In This Article:
DENVER, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) ("Mydecine" or the "Company"), a biotechnology company aiming to transform the treatment of mental health and addiction disorders, today reported financial results for the six months ended June 30, 2022.
Financial Results for the Six Months Ended June 30, 2022
Net Loss: The net loss attributable to common stockholders was $8.09 million, from operations, or a basic and diluted loss per share of $(1.31). For the same period in 2021, loss from operations was $13.53 million, or a basic and diluted loss per share attributable to common stockholders of ($3.04) and which included a $4.2 million impairment charge and a loss of $103,285 from discontinued operations,
Cash Position: The Company had $324,146 in cash and cash equivalents as of June 30, 2022.
| CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - UNAUDITED. | ||||||||||||
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| Three-months ended |
| Six-months ended | ||||||||
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| Note | 2022 |
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| 2021 |
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| 2022 |
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| 2021 |
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| $ |
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| $ |
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| $ |
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| $ |
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| Sales |
| - |
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| - |
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| - |
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| - |
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| Cost of goods sold |
| - |
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| - |
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| - |
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| - |
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| Gross margin |
| - |
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| - |
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| - |
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| - |
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| Expenses |
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| Finance cost | 6,7 | 238,464 |
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| 27,960 |
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| 459,663 |
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| 123,697 |
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| Corporate development |
| 13,594 |
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| 428,203 |
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| 141,474 |
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| 2,427,138 |
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| Depreciation and amortization | 5,8 | 34,301 |
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| 37,663 |
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| 94,573 |
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| 79,195 |
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| Consulting fees |
| 703,895 |
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| 1,193,840 |
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| 2,127,768 |
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| 2,217,495 |
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| Director and management fees | 12 | 120,284 |
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| 341,632 |
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| 230,856 |
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| 832,508 |
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| Foreign exchange loss (gain) |
| (53,964 | ) |
| 97,293 |
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| (25,776 | ) |
| 319,668 |
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| Insurance |
| 289,529 |
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| 153,223 |
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| 548,874 |
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| 153,223 |
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| Office and miscellaneous |
| 22,541 |
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| (115,467 | ) |
| 240,523 |
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| 220,899 |
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| Professional fees |
| 385,479 |
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| 697,414 |
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| 992,633 |
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| 1,350,469 |
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| Regulatory filing fee |
| - |
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| 12,276 |
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| - |
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| 177,912 |
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| Research and development |
| 652,486 |
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| 1,091,920 |
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| 1,702,011 |
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| 1,322,130 |
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| Property taxes |
| - |
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| - |
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| - |
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| - |
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| Salaries | 12 | 737,196 |
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| 234,331 |
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| 1,375,242 |
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| 234,331 |
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| Share-based payments |
| - |
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| - |
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| - |
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| - |
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| Total expenses |
| 3,143,805 |
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| 4,454,160 |
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| 7,887,841 |
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| 9,458,665 |
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| Other income (expenses) |
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| Change in fair value of derivative liabilities | 9 | 631,760 |
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| 249,549 |
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| (261,690 | ) |
| 221.893 |
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| Impairment of investment in associate |
| - |
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| (4,169,616 | ) |
| - |
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| (4,169,616 | ) |
| Consideration paid in excess of identifiable assets |
| - |
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| - |
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| - |
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| - |
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| Rental income |
| - |
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| 32,310 |
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| - |
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| 32,307 |
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| Gain (loss) on settlement of debt |
| - |
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| - |
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| - |
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| (2,319 | ) |
| Total other income (expenses) |
| 631,760 |
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| 3,887,757 |
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| 261,690 |
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| (3,917,735 | ) |
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| Loss from continuing operations |
| (2,512,045 | ) |
| (8,341,947 | ) |
| (8,149,531 | ) |
| (13,376,400 | ) |
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| Loss from discontinued operations | 1 | - |
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| 18,788 |
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| - |
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| (103,285 | ) |
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| Foreign currency translation adjustment |
| 61,561 |
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| (24,830 | ) |
| 61,561 |
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| (48,628 | ) |
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| Net loss and comprehensive loss for the period |
| (2,450,484 | ) |
| (8,347,989 | ) |
| (8,087,970 | ) |
| (13,528,313 | ) |
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| Net loss per share – Basic and diluted from continuing operations |
| (0.35 | ) |
| (1.75 | ) |
| (1.31 | ) |
| (3.04 | ) |
| Weighted average number of shares outstanding – Basic and diluted |
| 7,142,532 |
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| 4,744,805 |
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| 6,217,942 |
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| 4,440,487 |
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| CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED. | |||||
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| As at, | Note | June 30, 2022 |
| December 31, |
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| Current assets |
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| Cash |
| 324,146 |
| 1,495,311 |
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| Rent and other receivable |
| - |
| 3,856 |
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| Inventory |
| - |
| - |
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| Sales tax receivable |
| 257,338 |
| 201,000 |
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| Prepaids and deposits | 4 | 3,742,147 |
| 3,521,125 |
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| Total current assets |
| 4,323,632 |
| 5,221,352 |
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| Non-current assets |
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| Prepaids and deposits | 4 | 1,504,484 |
| 1,793,894 |
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| Right-of-use asset | 8 | - |
| 130,546 |
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| Property and equipment, net | 5 | 362,815 |
| 434,910 |
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| Total assets |
| 6,190,930 |
| 7,580,702 |
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| Current liabilities |
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| Accounts payable and accrued liabilities |
| 3.252,719 |
| 1,587,238 |
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| Notes payable | 7 | 87,916 |
| - |
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| Derivative liabilities | 9 | 79,660 |
| 1,280,294 |
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| Lease liability – current portion | 8 | - |
| 79,728 |
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| Total current liabilities |
| 3,420,295 |
| 2,947,260 |
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| Non-current liabilities |
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| Convertible debentures, net | 6 | 4,797,009 |
| 4,354,302 |
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| Long-term portion of lease liability | 8 | - |
| 67,821 |
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| Total liabilities |
| 8,217,304 |
| 7,369,383 |
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| Shareholders’ equity |
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| Share capital | 10 | 113,908,425 |
| 107,662,388 |
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| Contributed surplus | 10 | 16,994,081 |
| 17,288,315 |
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| Equity portion of convertible debentures | 10 | 175,756 |
| 175,756 |
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| Accumulated other comprehensive loss |
| 61,561 |
| - |
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| Deficit |
| (133,166,197 | ) | (124,915.140 | ) |
| Total shareholders’ equity |
| (2,026,374 | ) | 211,319 |
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| Total liabilities and shareholders’ equity |
| 6,190,930 |
| 7,580,702 |
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For more information, please review the Company’s filed financial statements and management discussion on the SEDAR site.