Moolec Science SA(MLEC) - 2023 Q3 - Quarterly Report

Financial Performance - The Group reported a loss for the period of $3,374,520 for the six months ended December 31, 2023, compared to a loss of $48,682,274 for the same period in 2022, indicating a significant improvement[11]. - Revenue for the six months ending December 31, 2023, was reported at $1,992,163, with an Ex-IAS 29 measure of $3,073,882 after adjusting for hyperinflation[27]. - The Group's consolidated loss before income tax for the six months ended December 31, 2023, was $3,825,801, significantly improved from a loss of $48,682,274 for the same period in 2022[49]. - The total comprehensive loss for the period was $(4,288,057), a decrease from $(48,682,274) in the previous year[101]. - The company reported a loss from operations of $(4,060,960) for the six months ended December 31, 2023, compared to $(1,793,045) in the previous year[106]. - The basic and diluted loss per share for the six months ended December 31, 2023, was $(0.09), a significant improvement from $(1.57) in the prior year[66]. Cash and Liquidity - The net cash used in operating activities for the six months ended December 31, 2023, was $5,647,859, compared to $583,015 for the same period in 2022[11]. - The Group's cash and cash equivalents at the end of the period were $1,701,483, down from $10,429,258 at the end of the previous year[11]. - Cash and cash equivalents decreased to $1,701,483 as of December 31, 2023, from $2,527,673 as of June 30, 2023, reflecting a decline of about 32.7%[35]. - The Group received $5,000,000 from a convertible note issued to Grupo Insud as of October 15, 2023, with an additional $5,000,000 received in January 2024, enhancing liquidity for the next 12 months[54]. Assets and Liabilities - Total assets decreased from $24,051,289 on June 30, 2023, to $21,320,885 on December 31, 2023, representing a decline of approximately 11.4%[109]. - Total equity fell from $10,105,933 on June 30, 2023, to $6,684,018 on December 31, 2023, a decrease of about 33.9%[111]. - The Company reported total non-current assets of $8,314,533 as of December 31, 2023, down from $9,956,426 as of June 30, 2023, representing a decrease of approximately 16.5%[30]. - Total current liabilities increased from $12,599,191 to $8,281,449, reflecting a decrease of about 34.3%[109]. - Non-current liabilities rose significantly from $1,346,165 to $6,355,418, an increase of approximately 371.5%[109]. Inventories and Receivables - As of December 31, 2023, the total inventories amounted to $501,582, an increase of 7.2% from $465,748 as of June 30, 2023[7]. - The Group's non-current receivables with shareholders increased to $9,456,053 as of December 31, 2023, from $8,763,027 as of June 30, 2023[4]. - Trade receivables decreased from $361,097 to $284,849, a decline of about 21.1%[109]. Expenses - Administrative expenses increased significantly to $3,548,767 for the six months ended December 31, 2023, compared to $725,394 in the prior year[63]. - Research and development expenses totaled $903,757 for the six months ended December 31, 2023, up from $404,489 in the same period of 2022[63]. - Total financial costs for the six months ended December 31, 2023, amounted to $196,706, with interest expenses of $179,235[60]. Shareholder and Equity Information - As of December 31, 2023, the share capital and share premium totaled $66,996,982, with 37,563,768 shares issued[11]. - The Company granted share options to executives with an exercise price ranging from $1.52 to $8.00, with a total of 1,723,633 underlying ordinary shares granted[37][39]. - The total charge for share-based payment plans recognized during the six months ended December 31, 2023, was $522,474, compared to $72,279 for the same period in 2022[42]. - Equity settled share-based payment increased from $1,335,253 to $2,201,395, an increase of approximately 65%[111]. Financial Support and Future Outlook - The Group's financial support from main shareholders is confirmed for a minimum period of twelve months from the date of these financial statements[54]. - The company entered into a Share Purchase Agreement with Nomura for a committed equity financing facility of up to $50 million over 36 months[85].