Imagin Medical : Financial Statements – Fiscal Q2 2022VIEW DOCUMENT

IMAGIN MEDICAL INC.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2022

and

March 31, 2021

(Expressed in Canadian Dollars)

Corporate Head Office

Suite 600, 890 West Pender St.

Vancouver, BC V6C 1L9

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NOTICE

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

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

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IMAGIN MEDICAL INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	March 31,		September 30,
	2022	2021
	$	$
A S S E T S
Current assets
Cash and cash equivalents (Note 3)	825,868	265,664
Amounts receivable and prepaids (Note 4)	401,324	385,821
	1,227,192	651,485
Intangible asset (Note 5)	114,080	123,030
	1,341,272	774,515
L I A B I L I T I E S & S H A R E H O L D E R S ' E Q U I T Y
Current liabilities
Accounts payable and accrued liabilities (Notes 6 and 8)	526,005	594,096
Convertible notes (Note 7)	14,457,581	11,721,098
	14,983,586	12,315,194
Shareholders' equity
Share capital (Note 9)	17,908,715	17,539,590
Share-based payment reserve	3,045,307	3,045,307
Deficit	(34,596,336)		(32,125,576)
	(13,462,314)	(11,540,679)
	1,341,272	774,515
Nature and continuance operations (Note 1)
Basis of presentation (Note 2)
Subsequent events (Note 13)
Approved on behalf of the Board of Directors:

"James Hutchens", Director & CEO

"Kayvon Namvar", Director

See notes to condensed interim consolidated financial statements

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IMAGIN MEDICAL INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

For the Six Months Ended March 31, 2022 and 2021

	Three	Three	Six	Six
	Months	Months	Months	Months
	Ended	Ended	Ended	Ended
	March 31,	March 31,	March 31,	March 31,
	2022	2021	2022	2021
			$	$
General and administrative expenses:
Amortization of intangible asset	7,650	7,346	15,300	14,693
Bank charges and interest	1,740	2,049	3,432	3,756
Business development (Note 8)	-	-	-	-
Consulting fees	42,649	53,340	62,039	95,484
Convertible note expense (Note 7)	364,841	1,390,266	900,601	1,278,015
Corporate and administration fees	4,500	6,155	11,865	11,880
Directors' fees (Note 8)	6,000	4,500	11,500	9,000
Filing and transfer agent fees	7,459	9,777	14,321	26,194
Legal & accounting fees (Note 8)	232,143	90,994	374,070	195,132
Management fees (Note 8)	110,320	142,175	220,928	288,651
Office, rent and insurance	45,586	36,194	74,113	64,848
Product development	335,035	340,429	767,135	549,323
Shareholders' communication, & promotion	1,255	122,272	16,899	209,541
Travel, meals & entertainment	5,039	8,301	9,353	15,388
	(1,164,217)	(2,213,798)	(2,481,556)	(2,761,905)
Other items:
Interest income	-	-	-	-
Foreign exchange	15,941	(23,114)	10,796	(37,267)
Stock-based compensation	-	(75,912)	-	(75,912)
Net loss and comprehensive loss	(1,148,276)	(2,312,824)	(2,470,760)	(2,875,084)
Basic and diluted loss per share	(0.12)	(0.26)	(0.25)	(0.32)
Weighted average - number of shares
outstanding	9,996,876	9,042,186	9,806,488	8,995,448

See notes to condensed interim consolidated financial statements

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IMAGIN MEDICAL INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months Ended March 31, 2022 and 2021

Cash provided by (used for):

Operating activities

Net loss for the period

Adjustments which do not affect cash: Amortization of intangible asset Convertible note recovery Stock-based compensation

Net changes in non-cash working capital items: Amounts receivable and prepaids Accounts payable and accrued liabilities

Investing activities

Purchase of intangible asset

Financing activities

Convertible note proceeds

Increase (decrease) in cash

Cash and cash equivalents - beginning of period Cash and cash equivalents - end of period

Supplementary disclosures:

Note 10 - Non-cash transactions

20222021

$$

(2,470,760) (2,875,084)

15,300 14,693

900,601 1,278,015

• 75,912
  (1,554,859) (1,506,464)

(15,503) (389,051)

(68,091) 66,389

(1,638,453) (1,829,126)

(6,835) (6,835)

(6,835) (6,835)

2,205,492 2,799,587

2,205,492 2,799,587

560,204 977,296

265,664 27,618

825,868 1,004,914

See notes to condensed interim consolidated financial statements

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