
Revenue and Profitability - Revenue for the three months ended September 30, 2024, was $3,266,846, an increase of 13% compared to $2,891,297 for the same period in 2023[9] - Gross profit for the six months ended September 30, 2024, was $4,822,342, up from $3,915,982 in the same period of 2023, reflecting a 23% increase[9] - Technology fees revenue for the six months ended September 30, 2024, was $6,081,064, up 10.6% from $5,500,379 in the same period of 2023[33] - Device sales revenue for the six months ended September 30, 2024, was $387,525, a decrease of 5.9% from $411,683 in the same period of 2023[33] Losses and Deficits - The net loss attributable to common stockholders for the six months ended September 30, 2024, was $8,601,321, compared to $7,482,861 for the same period in 2023, indicating an increase in losses[9] - The company reported a comprehensive loss of $1,782,405 for the three months ended September 30, 2024, compared to a loss of $3,600,042 for the same period in 2023[9] - The company’s accumulated deficit increased to $(136,101,106) as of September 30, 2024, from $(127,499,785) as of March 31, 2024[8] - For the six months ended September 30, 2024, Biotricity reported a net loss of $5,256,288, an improvement from a net loss of $7,103,722 for the same period in 2023, representing a 26% reduction in losses[15] Expenses and Cash Flow - Operating expenses for the three months ended September 30, 2024, were $2,766,846, down from $4,184,951 in the same period of 2023, a decrease of 34%[9] - Total cash used in operating activities for the six months ended September 30, 2024, was $1,891,299, significantly lower than $4,222,154 for the same period in 2023, indicating improved operational efficiency[15] - Interest paid during the six months ended September 30, 2024, was $1,235,256, compared to $1,046,621 in the same period of 2023, indicating increased financing costs[15] - The company reported a net cash decrease of $552,020 during the six months ended September 30, 2024, compared to an increase of $536,480 in the same period of 2023[15] Assets and Liabilities - Total current assets decreased to $4,064,495 as of September 30, 2024, from $4,470,573 as of March 31, 2024, representing a decline of 9%[7] - Total liabilities decreased to $34,172,790 as of September 30, 2024, from $35,919,442 as of March 31, 2024, a reduction of approximately 5%[8] - Cash balance decreased to $173,270 as of September 30, 2024, from $786,060 as of March 31, 2024, a decline of 78%[7] - As of September 30, 2024, Biotricity had an accumulated deficit of $136,101,106 and a working capital deficiency of $17,424,814, raising concerns about its ability to continue as a going concern[21] Equity and Shareholder Information - The weighted average number of common shares outstanding increased to 22,493,626 for the three months ended September 30, 2024, from 8,795,742 for the same period in 2023[9] - The balance of common and exchangeable common shares increased to 23,023,933 as of September 30, 2024, up from 21,645,068 as of June 30, 2024, representing an increase of approximately 6.4%[10] - The company issued 287,802 common shares from shares to be issued, resulting in an additional paid-in capital of $311,502[10] - The company’s common shares outstanding increased to 23,023,933 as of September 30, 2024, up from 9,514,440 as of March 31, 2024[166] Financing Activities - The company raised $1,732,532 from the issuance of Series B preferred shares during the six months ended September 30, 2024, compared to $1,900,000 in the same period of 2023[26] - The Company issued $11,275,500 in Series A Convertible Promissory Notes, which mature one year from the final closing date and accrue interest at 12% per annum[83] - The Company is obligated to issue warrants with 50% warrant coverage accompanying the convertible notes, with an exercise price set at 120% of the 20-day volume weighted average price of the Company's common shares at the time of final closing[88] - The Company issued $2,000,000 in convertible preferred notes on January 23, 2023, with a fixed interest rate of 10%[125] Future Outlook and Strategy - The company plans to continue its focus on market expansion and new product development to drive future growth[12] - The company anticipates continued revenue growth and improved liquidity through business development and additional equity and debt capitalization[22] - Biotricity plans to devote significant resources to capital expenditures, research and development, and marketing as it commercializes its product ecosystem[27] Derivative Liabilities and Fair Value - The company has derivative liabilities classified as short-term at $460,059 and long-term at $1,649,177[60] - The fair value of derivative liabilities is classified as Level 3 financial instruments, indicating reliance on unobservable inputs[59] - The company recorded a balance of derivative liabilities related to convertible notes of $460,059 as of September 30, 2024, down from $2,883,978 in the previous year[163] Stock Performance - As of September 30, 2024, the company reported a stock price range of $0.24 to $1.34, compared to $0.64 to $2.14 for the same period in 2023, indicating a significant decline in stock value[161] - The company’s volatility increased to a range of 91.2% to 352.4% as of September 30, 2024, compared to 76.2% to 126.6% in the previous year[164]