Condensed Interim Consolidated Financial Statements
For the three and six months ended June 30, 2023 and 2022
Notice of No Auditor Review of Unaudited Condensed Interim Consolidated Financial Statements
The accompanying unaudited condensed interim consolidated financial statements of Resverlogix Corp. (the "Company") as at June 30, 2023 and for the period then ended have been prepared by and are the responsibility of the Company's management. The Company's Audit Committee and Board of Directors have reviewed and approved these unaudited condensed interim consolidated financial statements. In accordance with National Instrument 51 - 102, the Company discloses that its auditors have not reviewed the accompanying unaudited condensed interim consolidated financial statements for the periods ended June 30, 2023 and 2022.
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Condensed Interim Consolidated Statements of Financial Position
As at: (unaudited)
June 30, | December 31, | |||||||
In thousands of US dollars | Notes | 2023 | 2022 | |||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 75 | $ | 40 | ||||
Prepaid expenses and deposits | 162 | 146 | ||||||
Investment tax credit receivable | 139 | 176 | ||||||
Other assets | 25 | 8 | ||||||
Clinical supplies | 2,371 | 2,371 | ||||||
Due from Zenith Capital Corp. | - | 147 | ||||||
Total current assets | 2,772 | 2,888 | ||||||
Non-current assets: | ||||||||
Property and equipment | 30 | 66 | ||||||
Right-of-use assets | 164 | 360 | ||||||
Intangible assets | 2,325 | 2,205 | ||||||
Clinical supplies | 2,596 | 2,596 | ||||||
Total non-current assets | 5,115 | 5,227 | ||||||
Total assets | $ | 7,887 | $ | 8,115 | ||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Trade and other payables | $ | 14,143 | $ | 14,095 | ||||
Accrued interest | 7 | 1,377 | 1,021 | |||||
Promissory notes | 5 | 775 | 196 | |||||
Due to Zenith Capital Corp. | 6 | 1,489 | - | |||||
Lease liabilities | 231 | 437 | ||||||
Warrant liability | 9 (e) | 377 | 813 | |||||
Debt | 7 | 5,842 | 5,858 | |||||
Derivative liability | 7 | 553 | 314 | |||||
Total current liabilities | 24,787 | 22,734 | ||||||
Non-current liabilities: | ||||||||
Other long-term liability | 10 | 1,032 | 962 | |||||
Royalty preferred shares | 8 | 49,300 | 43,700 | |||||
Total liabilities | 75,119 | 67,396 | ||||||
Shareholders' deficiency: | ||||||||
Share capital | 9 (a) | 333,155 | 331,422 | |||||
Contributed surplus | 54,468 | 54,983 | ||||||
Deficit | (454,855) | (445,686) | ||||||
Total shareholders' deficiency | (67,232) | (59,281) | ||||||
Total liabilities and shareholders' deficiency | $ | 7,887 | $ | 8,115 | ||||
Going concern (note 3) | Commitments and contingencies (note 11) | Subsequent event (note 12) | ||||||
Signed on behalf of the Board: | ||||||||
Signed: | "Kenneth Zuerblis" | Director | Signed: "Kelly McNeill" | Director | ||||
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Condensed Interim Consolidated Statements of Comprehensive Loss
For the three and six months ended June 30 (unaudited)
Three months ended | Six months ended | ||||||||
June 30, | June 30, | ||||||||
In thousands of US dollars | Notes | 2 0 2 3 | 2022 | 2 0 2 3 | 2022 | ||||
Ex penses: | |||||||||
Research and development, net | 10 | $ | 648 | $ | 1,130 | $ | 1,383 | $ | 2,657 |
of recoveries | |||||||||
Investment tax credits | (15) | (19) | (30) | (39) | |||||
Net research and development | 633 | 1,111 | 1,353 | 2,618 | |||||
Pre-commercialization, general and | 10 | 810 | 926 | 1,682 | 5,367 | ||||
administrative, net of recoveries | |||||||||
1,443 | 2,037 | 3,035 | 7,985 | ||||||
Finance (income) costs: | |||||||||
Gain on change in fair value of | 9 (e) | (511) | (1,721) | (541) | (2,302) | ||||
warrant liability | |||||||||
Loss (gain) on change in fair value of | 8 | 2,800 | (600) | 5,600 | (3,900) | ||||
royalty preferred shares | |||||||||
(Gain) loss on change in fair value of | 7 | (259) | 109 | 239 | 4 | ||||
derivative liability | |||||||||
Loss (gain) on payables extinguishment | 9 (c) | 6 | 10 | (12) | 10 | ||||
Interest, fees and accretion | 504 | 589 | 806 | 906 | |||||
Financing costs | 2 | 8 | 7 | 22 | |||||
Foreign exchange loss (gain) | 26 | (33) | 28 | 2 | |||||
Net finance costs (income) | 2,568 | (1,638) | 6,127 | (5,258) | |||||
Loss before income taxes | 4,011 | 399 | 9,162 | 2,727 | |||||
Income taxes | 3 | 4 | 7 | 8 | |||||
Net and total comprehensive loss | $ | 4,014 | $ | 403 | $ | 9,169 | $ | 2,735 |
Net loss per share (note 9 (f)) | ||||||||
Basic | $ | 0 .01 | $ | 0.00 | $ | 0 .03 | $ | 0.01 |
Diluted | 0 .01 | 0.00 | 0 .03 | 0.01 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency)
For the six months ended June 30 (unaudited)
Total | ||||||||
Share | Con tribu ted | Shareholders' | ||||||
In thousands of US dollars | Capital | Su rplu s | Deficit | Deficien cy | ||||
Balan ce, December 31, 2021 | $ | 326,885 | $ | 55,321 | $ | (442,076) | $ | (59,870) |
Common shares issued in connection | 801 | - | - | 801 | ||||
with private placements | ||||||||
Common shares issued in connection | 644 | (600) | - | 44 | ||||
with long term incentive plan | ||||||||
Common shares issued in connection | 92 | - | - | 92 | ||||
with exercise of warrants | ||||||||
Share issue cost | (13) | - | - | (13) | ||||
Share-based payment transactions | - | 1,665 | - | 1,665 | ||||
Net and total comprehensive loss | - | - | (2,735) | (2,735) | ||||
Balan ce, Ju n e 30, 2022 | $ | 328,409 | $ | 56,386 | $ | (444,811) | $ | (60,016) |
Balan ce, December 31, 2022 | $ | 331,422 | $ | 54,983 | $ | ( 445,686) | $ | ( 59,281) |
Common shares issued in connection | 172 | - | - | 172 | ||||
with private placements | ||||||||
Common shares issued in connection | 1,568 | ( 1,434) | - | 134 | ||||
with long term incentive plan | ||||||||
Share issue cost | ( 7) | - | - | ( 7) | ||||
Share-based payment transactions | - | 919 | - | 919 | ||||
Net and total comprehensive loss | - | - | ( 9,169) | ( 9,169) | ||||
Balan ce, Ju n e 30, 2023 | $ | 333,155 | $ | 54,468 | $ | ( 454,855) | $ | ( 67,232) |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Resverlogix Corporation published this content on 12 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2023 06:22:05 UTC.