Condensed Consolidated Interim Financial Statements (Expressed in Canadian Dollars)
Telo Genomics Corp.
For the Three Months Ended September 30, 2022 and 2021 (unaudited)
1
NOTICE OF NO AUDITOR REVIEW OF
INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.
The accompanying unaudited interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
2
Telo Genomics Corp.
Condensed Consolidated Interim Statements of Financial Position (Unaudited)
(Expressed in Canadian dollars)
As at September 30,
As at June 30,
Note
2022
2022
Assets
$
$
Current assets
Cash and cash equivalents
6
2,125,719
2,692,965
Amounts receivable
30,431
37,977
Prepaid expenses
29,540
55,606
2,185,690
2,786,548
Non-current assets
Property and equipment
7
56,472
30,312
Intangible asset
8
16,371
16,371
72,843
46,683
Total assets
2,258,533
2,833,231
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities
11
167,145
190,072
Long-term loan
9
40,000
40,000
Total liabilities
207,145
230,072
Equity
Share capital
10
19,105,745
19,105,745
Contributed surplus
10
5,858,893
5,794,859
Deficit
(22,913,250)
(22,297,445)
Total equity
2,051,388
2,603,159
Total liabilities and equity
2,258,533
2,833,231
Approved on behalf of the board of directors
/s/ Dr. Sabine Mai
/s/ Hugh Rogers
Director
Director
Going concern (Note 4)
See accompanying notes to the consolidated financial statements.
Telo Genomics Corp.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited)
(Expressed in Canadian dollars)
For the three
For the three
months
months
ended
ended
Notes
September 30,
September 30,
2022
2021
Expenses
$
$
General and administrative
11,12
255,768
224,301
Research and development
11,12
360,037
254,642
(615,805)
(478,943)
Net loss and comprehensive loss
(615,805)
(478,943)
Basic and diluted loss per share
(0.01)
(0.01)
Weighted average number of common
shares used in computing basic
and diluted loss per share
59,424,433
57,346,261
See accompanying notes to the consolidated financial statements.
Telo Genomics Corp.
Condensed Consolidated Interim Statements of Changes in Equity (Unaudited)
(Expressed in Canadian dollars)
Number of
Share
Contributed
Deficit
Total
Shares
capital
Surplus
$
$
$
$
Balance, June 30, 2022
59,424,433
19,105,745
5,794,859
(22,297,445)
2,603,159
Share-based compensation
-
-
64,034
-
64,034
Net loss for the period
-
-
-
(615,805)
(615,805)
Balance, September 30, 2022
59,424,433
19,105,745
5,858,893
(22,913,250)
2,051,388
Number of
Share
Contributed
Deficit
Total
Shares
capital
Surplus
$
$
$
$
Balance, June 30, 2021
55,542,893
18,234,410
5,638,139
(20,186,991)
3,685,558
Private placement:
Gross proceeds
390,000
195,000
-
-
195,000
Finders fees - cash
-
(13,650)
-
-
(13,650)
Finders fees - warrants
-
(5,312)
5,312
-
-
Other share issuance costs
-
(3,011)
-
-
(3,011)
Warrant exercises
1,557,260
311,452
-
-
311,452
Share-based compensation
-
-
27,230
-
27,230
Net loss for the period
-
-
-
(478,943)
(478,943)
Balance, September 30, 2021
57,490,153
18,718,889
5,670,681
(20,665,934)
3,723,636
See accompanying notes to the consolidated financial statements.
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Telo Genomics Corp. published this content on 17 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2022 20:40:09 UTC.
Telo Genomics Corp. is a Canada-based biotech company. The Company is focused on the development and commercialization of predictive technological products designed to personalize treatment plans for patients who have specific conditions. The Company, through its wholly owned subsidiary, Telo Genomics Holdings Corp., is developing diagnostic and prognostic products for diseases that display genomic instability. Its lead product, TeloView SMM, is a high-complexity molecular assay available for clinical use to provide information to physicians treating patients with Smoldering Multiple Myeloma. Through proprietary telomere-based analysis, TeloView SMM selects high-risk SMM patients who are likely to benefit from earlier treatment intervention while identifying the larger subset of low-risk SMM patients who have a more stable form of the disease and do not require immediate treatment. The TeloView SMM assay has a potential total addressable market of over 500,000 tests per year.