 | 5,482 | ||||||
Depreciation | 1,289 | 1,179 | ||||||
Stock-based compensation | 20,946 | 1,478 | ||||||
Change in fair value of warrant derivative liability | (15,716) | 162,036 | ||||||
Change in operating assets and liabilities: | ||||||||
Prepaid expenses | 43 | (719) | ||||||
Prepaid manufacturing costs | (18,412) | - | ||||||
Accounts receivable | (1,113) | (886) | ||||||
Accounts payable and accrued expenses | 15,747 | (4,201) | ||||||
Net cash used in operating activities | (78,244 | ) | (58,721 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Advances from related parties | 30,625 | 38,342 | ||||||
Repayment to related parties | (28,034) | (42,836) | ||||||
Conversion of Term Loan | (34,510) | - | ||||||
Shares issued and to be issued | 41,777 | 10,000 | ||||||
Term Loan - Vital Link Financial Services, LLC | 51,304 | 75,115 | ||||||
Net cash provided (used in) by financing activities | 61,162 | 80,621 | ||||||
Net change in cash and cash equivalents | (17,082) | 21,900 | ||||||
Cash and cash equivalents, beginning of period | 20,682 | 1,894 | ||||||
Cash and cash equivalents, end of period | $ | 3,600 | $ | 23,794 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW | ||||||||
INFORMATION | ||||||||
Cash paid during the period for: | ||||||||
Interest paid | $ | 8,473 | $ | 717 | ||||
Income taxes paid | $ | - | $ | - | ||||
NON-CASH FINANCING ACTIVITIES | ||||||||
Common stock to be cancelled | $ | - | $ | - | ||||
Common stock issued to settle equity to be issued | $ | - | ||||||
Common stock issued for settlement of convertible notes and | $ | - | $ | - | ||||
interest |
See accompanying notes
4
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CanaQuest Medical Corp. published this content on 08 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2022 19:34:07 UTC.