| |
| ISOTECHNIKA INC. CONSOLIDATED BALANCE SHEET |
|
As at August 31,1999
(Unaudited) |
|
|
1999
|
1998
|
| ASSETS |
| |
|
|
| Current |
Cash
|
$ 211,512
|
-
|
Accounts Receivable
|
500,375
|
595,592
|
Inventories
|
498,827
|
150,684
|
Prepaid expenses and deferred costs
|
17,813
|
403,379
|
|
| |
1,228,527
|
1,149,655
|
| |
Capital assets, net
|
802,041
|
987,789
|
Patent and trademark costs
|
751,114
|
525,284
|
Deferred start-up costs
|
-
|
51,352
|
|
|
$ 2,781,682
|
$2,714,080
|
|
|
|
| LIABILITIES |
| |
|
|
| Current |
Bank indebtedness
|
-
|
$ 349,113
|
Accounts payable and accrued liabilities
|
1,126,881
|
1,372,849
|
Promissory Note
|
20,000
|
200,000
|
Current portion of obligations under capital leases
|
67,544
|
108,191
|
Current portion of long-term debt
|
-
|
76,286
|
|
| |
1,214,425
|
2,106,439
|
| |
Obligations under capital leases
|
147,206
|
69,138
|
Long-term debt
|
75,000
|
75,000
|
|
|
1,436,631
|
2,250,577
|
|
| |
|
|
| Shareholders' Equity |
Share capital Issued 27,258,376 shares (1997 - 24,218,376)
|
10,171,178
|
7,069,854
|
Deficit
|
(8,826,127)
|
(6,606,351)
|
|
| |
1,345,051
|
463,503
|
|
| |
$ 2,781,682
|
$ 2,714,080
|
|
|
|
| ISOTECHNIKA INC. CONSOLIDATED STATEMENT OF OPERATIONS AND DEFICIT |
|
For the nine months ended August 31, 1999
(Unaudited) |
|
|
1999
|
1998
|
| Revenue |
Product sales and contract analysis
|
$ 1,281,692
|
$ 1,022,613
|
Licensing, royalties and other
|
528,106
|
490,515
|
Interest
|
77,846
|
51,674
|
|
| |
1,887,644
|
1,564,802
|
|
| |
| Expenses |
Research and development
|
1,334,497
|
1,472,483
|
Selling and administration
|
1,011,491
|
1,249,839
|
Cost of product sales and contract analysis
|
862,244
|
655,473
|
Depreciation & amortization
|
218,565
|
309,836
|
Interest on long-term debt
|
7,786
|
26,150
|
|
|
3,434,583
|
3,713,781
|
|
|
(1,546,939)
|
(2,148,979)
|
| |
|
|
| Other Income |
Research and development tax credits
|
1,096,246
|
210,277
|
|
| |
|
|
Net loss for the period
|
(450,693)
|
(1,938,702)
|
Deficit, beginning of period
|
(8,375,434)
|
(4,667,649)
|
|
| |
|
|
|
Deficit, end of period
|
$ (8,826,127)
|
$ (6,606,351)
|
|
|
|
Loss per share
|
$ 0.02
|
$ (0.08)
|
|
|
|
| ISOTECHNIKA INC. CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION |
|
For the nine months ended August 31, 1999
(Unaudited) |
|
|
1999
|
1998
|
| Operating activities |
| |
|
|
Net loss for the period
|
$ (450,693)
|
$ (1,938,702)
|
Item not affecting cash
|
|
|
Depreciation & amortization
|
218,565
|
309,836
|
Loss on disposal of capital assets
|
-
|
1,391
|
Net change in non-cash components of working capital
|
(766,254)
|
(368,211)
|
|
| |
(998,382)
|
(1,995,686)
|
| |
| Investing activities |
| |
|
|
Purchase of capital assets
|
(171,005)
|
(217,338)
|
Proceeds on sale of capital assets
|
-
|
215,000
|
Scientific research and development tax credit related to capital assets
|
38,903
|
71,568
|
Patent costs
|
(111,884)
|
(91,219)
|
|
| |
(243,986)
|
(21,989)
|
| |
| Financing activities |
| |
|
|
Proceeds on issuance of promissory notes
|
-
|
200,000
|
Repayment of promissory notes and loans payable
|
(1,522,000)
|
-
|
Obligations under capital leases
|
152,075
|
112,400
|
Repayment of capital leases
|
(54,500)
|
(129,686)
|
Repayment of long-term debt
|
-
|
(41,562)
|
Issuance of share capital, net of share issue costs
|
3,101,324
|
1,296,686
|
|
| |
1,676,899
|
1,437,838
|
|
| |
|
|
Increase (decrease) in cash
|
434,531
|
(579,837)
|
| |
|
|
Cash position, beginning of period
|
(223,019)
|
230,724
|
|
Cash position, end of period
|
$ 211,512
|
$ (349,113)
|
|
|
| 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 |
| |
|
|
|
|
|
