Financial Performance - Revenue for the three months ended November 30, 2024, was $38,143, a decrease of 48% compared to $73,093 for the same period in 2023[4] - The net loss for the six months ended November 30, 2024, was $5,577,244, compared to a net loss of $3,647,780 for the same period in 2023, indicating an increase in losses of approximately 53%[6] - Revenue for the six months ended November 30, 2024, was $93,143, a decrease from $131,638 in the same period of 2023[13] - General and administrative expenses increased to $2,780,681 for the six months ended November 30, 2024, compared to $1,961,254 in the same period of 2023[15] - Total finance costs for the six months ended November 30, 2024, were $5,016, down from $6,411 in the prior year[14] Assets and Liabilities - As of November 30, 2024, total assets increased to $13,356,179 from $6,956,751 as of May 31, 2024, representing a growth of approximately 92%[2] - Cash and cash equivalents rose to $9,232,193 as of November 30, 2024, up from $2,814,576 as of May 31, 2024, marking an increase of approximately 228%[6] - The company's accumulated deficit as of November 30, 2024, was $28,473,320, up from $22,896,076 as of May 31, 2024, indicating an increase of approximately 24%[2] - The total lease liability decreased to $119,161 as of November 30, 2024, down from $138,586 as of May 31, 2024, representing a reduction of about 14%[26] - The carrying amount of property and equipment as of November 30, 2024, was $3,360,910, compared to $3,128,632 as of May 31, 2024, showing an increase of approximately 7.4%[24] Share Issuance and Capital - The company issued shares resulting in net proceeds of $3,348,844 from a private placement and $4,492,795 from a public offering during the six months ended November 30, 2024[10] - A total of 2,094,914 common shares were issued during the year ended May 31, 2024, resulting in gross proceeds of $5,345,848 from the exercise of various share warrants and options[30] - The Company completed a non-brokered private placement on June 17, 2024, issuing 834,178 units at a price of $4.225 per unit for gross proceeds of $3,524,400[32] - An underwritten U.S. public offering closed on November 8, 2024, with 941,177 common shares sold at a price of US$4.25 per share, generating gross proceeds of US$4,000,002[33] - During the six-month period ended November 30, 2024, 700,937 common shares were issued, resulting in gross proceeds of $2,411,923 from the exercise of share warrants and options[34] Research and Development - Research and development expenses for the three months ended November 30, 2024, were $1,344,696, an increase of 64% compared to $819,568 for the same period in 2023[4] - Research and development expenses rose to $2,581,871 for the six months ended November 30, 2024, from $1,613,491 in the prior year[16] - The company has developed and owns nine patents, with seven granted and two pending, focusing on environmentally responsible technology for recycling[8] Compensation and Expenses - Key management personnel compensation for the six months ended November 30, 2024, totaled $1,187,248, an increase from $1,003,380 in the same period of 2023[44] - Share-based compensation expense for the six months ended November 30, 2024, was $1,611,318, significantly higher than $850,197 in the same period of 2023[17] - The company recognized an expense of $1,611,318 for stock options during the six months ended November 30, 2024, compared to $686,697 in the same period of 2023[36] Cash Flow and Credit Risk - The total cash outflow for lease liability was $24,117 for the period ended November 30, 2024, compared to $52,345 for the previous period, indicating a significant reduction in cash outflow[26] - The company reported a net US dollar exposure of $(3,514,976) as of November 30, 2024, compared to $37,507 on May 31, 2024[53] - The maximum exposure to credit risk was $9,459,881 as of November 30, 2024, up from $3,066,515 on May 31, 2024[54] - The company’s exposure to credit risk related to other receivables is disclosed in Note 18, highlighting the importance of monitoring credit risk management strategies[23]
Aduro Clean Technologies Inc(ADUR) - 2024 Q2 - Quarterly Report