ARCH BIOPARTNERS INC.
Condensed Interim Consolidated
Financial Statements
Nine Months Ended June 30, 2023 and 2022
(Unaudited - See Notice Of No Auditor Review)
ARCH BIOPARTNERS INC.
Index to Condensed Interim Consolidated Financial Statements
Nine Months Ended June 30, 2023 and 2022
(Unaudited - See Notice of No Auditor Review)
Page | |
NOTICE OF NO AUDITOR REVIEW | 1 |
INTERIM FINANCIAL STATEMENTS | |
Condensed Interim Consolidated Statement of Financial Position | 2 |
Condensed Interim Consolidated Statement of Comprehensive Income (Loss) | 3 |
Condensed Interim Consolidated Statement of Changes in Equity | 4 |
Condensed Interim Consolidated Statement of Cash Flow | 5 |
Notes to Condensed Interim Consolidated Financial Statements | 6 - 27 |
NOTICE OF NO AUDITOR REVIEW
To the shareholders of Arch Biopartners Inc.
The accompanying unaudited condensed interim consolidated financial statements have been prepared by and are the responsibility of the management of the Company.
In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed the unaudited condensed interim consolidated financial statements for the period ended June 30, 2023.
"Richard Muruve" CEO and Director
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ARCH BIOPARTNERS INC.
Condensed Interim Consolidated Statement of Financial Position
June 30, 2023 and September 30, 2022
(Unaudited - See Notice of No Auditor Review)
June 30, | September 30, | |||
2023 | 2022 | |||
ASSETS | ||||
CURRENT | $ | 47,140 | ||
Cash | $ | 506,348 | ||
GIC | 1,350,000 | - | ||
Prepaid expenses | 7,463 | 28,061 | ||
Harmonized sales tax receivable | 11,826 | 87,232 | ||
$ | 1,416,429 | $ | 621,641 | |
LIABILITIES | ||||
CURRENT | $ | 2,087,929 | ||
Accounts payable and accrued liabilities | $ | 489,434 | ||
Deferred Convertible Debt (Note 7) | 2,100,000 | 2,100,000 | ||
Promissory note | 541,096 | - | ||
Interest payable on deferred convertible debt (Note 7) | 104,473 | 190,000 | ||
4,833,498 | 2,779,434 | |||
DEFERRED CONVERTIBLE DEBT (Note 7) | 1,000,000 | 1,000,000 | ||
DUE TO SHAREHOLDER (Note 8) | 209,970 | 260,532 | ||
PROMISSORY NOTE (Note 15) | 1,127,062 | 1,052,267 | ||
7,170,530 | 5,092,233 | |||
SHAREHOLDERS' EQUITY | 15,882,508 | |||
Share capital (Note 9) | 15,553,049 | |||
Contributed surplus (Note 9) | 6,658,620 | 4,700,578 | ||
Deficit | (28,295,229) | (24,724,219) | ||
(5,754,101) | (4,470,592) | |||
$ | 1,416,429 | $ | 621,641 |
ON BEHALF OF THE BOARD | ||
"Richard Muruve" | Director | |
"Andrew Bishop" | Director |
See notes to financial statements
2
ARCH BIOPARTNERS INC.
Condensed Interim Consolidated Statement of Comprehensive Income (Loss)
Nine Months Ended June 30, 2023 and 2022
(Unaudited - See Notice of No Auditor Review)
3 months ended | 3 months ended | 9 months ended | 9 months ended | ||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
REVENUE | $ | 116,371 | $ | - | $ | 3,082,512 | |||||
Industry grants | $ | 1,558,381 | |||||||||
EXPENSES | 1,177 | 8,936 | |||||||||
Communication | 3,082 | 13,486 | |||||||||
Insurance | 4,843 | - | 30,385 | 833 | |||||||
Interest and bank charges | 940 | 319 | 2,044 | 1,296,769 | |||||||
Interest on long-term debt (Note 8) | 41,699 | 42,428 | 125,369 | 127,395 | |||||||
Interest on promissory note | 60,479 | 24,932 | 115,890 | 76,493 | |||||||
Marketing | 2,475 | 1,331 | 5,811 | 18,522 | |||||||
Office | 6,312 | 6,064 | 17,880 | 17,828 | |||||||
Patent | 23,561 | 33,349 | 74,244 | 52,295 | |||||||
Professional fees | 105,845 | 43,589 | 248,870 | 154,022 | |||||||
Regulatory and exchange fees | 3,346 | 14,148 | 73,921 | 46,636 | |||||||
Research (Note 4) | 289,326 | 28,404 | 3,869,853 | 1,785,900 | |||||||
Share based compensation (Note 9) | - | - | 1,958,042 | 24,976 | |||||||
Transfer agent fee | 14,926 | 14,508 | 20,409 | 21,180 | |||||||
Travel | 2,893 | 1,471 | 6,119 | 4,697 | |||||||
Wages and employee benefits | 135,974 | 50,996 | 281,150 | 146,297 | |||||||
693,796 | 264,621 | 6,838,923 | 3,787,329 | ||||||||
LOSS FROM OPERATIONS | (577,425) | (264,621) | (3,756,411) | (2,228,948) | |||||||
FOREIGN EXCHANGE GAIN | |||||||||||
(LOSS) | 126,643 | 17,227 | 185,401 | 23,623 | |||||||
NET COMPREHENSIVE INCOME | |||||||||||
(LOSS) | $ | (450,782) | $ | (247,394) | $ | (3,571,010) | $ | (2,205,325) | |||
BASIC EARNINGS (LOSS) PER | |||||||||||
SHARE | $ | (0.007) | $ | 0.004 | $ | (0.058) | $ | 0.015 | |||
WEIGHTED AVERAGE NUMBER | |||||||||||
OF SHARES OUTSTANDING | 62,243,437 | 61,462,302 | 62,072,417 | 61,202,118 |
See notes to financial statements
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Arch Biopartners Inc. published this content on 30 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2023 03:14:30 UTC.