Biotricity (US:BTCY)2021-02-15 16:00Financial Performance - Total revenue for the three months ended December 31, 2020, was $1,001,252, representing a 162% increase compared to $381,899 for the same period in 2019[15]. - Net revenue for the nine months ended December 31, 2020, reached $1,077,299, up 48% from $727,721 in the same period of 2019[15]. - The company reported a net loss of $3,900,246 for the three months ended December 31, 2020, compared to a net loss of $2,371,005 for the same period in 2019, indicating a 64% increase in losses[15]. - The net loss for the nine months ended December 31, 2020, was $10,019,631, compared to a net loss of $6,492,391 for the same period in 2019, indicating a worsening financial performance[19]. - The company reported a net loss before dividends of $10,019,631, compared to a loss of $6,468,720 in the previous period, indicating a significant increase in losses[24]. - The company incurred a net loss of $4.1 million for the three months ended December 31, 2020, compared to a net loss of $2.4 million in the same period of the prior year[131]. Assets and Liabilities - Total current assets increased to $4,942,238 as of December 31, 2020, from $1,658,829 as of March 31, 2020, marking a 197% growth[10]. - Total liabilities rose to $15,847,391 as of December 31, 2020, compared to $5,004,809 as of March 31, 2020, reflecting a 216% increase[11]. - The company’s accumulated deficit increased to $57,033,331 as of December 31, 2020, from $46,364,364 as of March 31, 2020, representing a 23% rise[13]. - The accumulated deficit as of December 31, 2020, reached $57,033,331, with a working capital deficiency of $3,501,151[32]. Expenses - General and administrative expenses for the three months ended December 31, 2020, were $3,688,868, compared to $2,179,928 for the same period in 2019, a 69% increase[15]. - Research and development expenses for the three months ended December 31, 2020, totaled $681,411, up from $447,639 in the same period of 2019, a 52% increase[15]. - Total operating expenses for the three and nine months ended December 31, 2020 were $4.4 million and $11.2 million, respectively, compared to $2.6 million and $7.2 million in the prior year[134]. - Research and development expenses for the three and nine months ended December 31, 2020 were $0.7 million and $1.5 million, respectively, reflecting increased activity for new technologies and FDA clearance pursuits[136]. Financing Activities - The company raised $1,570,900 from federally guaranteed loans during the three months ended June 30, 2020, which is expected to be forgivable[32]. - The company generated net cash proceeds of $9,617,221 from financing activities, compared to $9,464,675 in the previous period, showing strong financing support[24]. - The company issued $3,738,500 in a new series of convertible promissory notes during the three months ended December 31, 2020, with a maturity of one year and an interest rate of 12% per annum[165]. - The net proceeds from convertible note issuances to December 31, 2020, amounted to $6,031,719 after payment of the placement agent fee[165]. - Between January 1 and February 15, 2021, the Company issued an additional $4,885,000 in Notes under subscription agreements to accredited investors[165]. Shareholder Information - The weighted average number of common shares outstanding was 37,256,315 for the three months ended December 31, 2020, compared to 36,176,520 for the same period in 2019[15]. - The company had a total of 37,796,315 common exchangeable shares outstanding as of December 31, 2020, an increase from 36,291,753 shares as of December 31, 2019[22]. - The company issued 540,000 shares for services during the three months ended December 31, 2020, valued at $519,916[16]. - The company recognized its contractual obligations to issue 339,500 shares of common stock to advisors, with a fair value of $250,715, expensed in general and administrative and research and development expenses[77]. Strategic Initiatives - The company is focused on developing a range of medical technologies and obtaining regulatory approvals for commercialization, indicating a strategic emphasis on innovation and market expansion[27]. - The company launched its first commercial sales program during the year ended March 31, 2019, and a full market release occurred in the year ended March 31, 2020, indicating progress in commercialization[32]. - Biotricity Inc. focuses on biometric data monitoring solutions for medical, healthcare, and consumer markets, aiming to reduce healthcare costs and improve patient compliance[107]. - The company is committed to improving patient care and providing economic benefits to healthcare providers through its innovative solutions[111]. Regulatory and Market Developments - The company submitted its application for a 510(k) clearance from the FDA for its Biotres patch solution on February 11, 2021[103]. - Biotricity's Bioflux® MCT technology received FDA approval and was made available for limited release on April 6, 2018, marking the start of expanded commercialization efforts[109]. - The COVID-19 pandemic has increased the importance of telemedicine, and Biotricity is negotiating a licensing agreement for a telemedicine platform to enhance its Bioflux product[111].