(via TheNewswire)
![](https://tnw-c.thenewswire.com/data/tnw/img/facebook.png)
![](https://tnw-c.thenewswire.com/data/tnw/img/linkedIn.png)
For three years, the Company has seen its revenue growing at a >20% per annum compounded rate. It is rewarding to see that growth supported this year by our CanBiocin investment as that company grew revenue by 300% in a profitable 2021 year and executed a
Three-year summary of 12-Month revenue & gross profit($)
Year | 2021 | 2020 | 2019 |
Gross revenue | 1,481,767 | 1,193,382 | 986,225 |
Cost of sales | 363,153 | 326,508 | 291,112 |
Gross profit | 1,118,614 | 866,874 | 695,113 |
Operating expenses | 850,662 | 767,557 | 737,874 |
Interest expense | 4,383 | 3,000 | 6,000 |
Interest income | 17,566 | - | - |
Gain on fair value adjustment of debenture. | 85,995 | - | - |
Term loan forgiveness | - | 3,000 | 6,000 |
Net profit (loss) | 367,130 | 106,317 | (48,761) |
Cash generated by operating activities was
Selected balance sheet items($)
Year | |||
Current assets Equipment & other | 993,530 | 752,725 69,715 | 224,825 50,057 |
Total assets | 1,432,973 | 822,440 | 274,882 |
Current liabilities Lease obligations | 219,009 | 157,462 20,000 | 76,795 100,000 |
Total liabilities | 256,043 | 177,462 | 176,795 |
Shareholder’s equity | 1,176,930 | 644,978 | 98,087 |
2021 Developments
The 2021 financial results drove an increase in shareholder’s equity from
During the year we promoted Dr.
In 2021we also enhanced our banking arrangements, improved our invoice payment process, increased our yield on surplus cash, revisited our SRED credit application procedures to ensure support for our R&D work, and began a relationship to improve our foreign exchange trading procedures, the latter of which was completed subsequent to year end.
About
Director & CFO
604 220-4935
This document may contain forward-looking statements that are predictive in nature and subject to risks and uncertainties that cannot be predicted or quantified; consequently, actual results may differ materially from past results and those expressed or implied by any forward-looking statements. Factors that could cause or contribute to such risks or uncertainties include, but are not limited to: the regulatory environment including the difficulty of predicting regulatory outcomes; changes in the value of the Canadian dollar; the Company’s reliance on a small number of customers including government organizations; fluctuations in operating results; government policies or actions; progress and cost of clinical trials; reliance on key strategic relationships; uncertainty related to intellectual property protection and potential costs associated with its defense; the Company’s exposure to lawsuits and other matters beyond the control of management. Should known or unknown risks or uncertainties materialize, or should management’s assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly make or update any forward-looking statements, except as required by applicable law.
Neither
Copyright (c) 2022 TheNewswire - All rights reserved.
Copyright (c) 2022 TheNewswire - All rights reserved., source