VAXIL BIO LTD | |
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS | |
(Unaudited) | |
(Expressed in Canadian Dollars) | |
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 | |
INDEX | |
Page | |
Condensed Consolidated Interim Statements of Financial Position | 3 |
Condensed Consolidated Interim Statements of Loss of Comprehensive and Loss | 4 |
Condensed Consolidated Interim Statements of Cash Flows | 5 |
Consolidated Statements of Changes in Equity | 6 |
Notes to the Condensed Consolidated Interim Financial Statements | 7 - 15 |
1
VAXIL BIO LTD
NOTICE OF NO AUDITOR REVIEW OF THE
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
In accordance with National Instrument 51-102 - Continuous Disclosure Obligations, of the Canadian Securities Administrators, the Company (as defined herein) discloses that its auditors have not reviewed the unaudited condensed interim consolidated financial statements.
The accompanying unaudited condensed interim consolidated financial statements of Vaxil Bio ("Vaxil", the "Company") for the three and nine month periods ended September 30, 2021 have been prepared by and are the responsibility of the Company's management and have not been reviewed by the Company's auditors.
2
VAXIL BIO LTD
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited)
(Expressed in Thousands of Canadian Dollars, except per share data)
September 30 | December 31 | ||||
Note | 2021 | 2020 | |||
ASSETS | |||||
Current assets | |||||
Cash | $ | 2,326 | $ | 1,510 | |
Amounts receivable and prepaid expenses | 46 | 124 | |||
Total current assets | 2,372 | 1,634 | |||
Equipment, net | 19 | 21 | |||
Rights of use assets | - | 6 | |||
Total Assets | $ | 2,391 | $ | 1,661 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current liabilities | |||||
Accounts payable | 208 | 588 | |||
Other accounts payable and accrued liabilities | 239 | 260 | |||
Short term portion of lease liability | - | 9 | |||
Total current liabilities | 447 | 857 | |||
Shareholders' equity | |||||
Share capital | 4 | 16,026 | 13,860 | ||
Warrant reserve | 4 | 371 | 755 | ||
Contributed surplus | 4 | 3,860 | 3,790 | ||
Foreign currency transaction reserve | (74) | (68) | |||
Accumulated deficit | (18,239) | (17,533) | |||
Total shareholders' equity | 1,944 | 804 | |||
Total liabilities and shareholders' equity | $ | 2,391 | $ | 1,661 |
Nature and continuance of operations (Note 1)
Commitments (Note 7)
Approved and authorized by the Board on November 25, 2021:
"Gadi Levin" | Director | "Ari Kellen" |
Gadi Levin | Ari Kellen |
The accompanying condensed notes are an integral part of these condensed consolidated interim financial statements.
3
VAXIL BIO LTD
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited)
(Expressed in Thousands of Canadian Dollars, except per share data)
Three months ended | Nine months ended | ||||||||||
September 30 | September 30 | ||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
Expenses: | |||||||||||
Research and development costs | $ | 152 | $ | 133 | $ | 358 | $ | 385 | |||
General and administration costs | 71 | 100 | 278 | 275 | |||||||
Share based compensation | 16 | 73 | 70 | 108 | |||||||
Total Expenses | 239 | 306 | 706 | 768 | |||||||
Operating Loss | (239) | (306) | (706) | (768) | |||||||
Financial expenses | - | (7) | - | (15) | |||||||
Net loss for the period | (239) | (313) | (706) | (783) | |||||||
Other Comprehensive Loss | |||||||||||
Foreign currency translation adjustment | (8) | (22) | (6) | (58) | |||||||
Comprehensive Loss For The Period | $ | (247) | $ | (335) | $ | (712) | $ | (841) | |||
Basic and Fully Diluted Loss Per Share | |||||||||||
$ | (0.01) | $ | (0.01) | $ | (0.01) | $ | (0.01) | ||||
Weighted Average Number Of Shares Outstanding | 136,628,973 | 103,771,984 | 133,974,449 | 99,410,655 | |||||||
The accompanying condensed notes are an integral part of these condensed consolidated interim financial statements.
4
VAXIL BIO LTD
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in Thousands of Canadian Dollars, except per share data)
Nine months ended | ||||
September 30 | ||||
2021 | 2020 | |||
Cash flows from operating activities | ||||
Net loss for the period | $ | (706) | $ | (783) |
Items not affecting cash: | ||||
Depreciation | 8 | 46 | ||
Interest on loans | - | 15 | ||
Share-based compensation | 70 | 108 | ||
Changes in non‑cash working capital: | ||||
Amounts receivable and prepaid expenses | 78 | (22) | ||
Accounts payable | (380) | (119) | ||
Other accounts payable and accrued liabilities | (21) | (55) | ||
(951) | (810) | |||
Cash flows from financing activities | ||||
Lease repayment | (9) | (46) | ||
Proceeds from unsecured convertible loans | - | 36 | ||
Proceeds from unsecured loans | - | 95 | ||
Proceeds from exercise of warrants | 1,782 | 1,478 | ||
1,773 | 1,563 | |||
Increase in cash | 822 | 753 | ||
Effect of changes in foreign exchange rates | (6) | (58) | ||
Cash, beginning of period | 1,510 | 83 | ||
Cash, end of period | $ | 2,326 | $ | 778 |
The accompanying condensed notes are an integral part of these condensed consolidated interim financial statements.
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Vaxil Bio Ltd. published this content on 28 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 20:30:04 UTC.