| |
| ISOTECHNIKA INC. CONSOLIDATED BALANCE SHEET |
|
As at May 31,1999
(Unaudited) |
|
|
1999
|
1998
|
| ASSETS |
| |
|
|
| Current |
Term deposits, treasury bills and money market fund
|
$ 1,648,995
|
-
|
Accounts Receivable
|
277,864
|
693,813
|
Inventories
|
549,016
|
185,004
|
Prepaid expenses and deferred costs
|
57,701
|
135,591
|
|
| |
2,533,576
|
1,014,408
|
| |
Capital assets, net
|
729,621
|
1,292,053
|
Patent costs
|
674,951
|
465,495
|
Deferred start-up costs
|
-
|
57,167
|
|
|
$ 3,938,148
|
$2,829,123
|
|
|
|
| LIABILITIES |
| |
|
|
| Current |
Bank indebtedness
|
$ 454,555
|
$ 63,391
|
Bank demand loans
|
930,000
|
-
|
Accounts payable and accrued liabilities
|
1,152,009
|
1,136,298
|
Promissory Note
|
20,000
|
150,000
|
Current portion of obligations under capital leases
|
37,063
|
57,712
|
Current portion of long-term debt
|
-
|
138,205
|
|
| |
2,593,627
|
1,545,606
|
| |
Obligations under capital leases
|
40,729
|
80,735
|
Long-term debt
|
75,000
|
107,653
|
|
|
2,709,356
|
1,733,994
|
|
| |
|
|
| Shareholders' Equity |
Share capital Issued 27,258,376 shares (1997 - 24,218,376)
|
10,171,178
|
7,077,067
|
Deficit
|
(8,942,386)
|
(5,981,938)
|
|
| |
1,228,792
|
1,095,129
|
|
| |
$ 3,938,148
|
$ 2,829,123
|
|
|
|
| ISOTECHNIKA INC. CONSOLIDATED STATEMENT OF OPERATIONS AND DEFICIT |
|
For the three months ended May 31, 1999
(Unaudited) |
|
|
1999
|
1998
|
| Revenue |
Product sales and contract analysis
|
$ 987,121
|
$ 655,841
|
Licensing, royalties and other
|
307,066
|
267,935
|
Interest
|
47,258
|
1,793
|
|
| |
1,341,445
|
925,569
|
|
| |
| Expenses |
Research and development
|
891,820
|
999,692
|
Selling and administration
|
655,197
|
761,093
|
Cost of product sales and contract analysis
|
629,096
|
443,090
|
Depreciation & amortization
|
145,710
|
223,563
|
Interest on long-term debt
|
4,418
|
22,697
|
|
|
2,326,241
|
2,450,135
|
|
|
(984,796)
|
(1,524,566)
|
| |
|
|
| Other Income |
Research and development tax credits
|
417,844
|
210,277
|
|
| |
|
|
Net loss for the period
|
(566,952)
|
(1,314,289)
|
Deficit, beginning of period
|
(8,375,434)
|
(4,667,649)
|
|
| |
|
|
|
Deficit, end of period
|
$ (8,942,386)
|
$ (5,981,938)
|
|
|
|
Loss per share
|
$ 0.02
|
$ (0.05)
|
|
|
|
| ISOTECHNIKA INC. CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION |
|
For the three months ended May 31, 1999
(Unaudited) |
|
|
1999
|
1998
|
| Operating activities |
| |
|
|
Net loss for the period
|
$ (566,952)
|
$ (1,314,289)
|
Item not affecting cash Depreciation & amortization
|
145,710
|
223,563
|
Net change in non-cash compnents of working capital
|
(608,691)
|
(469,516)
|
|
| |
(1,029,933
|
(1,560,242)
|
| |
| Investing activities |
| |
|
|
Purchase of capital assets
|
(15,327)
|
(224,752)
|
Scientific research and development tax credit related to capital assets
|
28,499
|
71,568
|
Patent costs
|
(35,721)
|
(31,430)
|
|
| |
(22,549)
|
(184,614)
|
| |
| Financing activities |
| |
|
|
Bank demand loans
|
930,000
|
-
|
Promissory notes
|
-
|
150,000
|
Repayment of promissory notes and loans payable
|
(1,522,000)
|
-
|
Obligations under capital leases
|
-
|
112,400
|
Repayment of capital leases
|
(39,383)
|
(88,075)
|
Repayment of long-term debt
|
-
|
(27,483)
|
Issuance of share capital, net of share issue costs
|
3,101,324
|
1,303,899
|
|
| |
2,469,941
|
1,450,741
|
|
| |
|
|
Increase (decrease) in cash
|
1,417,459
|
(294,115)
|
| |
|
|
Cash position, beginning of period
|
(223,019)
|
230,724
|
|
Cash position, end of period
|
$1,194,440
|
$(63,391)
|
|
|
| Cash position is defined as term deposits, treasury bills and money market fund less bank indebtedness. |
| |
|
|
| Approved on behalf of the Board |
| Doug Walker, Director Joseph Koziak, Director |
| |
|
|
|
|
|
