| |
| ISOTECHNIKA INC. CONSOLIDATED BALANCE SHEET |
|
As at February 28,1999
(Unaudited) |
|
|
1999
|
1998
|
| ASSETS |
| |
|
|
| Current |
Cash and short term investments
|
$ 1,766,515
|
$ -
|
Accounts Receivable
|
387,466
|
167,681
|
Inventories
|
319,377
|
95,227
|
Prepaid expenses and deferred costs
|
18,308
|
13,927
|
|
| |
2,491,666
|
276,835
|
| |
Capital assets, net
|
791,647
|
1,369,744
|
Patent costs
|
647,058
|
449,428
|
Deferred start-up costs
|
-
|
62,983
|
|
|
$ 3,930,371
|
$2,158,990
|
|
|
|
| LIABILITIES |
| |
|
|
| Current |
Bank indebtedness
|
$ -
|
$ 192,129
|
Bank demand loans
|
630,000
|
-
|
Accounts payable and accrued liabilities
|
1,532,097
|
1,187,352
|
Promissory Note
|
292,000
|
-
|
Current portion of obligations under capital leases
|
41,305
|
160,907
|
Current portion of long-term debt
|
-
|
56,785
|
|
| |
2,495,402
|
1,597,173
|
| |
Obligations under capital leases
|
51,653
|
92,958
|
Long-term debt
|
75,000
|
122,433
|
|
|
2,622,055
|
1,812,564
|
|
| |
|
|
| Shareholders' Equity |
Share capital Issued 26,778,376 shares (1997 - 23,083,200)
|
9,625,998
|
5,773,168
|
Deficit
|
(8,317,682)
|
(5,426,742)
|
|
| |
1,308,316
|
346,426
|
|
| |
$ 3,930,371
|
$ 2,158,990
|
|
|
|
| ISOTECHNIKA INC. CONSOLIDATED STATEMENT OF OPERATIONS AND DEFICIT |
|
For the three months ended February 28, 1999
(Unaudited) |
|
|
1999
|
1998
|
| Revenue |
Product sales and contract analysis
|
$ 617,019
|
$ 338,877
|
Licensing, royalties and other
|
157,661
|
74,574
|
Interest
|
26,595
|
3,123
|
|
| |
801,275
|
416,574
|
|
| |
| Expenses |
Research and development
|
372,933
|
564,577
|
Selling and administration
|
356,572
|
347,448
|
Cost of product sales and contract analysis
|
357,049
|
159,449
|
Depreciation & amortization
|
72,855
|
99,273
|
Interest on long-term debt
|
1,956
|
4,920
|
|
|
1,161,365
|
1,175,667
|
|
|
(360,090)
|
(759,093)
|
| |
|
|
| Other Income |
Research and development tax credits
|
417,844
|
-
|
|
| |
|
|
Net loss for the period
|
57,754
|
(759,093)
|
Deficit, beginning of period
|
(8,375,434)
|
(4,667,649)
|
|
| |
|
|
|
Deficit, end of period
|
$ (8,317,680)
|
$ (5,426,742)
|
|
|
|
Loss per share
|
$ 0.002
|
$ (0.03)
|
|
|
|
| ISOTECHNIKA INC. CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION |
|
For the three months ended February 28, 1999
(Unaudited) |
|
|
1999
|
1998
|
| Operating activities |
| |
|
|
Net loss for the period
|
$ 57,754
|
$ (759,093)
|
Item not affecting cash Depreciation & amortization
|
72,855
|
99,273
|
Net changes in non-cash compnents of working capital
|
(69,176)
|
319,111
|
|
| |
61,433
|
(340,709)
|
| |
| Investing activities |
| |
|
|
Purchase of capital assets
|
(4,497)
|
(112,402)
|
Scientific research and development tax credit related to capital assets
|
28,499
|
-
|
Patent costs
|
(7,828)
|
(15,363)
|
|
| |
16,174
|
(127,765)
|
| |
| Financing activities |
| |
|
|
Bank demand loans
|
630,000
|
-
|
Repayment of promissory notes and loans payable
|
(1,250,000)
|
-
|
Obligations under capital leases
|
-
|
112,400
|
Repayment of capital leases
|
(24,217)
|
(53,150)
|
Repayment of long-term debt
|
-
|
(13,629)
|
Issuance of share capital, net of share issue costs
|
2,556,144
|
-
|
|
| |
1,911,927
|
45,621
|
|
| |
|
|
Increase (decrease) in cash
|
1,989,534
|
(422,853)
|
| |
|
|
Cash position, beginning of period
|
(223,019)
|
230,724
|
|
Cash position, end of period
|
$1,766,515
|
$(192,129)
|
|
|
|
| Approved on behalf of the Board |
| Doug Walker, Director Joseph Koziak, Director |
| |
|
|
|
|
|
