Preferred Stock Dividends The Series A Preferred Stock is convertible into shares of common stock commencing 24 months after the issuance date of the Series A Preferred Stock. Upon which, on a monthly basis, up to 5% of the aggregate amount of the Purchase Price can be converted (subject to adjustment for changes in the Holder's ownership of the underlying Series A Preferred Stock). The conversion price is equal to the greater of $.001 or a 15% discount to the volume-weighted average price ("VWAP") of the C ...

Financial Data and Key Metrics Changes - For the three months ending September 30, 2022, the company earned revenues of $2.4 million, representing a 32% increase from the corresponding quarter of fiscal 2021 [19] - Gross profit for the second quarter totaled $1.3 million, yielding a gross profit margin of 54%, with expectations to improve margins to about 60% over time [19][20] - The company incurred a net loss of $4.9 million, compared to a net loss of $11 million in the comparative quarter of fiscal 2021, resulting in a net loss per common share of $0.094 [21] Business Line Data and Key Metrics Changes - The primary revenue driver was Bioflux, a mobile cardiac telemetry device, with combined device sales and technology fee income totaling $2.4 million for the quarter, showcasing year-over-year growth [9][8] - The company launched Biocare Cardiac, a cardiac disease management solution, following successful pilot programs [11][12] Market Data and Key Metrics Changes - The global recurrent market for atrial fibrillation (AFib) is expected to reach $26 billion by 2027, indicating a growing potential market for the company's offerings [10] - The company ended the fiscal quarter with $2.5 million in cash, reflecting a focus on capital efficiency [24] Company Strategy and Development Direction - The company aims to position itself as a comprehensive solution for cardiac diagnostics and disease management, integrating remote monitoring with telemedicine [7][25] - New distribution partnerships are being pursued to expand access to a larger network of sales representatives [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory despite a challenging biotech landscape, highlighting ongoing product development and hiring for key positions [36][37] - The company is focused on achieving profitability within the next 18 months through a combination of growth and cost management strategies [35] Other Important Information - The company received an NIH Grant for AI-enabled real-time monitoring and predictive analytics for stroke due to chronic kidney failure, broadening its technology platform [16][17] - The Bioheart device is positioned for individuals diagnosed with cardiac issues, differentiating it from traditional fitness monitors [50][51] Q&A Session Summary Question: Can you provide more details on the distribution network development? - Management indicated that they are successfully building distribution relationships and will disclose more details in the coming weeks [28] Question: How did the pilot programs in Oklahoma and Kentucky perform? - The pilot programs focused on patient engagement, provider workflows, and reimbursement processes, leading to successful optimizations and readiness for commercial launch [30][34] Question: What are the inputs required for the path to profitability? - The path to profitability involves growth, strategic hiring, and cost management, with a prudent approach to cash deployment [36][39] Question: How will Bioflux AI upgrades be implemented? - AI upgrades will be implemented primarily in the cloud to enhance data presentation and operational efficiency [42][43] Question: How are physicians responding to the three-channel patch versus traditional Holters? - Physicians appreciate the quicker data access and the flexibility of using standard electrodes, leading to positive sales uptake [44][46] Question: How is Bioheart positioned against other retail heart monitors? - Bioheart is targeted at individuals with diagnosed cardiac conditions for self-management, differentiating it from general fitness monitors [50][51] Question: Will the sales force be increased alongside distribution partnerships? - The company plans to strategically increase sales representatives to work closely with distribution networks [52]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share BTCY The NASDAQ Stock Market LLC Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period from ______________ ...

Financial Data and Key Metrics Changes - Company reported revenue of $2.1 million for Q1 2023, with a year-over-year increase in technology fees of $425,000, representing a 30% increase [12][6] - Gross profit for the quarter was $1.2 million, maintaining a gross profit margin of 60% [12][6] - The company incurred a net loss of $5 million, translating to a net loss per share of $0.098 [12] Business Line Data and Key Metrics Changes - The majority of revenue continues to come from Bioflux, a mobile cardiac telemetry device, with technology as a service revenue increasing to $1.9 million [6][5] - Biotres, a newly launched wireless cardiac monitoring device, is designed for low-risk patients, expanding the addressable market significantly [9][10] - The introduction of Bioheart, a consumer-accessible cardiac monitor, adds to the product portfolio [9][10] Market Data and Key Metrics Changes - The total addressable market (TAM) has expanded from $1 billion to approximately $6 billion with the introduction of new products [10] - The company is targeting integrated delivery networks (IDNs) and hospital systems, which represent a significant market opportunity [22][21] Company Strategy and Development Direction - The company aims to position itself as a comprehensive solution for cardiac diagnostics and disease management, focusing on a recurring revenue model [5][11] - Plans to introduce Biocare, a virtual clinic and disease management platform, are underway, targeting the $35 billion monthly care market [10][11] - The strategy includes building a complete ecosystem to address gaps in cardiac care, enhancing patient monitoring and management [11][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the business, emphasizing the importance of innovation and commercialization [14][16] - The company anticipates improvements in gross margins as sales volumes expand and costs decrease as a percentage of revenue [12][14] - Management highlighted the long-term strategy of building relationships with IDNs, acknowledging the lengthy sales cycles involved [22][21] Other Important Information - The company ended the quarter with $7.2 million in cash, indicating a solid financial position to support growth initiatives [14] - Operating expenses increased to $5.7 million, primarily due to investments in building a professional salesforce [13] Q&A Session Summary Question: Utilization opportunity with 2,000 physicians - Management noted that while there is a broad network, the depth of utilization is still being assessed, particularly with new products like Biotres [18][19] Question: Commentary on IDNs - Management discussed the long sales cycles associated with IDNs but emphasized the unique advantages of their products in hospital systems [21][22] Question: Gross margin outlook - Management expects gross margins to remain around 60% to mid-60% as the product mix evolves and economies of scale are realized [23] Question: Success in selling through to physicians - Management indicated that they control approximately 85% of the mobile cardiac telemetry business among their physician clients [25][24] Question: Sales team quotas and performance metrics - Management explained that sales representatives are benchmarked against internal performance metrics, with clear revenue targets [27][26] Question: Synergistic effects of Biotres and Bioflux - Management provided an example of how the introduction of Biotres has complemented existing products, enhancing economic justification for clinics [30][29]

[Part I – Financial Information](index=4&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) This part presents Biotricity Inc.'s unaudited condensed consolidated financial statements and notes for Q2 2022 [Item 1 – Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201%20%E2%80%93%20Condensed%20Consolidated%20Financial%20Statements) This section provides Biotricity Inc.'s unaudited condensed consolidated financial statements and notes for Q2 2022 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a decrease in total assets from **$16.68 million** at March 31, 2022, to **$12.15 million** at June 30, 2022, primarily driven by a significant reduction in cash | Metric | As at June 30, 2022 ($) | As at March 31, 2022 ($) | Change ($) | Change (%) | | :---------------------- | :---------------------- | :----------------------- | :--------- | :--------- | | Cash | 7,207,974 | 12,066,929 | (4,858,955) | -40.27% | | Total Current Assets | 10,846,540 | 15,322,811 | (4,476,271) | -29.21% | | Total Assets | 12,149,679 | 16,677,970 | (4,528,291) | -27.15% | | Total Current Liabilities | 4,577,442 | 4,866,814 | (289,372) | -5.95% | | Total Liabilities | 18,710,097 | 18,822,706 | (112,609) | -0.60% | | Stockholders' Deficiency| (6,560,418) | (2,144,736) | (4,415,682) | 205.89% | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For the three months ended June 30, 2022, the company reported increased revenue and gross profit but also higher operating expenses, with net loss improving to **$(5.02) million** | Metric | Three Months Ended June 30, 2022 ($) | Three Months Ended June 30, 2021 ($) | Change ($) | Change (%) | | :--------------------------------------- | :----------------------------------- | :----------------------------------- | :--------- | :--------- | | Revenue | 2,056,052 | 1,764,110 | 291,942 | 16.55% | | Cost of Revenue | 830,923 | 594,029 | 236,894 | 39.88% | | Gross Profit | 1,225,129 | 1,170,081 | 55,048 | 4.70% | | Total Operating Expenses | 5,702,179 | 4,172,597 | 1,529,582 | 36.66% | | Net Loss Before Income Taxes | (4,776,252) | (5,656,099) | 879,847 | -15.56% | | Net Loss Attributable to Common Stockholders | (5,024,389) | (5,897,363) | 872,974 | -14.80% | | Comprehensive Loss | (4,791,385) | (5,890,803) | 1,099,418 | -18.66% | | Loss Per Share, Basic and Diluted | (0.098) | (0.151) | 0.053 | -35.10% | [Condensed Consolidated Statements of Stockholders' Deficiency](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Deficiency) The stockholders' deficiency significantly increased to **$(6.56) million** at June 30, 2022, primarily due to net loss and preferred stock dividends | Metric | As at June 30, 2022 ($) | As at March 31, 2022 ($) | | :----------------------------------- | :---------------------- | :----------------------- | | Total Stockholders' Equity (Deficiency) | (6,560,418) | (2,144,736) | | Net Loss Before Dividends for the period | (4,776,252) | N/A | | Preferred Stock Dividends | (248,137) | N/A | | Conversion of convertible notes into common shares | 457,026 | N/A | | Preferred stock purchased back via cash | (285,427) | N/A | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company experienced a net decrease in cash of **$4.86 million** for Q2 2022, primarily from operating and financing activities | Metric | Three Months Ended June 30, 2022 ($) | Three Months Ended June 30, 2021 ($) | Change ($) | Change (%) | | :-------------------------------------- | :----------------------------------- | :----------------------------------- | :--------- | :--------- | | Net Cash Used in Operating Activities | (4,039,394) | (2,681,396) | (1,357,998) | 50.65% | | Net Cash (Used in) Provided by Financing Activities | (833,221) | 581,088 | (1,414,309) | -243.39% | | Net Cash Used in Investing Activities | - | - | 0 | 0.00% | | Net Decrease in Cash During the Period | (4,858,955) | (1,999,974) | (2,858,981) | 142.95% | | Cash, End of Period | 7,207,974 | 201,588 | 7,006,386 | 3475.60% | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed information supporting the condensed consolidated financial statements, covering operations, accounting policies, and specific financial instruments [1. Nature of Operations](index=10&type=section&id=1.%20NATURE%20OF%20OPERATIONS) Biotricity Inc. focuses on research, development, and commercialization of remote monitoring solutions for preventative care, particularly in mobile cardiac telemetry - Biotricity Inc. focuses on research, development, and commercialization of remote monitoring solutions in preventative care, specifically diagnostic and post-diagnostic solutions for cardiac health[19](index=19&type=chunk)[20](index=20&type=chunk) [2. Basis of Presentation, Measurement and Consolidation](index=10&type=section&id=2.%20BASIS%20OF%20PRESENTATION%2C%20MEASUREMENT%20AND%20CONSOLIDATION) The unaudited condensed consolidated financial statements are prepared in accordance with US GAAP for interim information, expressed in USD, and include the accounts of the Company and its wholly-owned subsidiary - Financial statements are prepared under **US GAAP** for interim periods, expressed in **USD**, and consolidate the Company and its wholly-owned subsidiary[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [Liquidity and Basis of Presentation](index=10&type=section&id=Liquidity%20and%20Basis%20of%20Presentation) The Company has incurred recurring losses and an accumulated deficit of **$98.06 million** but maintains a working capital surplus of **$6.27 million** and seeks additional capitalization | Metric | As at June 30, 2022 ($) | As at March 31, 2022 ($) | | :---------------------- | :---------------------- | :----------------------- | | Accumulated Deficit | (98,061,531) | (93,037,142) | | Working Capital Surplus | 6,269,098 | (10,455,997) | - The Company expects to continue devoting significant resources to capital expenditures, R&D, operations, marketing, and sales for Bioflux product development[26](index=26&type=chunk)[251](index=251&type=chunk) - Management believes existing cash and anticipated near-term equity financings will meet needs for the next 12 months, but additional capital may be required for business opportunities and challenges[28](index=28&type=chunk)[252](index=252&type=chunk) [3. Summary of Significant Accounting Policies](index=11&type=section&id=3.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This section details the Company's significant accounting policies, including revenue recognition, inventory valuation, and critical accounting estimates for fair value measurements - Revenue is recognized under **ASC 606**, primarily from technology fee sales and device sales for the Bioflux mobile cardiac telemetry device[33](index=33&type=chunk)[35](index=35&type=chunk)[178](index=178&type=chunk) | Revenue Type | For Three Months Ended June 30, 2022 ($) | For Three Months Ended June 30, 2021 ($) | Change ($) | Change (%) | | :----------------- | :--------------------------------------- | :--------------------------------------- | :--------- | :--------- | | Technology fee sales | 1,889,982 | 1,464,937 | 425,045 | 29.01% | | Device sales | 166,070 | 299,173 | (133,103) | -44.52% | | Total Revenue | 2,056,052 | 1,764,110 | 291,942 | 16.55% | - Key accounting estimates involve fair value of stock options, warrants, and derivative liabilities, which are sensitive to assumptions like volatility, risk-free rates, and expected life[41](index=41&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) [4. Accounts Payable and Accrued Liabilities](index=18&type=section&id=4.%20ACCOUNTS%20PAYABLE%20AND%20ACCRUED%20LIABILITIES) Total accounts payable and accrued liabilities increased slightly to **$2.70 million** at June 30, 2022, from **$2.60 million** at March 31, 2022 | Metric | As at June 30, 2022 ($) | As at March 31, 2022 ($) | Change ($) | Change (%) | | :----------------------------------- | :---------------------- | :----------------------- | :--------- | :--------- | | Accounts payable and deferred revenue | 1,457,901 | 1,159,477 | 298,424 | 25.74% | | Accrued liabilities | 1,243,176 | 1,436,270 | (193,094) | -13.44% | | Total | 2,701,077 | 2,595,747 | 105,330 | 4.06% | [5. Convertible Promissory Notes and Short Term Loans](index=19&type=section&id=5.%20CONVERTIBLE%20PROMISSORY%20NOTES%20AND%20SHORT%20TERM%20LOANS) The Company had **$1.24 million** in outstanding convertible notes at June 30, 2022, down from **$1.54 million** at March 31, 2022, due to conversions | Metric | As at June 30, 2022 ($) | As at March 31, 2022 ($) | | :-------------------------------------- | :---------------------- | :----------------------- | | Balance of Convertible Promissory Notes | 1,238,000 | 1,540,000 | | Metric | Three Months Ended June 30, 2022 ($) | Three Months Ended June 30, 2021 ($) | | :-------------------------------------- | :----------------------------------- | :----------------------------------- | | Interest Expense on Debt Instruments | 31,414 | 265,658 | - During Q2 2022, **$302,000** (face value) of Series B Notes were converted into **390,464** common shares[106](index=106&type=chunk) [6. Term Loan](index=22&type=section&id=6.%20TERM%20LOAN) The Company secured a **$12 million** term loan on December 21, 2021, maturing in December 2026, with an interest rate of **LIBOR + 10.5%** - The Company entered into a **$12 million** term loan on December 21, 2021, with a maturity date of December 21, 2026, and an interest rate of **LIBOR + 10.5%**[111](index=111&type=chunk) - The term loan is secured by all of the Company's assets and intellectual property[112](index=112&type=chunk)[250](index=250&type=chunk) | Metric | Three Months Ended June 30, 2022 ($) | | :-------------------------------------- | :----------------------------------- | | Amortization of Debt Discount Expense | 50,070 | | Total Interest Expense on Term Loan | 348,833 | [7. Federally Guaranteed Loans](index=22&type=section&id=7.%20FEDERALLY%20GUARANTEED%20LOANS) The Company received **$370,900** and **$499,900** from the SBA EIDL program, while a **$1.2 million** PPP loan was fully forgiven - Received **$370,900** (April 2020) and **$499,900** (May 2021) from SBA EIDL program (**30-year term, 3.75% interest**)[117](index=117&type=chunk)[118](index=118&type=chunk) - **$1.2 million** PPP Loan was fully forgiven by SBA in May 2021[119](index=119&type=chunk) [8. Derivative Liabilities](index=23&type=section&id=8.%20DERIVATIVE%20LIABILITIES) Derivative liabilities related to preferred shares increased to **$537,318**, while those for convertible notes decreased to **$419,332** due to conversions | Metric | As at June 30, 2022 ($) | As at March 31, 2022 ($) | | :-------------------------------------- | :---------------------- | :----------------------- | | Derivative liabilities (Preferred Shares) | 537,318 | 352,402 | | Derivative liabilities (Convertible Notes) | 419,332 | 520,747 | - The Company redeemed **$328,904** preferred shares through cash during Q2 2022, resulting in a deemed dividend distribution of **$32,872**[125](index=125&type=chunk) [9. Stockholders' Equity (Deficiency)](index=24&type=section&id=9.%20STOCKHOLDERS'%20EQUITY%20(DEFICIENCY)) This section details changes in stockholders' equity, including authorized stock, the reverse takeover exchange agreement, share issuances, warrant activities, and stock-based compensation [Authorized Stock](index=24&type=section&id=Authorized%20stock) As of June 30, 2022, the Company is authorized to issue **125 million** common shares and **10 million** preferred shares, with **20,000** designated as Series A preferred stock | Stock Type | Authorized Shares (June 30, 2022) | Issued & Outstanding (June 30, 2022) | | :------------------ | :-------------------------------- | :----------------------------------- | | Common Stock | 125,000,000 | 50,219,034 | | Preferred Stock | 10,000,000 | 1 (Special Voting) | | Series A Preferred Stock | 20,000 | 6,872 | | Exchangeable Shares | N/A | 1,466,718 | [Exchange Agreement](index=24&type=section&id=Exchange%20Agreement) The Company was formed through a reverse-take-over on February 2, 2016, involving the exchange of iMedical shares for Biotricity common stock and exchangeable shares - Reverse-take-over on **February 2, 2016**, involved issuing **13,376,947** common shares and **9,123,031** exchangeable shares for iMedical shareholders[131](index=131&type=chunk) [Share Issuances](index=26&type=section&id=Share%20issuances) During Q2 2022, **404,545** common shares were issued from convertible note conversions, settling **$406,118** in debt for a fair value of **$457,026** | Metric | Three Months Ended June 30, 2022 ($) | | :-------------------------------------- | :----------------------------------- | | Common Shares Issued (from conversions) | 404,545 | | Debt Settled (face value) | 302,000 | | Carrying amount of conversion/redemption feature | 104,118 | | Fair Value of Shares Issued | 457,026 | | Loss on Conversion | 50,908 | [Shares to be Issued](index=26&type=section&id=Shares%20to%20be%20issued) During Q2 2022, **40,094** previously designated shares were removed due to warrant exercise cancellations, and **11,792** new shares were recognized for warrant exercise requests - **40,094** shares previously designated "to be issued" were removed due to warrant exercise cancellations, reducing the balance by **$42,500**[139](index=139&type=chunk) - An additional **11,792** shares were recognized as "to be issued" for new warrant exercise requests, increasing the balance by **$12,500**[139](index=139&type=chunk) [Warrant Issuances and Exercises](index=27&type=section&id=Warrant%20issuances%20and%20exercises) During Q2 2022, **53,827** warrants were issued as compensation to an executive, fair valued at **$77,414**, with **8,055,698** total outstanding warrants | Metric | Three Months Ended June 30, 2022 | | :-------------------------------------- | :------------------------------- | | Warrants Issued (compensation) | 53,827 | | Fair Value of Warrants Issued | $77,414 | | Total Warrants Outstanding (June 30, 2022) | 8,055,698 | [Stock-based Compensation](index=28&type=section&id=Stock-based%20compensation) The Company granted **10,180** options during Q2 2022, recorded **$149,190** in stock-based compensation expense, and had **7,419,894** total outstanding options | Metric | Three Months Ended June 30, 2022 | | :-------------------------------------- | :------------------------------- | | Options Granted | 10,180 | | Stock-based Compensation Expense | $149,190 | | Total Options Outstanding (June 30, 2022) | 7,419,894 | [10. Operating Lease Right-of-Use Assets and Lease Obligations](index=29&type=section&id=10.%20OPERATING%20LEASE%20RIGHT-OF-USE%20ASSETS%20AND%20LEASE%20OBLIGATIONS) The Company's right-of-use asset decreased to **$1.19 million** and lease obligations decreased to **$1.28 million** at June 30, 2022, with **$121,735** in operating lease expense | Metric | As at June 30, 2022 ($) | As at March 31, 2022 ($) | | :-------------------------------------- | :---------------------- | :----------------------- | | Right-of-Use Asset | 1,192,169 | 1,242,700 | | Lease Obligations | 1,280,828 | 1,330,338 | | Operating Lease Expense (Q2 2022) | 121,735 | N/A | [11. Property and Equipment](index=30&type=section&id=11.%20PROPERTY%20AND%20EQUIPMENT) Net book value of property and equipment decreased to **$25,970** at June 30, 2022, due to **$1,489** in depreciation expense for the quarter | Metric | As at June 30, 2022 ($) | As at March 31, 2022 ($) | | :-------------------------------------- | :---------------------- | :----------------------- | | Net Book Value of Property and Equipment | 25,970 | 27,459 | | Depreciation Expense (Q2 2022) | 1,489 | N/A | [12. Contingencies](index=30&type=section&id=12.%20CONTINGENCIES) As of June 30, 2022, there were no significant unrecognized claims against the Company - No significant unrecognized claims against the Company as of **June 30, 2022**[163](index=163&type=chunk) [13. Subsequent Events](index=30&type=section&id=13.%20SUBSEQUENT%20EVENTS) Subsequent to June 30, 2022, the Company issued shares from convertible note conversions, to an advisor for services, and for warrant exercises - Subsequent to **June 30, 2022**, the Company issued **117,647** shares from Series B convertible note conversions[164](index=164&type=chunk) - Issued **22,772** shares to an advisor for contractual services and **71,792** shares for warrant exercise requests after **June 30, 2022**[164](index=164&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the Company's financial condition, operating results, liquidity, and capital resources for Q2 2022 [Company Overview](index=31&type=section&id=Company%20Overview) Biotricity Inc. is a medical technology company focused on remote biometric data monitoring solutions, particularly diagnostic mobile cardiac telemetry with its FDA-cleared Bioflux® technology - Biotricity Inc. is a medical technology company providing remote biometric data monitoring solutions, focusing on diagnostic and post-diagnostic solutions for cardiac illnesses[168](index=168&type=chunk) - The company's FDA-cleared Bioflux® MCT technology is available in **29 U.S. states**, with a focus on an insourcing business model to generate utilization-based recurring technology fee revenue[169](index=169&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk) - Recent FDA clearances include the Biotres patch solution (**January 2022**) for Holter monitoring and the Bioflux Software II System (**2021**) to improve workflow and reduce analysis time[173](index=173&type=chunk)[174](index=174&type=chunk) - The Company commercially launched its Bioheart consumer technology and is developing other ancillary technologies and a telemedicine platform to expand into remote chronic care management[175](index=175&type=chunk)[176](index=176&type=chunk) [Critical Accounting Policies](index=33&type=section&id=Critical%20Accounting%20Policies) This section reiterates the Company's critical accounting policies, including revenue recognition under ASC 606, inventory valuation, and significant accounting estimates for fair value of financial instruments - Revenue recognition follows **ASC 606**, distinguishing between device sales and technology fee sales, with technology fees being the primary focus for recurring revenue[178](index=178&type=chunk)[179](index=179&type=chunk)[184](index=184&type=chunk) - Significant accounting estimates are required for fair value measurements of complex financial instruments like stock options, warrants, and derivative liabilities, which are sensitive to underlying assumptions[187](index=187&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk) - The Company continues to evaluate the impact of new accounting pronouncements, including **ASU 2016-13 (CECL)**, **ASU 2019-12 (Income Taxes)**, and **ASU 2021-04 (Warrant modifications)**, on its financial statements[222](index=222&type=chunk)[225](index=225&type=chunk)[227](index=227&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) For Q2 2022, revenue increased by **17%** to **$2.1 million**, with technology fees comprising **91.9%** of total revenues, and net loss improved to **$5.0 million** despite increased operating expenses | Metric | Three Months Ended June 30, 2022 ($) | Three Months Ended June 30, 2021 ($) | Change ($) | Change (%) | | :--------------------------------------- | :----------------------------------- | :----------------------------------- | :--------- | :--------- | | Revenue | 2,056,052 | 1,764,110 | 291,942 | 16.55% | | Technology Fees (% of Revenue) | 91.9% | N/A | N/A | N/A | | Gross Margin | 60% | 66% | -6% | -9.09% | | Net Loss Attributable to Common Stockholders | (5,024,389) | (5,897,363) | 872,974 | -14.80% | | Total Operating Expenses | 5,702,179 | 4,172,597 | 1,529,582 | 36.66% | | General and Administrative Expenses | 4,881,003 | 3,583,600 | 1,297,403 | 36.20% | | Research and Development Expenses | 821,176 | 588,997 | 232,179 | 39.42% | - The increase in general and administrative expenses is due to investment in building the professional sales force, while R&D expenses increased for new technologies and product enhancements[236](index=236&type=chunk)[237](index=237&type=chunk) - Accretion and amortization expense related to debt financing decreased significantly to **$0.05 million** from **$2.3 million** in the prior year, as debt discount for Series A and B convertible notes was fully amortized[239](index=239&type=chunk) [EBITDA and Adjusted EBITDA](index=41&type=section&id=EBITDA%20and%20Adjusted%20EBITDA) Adjusted EBITDA for Q2 2022 improved to **$(4.39) million** from **$(4.69) million** in the prior year, reflecting adjustments for non-operational items | Metric | Three Months Ended June 30, 2022 ($) | Three Months Ended June 30, 2021 ($) | | :--------------------------------------- | :----------------------------------- | :----------------------------------- | | Net Loss Attributable to Common Stockholders | (5,024,389) | (5,897,363) | | EBITDA | (4,634,512) | (5,501,678) | | Adjusted EBITDA | (4,385,381) | (4,685,749) | | Adjusted Loss per Share, Basic and Diluted | (0.085) | (0.120) | - Adjusted EBITDA excludes one-time accretion expenses, losses from convertible note conversions, and fair value changes on derivative liabilities to provide a clearer view of operational performance[242](index=242&type=chunk)[245](index=245&type=chunk) [Translation Adjustment](index=42&type=section&id=Translation%20Adjustment) The translation adjustment for Q2 2022 resulted in a loss of approximately **$0.2 million**, reflecting currency translation from Canadian to U.S. dollars | Metric | Three Months Ended June 30, 2022 ($) | Three Months Ended June 30, 2021 ($) | | :-------------------- | :----------------------------------- | :----------------------------------- | | Translation Adjustment | (200,000) (approx) | (70,000) (approx) | [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) The Company requires cash for commercialization and product development, maintaining a **$6.27 million** working capital surplus and anticipating sufficient liquidity for the next 12 months - The Company requires cash for device purchases, sales initiatives, operating expenses, and R&D for its Bioflux product and BioSphere ecosystem[248](index=248&type=chunk)[249](index=249&type=chunk)[251](index=251&type=chunk) | Metric | As at June 30, 2022 ($) | As at March 31, 2022 ($) | | :---------------------- | :---------------------- | :----------------------- | | Accumulated Deficit | (98,061,531) | (93,037,142) | | Working Capital Surplus | 6,269,098 | (10,455,997) | - Management believes current cash and anticipated near-term equity financings will cover needs for the next 12 months, but additional debt or equity capital may be sought for future opportunities and challenges[252](index=252&type=chunk) [Net Cash Used in Operating Activities](index=43&type=section&id=Net%20Cash%20Used%20in%20Operating%20Activities) Cash used in operating activities increased to **$4.0 million** for Q2 2022, reflecting increased expenditures for sales, infrastructure, business development, marketing, and R&D | Metric | Three Months Ended June 30, 2022 ($) | Three Months Ended June 30, 2021 ($) | | :-------------------------------------- | :----------------------------------- | :----------------------------------- | | Net Cash Used in Operating Activities | (4,039,394) | (2,681,396) | [Net Cash from Financing Activities](index=44&type=section&id=Net%20Cash%20from%20Financing%20Activities) Net cash used in financing activities was **$0.8 million** for Q2 2022, a significant shift from **$0.6 million** net cash provided in the prior year period | Metric | Three Months Ended June 30, 2022 ($) | Three Months Ended June 30, 2021 ($) | | :-------------------------------------- | :----------------------------------- | :----------------------------------- | | Net Cash (Used in) Provided by Financing Activities | (833,221) | 581,088 | [Net Cash Used in Investing Activities](index=44&type=section&id=Net%20Cash%20Used%20in%20Investing%20Activities) The Company reported no cash used in investing activities for Q2 2022, consistent with the prior year period | Metric | Three Months Ended June 30, 2022 ($) | Three Months Ended June 30, 2021 ($) | | :-------------------------------------- | :----------------------------------- | :----------------------------------- | | Net Cash Used in Investing Activities | - | - | [Off-Balance Sheet Arrangements](index=44&type=section&id=Off-Balance%20Sheet%20Arrangements) The Company has no off-balance sheet arrangements that have or are reasonably likely to have a material effect on its financial condition or results of operations - The Company has no off-balance sheet arrangements[257](index=257&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not required for a smaller reporting company - Not required for a smaller reporting company[258](index=258&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures.) The Company's management evaluated the effectiveness of disclosure controls and procedures as of June 30, 2022, concluding they were effective, with no material changes in internal controls [Evaluation of Disclosure Controls and Procedures](index=44&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) The Company's disclosure controls and procedures were evaluated by management and deemed effective as of June 30, 2022 - Disclosure controls and procedures were evaluated and deemed effective as of **June 30, 2022**[261](index=261&type=chunk) [Changes in Internal Controls](index=44&type=section&id=Changes%20in%20Internal%20Controls) There were no material changes in the Company's internal controls over financial reporting during the three-month period ended June 30, 2022 - No material changes in internal controls over financial reporting during the three months ended **June 30, 2022**[262](index=262&type=chunk) [Part II – Other Information](index=45&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) This part contains additional information including legal proceedings, equity sales, and exhibits [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings.) The Company reported no legal proceedings - No legal proceedings[266](index=266&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) This item is not required for smaller reporting companies - Not required for smaller reporting companies[267](index=267&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) Post-Q2 2022, the Company issued common shares from conversions, exercises, and for services under Section 4(a)(2) exemption - Subsequent to **June 30, 2022**, the Company issued **117,647** common shares from convertible note conversions, **71,792** common shares from warrant exercises, and **22,772** common shares to consultants for services[269](index=269&type=chunk) - All these issuances were made under the exemption from registration provided by **Section 4(a)(2)** of the Securities Act of 1933[269](index=269&type=chunk) [Item 3. Defaults Upon Senior Securities](index=45&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The Company reported no defaults upon senior securities - No defaults upon senior securities[271](index=271&type=chunk) [Item 4. Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the Company - Not applicable[273](index=273&type=chunk) [Item 5. Other Information](index=45&type=section&id=Item%205.%20Other%20Information.) The Company reported no other information - No other information[275](index=275&type=chunk) [Item 6. Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the 10-Q report, including certifications and Inline XBRL documents - Includes certifications pursuant to **Sections 302 and 906** of the Sarbanes-Oxley Act of 2002[276](index=276&type=chunk) - Contains Inline XBRL Instance Document, Taxonomy Extension Schema, Calculation Linkbase, Definition Linkbase, Label Linkbase, and Presentation Linkbase Documents[276](index=276&type=chunk) [Signatures](index=46&type=section&id=Signatures) The report was signed on **August 15, 2022**, by the Chief Executive Officer and Chief Financial Officer, certifying its submission - Report signed by CEO Waqaas Al-Siddiq and CFO John Ayanoglou on **August 15, 2022**[279](index=279&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-56074 BIOTRICITY INC. (Exact name of registrant as specified in its charter) NEVADA 30-0983531 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identif ...

Biotricity, Inc. (OTC:BTCY) Q3 2022 Earnings Conference Call February 15, 2022 4:15 PM ET Company Participants Waqaas Al-Siddiq – Chairman, Chief Executive Officer and Founder John Ayanoglou – Chief Financial Officer Conference Call Participants Allen Klee – Maxim Group Tim Moore – Zacks Small Cap Research Chet White – Helios Alpha Operator Good day, and welcome to Biotricity's Fiscal 2022 Third Quarter Financial Results Conference Call. Today's conference is being recorded. At this time, I would like to tu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share BTCY The NASDAQ Stock Market LLC Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period from ______________ ...

Biotricity Inc. (OTC:BTCY) Q2 2022 Earnings Conference Call November 4, 2021 5:00 PM ET Company Participants Mark Forney – MKR Investor Relations Waqaas Al-Siddiq – Founder and Chief Executive Officer John Ayanoglou – Chief Financial Officer Conference Call Participants Allen Klee – Maxim Chet White – Helios Alpha Spencer Kirschman – H.C. Wainwright Operator Good day, and welcome to Biotricity's Fiscal Second Quarter 2022 Financial Results Conference Call. Today’s conference is being recorded. At this time, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share BTCY The NASDAQ Stock Market LLC Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period from ______________ ...